Exmo

Exmo is a full-service digital currency exchange service. Aiming to be a comprehensive and user-friendly platform, the site offers a range of exchange and trading options to cater to any user’s wants and needs.

Exmo

Exmo is a full-service digital currency exchange service. Aiming to be a comprehensive and user-friendly platform, the site offers a range of exchange and trading options to cater to any user’s wants and needs. At the simple end of this is the option to exchange fiat and digital currencies on a simple exchange screen. More advanced users, however, can take advantage of a fully fledged trading system.

By offering this broad service, Exmo is able to be useful as users first learn about currencies such as Bitcoin or Dogecoin, and perhaps later on as they become interested in getting involved in the more complicated aspects of currency trading.

"Safety and usability are the founding principles that will continue to keep us ahead of the pack."

— CEO Paltiel Lerner

New users register with the service simply by picking a username and password combination and supplying a valid email address. To complete the Exmo verification process, however, users will first need to supply a copy of a photograph ID, such as a national ID card or international passport. Second, Exmo requires proof of residency, such as a bank statement, utility bill or tax return.

With their account setup, the wallet page of Exmo shows user balances in a number of different currencies, such as BTC, LTC, USD or RUB. From this page, they can not only deposit and withdraw, but also execute simple exchange orders. This offers a clear and simple way to carry out exchanges, with users inputting what they want to “give,” and then being shown a clear figure of exactly what they will “receive” in return.

On the account trading page, users will find a much more complicated and powerful trading option that allows them to execute “buy,” “sell,” and “limit” orders. To assist in making effective and profitable trades, a simple-to-read BTC trading volume and frequency graph operates alongside an open chat window filled with other Exmo traders. Buy and sell orders placed on this page are given a more full breakdown of their exchange price, and the commission fee involved in the transaction.

Exmo also operates a referral program, allowing users to earn a slice of their referees’ commission costs. To participate as a referrer, a user only needs to collect a referral link from the Exmo affiliate program page and invite their friends and other potential traders to use it when signing up. Following successful sign-ups, the referrer then receives 25% of Exmo's commission fee from all of their referee's trades.

Offering a range of services allows Exmo to appeal to wide range of users within the digital currency community. Along with new users looking for simple and easy-to-understand exchange facilities, the trading platform allows experienced traders to use Exmo for their currency trading needs. Having the two combined in one offering also means that new users are likely to feel more comfortable in trying out more advanced features than they would if required to register for an additional platform or service.

To complete the offering, the Exmo team has also developed rigorous and systematic security features to reassure users and protect their funds. They delayed bringing the service to market in order to ensure that security systems such as “trusted IPs,” two-factor authentication, and SMS trade confirmations were working to their full potential before users began using the platform. Exmo also has multi-level protection against hacking and DDoS attacks.

Exmo was originally developed while the team was living in Thailand in 2012. As the platform became profitable, they moved back to Europe and registered the company as a business in the United Kingdom. Most recently, the team established a headquarters in Barcelona, where they have grown to over 30 people from a diverse range of countries.

Exmo has a base-level fee of 0.2% per deposit and withdrawal transaction, and a minimum value of US$1 per transaction. There are no further fees for the deposit of Bitcoin, Litecoin, or Dogecoin, but upon withdrawing these digital currencies, users will pay 0.001 BTC, 0.01 LTC, and 1 DOGE, respectively.

Depositing USD, EUR, or RUB funds attracts varying fees depending on the system through which the money is transmitted. For example, Euro payments via Raiffeisen (SEPA) do not attract an Exmo fee, but other services such as OKPAY cost about 0.5%, or as high as 5.9% for depositing Rubles via Qiwi.

Withdrawing funds from your Exmo account into fiat also attracts a range of fees, depending on the service required. Again, Euro payments via Raiffeisen (SEPA) are not charged a commission fee, but a service like OKPAY into USD will attract a fee of 1%, and certain wire services can cost up to US$20.

A full list of the fees, charges and commissions can be found on the Exmo fees page.

CoinTelegraph: What’s the background of the Exmo team?

