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EXMO is one of the most popular cryptocurrency exchanges in the UK for buying, trading and selling digital currencies. The exchange provides a number of services such as a spot market, OTC desk and cashback rewards. In this EXMO review, we will assess the platform to determine whether it's good to use.
EXMO is a suitable crypto platform for beginners in the UK to buy and sell digital assets with its simple trade platform or advanced terminal for experienced traders. There is a good selection of coins and trading pairs against BTC, ETH, USDT, and other currencies that gives ample flexibility and competitive fees at 0.1% per trade. However, the charges to buy crypto with fiat are a little high at 0.3% but can be reduced with higher volume.
- Well established exchange in the UK since 2016
- Simple trade and Pro terminal for beginner and experienced crypto traders
- Professional trading and charting experience that is straightforward to use
- Over 192 trading pairs with BTC, ETH, EUR and USD as collateral
- Has been previously hacked in 2020
- Number of projects that can be staked is limited to 6 tokens
- Overall trading volume has been on the decline
EXMO At A Glance
EXMO is a well-known digital currency platform in the UK and Europe that accepts various fiat currencies and deposit methods to begin trading crypto. The exchange offers a wide selection of trading pairs using crypto or fiat as collateral. EXMO has competitive trading fees and discounts through its unique cashback program.
The company was established in 2014 and is headquartered in London with supporting offices in Moscow and Kyiv for its team of 150+ people. EXMO released its own native platform token in 2019 called EXMO Coin (EXM). The benefits for users to buy and hold EXM has reduced trading fees & cashback rewards, increased referral commissions, and other bonuses.
Some notable features of EXMO include:
- Wide range of accepted fiat currencies to fund an account
- 192 trading pairs that can be traded against crypto or fiat
- Cashback program with generous discounts on trading fees
- TradingView charting available
- Mobile app for rapid verification, depositing funds and trading
|Fiat Currency||USD, EUR, GBP, RUB, PLN, UAH and KZT|
|Trading Pairs||192+ against BTC, ETH, USDT and others|
|Payment Type||Wire transfer, debit card, credit card, SEPA, e-channels|
|Trading Fee||From 0.1% (crypto-to-crypto) and 0.3% (fiat-to-crypto)|
|Deposit Fee||3.99% + 0.35 USD for credit cards, 2.49% for Payeer|
|Mobile App||Yes (Android and iOS)|
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|385||0.1% (spot) and 0.02% / 0.04% (Futures)|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|None available at this time||Visit eToro|
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. [website domain name] is not an affiliate and may be compensated if you access certain products or services offered by the MSB.
|73||0.30% (Maker) 0.40% (Taker) or 0% with Sub $1,000 30-Day Volume|
|None available at this time||Visit Bitstamp||Bitstamp Review|
Review of the Top Features & Benefits on EXMO
Wide Variety of Trading Pairs
EXMO supports over 60 cryptocurrency coins with more than 192 cryptocurrency pairs available that can be bought and sold on the trading exchange. Each coin can be traded against a wide range of fiat currencies such as USD, EUR, GBP, RUB and UAH to accommodate customers from multiple regions across the USA, UK and Europe.
Supported Deposit Methods
One of the best features of using EXMO is the number of fiat currencies that can be used to fund an account. Customers can begin trading by transferring USD, EUR, GBP, RUB, PLN, UAH and KZT. The website features an interactive tool to select the preferred fiat currency. The supported payment methods to buy crypto include wire transfers, credit/debit cards, Payeer and many others.
Cashback & Trading Fee Rebates
EXMO offers a unique cashback incentive program to reduce the trading fees on the exchange. The system is tiered into 4 levels with discounts up to 66% for makers and 100% of takers fees. Cashback bonuses can be increased by purchasing the native token EXMO coins. According to the website, the exchange has paid out over 278 Bitcoin in rewards over the last 30 trading days.
Is Exmo Regulated?
EXMO is not a regulated cryptocurrency exchange or financial advisory service. The exchange has developed its own Know Your Customer (KYC) and Anti-Money Laundering (AML) policies to comply with regulatory requirements that are mandated in several countries worldwide.
Based in London, EXMO is a registered company with the Financial Crimes Enforcement Network (FinCEN) to operate as a digital currency exchange in the UK and EU. However, this license does not mean EXMO is a legitimate company and has been endorsed by the Government as a trustworthy provider of crypto assets. Further to the exchange hack in 2020, EXMO was placed on a temporary registration by FINCEN.
