Exmo Exchange: a review of the cryptocurrency site

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The number of cryptocurrency exchanges is growing every year and it becomes more and more difficult to navigate which one is better to choose for cryptocurrency trading. Exmo Exchange (Eksmo) is one of the few cryptocurrency platforms that is aimed at the audience of Eastern Europe, in particular at users of the countries of the former CIS. The exchange has a Russian-language interface and opens up the possibility for users to trade cryptocurrency for rubles and hryvnias. More details about working with the exchange later in our review.

How it all began

Few people know that the activities of the Exmo exchange started back in 2013 with the opening of the ExMoney currency exchange service. A year later, the company matured to the creation of a cryptocurrency exchange and in 2014 Exmo’s first entry into the cryptocurrency market took place.

The company is registered in London, but has Russian roots. The founders of the exchange are entrepreneurs from the CIS Pavel Lerner and Ivan Petukhovsky. At the same time, the main activity of the company is made in Ukraine.

The Exmo team does not advertise details about its owners, but we managed to find out some information about Lerner.

Pavel Lerner is from Kursk, but has been living in Barcelona for several years, where he took the pseudonym Paltiel Lerner. Exmo co-founder has extensive experience in IT and blockchain.

Speaking of Paul, it is impossible not to mention the fact that at the end of 2017 he was abducted in Kiev. On December 26, several unidentified men attacked Lerner near the Exmo office, pushed into a car and drove away in an unknown direction. This news then spread to all world publications. Lerner was held captive for a day and a half and for his release he had to transfer the kidnappers $ 2 million in bitcoins. Until today, the kidnappers have not been found, and Lerner in Ukraine is trying not to appear again.

Petukhovsky and Lerner during the operation of the exchange managed to build a team of 350 people from the initial staff of 5 employees. Given the roots of the founders, the work of the exchange is focused mainly on the countries of Eastern Europe. The site has been translated into 12 languages, including Russian and Ukrainian, which certainly attracts the target audience of the exchange.

There are 87 currency pairs on the exchange, work with fiat (USD, EUR, RUB, PLN, UAH, TRY) is available, in addition to this, the Exmo exchange has an extensive selection of deposit and withdrawal methods, including S.W.I.F.T transfers.

Exmo Exchange is now a large team of professionals from different parts of the world who work on one common thing. In addition to the office in London, the company’s divisions are also open in Moscow, Kiev and Barcelona.

 Registration and verification on the Exmo exchange

It is worth noting that since 2017 access to the Exmo website (exmo.com) has been officially blocked in the territory of the Russian Federation according to the order of Roskomnadzor. In order not to lose users from Russia and not complicate their work with the need to use a VPN, users can access the site through the mirror – exmo.me.

The exchange website has a very simple and convenient interface, and the presence of the Russian language makes working with the exchange even more comfortable.

The top panel contains quick access icons for the main functions of the exchange, language selection, as well as login and registration buttons.

The first stage of working with the exchange is registration. The registration process at Eksmo is very simple and clear even for beginners.

To create an account, you need to click the ‘Register’ button in the upper right corner of the main page.

Next, the site redirects you to the account creation page.

Everything is standard here – come up with a username, enter your e-mail, password and check the box to agree to the user agreement. After entering all the necessary data, click the ‘Register’ button.

After completing all the steps, an email will be sent to the email inbox indicated during registration with a link to activate the account. Follow the link in the letter and sign in to your account using the data that you indicated earlier.

It is worth noting that account verification is not mandatory on Exmo, but if in the future you plan to use additional exchange services, such as bank transfers, withdrawing fiat to a card or using payment systems requiring verification, they will not be available to you without identification.

To pass verification, you must go to the section of your personal account with the appropriate name.

 User verification is carried out in 3 stages:

  • Stage 1. Verification of identity. At this stage, you need to enter your personal data and attach a scan copy of the identity document (passport, passport or id-card).
  •  Stage 2. Verification of the address. It is necessary to indicate the address of your registration and attach a scan copy of any document (not older than 3 months) that confirms the specified address. This may be an extract from the bank, a receipt for utilities, tax or other documents, in which the full name and registration will be indicated.
  • Stage 3. Selfie photo. Attach a photo with a document proving your identity.

