EXMO Cryptocurrency Exchange: History, Functionality, Positive and Negative Sides

The market of digital currencies, for a rather short time of its full-fledged existence, has acquired a sufficiently developed infrastructure. One of the most important elements of this infrastructure can be called cryptocurrency exchanges, which provide holders of digital cryptocurrency assets the opportunity to exchange one coin for another or for fiat money from each other.

Today, there are dozens of different online cryptocurrency trading sites. There are different ratings and ratings of these services, however, the list of cryptocurrency exchanges in terms of daily trading volume on Coinmarketcap is generally accepted and perhaps the most authoritative. It is this indicator that leading exchanges proudly voice in support of why cryptocurrency operations are best carried out on their sites. Today we will talk about # 45 in this list – the popular and controversial cryptocurrency exchange EXMO.

Content:
(please, click the topic to scroll down to it)

1. A brief history insight

2. EXMO financial performance

3. EXMO functionality, positive and negative aspects

4. Conclusion

 

1. A brief history insight

EXMO was founded in 2013 by entrepreneurs from the CIS (the union of the majority of the former Soviet Union countries) and it was not their first cryptocurrency experience. Before that, they had already launched an online cryptocurrency exchanger. In fact, however, the exchange started operating a bit later. According to Coinmarketcap website, the exchange opened in April 2015. Today, the British company EXMO Finance LLP that manages the exchange has its offices in several cities throughout Europe: London, Kiev, Barcelona, and Moscow. The exchange presents itself as truly international service, as it has its website and user-interface available in 12 languages. Even Romanian, Ukrainian and Turkish languages are among them.

In the first years, EXMO gradually increased the number of its users, developed the functionality, and finally managed to become one of the market`s largest cryptocurrency exchanges in 2017. That year was full of different news related to EXMO. In October 2017, the blockchain specialist Pavel Lerner, who was believed to be one of the exchange`s co founders, was kidnapped in Kiev (Ukraine). In its official statement, the exchange confirmed that Pavel was an employee of the company, but did not report that he was one of the EXMO top management. Fortunately, after a huge ransom in the Bitcoins had been paid, Pavel was released.

In addition, in 2017, Russia`s Federal Service for Supervision of Communications, Information Technology and Mass Media made a complaint against EXMO that was satisfied by the court of St. Petersburg. As the result, the access to EXMO in Russia was banned. However, the team immediately developed a scraper website with the domain name .me instead of .com on the main website, and the Russian users actually retained the opportunity to use EXMO.

Despite those incidents, 2017 was rather successful for EXMO. Like the whole cryptocurrency market, the exchange experienced a significant increase in almost all possible aspects – the number of available cryptocurrency pairs increased, the exchange started operating on the markets of Ukraine and Poland (Ukrainian hryvnia (UAH) and Polish zloty (PLN) were added to the available fiat money), the number of active traders and users increased significantly (900,000 users in December 2017). Besides, there was a huge platform redesign and the number of exchange partners increased. Today, EXMO claims to have more than one and a half million users.

2. EXMO financial performance

Today, according to CoinMarketCap, EXMO daily trading volume reaches approximately $24 million, and the exchange is rated #45th. EXMO used to be among top-10 cryptocurrency exchanges by daily trading volume, and every day about thirty thousand Bitcoins used to be traded on EXMO. Today, these figures are much lower, but still quite significant.

EXMO facilitates access to cryptocurrency exchange for the Eastern European market not only because its interface is available in Russian, Ukrainian, Polish and Romanian, but also because the Russian ruble, Ukrainian hryvnia, and Polish zloty are available on EXMO for trading. Considering that the majority of modern cryptocurrency exchanges have basically only the US dollar, euro, and the Chinese yuan, a fairly large market of Eastern Europe and the CIS is often left behind. EXMO provides an opportunity for traders from Russia, Ukraine, Poland, and other countries to trade digital coins in exchange for their national currency.

3. EXMO functionality, positive and negative aspects

Today, the exchange has more than a hundred cryptocurrency pairs, but not all of them are really active. Registration of clients is quite simple, and verification is not required. However, after verification users can get additional functionality.  EXMO has not developed an official mobile application yet, but traders can use mobile version of the website, as well as some unofficial third-party mobile applications connected to the exchange (at their own risk). Funds can.be deposited on the exchange using a large number of services such as VISA/Mastercard, OKPAY, Perfect Money, Payza, etc. Users can also replenish their accounts with  cryptocurrency – Bitcoin and Bitcoin Cash, Litecoin, Monero, Zcash, Ripple, Dogecoin, Ethereum and Ethereum Classic, etc.

In 2017 EXMO attracted much more users than it used to have and the increased load on the infrastructure raised a number if technical issues. Therefore, the necessary modernization was carried out to ensure that the exchange operates smoothly. Today, the following cryptocurrency and fiat pairs are the most active on EXMO: BTC/USD, BTC/RUB, XRP/USD, and ETH/USD.