EXMO is a British cryptocurrency exchange that is available for trading in multiple countries worldwide with a large user base from Russia and Ukraine. There are a few restricted countries that are not allowed to trade on EXMO which include the United States, Japan, China, Syria, North Korea and countries in the Middle East. Individuals that reside in the US will need to find a cryptocurrency exchange in the USA.
Volume & Liquidity
According to Coinmarketcap, Exmo is the 109th largest crypto exchange based on traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes reported. The exchange processes roughly $45 million in daily transactions with the majority of trading volume on the BTC/USD and ETH/USD pairs.
Login & ID Verification
Before trading cryptocurrencies on EXMO, an account needs to be created which will require basic personal information such as email address, username, and a mobile phone number. As the company is based in the UK, it is subject to KYC/AML laws and all new users need to verify their identity to trade, deposit and withdraw funds on EXMO. The different stages of verification include:
- Identity Verification
- Address Verification
- Card Verification
- Bank Account Verification
- Corporate Account Verification
Each EXMO account will have different verification requirements depending on the payment method and whether the person is trading as an individual, sole-trader, or as a company. The best way to complete the EXMO verification is using the app to take photos and upload scans of documents.
The most common method of funding an account is to transfer digital currencies to an EXMO wallet. There are over 60 supported cryptos that can be deposited to the exchange, which include Bitcoin (BTC), Ethereum (ETH), XRP, DOGE and many others. It will require the user to copy the unique address for the selected coin or scan the QR code when withdrawing from a personal hardware wallet or other exchange providers.
EXMO supports 7 major fiat currencies for individuals looking to convert fiat into crypto with a wide range of deposit methods available depending on the country of origin. The payment methods include bank transfer, credit/debit cards, SEPA, wire transfer Faster Payments, advcash, BACS and others.
Trading With EXMO
EXMO allows traders to speculate on the prices of over 60 cryptocurrencies using a minimal, responsive and user interface. For beginners that want a quick and easy way to buy crypto, EXMO has a Simple Exchange that lists all of the crypto trading pairs. An asset can be bought or sold using a beginner-friendly dialogue box to enter the amount and confirm the purchase.
For intermediate to professional traders, EXMO has an Advanced Trading Exchange. The user interface is adaptive that allows the trader to fully customize the arrangement with a light and dark mode available. The default user interface layout is well-positioned with the charts on the left and the list of trading pairs on the right. The pairs can arrangement by alphabetical order, price or volume change making it easy to filter and select a particular coin to trade.
The user interface is integrated with TradingView which provides a well-known and widely used and professional suite of charting for crypto assets to complement various trading strategies. This is the premium charting platform of choice that is integrated into several top exchanges around the world. Users can overlay trend lines, Fibonacci extensions and hundreds of technical indicators such as:
- Moving averages
- Relative Strength Index (RSI)
- Bollinger Bands
- MACD; and others.
Below the charts is the order entry window, order book and recent trade history. The window to enter an order is quite basic and features limit and market orders only. The selection of methods does not suit breakout traders that rely on stop-limit orders. Furthermore, EXMO does not support One-Cancel-the-Other (OCO) orders which in our opinion is essential for beginners and intermediate traders to place a stop limit order and limit order at the same time.
Overall, the trading experience on EXMO is suited to beginner traders and investors that want to trade a wide range of cryptocurrencies. The charts are exceptional and very responsive which provides all the required tools to perform technical analysis. However, the limited number of order types to suit various trading strategies is a negative in our opinion.
EXMO uses a maker and taker fee structure to reward individuals with lower trading fees for providing liquidity to the exchange. The trading fees start from 0.3% for maker and takers and decreases with higher volumes over a 30 day period. Without taking into consideration the EXMO cashback bonuses for holding EXM tokens, the trading fees are high for small investors and traders and are similar to CoinCorner Exchange based on our review.
|Trading Volume (30 day)||Trading Fee (Maker / Taker)|
|0 - $5,000||0.3% / 0.3%|
|$5,000 - $10,000||0.22% / 0.3%|
|$10,000 - $25,000||0.2% / 0.28%|
|$25,000 - $50,000||0.16% / 0.26%|
|$50,000 - $100,000||0.14% / 0.22%|
|$100,000 - $250,000||0.1% / 0.2%|
Compared to popular exchanges such as Binance, KuCoin and Kraken, these platforms offer a default transaction fee between 0.1% and 0.26% and offer their own incentives, bonuses and rebates to reduce the fees. To reduce the EXMO trading fees to be similar to Binance for example, users need to purchase approximately 16.3 EXM tokens to gain the 33% fee discount (for limit orders only).
