Cheat Sheet for EXMO Exchange: Honest Review with Feedback
Participants of the Russian-speaking segment of the crypto community often face language and other barriers: most popular cryptocurrency exchanges are tailored for a foreign audience. As a result, users have to make compromises: tolerate the lack of translation and other inconveniences.
An exception to the rules is the EXMO exchange. The trading platform not only solved the language barrier problem by providing a fully Russian interface but also found a way to simplify investors' entry into the market by offering a range of crypto-fiat gateways. Learn more about the features of EXMO from our review.
Characteristics of the EXMO Exchange
The exchange was created on February 25, 2014. According to project representatives, the development of technical solutions took place over the course of a year. The official EXMO website can be found at this link. Other project resources:
According to official sources, the project is registered in the United Kingdom. As of February 4, 2020, the exchange ranks 94th in the rating of trading platforms based on adjusted trading volume data.
General Overview of the System and History
EXMO is a multilingual platform. The exchange's website has been translated into 12 languages. Full Russian localization has made the exchange one of the most popular trading platforms in Russia and the CIS countries. The project has also proven to be in demand due to the ability to purchase digital assets with fiat. The offer applies to rubles. The platform team lists the following as its main advantages:
- A wide selection of methods for depositing/withdrawing assets.
- A high level of security.
- Low fees.
- A large number of available assets for trading.
- High speed of customer support.
Currently, the exchange representatives also draw new users' attention to their extensive experience in the industry.
The history of EXMO's development looks standard: at the time of its opening, a campaign was organized to attract new users. At the same time, work was initiated to organize the listing of liquid assets.
A significant episode in the platform's history could have been the launch of an ICO, which was prepared throughout 2018. However, later the project team decided to abandon the idea of conducting an initial coin sale. The official reason was the closure of funding issues necessary to cover the platform's needs.
Accessing the EXMO Personal Account
A personal account is assigned to registered users. The account creation process includes the following steps:
- Entering a username, email address, and password.
- Familiarization with several agreements.
Immediately after entering the data and clicking the "register" button, the system redirects the user to their personal account.
Verification on EXMO
Until 2020, immediately after creating an account, users could start working. Currently, all new traders are required to undergo verification. EXMO has established a number of restrictions regarding user accounts that have not provided the necessary information to the platform. These include:
- Restrictions on deposits and withdrawals;
- Restrictions on conducting transactions.
For comfortable operation on EXMO, it is necessary to pass verification. You can find the link to the corresponding section in your personal account (see screenshot above).
How to Pass Verification on the EXMO Exchange
The verification process consists of several stages:
- Identity confirmation. Verification is carried out through screenshots of documents. These must be provided in the verification application.
- Selfie photo. Providing the administration with a photograph where the user holds a document confirming their identity. This procedure allows for verification of the person's reality.
- Confirmation of residence address. Information may be required if any violations by the user are detected. Address information also helps EXMO control the flow of traders from jurisdictions where bans on working with digital assets are imposed.
- Confirmation of payment card. Data about the bank servicing the client allows EXMO to expand the list of sources of information about the user. Additionally, when transaction confirmation is needed, the system can compare payment details.
Additionally, there is a link to a Telegram channel on the page, where verification can also be carried out. At the time of writing this review, this functionality was not operational.
According to user reports, checking the information provided in the "verification" section can take anywhere from a couple of hours to several days. In most cases, specialists manage to verify documents on the same day they are submitted.
Important! To fully operate on the platform, you will need to complete all 4 steps of verification.
Not all digital asset exchanges require the provision of personal information. Previously, we did a review of the completely anonymous trading platform BaseFEX.
What Documents Are Needed for Verification on EXMO
To undergo the procedures, a document confirming the identity of the account owner will be required. Identity verification is carried out using a scan of the passport. For the selfie photo, an ID card, passport, or international passport will suffice. The residence address can be confirmed using the following documents:
- A document confirming registration, issued by local authorities.
- A bank statement.
- A utility bill.
- Tax documents.
Additionally, during verification, the user may provide the following documents:
- Court documents.
- Documents issued by government or other competent authorities.
