What is Exmo?
Exmo is a British cryptocurrency exchange which launched as early as in 2013.
One of the most respectable and influential regulators, Financial Conduct Authority (FCA) is located in the UK. Exmo is included in the list of companies that have received temporary FCA authorization.
Among its other advantages, Exmo highlights that they have:
- 50+ cryptocurrencies available for trading;
- Support 7 different fiat currencies, including USD, GBP and EUR; and
- Offer trading in more than 180 trading pairs.
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that Exmo’s trading platform is also available in mobile format. Apparently, almost all the functionality of the desktop version of Exmo is also available in the app.
EXMO coin (EXM)
In 2019, the company launched its own token EXMO Coin (EXM). It’s main goal is to improve your user experience and give you access to certain benefits of the Exmo Exchange. Since the beginning of 2021, its rate has increased from $0.0034 to an all-time high of $ 0.089 (+2,500% in 3 months). Moreover, EXMO Coin became the fastest growing exchange token in March, adding almost 1,000% in price.
The Exmo exchange platform has two different modes of trading; The Simple Trade Mode and The Trades Mode.
Exmo designed The Simple Trade 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 Simple Trade 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 Simple Trade-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 0.30%. 0.30% is a bit above the global industry average, which has historically been around 0.25% but is now moving even lower, towards 0.10%-0.15%. If your trading volume during the preceding 30-day period exceed certain thresholds, your trading fees will become lower. But, the starting point is always 0.30%.
Exmo also offers Premium Cashback to lower the fees regardless of the trading volume. There are 4 packages to choose from that can be bought for EXM (Exmo's native token). Depending on the type of the trading operation, cashback rates are divided into Taker and Maker.
Here's a table of the available trading fee discounts:
Exmo Withdrawal fees
The final fee to consider is the withdrawal fee. Exmo charges 0.0005 BTC per BTC-withdrawal. This fee is slightly below the global industry average, as the industry average according to the only empirical study performed on the subject that we know of, this one, is 0.00059 BTC per BTC-withdrawal.
The withdrawal fee of other altcoins depends on the transaction price on the network and can be changed.
At Exmo, you can deposit through SEPA, Wire Transfer, Swift, Chaps and credit cards. This can be helpful especially for newer crypto investors.
Security and Verification
You can increase the security of your account by enabling two-factor authorization. There are two 2FA methods on Exmo: Google Authenticator and SMS. You can choose the appropriate option by going to the "Settings" - "Protection"
According to the Fifth Anti-Money Laundering Directive (5AMLD), all users who make transactions with cryptocurrencies must undergo mandatory identity verification on Exmo. It usually takes up to one hour to process the documents.