Deposit and Withdrawal Fees
EXMO provides a range of deposit and withdrawal methods using fiat currencies. Individuals can deposit USD and EUR with no fees using Etana or a SEPA bank transfer. Crypto traders in the UK can use Faster Payments to transfer GBP to EXMO for a small fee of 3 GBP per deposit to the exchange. To use a credit card to buy crypto, there is a surcharge of 1.99% to 3.99% on the total amount plus a small fee.
|Currency||Payment Type||Deposit Fee||Withdrawal Fee|
|USD||VISA & Mastercard||3.99% + 0.35 USD||N/A|
|USD||Etana Custody USD||None||N/A|
|EUR||VISA & Mastercard||2.99% + 0.3 EUR||N/A|
|EUR||Wire transfer||None||1 EUR|
|GBP||Faster Payments||3 GBP||0.15% + 3 GBP|
|GBP||VISA & Mastercard||1.99% + 0.3 GBP||N/A|
|GBP||CHAPS||20 GBP||0.15% + 20 GBP|
EXMO claims to provide a 24/7 customer support service that is available worldwide and in 4 different languages (Russian, English, Ukrainian, and Turkish). The website lists direct email addresses to get in touch with support, however, there is no live chat bot which is a useful feature for users with urgent troubleshooting queries. Other methods to reach out to the team include their social media channels or submiting a ticket.
EXMO offers an excellent mobile app for its users that has received numerous positive reviews and has a 4.4-star rating on Google’s Play Store based on 1,735 votes. The trading app has an intuitive and easy-to-use interface for trading crypto on the move or monitoring active positions at anytime or place. The app has additional features such as quick order placing, transaction history, 7-day Profit and loss report, instant price alerts and more.
Frequently Asked Questions
For the active crypto trader, EXMO is a good exchange with competitive trading fees that can be reduced by holding EXM tokens. The EXMO Pro Trading terminal is modern, intuitive and includes advanced charting and trading tools for experienced users.
EXMO features a wide range of security measures such as cold storage wallets and two-factor authentication (2FA) for all customer accounts. Enhanced security options include IP recognition and verification procedures to minimize unauthorized login from unfamiliar locations. Despite these measures, EXMO was hacked in 2020 which resulted in approximately 6% of the total crypto assets being lost. EXMO's website states the exchange has been operating for 6 years without security data leaks and hacks despite this incident.
US investors and traders are prohibited from using EXMO due to strict financial regulations and laws in the United States. Individuals in the USA can only buy, trade and sell cryptocurrency using an exchange based in the United States.
Individuals on EXMO can spot trade over 192 cryptocurrency trading pairs, however, the exchange does not offer leveraged tokens, derivatives or a futures market to trade. Traders that want to potentially compound their gains will need to find a leveraged crypto trading platform that offers crypto assets.
A demo mode is not available on EXMO for new cryptocurrency traders to practice without risking any capital. It is recommended that beginner traders find a suitable demo trading platform before depositing real funds. Alternatively, users can deposit a small amount, however will need to be mindful of the deposit and trading fees.
To conclude our EXMO exchange review, the platform is well-suited and recommended for beginners and experienced traders and investors that want to diversify their crypto portfolio by adding popular altcoins. EXMO is a good exchange for crypto traders in the UK and Europe with several supported fiat currencies and deposit methods.
The overall trading experience is simple that will suit various skill levels that are looking to make a quick trade or analyze the charts in depth. EXMO has reasonable trading volume and liquidity across its supported trading pairs, however, in our opinion, the trading fees are a little high for new users that do not participate in the EXMO Cashback program.
|Features||3.5 / 5|
|Supported Fiat Currencies and Deposit Methods||4.3 / 5|
|Supported Cryptocurrencies and Trading Pairs||4 / 5|
|Fees||3.5 / 5|
|Ease of Use||4 / 5|
|Customer Support||4 / 5|
|Security Measures||3.5 / 5|
|Mobile App||4.4 / 5|