Is Exmo Legit? Does it have any unique features that make it stand out? Join me in today’s review in which we shall be looking at what this platform has to offer, as we aim to find out whether it can be useful to you, or you should simply avoid it. Here are the main items that we shall cover in the review:
- What is Exmo?
- Which cryptocurrencies and fiat currencies are supported by Exmo?
- Countries this platform is available in
- Fees charged
- The deposit and withdrawal options
- Is Exmo Legit or is it a Scam?
- Pros and Cons
Name of the Platform: Exmo
Official website URL: https://exmo.com/en
Overall Rating: (3.9 / 5)
Is Exmo Legit (What is Exmo?)
Exmo LLP exists as a cryptocurrency exchange platform that’s meant to enable crypto-currency traders to intuitively exchange cryptocurrencies such as Bitcoin and Ethereum for fiat currencies. This exchange came into existence in 2013, after the successful get together of developers and financial advisors from the following countries:
- Great Britain
Its headquarters are currently located in England, from where its main activities are overseen by the management and staff members. They are mainly preoccupied with the provision of high-quality crypto to fiat money exchanges, by ensuring that funds get to the right account. Users of this platform can store their digital assets on it before they eventually transfer them to their digital wallets.
Let’s dig deeper into the specifics of this platform to find out how useful it is and whether you can rely on it for your current crypto exchange needs.
Which cryptocurrencies and fiat currencies are supported by Exmo?
This exchange is designed with crypto users in mind, more so those who use the widely recognized cryptocurrencies. As of now, the platform supports the following cryptocurrencies:
- Bitcoin Cash
- Ethereum Classic
The fiat currencies supported by Exmo are:
During any exchange, 6 confirmations are needed for the funds to eventually reflect in your digital account.
Countries this platform is available in
Quite a large number of countries in the world can access what Exmo is offering. There are, however, some notable exceptions, which include U.S., China, Japan, Syria, North Korea, and some nations in the Middle East. The regulatory prohibitions in these nations limit the usefulness of Exmo, hence the need to check whether it’s allowed in one’s country. If it’s not supported in your country, you can always check what the alternatives have to offer.
As an Exmo user, you’ll be subjected to various fees and charges. For starters, this platform usually has lower limits on deposits that are made using cryptos. Any deposits that are found to be lower than the set minimum deposit are not usually enrolled in Exmo’s system. Note that such funds are not usually returned, so you have to be very careful when making an exchange on this platform.
There are no maximum limits set for this platform, and only minimum fees are charged on every transaction. The fees are set at 0.2%. The other fees charged here are determined by the payment processing companies, for which Exmo may not have any control.
The deposit and withdrawal options
As a user of the Exmo exchange platform, you have access to several deposit and withdrawal options. You can always confirm to see whether any of the following options is working in your region:
- Credit cards and debit cards
- Bank Wire Transfers/SEPA
- Perfect Money
The owners of this platform have also developed what is referred to as Ex-code, which is an internal payment system that enables Exmo exchange users to withdraw using Ex-code and convert the cryptos into fiat currency using other 3rd party exchanges.
Moreover, Exmo has introduced CryptoCapital as an extra means of payment, which users can rely on if they want to convert their crypto holdings into fiat currencies.
Is Exmo Legit or is it a Scam?
Exmo is a legit platform, in my opinion. This platform has already been around for more than half a decade and was it an outright scam, it would have been flagged by various authorities in the different nations in which it is supported. There are several reviews about Exmo on consumer trust sites and none of them point to it being a scam.
I looked at the customer reviews on Trustpilot and discovered that 63% of its customers think that its services are excellent, in comparison to 24% who think that the services are poor. With a rating of (3.9/5) stars, I believe you can agree with me that Exmo is not badly off. The crypto exchange sector is one that’s bound to have many customer service issues, hence any company that can successfully prove that it’s capable of satisfying the majority of its customers is one worth trying out. If you can’t access Exmo in your country, then you can check out what my recommended alternative to it has to offer:
Pros and Cons
- Low user fees
- Several crypto-asset pairs
- Regularly updated blog for content updates
- It doesn’t accept and support US clients
- Exchange downtimes have been reported frequently by customers
- The deposit and withdrawal conditions keep on changing – may affect many clients in different countries
Do you own or represent Exmo?
If you are a representative or associate of Exmo have found something not to be correct in this review please, feel free to tell us and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or simply by sending us an e-mail to firstname.lastname@example.org.
Final Words and Verdict
Overall Rating: (3.9 / 5)
From my personal assessment, Exmo is a platform that has done fairly well in a very competitive sector. The truth is, not many companies have managed to get to their level of performance so far, and this can be linked to the sensitive nature of customer service in this industry. So many things can go wrong when one is using such a platform, and the average customer rating shows that Exmo has done a good job at mitigating the downside.
If you do your diligence and find that Exmo is relevant to your current needs then you can rely on it. If you find that it’s not relevant, or is limiting in one way or another, then you can turn to my recommended alternative below:
Thank you for making it to the end of this review on whether Exmo is legit. I hope you enjoyed it, and that you gained enough insights to help you make a decision about whether you’ll rely on it. Let me know what you think about this platform. If you also have any questions about it, don’t hesitate to drop them in the comments section-I’ll get back to you ASAP.
I wish you success,
Eric, investor, and team member on Gold Retired!