Verification usually takes up to 24 hours. If the verification is not approved, all comments and reasons for the refusal will be available to the user in your personal account.

In addition to verification, the following menus are available in the user’s personal account:

  • Private messages
  • Referral program
  • Cashback
  • Bid history
  • News
  • Settings
  • Exit

Account Security

The exchange pays a lot of attention to the security of its users’ data and advises to always check the site domain in the address bar before working with Eksmo. Do not go to the site through an unconfirmed link. The exchange has only two official addresses: exmo.com and a mirror – exmo.me.

It is also recommended that users immediately after registration connect two-factor profile authentication (2FA), thanks to which you can protect your account as much as possible from hacking.

2FA complicates the process of user identification and involves the additional use of one-time codes to enter the account.

You can connect 2FA through your account.

Go to the ‘Settings’ menu and select the ‘Protection’ submenu.

Exmo Exchange offers to receive TOTP codes for entering the site using the Google Authenticator application or via SMS. The exchange development team recommends using Google Authenticator, since this application works even without an Internet or mobile network, which reduces the possible risks of delays in entering the site and information leakage. Google Authenticator generates a new code every 30 seconds, which provides a good level of data protection.

When connecting authentication using any of the above methods, the exchange offers you 2 options:

  • Use only for authorization – when this option is enabled, one-time codes will be used only when entering the account;
  • Full protection – additional protection with one-time codes will be used when authorizing on the site, changing profile settings and withdrawing funds.

In addition to two-factor authentication, the development team provided the possibility of additional protection through a list of trusted IPs. This option implies the ability to create a list of secure IP addresses from which the entry to the exchange is potentially possible. The site will record the address from which the account is logged in and block authorization from addresses that are not listed.

You can connect this option through the profile settings, submenu ‘IP-address’.

In addition, Exmo encourages users to pay attention to emails on behalf of the exchange. Exmo Exchange does not send letters requesting to send users personal data or calling for the collection of any funds. Be careful and pay attention to the sender address. Exmo emails come from [email protected]

The Exmo Exchange also warns against using third-party applications to enter your profile. The exchange does not yet have an official mobile application, so the use of unofficial products from other developers that are available on the Play Market or AppStor is unsafe.

Deposit and withdrawal of funds

Before you start working with the exchange, you need to replenish your wallet with cryptocurrency or fiat (USD, RUB, UAH, PLN, TRY).

To do this, go to the ‘Wallet’ menu on the top panel of the site.

First, let’s figure out the interface. Exmo wallet has a concise interface. The user is immediately shown a long list of available currencies for replenishment and withdrawal, as well as the balance for each position in the list.

For your convenience, you can set a list of “selected” currencies in your wallet so that currencies with which the user does not work do not distract his attention.

In order to display only those positions that are of interest to you on the wallet’s main page, go to the Settings menu and leave only the currencies you need active.

Having made the necessary settings and having reduced the list of currencies in the wallet, it is more convenient to use the “Transaction History” section, which reaches for the list of currencies. In this section you can see detailed information about all payments made, taking into account those that are still in the process of processing.

The “My Accounts” button is provided for creating a list of personal accounts for withdrawing funds. Using this option will allow you to reduce the time when withdrawing funds in the future. Users are encouraged to fill out all the necessary data about the wallets for which they plan to withdraw funds and, with a further withdrawal, it will be enough just to select the desired account from the list.

To create a new account, go to the ‘My Accounts’ section and click ‘Add.’

 Balance replenishment

So, with the interface sorted out, it’s time to recharge. In order to replenish your Eksmo balance with any of the available currencies, click the ‘Deposit’ button opposite the currency you need.

Depending on the chosen currency, the exchange will offer you a list of available services for replenishment, as well as detailed information about the limits and commissions when choosing each option. It is worth noting that for almost all cryptocurrencies, replenishment is carried out without a commission, but if you want to replenish the balance with fiat, be prepared to pay a certain% of the fee.

After the method of replenishment of the balance is selected, you need to enter the amount of replenishment and click ‘Top up balance’.