Also read a review of the Prime XBT digital asset exchange, where you can trade with leverage without KYC
Project Team
The founders of the exchange are entrepreneurs Eduard Anufriev and Ivan Petukhovsky. The platform staff, including support specialists, works on a semi-anonymous basis: the maximum information available to users is the names of some project representatives.
At the time of writing this review, EXMO is hiring employees. The vacancies imply work in Russia, Ukraine, and the UK.
Cryptocurrency Trading Pairs on Exmo
As of the time of writing this review, the platform offers 171 trading pairs. Among the available assets on the exchange are fiat, cryptocurrencies, and stablecoins.
The exchange interface allows ranking the overall list by 5 main assets. These include:
For each of the presented assets, a table is allocated on the site, which collects all trading pairs with them.
As of the time of writing this review, the most traded pair on the exchange is BTC/USD. In second place is BTC/RUB.
At the same time, the platform team regularly conducts listings of new cryptocurrencies in demand in the market. One of the latest added coins was Ontology (ONT).
TABLE. EXMO Fees for Deposit and Withdrawal
| Cryptocurrency | Deposit Fee | Withdrawal Fee |
| EXM | - | 1 EXM |
| BTC | 0% | 0.0003 BTC |
| LTC | 0% | 0.01 LTC |
| DOGE | 0% | 1 Doge |
| DASH | 0% | 0.01 DASH |
| ETH | 0% | 0.01 ETH |
| WAVES | 0% | 0.001 WAVES |
| ZEC | 0% | 0.001 ZEC |
| USDT | 0% | - |
The standard EXMO commission for a transaction is 0.2%
You can familiarize yourself with the full list of assets and commissions set by the platform for operations with them (including information about limits) in the corresponding section of the exchange.
What are EXMO Codes
EX-CODES allow reducing transaction costs. To obtain a code, you need to go to the wallet, select the desired asset, and click the "withdraw" button. In the opened window, the system will suggest selecting an EX-CODE.
The codes can be used for conducting operations within the exchange as well as for organizing fund transfers outside it. EX-CODE is a tool that makes transactions cheaper.
About Customer Support
Communication with representatives of the platform responsible for solving user problems occurs via email. The official e-mail of the EXMO support service is support@exmo.com. Users note the quick response speed to requests.
You can also contact exchange representatives on specialized threads of third-party platforms for problem resolution. An example is the EXMO section on bits.media forum.
Wallet on the EXMO Exchange: Section Overview
The wallet is one of the main sections of the platform. Unlike full-fledged wallets for cryptocurrencies, it only presents current information about the user's available funds. The view of the wallet can be customized according to the specific user's requirements: to withdraw necessary assets and remove others from the main panel, you need to go to the "settings" section.
How to Create a Wallet
Technically, the "wallet" section represents a collection of wallets designated for working with different assets. All functionality is available to the user immediately after registration. The only thing required from the trader is to customize the appearance of the wallet (if necessary).
How to Fund Your Wallet
Each wallet designated for a specific asset is funded separately. For this purpose, corresponding deposit buttons have been placed next to all positions.
How to Withdraw Money from the EXMO Wallet
To withdraw the desired asset, you need to find the "withdraw" button next to it in the wallet and choose the appropriate method.
EXMO: Detailed Deposit and Withdrawal Information
The exchange provides users with a set of tools for working with available funds. The available options for depositing and withdrawing assets will be discussed next.
Options for Funding the EXMO Wallet
To deposit funds into the platform account, you need to go to the wallet. Next to each asset, there are two buttons: "deposit" and "withdraw." You need to click the button responsible for funding the account. Depending on the asset, the options for carrying out the operation may differ. The interface available for funding a ruble account, at the time of writing this review, looks as follows:
If a user needs to fund a cryptocurrency wallet, the available options may be represented by other services.
Important! A feature of EXMO is the frequent change of available options for funding and withdrawing funds. For example, at 08:00, a gateway for funding via Yandex.Money may be opened for a user. After 5 minutes, this option may disappear.
The reason is that EXMO tries to regulate the load level on gateways. If one of them becomes overloaded, the flow of new operations stops. Often, EXMO users have to wait for a suitable option to appear.
