Exocrow Review: Is It Safe & Legit?

Choosing a cryptocurrency trading exchange can be a challenging task. There are several considerations such as the the platform features, charting interface, trading pairs, fees, security and customer support. 

A new cryptocurrency platform on the block is Exocrow, which also offers a P2P exchange, wallet, savings account and merchant solutions.

While we aim to provide you with accurate and the latest information in this review, we strongly suggest that you visit the website to keep updated with any changes that may occur afterward.

Key  Features:

  • Quick and easy to create an account and wallet
  • No KYC required immediately
  • Peer to peer exchange to buy/sell cryptocurrency
  • Earn interest on crypto held within Exocrow wallet
  • Integrated payment solutions for small business to accept Bitcoin payments
  • Affiliate program to reward existing users

overall 

3/5

Ease of use

User interface

Fees

Security

Before diving into this review, it is highly recommended to use a hardware wallet such as the Ledger Nano X when buying Bitcoin, Ethereum, Litecoin or other coins. The ownership of crypto assets remains in the investor's possession and control, not the exchange. Read our guide on the best crypto wallets for more information. 

What Is Exocrow?

Exocrow is a new and fast growing crypto exchange based in the UK that offers a place for individuals in 135 countries to buy, sell and store digital currencies. Since it's inception in 2020, the exchange has broadened its services to include a online wallet, the ability to earn interest on crypto in a savings account, payment gateway for purchases and P2P transactions.

exocrow site

Exocrow Compared

Beginner-friendly, easy to use and competitive trading fees are important features on Exocrow. This comparison table lists top crypto exchanges that offer world-class features. 

Exchange

Trading Fees

Rating

Review

Promotion

Website

binance

Binance

0.1%

4.8/5

10% off trading fees

coinbase

Coinbase

0.5% - 3.99%

4.7/5

$5 BTC bonus (USA only)

etoro

eToro

Spread only

4.6/5

None available at this time

Disclaimer: Your capital is at risk.

Is Exocrow Safe?

Exocrow includes 2 Factor Authentication (2FA) for users to activate and protect their account from unauthorised use and fraudulent activity. The website does not provide a list of other security measures to ensure the safety of customers funds and personal information. Based on our research, there have been no major security incidents, hacks or system compromises that have occurred to date, however there are a few concerns on reputable forums.

Is Exocrow Legit?

Exocrow appears to provide legitimate cryptocurrency services such as a P2P exchange and a digital wallet to store digital currencies. However, there is no information on the team behind the platform, supported countries or legal compliance to financial regulations which should be stated.

Supported Fiat & Cryptocurrencies

Exocrow supports the major digital currency assets which include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and Zcash (ZEC). Each asset has its own wallet to send and receive funds. USing the P2P exchange, users can buy and sell crypto using 13 fiat currencies such as USD, EUR, RUB, AUD, SGD and others.

Creating An Account

To create an account with Exocrow, users will need to go through a registration process that will require a valid email address to verify. Once completed, users can log in to the exchange and explore the features and services offered. There is no immediate requirement to complete KYC.

Once an Exocrow wallet or account reaches $10,000 in US Dollars or Euros, the account holder will need to submit ID documentation (National ID card or Passport).

Depositing Funds

Exocrow does not accept deposits in fiat currency (e.g. USD, EUR or GBP). To fund an account to use the products and services offered by Exocrow, users will need to transfer cryptocurrency from a personal hardware wallet or digital currency trading platform.

exocrow wallet

For example, to deposit Bitcoin to Exocrow, users can navigate to the wallet and selection BTC from the drop down menu. Here, the BTC wallet address and QR code will appear to copy and transfer funds to. 

Once the funds arrive in the wallet, the user will be able to access other features offered by the platform. It is recommended to activate Two Factor Authentication prior to depositing funds.

exocrow deposit bitcoin

Trading Cryptocurrency

For users that want to trade digital currencies, Exocrow offers a Peer-To-Peer (P2P) exchange to facilitate buy and sell orders. Similar to popular P2P platforms such as Paxful and Local Bitcoins, users can search for a particular buyer or seller within the supported countries/jurisdictions.

exocrow exchange

Traders can search for buyers and sellers using the drop-down menus along the top. The filter system can categories buyers and sellers by fiat currency, country and payment method. On review of the P2P exchange, the user-interface is simple and beginner friendly.

