Exmo: Review of Cryptocurrency Exchange [2022]

Given the numerous requests we have decided to review this British cryptocurrency exchange that tries to make its way among the numerous competitors available on the market: Exmo.

Cryptocurrencies are increasingly becoming a very important asset, like stocks and commodities, so it is necessary to know how to invest safety, avoiding the scams that unfortunately are very numerous online.

In our review we will look at Exmo and specifically:

• How it works
• Which are the commissions
• What the users think about it

Ultimately, after this guide you will know if Exmo is the right choice for you or if it is preferable to use another intermediary.

We will also compare Exmo with CFD brokers like eToro, which as you know are commission-free and represent an excellent alternative to exchanges.

Below you will find a list of the best trading platforms for cryptocurrencies, they are all brokers with a regular CONSOB, CySEC or FCA license:

	Platform: etoro Min. Deposit: 50€ License: Cysec	Social Trading (Copy the best) Simple and intuitive	SIGN UP
	Platform: xtb Min. Deposit: 100€ License: Cysec	Free demo Free Course	SIGN UP
	Platform: iqoption Min. Deposit: 50€ License: Cysec	Free demo without limitations Minimum deposit low	SIGN UP
	Platform: ubrokers Min. Deposit: 250€ License: Cysec	Free Training Zero Commissions	SIGN UP
	Platform: trade Min. Deposit: 100€ License: Cysec	Free demo Free course trading	SIGN UP 72.30% of retail CFD accounts lose money
	Platform: forextb Min. Deposit: 250€ License: Cysec	Free trading course Free trading signals	SIGN UP

Exmo: little history

Before talking about the characteristics of this cryptocurrency exchange we want to briefly describe how it was born and what its history is.

Exmo was born in London in 2014 and its main office remains in the English capital. Its offer is now very broad, trying to attract new users with extra features and gift cards.

It creates a proprietary token to self-finance: Exmo Coin, in the wake of Binance Coin even if it is decidedly less capitalized than the Binance token.

Being a website and not necessarily needing physical locations, Exmo offers its services in over 200 countries around the world, reaching a respectable daily trading volume: around 52 million dollars.

Is Exmo safe?

Let’s immediately address the crucial factor that makes website exchanges at least dubious: security.

Exmo has obtained a temporary registration from the English FCA, the Financial Conduct Authority, the supervisory body of financial intermediaries.

This authorization can be revoked at any time but for now it offers extra security regarding this cryptocurrency exchange site.

This market is still under regulation but few exchanges have obtained a regular license.

Of course, this does not protect Exmo from the risk of cyber attacks.

Unfortunately, the biggest limitation of cryptocurrency exchanges, even the most famous ones such as Coinbase, Kraken, LocalBitcoins, etc. is that of not being able to guarantee the security of cryptocurrencies.

Exmo is no exception, it doesn’t seem to have a method to keep cryptocurrencies safe and therefore recommends using external wallets to prevent theft. This is a very inconvenient thing for cryptocurrency traders who constantly need access to their digital currencies.

At a technological level, the safety measures implemented by Exmo are:

• IP based access
• 2 factor authentication

Unfortunately, these security measures do not discourage hackers, who continually attempt to breach these websites and unfortunately, as history teaches us, sometimes they succeed.

Exmo: theft of cryptocurrencies

Exmo suffered a cryptocurrency theft in 2020, including Bitcoin, Ripple, Ethereum and others, of uncertain amount, but we are talking about a few million dollars.

The theft is being investigated by the relevant authorities and Exmo has stated that it will reimburse all losses.

Unfortunately, there is no way to keep money safe using an exchange, even when it is regulated by the FCA.

Better Exmo or a CFD Broker?

Given the risks involved using Exmo or another exchange, the answer is very simple: CFD Brokers are better.

In fact, these intermediaries do not really hold cryptocurrencies but offer derivative contracts (similar to futures for the stock market) to invest in cryptocurrencies and speculate on the price changes of this volatile market.

Furthermore, CFD Brokers are commission-free, so the advantage goes beyond safety and also becomes economical.

If you are interested in the cryptocurrency market we want to offer you the opportunity to also evaluate CFD brokers in addition to Exmo, so you will not have to fear any cyber attack and any theft.

We have selected the three best CFD Brokers to invest in cryptocurrencies, let’s find out together:

eToro

eToro is the first alternative to Exmo that we offer, also because it is the most popular CFD Broker in the world.

With numerous licenses, it operates in Europe with the authorization of CONSOB and CySec.

It offers one of the most intuitive trading platforms to invest in cryptocurrencies, here it is below with the Bitcoin CFD:

Many investors are constantly looking for an automated trading system. eToro has also thought of them, inventing a revolutionary method to trade on the markets.

It’s called Copy Trading and it allows you to copy the market operations of the best traders in the world (on eToro) in a totally automatic way.

But how does Copy Trading work? Here are the steps to follow:

• Register on eToro, it's free.
• Decide whether to access the Demo account or the real one (by depositing € 200 as a minimum)
• In the People section, choose the traders to copy, selecting (if you want) only those who invest in cryptocurrencies.
• With a click, Copy Trading will copy the operations of these traders, on your account, automatically and free of charge.

To give you an idea of the earning possibilities offered by this system, here is a screenshot:

ForexTB

ForexTB has earned the trust of investors by showing a particular interest in their training and the means to trade.

The CySEC license allows this Broker to offer its services throughout Europe and if we talk about “means” to trade we must immediately say that ForexTB offers two trading platforms, both free:

• The web platform is simple and accessible from any browser, without downloading any software.
• Metatrader 4 is a platform with numerous tools available, which meets the needs of the most experienced traders.