Funding EXMO from a Card
A plus of the platform is the ability to quickly fund an internal exchange account from bank cards. To clarify the fees, you need to go to the wallet and click the "deposit" button next to the desired fiat.
Withdrawing Money and Cryptocurrency from EXMO
The functionality for withdrawing funds from the exchange is also located in the "wallet" section. The latter is located in the upper panel of the platform. To see the available withdrawal options, you need to click the "withdraw" button next to the desired asset.
The withdrawal options may vary depending on the asset. In most cases, there is one set of gateways available for fiat and another for cryptocurrencies.
Withdrawing ETH from EXMO
As of the time of writing this review, the following withdrawal options are available for Ethereum (ETH):
Also read: Complete overview of Ethereum
Withdrawing BTC from EXMO
The following withdrawal options are available for Bitcoin (BTC) on the platform:
Also read: Complete overview of Bitcoin
Withdrawing from EXMO to QIWI
As of February 2020, the exchange offers the ability to withdraw rubles to QIWI. The transfer amount must exceed 1,000 rubles. The fee is 2%.
Withdrawing from EXMO to a Card
The platform also provides functionality for direct withdrawal of funds to bank cards. Rubles, for example, can be transferred to Visa and MasterCard plastic cards. The fee for the operation is 4.49% + 60 rubles (as of 04.02.2020).
How to Withdraw from EXMO to PrivatBank or Sberbank Card
The exchange does not differentiate cards by issuing banks. The platform works with Visa or MasterCard plastic.
EXMO Exchange: Nuances of Organizing Fund Withdrawals
Unfortunately, the platform does not specify exact timelines for deposits and withdrawals. When forming a request, only the deadlines set by the system may be displayed. The speed of deposits and withdrawals also depends on the load level of the platform's gateways. The project team does not provide information about the status of these without a special request.
As a result, funds may arrive on the platform either in 5 minutes or in 20 hours - it all depends on the current load level of the system and the user's luck.
EXMO Does Not Withdraw Money
In the operation of the exchange, as well as many other platforms, failures may occur. These can lead to a number of undesirable consequences, including difficulties with organizing fund withdrawals. According to reports from EXMO users left on forums, most problems are resolved quickly.
Reasons and What to Do
In some cases, the duration of fund withdrawals may depend on the load level of the gateways. If questions arise, you should contact the platform's support service.
EXMO Security Measures
The platform team has developed a set of measures ensuring a high level of security while working on the exchange. These include technical solutions presented in users' personal accounts. The safety of access to the account and funds stored in the wallet is implemented through:
- A notification system.
- API access configuration from specific IP addresses.
- Authorization of new IP addresses upon request.
- Google Authenticator and SMS user identification systems.
Users can also track access history at any time. This functionality allows them to ensure that all visits to their account were authorized.
Reviews about EXMO Exchange
No matter how much company specialists try to avoid conflicts, negative reviews about the exchange and its problems arising during operation periodically appear online. Many users complain about the not-so-clear system for processing deposit and withdrawal requests. For example, one user discovered the disappearance of a necessary record for confirming an operation:
Many traders also complain about difficulties related to mandatory verification:
Including, residents of Crimea faced problems with identity confirmation:
In positive reviews, most users note the responsiveness of customer support and the effectiveness of improvements made to the platform.
Advantages and Disadvantages of EXMO
| Advantages | Disadvantages |
| Availability of a full Russian-language interface. | Necessity to undergo verification. |
| Access to funding the platform and withdrawing funds through various gateways. | Not the lowest fees in the market, despite claims from platform representatives. |
| A large number of trading pairs. | |
| Availability of all necessary tools for professional trading. | |
| Responsive customer support. | |
| A large number of security tools. | |
| Regular updates to listings. |
Conclusion
The EXMO platform provides traders with a wide range of opportunities for trading both digital assets and traditional financial instruments.
The complete Russian localization and the ability to deposit/withdraw funds in various ways, combined with the extensive experience of the project's specialists and the absence of critical complaints from regular users, allow considering the platform as an option for regular work.