History of EXMO
EXMO was founded in 2013 and is headquartered in London, United Kingdom. It was created as a platform for trading cryptocurrencies, offering users the ability to buy and sell Bitcoin, Ethereum, Litecoin, and other cryptocurrencies.
Over the years, EXMO has become a popular choice for cryptocurrency traders due to its user-friendly interface, low fees, and excellent customer support. The exchange has also expanded its services to offer margin trading, which allows users to borrow funds to increase their trading power.
EXMO has faced some challenges in its history, such as a hack in December 2020, which resulted in the loss of approximately 6% of its total assets. However, the exchange took swift action and compensated affected users, demonstrating its commitment to maintaining a secure and trustworthy platform.
How to Use EXMO
Using EXMO is a straightforward process that can be broken down into the following steps:
Sign Up: Create an account on the EXMO website by providing your email address and a secure password.
Verify Your Identity: To comply with regulatory requirements, EXMO requires users to verify their identity. This can be done by providing personal information, such as your full name, address, and government-issued ID.
Add Funds: Once your account is verified, you can add funds to your account using a variety of payment methods, including bank transfers, credit cards, and cryptocurrency deposits.
Start Trading: With funds in your account, you can start trading on the platform. EXMO offers a range of trading pairs, including fiat-to-crypto and crypto-to-crypto pairs. Users can place market or limit orders, and also engage in margin trading.
Withdraw Funds: When you are ready to withdraw your funds, you can do so using the same payment methods as depositing. However, note that there may be fees associated with withdrawing funds from the platform.
Overall, EXMO provides a user-friendly interface and a range of payment methods to make it easy for users to get started with cryptocurrency trading.
Trading Pairs and Fees
EXMO offers a variety of trading pairs, including fiat-to-crypto pairs such as USD, EUR, RUB, PLN, UAH, and crypto-to-crypto pairs such as BTC, ETH, XRP, LTC, and many more.
Trading fees on EXMO are relatively low, with a standard fee of 0.2% for both market and limit orders. However, users can also take advantage of EXMO's loyalty program, which offers lower trading fees for higher trading volumes. The loyalty program is split into four tiers, and users can advance to higher tiers by trading more on the platform.
EXMO also charges fees for deposits and withdrawals, which vary depending on the payment method used. For example, bank transfers and cryptocurrency deposits are generally free, while credit card deposits may be subject to fees.
Overall, EXMO's trading fees and deposit/withdrawal fees are competitive with other cryptocurrency exchanges, and the loyalty program provides an added incentive for users to trade more on the platform.
EXMO places a high emphasis on security to ensure the safety of user funds and personal information. Some of the security measures implemented by EXMO include:
Two-Factor Authentication (2FA): Users can enable 2FA to add an extra layer of security to their accounts.
SSL Encryption: EXMO uses SSL encryption to protect user data, including passwords and personal information.
Cold Storage: The majority of user funds are stored in cold wallets, which are offline and therefore less susceptible to hacking attempts.
IP Whitelisting: Users can specify IP addresses that are allowed to access their accounts, which can prevent unauthorized access from unknown IP addresses.
Anti-DDoS Protection: EXMO has implemented anti-DDoS measures to protect the platform against distributed denial of service (DDoS) attacks.
Overall, EXMO's security measures appear to be robust and comprehensive, and the platform has not experienced any major security breaches to date. However, it is important for users to also take responsibility for their own security by enabling 2FA, using strong passwords, and following other best practices.
EXMO Customer Support
EXMO provides customer support through a variety of channels, including email, phone, and live chat. The support team is available 24/7 to assist users with any issues or questions they may have.
In addition to traditional support channels, EXMO also has an extensive knowledge base and FAQ section on their website. This includes detailed information on how to use the platform, as well as answers to common questions about trading, fees, and security.
Overall, EXMO's customer support appears to be responsive and helpful, with many users reporting positive experiences. However, some users have also reported longer wait times during periods of high demand, and there have been some criticisms of the quality of support provided.
Despite these issues, EXMO appears to be committed to improving their customer support, and has taken steps to increase staffing and improve response times in recent years.
EXMO vs. Other Exchanges
Compared to other cryptocurrency exchanges, EXMO has a relatively small user base, but it still offers a range of features and benefits that make it an attractive option for some traders.
One of the main advantages of EXMO is its ease of use. The platform is designed to be intuitive and user-friendly, with simple navigation and clear instructions on how to buy, sell, and trade cryptocurrencies. This makes it a great option for beginners or those who are new to cryptocurrency trading.
EXMO also offers a wide range of trading pairs, including fiat currencies like USD, EUR, and RUB. This makes it easier for traders to access the platform and trade cryptocurrencies without the need for complicated currency conversions.
In terms of fees, EXMO is generally competitive with other exchanges, although some users have noted that fees can be higher for certain trading pairs. However, overall, the fees charged by EXMO are reasonable and transparent, with no hidden costs or surprises.
One potential downside of EXMO is its limited liquidity. This means that it may not be the best option for traders who are looking to buy or sell large amounts of cryptocurrency quickly, as there may not be enough market depth to support these trades.
Overall, while EXMO may not be the largest or most well-known cryptocurrency exchange, it still offers a range of features and benefits that make it a viable option for many traders.
Overall, EXMO is a popular cryptocurrency exchange that offers a variety of features for its users. While it may not have the same level of name recognition as some of the larger exchanges, it still provides a reliable and secure platform for buying, selling, and trading cryptocurrencies. With competitive trading fees, a user-friendly interface, and a solid customer support team, EXMO is definitely worth considering for anyone looking to get involved in the world of crypto trading. However, as with any exchange, it is important to conduct your own research and ensure that the platform meets your specific needs before making any investments.