On the downside, the number of traders using the P2P exchange was limited (less than 20 at the time of writing) and appeared to be from the Exocrow team. As a new platform, we expect the usage of the platform to increase with a wide range of users from multiple countries, fiat currencies and payment options. 

Savings Account

Exocrow offers a savings account for its users to earn monthly interest on crypto held within a wallet up to 3.2%. The interest is credited on the 1st and 15th of every month and the principal can be withdrawn once every month. 

It is not 100% clear which crypto asset in the wallet will earn the 3.2% interest. For Bitcoin, the monthly interest rate is unusually high when compared to reputable lending and savings platforms such as BlockFi and Nexo, which offer between 8.6% and 10% P.A respectively.

exocrow savings account

Trading Fees

There are no costs to create an account with Exocrow or to maintain a wallet. Similarily, there are zero fees to deposit funds to an account. There is a small cost of 0.01% for withdrawals that is in addition to the blockchain network fee. For example the standard Bitcoin network cost is approx. 0.0005BTC.

To use the exchange, Exocrow charges a trading fee which is charged at 0.5% of the total Bitcoin trade amount. This means it will cost a 1% transaction fee to buy and immediately sell BTC using Exocrow. Compared to popular spot exchanges such as Binance, Crypto.com and KuCoin, the trading fees are a little high.

Merchant Fees

Small business user's can sign up to the Exocrow merchant payment system to send and receive crypto (e.g. Bitcoin and Ethereum) via using the blockchain network in return for goods and services.

There is a 1% outgoing fee for mass transactions, with zero-costs to receive transactions through the integrated payment gateway. Money transactions that use the Exocrow escrow service will be charged an additional 1% fee. 

Platform Security

Exocrow does not provide adequate information on security measures that in place to protect clients information and funds managed by the exchange. While 2FA is option for account holders and escrow services for P2P transaction, Exocrow does not appear to have security as a top priority.

Frequently Asked Questions

Which Countries Are Supported?

Exocrow is a global cryptocurrency platform that supports investors in several countries including the UK, Thailand and several countries within Europe. Countries with strict financial regulations and laws such as Australia, New Zealand, Canada and the United States is prohibited from using the exchange. Users should exercise caution and conduct their own due diligence to ensure is regulated in their country.

Are US Traders Allowed?

Exocrow does not allow US residents to use the P2P exchange to buy and sell cryptocurrency. However, US Dollars are accepted as a fiat currency to purchase crypto from supported countries. Traders that reside in the US will need to find a cryptocurrency exchange in the USA.

Conclusion

Exocrow offers a variety of products and services such as instant buy/sell exchange, secure wallet that allows users to earn interest on crypto and merchant solutions to accept Bitcoin payments. The website design and user-interface will appeal to beginners due to its ease of use.

To conclude our Exocrow review, here is a summary of the pros and cons on the platform which include some concerns that need to be addressed by the team before it can be considered a trustworthy, safe and reputable provider in the cryptocurrency market. Individuals should conduct their own due diligence and not rely on the information provided in this review.

Pro's

  • Quick to register and create an account
  • Does not require KYC immediately
  • P2P interface is clean and simple to use

Con's

  • New platform with small social media presence
  • Lack of information on the team (stock image) and licences
  • Address on Google maps points to an office supply company
  • Lack of customer support information and how-guides
  • P2P exchange is not used (total of 13 users)
  • Limited information on savings account terms & conditions
  • Not available in countries with strict regulations

Exchange fees are a very important consideration for any prospective cryptocurrency investor. The following exchanges - in addition to the above exchange - provide very competitive trading, deposit and withdrawal fees (with no hidden charges) with a wide variety of deposit methods that will suit all types of cryptocurrency investors.

  1. Margex
  2. Bitit
  3. bitFlyer
  4. Gemini
  5. OKEx
  6. KuCoin
  7. WazirX
  8. Crypto.com
  9. Kraken
  10. StormGain

Exocrow

3

Ease of use

4.0/5

Reputation

2.5/5

Trading fees

3.5/5

Security

2.5/5

Customer support

2.5/5

Pros

  • Quick and easy to get started
  • No KYC required immediately

Cons

  • Limited number of cryptocurrencies
  • Lack of users on the P2P exchange
  • Limited support documentation
  • Concerns raised on forums
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Kevin
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 after discovering it's potential as an alternative to fiat currency. He is also a trader with over 8 years of experience and is now trading crypto using various platforms. Now, he is focussed on helping others learn about cryptocurrencies via hedgewithcrypto.