BBB Exmo Exchange Review
Exmo – Is It Good?
Exmo is a comparatively small cryptocurrency exchange based in the UK with a simple and intuitive interface. It may not have as much traffic as the most famous exchanges but it does offer a few unique things. However if you look into the actual reviews, you’ll see a whole bunch of negative ones, even urging you to not use Exmo.
So is Exmo any good? Is Exmo trustworthy? What’s up with their reviews? And, most importantly, how does Exmo stack up against other platforms?
What Does Exmo provide?
Besides Bitcoin Exmo buys and sells a decent amount of 12 popular cryptocoins, including Litecoin, Zcash, Ripple, even Dogecoin! And anyone will find it easy to use. The interface is so simple that it’s friendly to any beginner.
Transactions in Exmo are fast. In fact your funds are credited to your account right after making a deposit. Withdrawals are also faster than with your average exchange, being executed automatically without any waiting period.
Your funds are also quite secure with Exmo. We loved their encrypted system in cold wallets (which, as we’ve mentioned before, are the most secure type of wallets). They also have SSL, Trusted IP and a 2 factor identification, making it hard for anyone but you to access your account. Their security has been tested at least once in 2017 when they were under DDoS attack. However their security proved itself, with no currency lost.
Exmo also offers you your own wallet to store your crypto. However it’s always better to store it outside of your exchange service in your own wallet.
If you have any questions, Exmo has a customer service team available 24/7. Their site is also available in 12 languages including English, Spanish, French, Chinese and Turkish.
Exmo is available in most countries with the exceptions being the usual suspects. Those being China, Japan and some countries in the Middle East. Syria and North Korea are also banned with their citizens being unavailable to trade.
Finally, Exmo isn’t yet available in the US. They aren’t yet regulated by the United States, making it illegal for them to operate there.
Exmo Rates and Buying Limits
Exmo has a trade charge only applicable to finished deals. If you create a deal that’s not completed, you don’t have to pay any charges.
Exmo trading fee: 0.2%
The trading fee might be low (claiming to be the lowest one on the market), but Exmo also charges fees on some deposits and withdrawals. The amount and whether that fee is applied will be directly associated with the coin you’re using and where you want it to end up. For example, you can deposit as many Bitcoins as you want with no fee, but Exmo will charge you a fixed withdrawal fee of 0.001 BTC per transaction.
In fact, although Exmo rarely charges cryptocurrency deposit fees you’ll get charged a fixed fee on any withdrawal of crypto. If you want to withdraw money to your Visa or MasterCard (by far the most popular option). You’ll get charged both a dynamic fee of 3% and a fixed fee of $7.50 USD.
They also have minimum and maximum trading limits, which will again depend on the currency. However, unless you’re a big expender, you won’t have any issues with maximum trading limits since, for example, they allow you to trade up to 100 BTC.
- 24/7 Customer Support: Having a customer support that’s there all day every day is a plus that not all exchanges have.
- Design: The design is incredibly friendly and intuitive, perfect for any user.
- Speed: Exmo is faster than average without the annoying waiting period some exchanges use.
- Variety of crypto options: From Litecoin to Dogecoin, Exmo offers a decent variety for your crypto needs.
- Fees: Although they claim to have the smallest trading fees in the market, their extra deposit and withdrawal fees can easily make your transaction more expensive than average.
- No US support: With a growing crypto community in the US, their citizens won’t find this exchange useful.
- Size: Some people won’t be comfortable with such a small exchange, especially if they don’t store their crypto in separate wallets.
Go to Exmo
Is Exmo Good For Bitcoin?
If you google Exmo reviews you’ll quickly find their low TrustPilot reviews. With only two stars and mostly bad reviews you may not want to even get close to Exmo. However it only takes a closer look to see why they have such a bad rep.
Exmo being a small exchange has a small amount of reviews. In fact they only have 18 reviews in TrustPilot. Out of those, 16 are critical reviews. However from those 16, at least 6 are nothing more than thinly-veiled advertisings for other exchanges or for personal information.
Does that mean that you should for sure trust Exmo? Not necessarily, however if you can work around some of their withdrawal and deposit fees and store your crypto in your own separate wallet, Exmo can definitely be a good option for you.