Kevin Rinta: Core team Exmo — our technical experts — are headed by Paltiel Lerner. At one time, they started learning about Bitcoin and began to engage in mining. In 2012–2013, they invested their own money in buying Bitcoins. At that time, in the market there were very few places (exchanges), where they could exchange Bitcoin. It was a bit stressful and the working conditions were far from ideal. Thus was born the idea to create a highly secure and user-friendly platform.

It was decided to take the best of the existing solutions and add their own ideas and developments. At the time of this idea, in order to save money, a team of five people left for downshifting in Thailand and developed a platform for their own use. In 2014, after the launch of their project and their first profit, it was decided to move back to Europe. For convenience, the company was registered in England. At that time, the company employed over 20 people. Today, the team Exmo located in Barcelona employs more than 30 people from countries in North America, Europe and Asia.

CT: With such a wide range of exchanges available, the choice can be borderline overwhelming. What steps have you taken to make Exmo a good experience for new users?

KR: We are now one of the few platforms who combines maximum comfort, usability and protection. By registering with us, the user can not only store their money, as in some projects, or only trade on an exchange like others. Our users can do everything that’s available on these other platforms and even more! You can create a secure wallet, customize your security, access a simple exchange, or a complete trading platform for trading cryptocurrency,  as well as have access to merchant services and a number of other  important and useful tools.

"Safety and usability are the founding principles that will continue to keep us ahead of the pack."

— CEO Paltiel Lerner

After the first year of operation, we have gained extensive knowledge and skills in the application of cryptocurrency. We are now ready to offer our customers a complete service for the storing, exchange, management and use of cryptocurrency.  For the convenience of our customers, we work with banking systems such as SEPA and SWIFT.

We are consistently ranked among the best platforms for the trading of BTC and DOGE. Our team consists of the best programmers, financiers, lawyers and marketers, which is the foundation for the success of our platform, and for the continuous improvement and development of our services. We always listen to our users, and are always open to any suggestions. For us, it’s really important to know the opinion of our customers.

CT: Regulation is a very big issue in the exchange and trading space at the moment. What kind of process of becoming registered have you faced so far?

KR: We don’t have any problems with regard to the legal use of cryptocurrency. We regularly see incomplete, and sometimes even a complete lack of legislative framework, which creates certain difficulties for us. But thanks to our lawyers, we are always able to find the correct solution in each case. Also, we see a positive trend with regard to the fact that countries are constantly improving their legislation, and we are pleased that the majority of them are becoming more positive towards cryptocurrency usage. And of course, we are always monitoring the situation and promptly respond to any changes that occur.

After all, in such a booming market, it is important to always be at the forefront of developments to comply with all the legal nuances involved with cryptocurrency. Therefore, we are able to offer our customers the tools to meet all these legal requirements.

CT: Security is one of the prime concerns when users are looking into exchanges and wallet platforms. What steps have you taken to protect their funds?

KR: From the very beginning of the development of our project, our technical team set a goal goal — to maximize security. We understand that security is a fundamental principle of the successful operation of any platform. For this reason alone, we didn’t rush to launch the platform, and for over a year we tested the reliability of our platform, which included the involvement of outside experts. And only after we were confidence in the reliability of our system, did we launch our project.

We have implemented the maximum infrastructure protection on our site, two-factor authentication, SMS authentication and trusted IP. We also have multi-level protection against hacking and DDoS Attacks.

There is also a warning system in the case that someone is trying to take possession of data cookies. We keep our customers money in cold wallets, and our programmers are constantly improving the defense mechanisms. In parallel, we are negotiating to provide insurance for the bitcoins of our customers. All this allows us to confidentially talk about the maximum security of our platform.

CT: Any upcoming features or exciting news you can share with us?

KR: We have been watching Bitcoin for many years, and it’s not our first year working with Bitcoin either. We have seen how Bitcoin has turned from a speculative instrument into a fundamental instrument of payment. We are currently speaking with a number of banks and well-known stores. We know that they are thinking about getting started with Bitcoin and for that reason we are there to support them.

Our team is confident that it won’t be long before everyone will see bitcoin working with the largest stores and famous brands. Naturally, we want our users to have the maximum benefits. Exmo already allows users the ability to spend bitcoin on gift cards for Starbucks, Amazon and Dell through NGC [National Gift Card], but this only the beginning. We believe that Exmo will give users the ability to buy almost everything that they want. 

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