Reading time 8
What is EXMO
EXMO is a cryptocurrency exchange that allows users to buy, sell, and trade a variety of cryptocurrencies, including Bitcoin, Ethereum, Ripple, and others. It was founded in 2013 and is based in the United Kingdom, but has offices in Ukraine, Spain, and Russia as well.
The platform offers a variety of features including an intuitive trading interface, a mobile app, advanced trading tools, margin trading, and a referral program. Users can also deposit and withdraw funds using a variety of payment methods, including bank transfers, credit/debit cards, and electronic payment systems like WebMoney and Skrill.
EXMO has gained a reputation as a reliable and secure cryptocurrency exchange, and it is popular among both novice and experienced traders. It is important to note that cryptocurrency trading is a high-risk activity, and users should always exercise caution and do their own research before investing.
The history of EXMO
EXMO was founded in 2013 by a team of experienced professionals in the financial industry. The company initially started as a small exchange in the United Kingdom, but quickly grew in popularity as more and more people became interested in cryptocurrency trading.
In 2014, EXMO introduced a mobile app for iOS and Android devices, which allowed users to access their accounts and trade cryptocurrencies on-the-go. The platform also introduced a number of advanced trading features, including margin trading and stop-loss orders, which helped to attract more experienced traders.
Over the years, EXMO has continued to expand its services and reach. In 2017, the company opened offices in Ukraine, Spain, and Russia, and it currently has over 1.6 million registered users from around the world. In addition to its cryptocurrency trading platform, EXMO has also launched its own native token, called EXM, which can be used to reduce trading fees and gain access to exclusive features.
In 2020, EXMO experienced a major security breach, in which hackers were able to steal funds worth approximately $10 million. However, the company was able to recover most of the stolen funds and has since implemented new security measures to prevent similar incidents from occurring in the future.
Despite this setback, EXMO remains a popular and reputable cryptocurrency exchange, and it continues to offer a variety of features and services to its users.
How EXMO works
EXMO is a cryptocurrency exchange that operates on a centralized model, meaning that all transactions are processed through the exchange’s servers rather than being decentralized across a blockchain network.
Here’s how it works:
- Registration: To use EXMO, users first need to create an account and verify their identity by providing personal information and documentation.
- Deposits and withdrawals: Once a user’s account is verified, they can deposit funds into their account using a variety of payment methods, including bank transfers, credit/debit cards, and electronic payment systems like WebMoney and Skrill. Withdrawals are processed in a similar manner.
- Trading: Users can then use their deposited funds to buy and sell a variety of cryptocurrencies on the EXMO platform. The exchange supports a range of trading pairs, including BTC/USD, ETH/BTC, and XRP/EUR, among others. EXMO charges a small fee for each trade, which varies depending on the trading pair and the volume of the transaction.
- Security: EXMO uses advanced security measures to protect user funds and prevent unauthorized access to accounts. These measures include two-factor authentication, SSL encryption, and regular security audits.
- EXMO Token: EXMO also has its own native token, called EXM, which can be used to reduce trading fees and access exclusive features. The token is based on the Ethereum blockchain and is ERC-20 compatible.
EXMO uses a variety of algorithms to power its trading platform, including market-making algorithms, order-matching algorithms, and risk-management algorithms. These algorithms help to ensure that trades are executed quickly and accurately, and that user funds are protected against price fluctuations and other risks.
Can EXMO be trusted
EXMO has a solid reputation as a trustworthy cryptocurrency exchange, with a track record of providing reliable and secure services to its users. The company has been in operation since 2013 and has grown to become one of the largest cryptocurrency exchanges in Europe, with over 1.6 million registered users from around the world.
EXMO takes security very seriously and has implemented a range of measures to protect user funds and prevent unauthorized access to accounts. These measures include two-factor authentication, SSL encryption, and regular security audits. In addition, the exchange has a dedicated support team that is available to assist users with any issues or concerns they may have.
However, like any cryptocurrency exchange, there are risks associated with using EXMO. The cryptocurrency market is highly volatile, and prices can fluctuate rapidly, which means that users should always exercise caution and do their own research before investing. It is also important to keep in mind that cryptocurrency trading is largely unregulated, and there is no guarantee that a user’s funds will be protected in the event of a security breach or other unforeseen event.
Overall, EXMO can be considered a reputable and trustworthy cryptocurrency exchange, but users should always be aware of the risks and take steps to protect their investments.
Does EXMO charge a fee
Yes, EXMO charges a fee for each trade executed on its platform. The fee varies depending on the trading pair and the volume of the transaction, but it typically ranges from 0.1% to 0.2% of the total transaction value.
In addition to trading fees, EXMO may also charge fees for depositing and withdrawing funds from the platform. These fees can vary depending on the payment method used and the currency being deposited or withdrawn.
EXMO also offers a discount on trading fees for users who hold its native token, EXM. Holding EXM can reduce trading fees by up to 50%, depending on the volume of the user’s trading activity.
It is important for users to be aware of the fees associated with using EXMO, as they can impact the profitability of trading and investing in cryptocurrencies. Users should always check the fees associated with each transaction before executing it to ensure that they are fully informed about the costs involved.
Want to buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) or Bitcoin Cash (BCH)? We recommend WELLCOINEX! WELLCOINEX.COM is the trusted way of exchanging money and buying cryptocurrencies!