Most often, you can see a positive balance in your account in an hour, but sometimes funds can be credited to your account even longer.

Withdraw funds

Withdrawals occur in a similar way. To withdraw funds, you must click ‘Withdraw’ opposite the currency you need. Further, as with replenishment, the exchange will offer you possible options for services through which you can withdraw your assets, as well as recall limits and transaction fees.

Indicate the desired amount for withdrawal and click ‘Withdraw funds.’

It is worth noting that Exmo Exchange does not charge a fee for cryptocurrency withdrawals, however, there are commissions of payment systems directly for the transaction. So, if you need to withdraw BTC, be prepared to pay an additional 0.0005 BTC, for ETH – 0.01 ETH, etc. More detailed information on commissions and limits is indicated on the official website of the exchange.

Withdrawal of funds usually also takes about an hour, and if the funds are withdrawn to a bank card, the transaction can take up to 3 business days.

 Exmo Exchange: Trade and Commissions

Since May 2019, Exmo developers have updated the trading interface a bit, now all operations with currencies on the exchange can be carried out in the ‘New trades’ section. The section has a fairly standard look.

At the top of the screen, a choice of trading pairs is available, as well as an online chart of changes in price and trading volume for each pair.

On the right are blocks with exchange cups and recent transactions, and the field for cryptocurrency purchase / sale transactions is highlighted in the upper left.

For buying and selling, the exchange suggests using a limit or market order to choose from.

Limit orders are used to buy / sell currency at a predetermined rate. As soon as the cryptocurrency rate reaches the desired mark, the exchange will automatically execute your order.

To create such an order, go to the ‘Limit’ block. For example, you want to buy 0.5 BTC for $ 3500. Fill in the necessary fields in the form of an order and click ‘Buy.’

Market orders are executed without any delay, the transaction is carried out immediately at the current market rate. To create such an order, go to the “Market” tab. As an example, we will sell 0.5 BTC. To complete the transaction, specify this amount in the ‘Quantity’ field, and the system will immediately give you an approximate amount in USD, which you can receive when selling. If everything suits you, click the ‘Sell’ button.

When making transactions, consider the commission of the exchange. Exmo has a single commission for all transactions, which is 0.2%.

Below the block of purchase / sale data with active orders and the history of trading are placed. In this section, you can monitor the status of generated orders and a list of previously completed transactions.

Additional offers for users

Exmo exchange is not only the purchase and sale of cryptocurrencies, the development team offers its users some additional options and motivational programs.

Quick Exchange Feature
The name of the option speaks for itself. This section is intended for the quick exchange of fiat for cryptocurrency.

EXMOWIKI
A knowledge base with a detailed description of the main functions of the exchange, rules for working with various sections and answers to the most common questions. Before working with the exchange, it is recommended that you familiarize yourself with EXMOWIKI for easier and more comfortable work.

Referral program
Like many other sites, Exmo uses an affiliate program to attract more users and promote existing ones. The exchange offers you 25% of the amount of commissions from each new user who uses your referral link during registration. More friends – more income.

Cashback
Each registered exchange trader automatically becomes a member of the Cashback accrual program. With each transaction, you have the opportunity to receive a certain amount of commission return, which can reach up to 70%. The amount of repayable funds depends on the volume of trades per month and is set in accordance with the scale of payment ranks.

Individual conditions for VIP clients
The exchange offers personal working conditions for large customers, such as payment systems, mining companies and other large financial organizations. The exchange is ready to provide the services of a personal manager, individual limits and tariffs for all currency pairs, etc.

OTC Trading
A separate service for conducting transactions worth more than $ 100,000. If you have to complete a major transaction, the exchange will consider your application individually, select the most favorable conditions and fulfill it as soon as possible.

Merchant
Affiliate program for integrating cryptocurrency payments into your business. The exchange offers the services of exchange, receipt, storage and withdrawal of funds received as payment for goods / services on your platform.

 Exmo user reviews

Despite a lot of advantages that Exmo has, there are a lot of negative reviews about the operation of the exchange.

Basically, users note the poor quality of support, problems with the withdrawal of funds and the verification process is too long.

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