A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Exmo consists of four parts: general information, fees, deposit methods and security.
Exmo is a British cryptocurrency exchange. United Kingdom is the country which without a doubt has the most cryptocurrency exchanges in the world. At least that we know of. A non-exhaustive list of exchanges from the UK (in addition to this one) includes CEX.io, CoinEgg, Livecoin, DSX, LocalTrade, Bittylicious (funny name by the way), CoinMate, Indacoin, MixCoins, Paybis, Vaultoro, Instant Bitex and eToro.
The Exmo exchange platform has two different modes of trading; The Exchange Mode and The Trades Mode.
Exmo designed The Exchange mode for the beginners in the market. It is less complex and easier to use. This mode is good for you if you want to “buy and hold” Bitcoin or any other cryptocurrency. In the Exchange Mode, the user is probably less interested in understanding the details of the process. It is, however, not the recommended mode for e.g. day-trading. Here’s a look at the Quick Exchange-mode:
The Trades Mode, on the other hand, is for those who want to buy or sell cryptocurrency/fiat currency and have experience in trading on similar platforms. The users of the Trades Mode are likely very interested in trading as well as in the additional tools for in-depth trading (see picture of trading view in Trades Mode below). Therefore, every user can choose the trading mode which best suits them.
This coin exchange not list US-investors as prohibited from trading, but US-investors should do their own independent assessment of any problems arising from their residency or citizenship.
Exmo Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Exmo:
Exmo Trading fees
This cryptocurrency exchange doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model.
Exmo offers a flat trading fee of 0.20%. 0.20% is slightly below the industry average and is thus a competitive edge for Exmo.
Exmo Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Let’s say you have reached your investment goals and you are looking to buy house with bitcoin. In order to buy that house, you need to withdraw the funds. And when doing so, the exchange can make up for its low trading fees by charging you high withdrawal fees when you’re halfway out the door.
Exmo, however, only charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This is in line with industry average.
At Exmo, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information.
- Exchanges handle of course a lot of cash or coin deposits and withdrawals.
Exmo’s security score is C, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
As mentioned above, this exchange supports credit card deposits (alone or through the use of any of its associated payment service providers). Other cryptocurrency exchanges that also have this option include: