What Is XBO?
XBO.com cryptocurrency exchange sets out to change the way you interact with crypto. A company based in Australia, The Isle of Man, and Poland, it’s an international company with traders worldwide. The company is headquartered in Warsaw, Poland, which is excellent as it is based in the European Union and operates under strict compliance laws and regulations.
XBO Exchange is a relatively new platform, first going online in the fall of 2022. The company held a pre-launch event in July of that year, with the innovative, user-friendly platform available around the start of September 2022.
What Type of Exchange Is XBO?
XBO exchange has been around for less than a year and commands a growing number of crypto users worldwide. Industry pundits claim that XBO might soon be known as one of the leading European exchanges, offering next-generation technology that caters to veteran and beginner traders.
One of the biggest blockers for crypto newcomers has been understanding the tools and products offered by exchanges while also not overcompensating for newcomers. This has been the focus for the XBO team, aiming to bring millions of new people interested in crypto by making it the easiest-to-use platform in the world.
Registered in Europe, XBO is a centralized exchange that operates in compliance with EU laws regarding anti-money laundering (AML), countering the financing of terrorism (CTF), General Data Protection Regulation (GDPR), and Data Protection Act (DPA) regulations.
As it stands, the company doesn’t offer leveraged trading. However, the plan is to grow and offer customers new and exciting trading products. In terms of futures and leveraged products, XBO is eyeing a Q1 2023 launch of leveraged products. So stay tuned for updates on this page!
Supported Cryptocurrencies and Tokens
XBO exchange offers users a broad range of cryptocurrencies and tokens to buy, sell, and trade on the platform. With almost 100 prominent tokens to choose from, including some lesser-known projects, customers will be more than content with the supported cryptocurrencies.
Some of the most popular cryptocurrencies and stablecoins available at XBO.com include:
- Cardano (ADA)
- Apecoin (APE)
- Avalanche (AVAX)
- Binance Coin (BNB)
- Bitcoin (BTC)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Decentraland (MANA)
- Polygon (MATIC)
- The Sandbox (SAND)
- Solana (SOL)
- Tron (TRX)
- Uniswap (UNI)
- Ripple (XRP)
- Tezos (XTZ)
- Ethereum POW (ETHW)
- USD Coin (USDC)
- Tether (USDT)
- Binance USD (BUSD)
XBO prides itself on its extensive security measures to protect users. A big part of this is the two-factor authentication required to log in, which requires a password and a confirmation message sent via SMS to the account’s registered phone number. As well as that, the development team implemented a withdrawal confirmation for all money moving out of the account to ensure that even if the users’ accounts were to be hacked, their money would be protected through mobile SMS confirmation.
This is backed by a first-rate customer service support team, operating 24/7 and available through a handy live chat messenger service. The customer reps are attentive and well-informed about the XBO platform and its products, making it a very smooth and comfortable process.
As well as that XBO uses AWS, Cloudflare, high-end firewalls, as well as other advanced security protocols to ensure customers' funds are safe. The platform conforms to SSL protocols, SOC 2 certification, and CCSS level 3 security standards. The platform also offers IP addresses, device whitelisting, and cold storage for coins and tokens.
When registering your account with XBO, customers will be expected to follow the strict compliance laws set out by the European Union. As a result, to provide you with the highest protection and security possible, customers are required to complete a Know Your Customer/Anti Money Laundering procedure.
XBO.com implements an advanced KYC and compliance automation process, which means new users will be signed up and ready to begin using XBO services in a matter of minutes. All new customers must do is provide some basic information, which will be verified immediately.
Generally speaking, XBO fees are excellent. On OTC Trading in the crypto exchange, customers will pay 0% on trades, with all costs included in the quoted prices. As we mentioned, the fees are scaled according to loyalty tiers which break down as seen below.
XBO Deposit and Withdrawal Fees
In terms of deposits and withdrawals, XBO has a fairly straightforward fee structure. Let’s first discuss deposit fees, which are entirely fee-free if you move cryptocurrency into your XBO wallet. However, if you’re depositing using fiat, you’ll incur 3.75% + $0.25 on any credit card deposits. While wire transfers will receive varying fixed fees depending on the currency in question; EUR - 5USD, USD - 25USD, and GBP - 20USD, all based on a per transaction basis.
Withdrawal fees are far more complex, with each crypto transaction operating on a coin-by-coin basis. We would advise looking at the XBO site for a breakdown of the fees you’ll incur when withdrawing specific coins and tokens. In terms of withdrawing using fiat, you’ll be charged a fixed fee on wire transfers based on the currency. This breaks down as follows, EUR - 12.5USD + 0.2%, USD - 12.5USD + 0.2%, and GBP - 30USD + 0.3%, all based on a per transaction basis.
Customers can easily deposit funds into their XBO.com account using one of three methods, quickly and easily allowing customers to add crypto to their overall balance. By entering your XBO.com, you can select one of the following funding options:
- Credit card
- Bank transfer
Select the deposit method you prefer to work with and follow the step-by-step guide provided. If the transaction is approved, the money will arrive in your account according to the timeline of deposit methods listed on the site. Credit card is favored over bank transfers in terms of speed, and of course, cryptocurrency is quicker than both other options, with a timescale depending on which network you use.
Are US Investors Permitted?
As it stands, the company has set up to serve the European market, though there are plans to expand down the line once the company has gained some traction as user numbers grow.
XBO Loyalty Program
As part of XBO’s focus on building its community, the exchange offers an excellent loyalty program, giving back to customers in various ways. The XBO.com loyalty program pays off in the following ways:
- Exchange cashback
- Free fiat withdrawals
- Crypto rewards
- Free crypto withdrawals
- Spot trading fee reduction
- XBO.com payment card
The benefits of the XBO loyalty program improve with each tier as customers move up through the ranks by collecting the XP they receive for various actions on the platform. The reward program will scale for each of the benefits listed above, offering better rewards as you progress. The loyalty program tiers and their required XP are as follows:
- Silver - 100XP
- Gold - 10,000XP
- Platinum - 65,000XP
- Diamond - 650,000XP
- Black Diamond - 2,100,00XP
The final tier, black diamond, is exciting as the XBO.com site simply states, “What happens in Black Diamond, stays in Black Diamond.” Check out the site for the full breakdown of benefits.