Both platforms are suitable for trading cryptocurrencies but below we see a screenshot of the Web platform with the Bitcoin CFD:

The training we have mentioned takes the form of a Trading Course highly appreciated by investors.

We are talking about an ebook that explains the basics of online trading, even the one on cryptocurrencies, in a really clear way and with practical examples.

This course is totally free, download it now from the link below:

IQ Option

IQ Option represents a truly reliable choice on the market, its CONSOB license is a certificate of total safety.

This Broker has solved one of the problems that afflict novice traders: the available capital.

With IQ Option you can open a trading account with 10 euros and invest in Bitcoin or other cryptocurrencies even a few euros at a time.

Despite a minimum deposit truly within everyone’s reach, with this Broker you can still do tests on a Demo account, without making any deposit and without risking anything.

How does Exmo work?

Exmo allows you to trade around 54 cryptocurrencies, including the main ones, namely: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, EOS, USDT, etc.

Although it may seem obvious, on Exmo you can convert cryptocurrencies into Fiat currency and among the available currencies we mention: US dollar, Euro, British pound, etc.

After registering on Exmo and following the instructions for any confirmation of identity (KYC), you will have access to a platform with nearly 200 currency pairs available.

To deposit, Exmo allows you to use these methods:

• Credit Card (Master Card, Visa)
• Bank transfer
• Advcash
• Payeer

Unfortunately for each transaction there are commissions to be paid, but we will talk more about this in the next paragraph.

Exmo commissions

This, after the problem of security and cryptocurrency theft, is Exmo’s Achilles heel: commissions.

There are trading fees, deposit and withdrawal fees.

Trading Commissions

Exmo uses a different commission charging method than other exchanges such as Bittrex, CEX, Bitpanda, etc.

In fact, it charges a fixed commission of 0.2% to both the seller and the buyer of an exchange.

Although it may seem like a small thing, when you do a lot of daily “trades”, you find yourself having to pay quite high commissions, which as you know, CFD brokers do not charge.

Deposit Commissions

The method used for the deposit has a great influence on these fees.

Cryptocurrency deposits are free with the exception of those made in OMG, INK and DXT which have fixed costs of 0.1O MG, 10 INK and 20 DXT respectively.

The fees on legal currency (Fiat) deposits vary depending on the method, for example they are 3.45% if you use AdvCash, 3.95% with Payeer and 3.45% with VISA credit card.

Bank transfers require a commission of 6.95% and for those of the SEPA circuit there is a fixed cost of 20 EUR.

Withdrawal Commissions

The fees for cryptocurrency withdrawals depend on the individual currency while fiat currency withdrawals have a fixed cost.

Withdrawals in Eur or Usd have a 0.5% commission with Perfect Money and 1.45% with AdvCash.

For wire transfers there are fixed costs that depend on the type of circuit used.

Exmo Feedbacks

Feedbacks on Exmo are mostly positive and the Trustpilot score is 4 out of 5 but sadly there are also some complaints.

We report some of them in full so you can get an idea independently, without the filters of our comments, they are translated from other languages, forgive mistakes:

Verno says:

WORST PLATFORM IN THE WORLD, KISS YOUR MONEY GOODBYE
I counted just to leave a review and talk about this site. All the 4-5 star reviews here are left by their staff probably. Where do I start?

Creating an account is quick and easy but only because they want your money. Getting your account verified after depositing funds is IMPOSSIBLE. NB your account must be verified to withdraw your money, so if you deposit money and are trying to withdraw it, forget it.

All the 5-star reviews praise the mobile app but let’s say that their staff write the 4-5 star reviews. The mobile app will never allow you to log in. Great app, great facade. Trust me, you’ll never use it.

If you have even a shred of common sense in your head and you are not an idiot believe me. DO NOT USE THIS PLATFORM. This is the truest review of the truest person you can get.

GTV Says:

This is not a stock exchange – this is an Exmo theft!
This is not a stock exchange: they are thieves. I don’t trade actively, I just invest in different projects, in different exchanges.

I’ve been on this m … exchange for three months, they canceled my cryptocurrency.

It is simply fantastic! I wish this scam died as soon as possible!

With these reviews, which you can read on Trustpilot, we don’t want to scare you but just make you understand that not everyone praises Exmo, be careful, this exchange probably hides some pitfalls.

Exmo: Pros and Cons

Let’s summarize the strengths and weaknesses of Exmo in a simple outline.

Pros

• FCA license
• App downloadable on smartphone and tablet.
• Purchases from Fiat to crypto and from crypto to crypto

Cons

• High commissions
• High fees and commissions for both deposits and withdrawals
• He suffered thefts
• Risk of cyber attacks
• No deposit guarantee

Conclusions

This guide has tried to show you all the features of Exmo, so that you can independently evaluate whether to use this exchange or rely on a CFD Broker.

Unfortunately, the commissions and risks of theft are not the best when your money is at stake, so think carefully about the strengths and weaknesses of this website and choose what is best for you.

The FCA license it has is a step forward, we believe that Exmo will never try to scam you, but unfortunately it will not guarantee that your cryptocurrencies will not be stolen either.

Now that you know the strengths and weaknesses of Exmo, you are able to independently assess whether this exchange is a good choice for you or not.

If you are undecided, do some tests on the Demo accounts offered by CFD Brokers, you will not have to make any deposits and you will not run any risk but you can get a precise idea of their trading platforms.

Here are the links to access these Demo accounts for free:

• Access the eToro Demo account for free by clicking here
• Register for free on ForexTB and access the Demo account from this link
• Access the IQ Option Demo account for free by clicking here