Despite the sufficient functionality and multilingualism, EXMO has a number of negative reviews on various Internet resources. And the reason is that the exchange does not always manage to provide the necessary conditions for security and user support. In addition, many forums are overflowed with complaints related to the delays in depositing and withdrawing funds, and some users claim to have lost their assets at all. There are also those who blame  EXMO for frauds with user balances. Anyway, it is difficult to say that EXMO has an spotless reputation, which is in fact rather necessary for any service dealing with virtual currency.

4. Conclusion

So, anyway, EXMO cryptocurrency exchange remains the fairly popular platform, especially in Eastern Europe and the countries of the CIS. The functionality is good enough and easy-to-use, which is especially relevant for beginners. Many people have the opportunity to explore the functionality of the exchange on their native language, hence the user-interface is translated to more than ten languages. Perhaps, nearly all cryptocurrency traders from Russia or Ukraine are familiar with EXMO. Therefore, there are lots of comments and reviews left by thousands of people throughout the Internet. And there are both positive and, quite often, negative ones, in fact. Rather long list of cryptocurrency pairs, a number of fiat money available, easy-to-use functionality can not always balance the problems with the movement of user funds transfers: input and output, exchange, and storage of cryptocurrency on user balances. EXMO is no longer among the top 10 exchanges by daily trading volume but nevertheless it remains quite popular, especially in those countries where the exchange helps users exchange digital coins for their national currency.

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The Crypto Market “Started Selling” Bitcoin by $4 500 by Black Friday or Top 5 Crypto-Services That Offer Discounts

What if it wasn’t collapse of the rate, but cryptocurrency market is preparing for the Black Friday? And it’s not an anti-record of the price tag of Bitcoin and other cryptocurrencies, but a huge discount? 🙂

All the news feeds are flooding with the information about “bad feeling” of the crypto market. Today, November, 20, 2018, the Bitcoin rate is hanging around the $4 500 mark, causing deep psychological trauma to the holders of cryptocurrencies. But, what if it is the time to rejoice and buy a cheap crypto ?

This is all, of course, “black” jokes on the grounds, that the world’s attention is focused within 2 events – the collapse of the cryptocurrency market and the upcoming Black Friday.

In order to lighten the spirits, The Coin Shark has collected top 5 trading platforms where attractive discounts to the Black Friday are already waiting for you.

1. Bitcoin Black Friday

The most popular crypto platform, where the massive sales of goods are held for Bitcoin on the Black Friday. The platform will start sales on November,23, 2018 at 00:00 UTC.

2. Overstock

This trading platform works constantly. It’s advantage is the opportunity to save up to 70%. On holiday sales, the founders of the platform, decided that they could give more to their users.  On Black Friday 2018, there will be discounts on goods up to 70%. For payment method they accept Bitcoin and other cryptocurrencies. 

3. TradingView

The website for monitoring cryptocurrency, gives to all traders a good opportunity to buy a powerful tool for research and analysing of the rate with a 60% discount on a Pro, Pro+ and Premium versions.

4. Crypto Asylum

The manufacturer of hardware wallets Crypto Asylum, decided to keep up with the “black tradition”. He will arrange the sale of his products with a 20% discount, on all of his products. The discount is given if you pay for your goods using Bitcoin cryptocurrency.

5. LEDGER

The manufacturer of the hardware wallet Ledger Nano S, is also not far behind from “the black trends”. It’s users will be given a 21% discount, if they place an order between Black Friday and Cyber Monday, which will be on November,26.

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Investors Lost $135 Million Due To OKEx’s Decision To Close BCH Futures Too Early

OKEx upset its customers once again, this time the crypto exchange cancelled their investments too early, as a result, they lost quite impressive amount of money – $135 million.

These investments include Bitcoin Cash futures; OKEx has implemented such investments recently, however, they were not approved by any regulated business.

The exchange took all the measures due to Bitcoin Cash hard fork last week:

“Due to the upcoming hard fork, strong volatility is observed in the BCH spot and futures markets. We expect an even greater volatility…The final outcome of the BCH hard fork is still unpredictable, and so are the responses of other constituent exchanges to the new forked coins.”

Nevertheless, the disruption happened and caused drastic drop in cryptocurrencies’ prices. The Hong Kong-based OKEx decided to deliver the contracts before their due dates. It caused losses to some investors. According to Bloomberg, Qiao Changhe, one fund manager, lost $700,000.

We remind you

Bitcoin Cash: Overview, Advantages and Disadvantages, Details of The Hard Forks

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A Communist Party Committee Will Be Opened Up in China by Huobi

As stated by South China Morning Post, one of the world’s largest cryptocurrency exchanges Huobi, more specifically, its filial, will launch a special Communist Party Committee. This is the first time a crypto or blockchain-related enterprise has done so.

The firm Beijing Lianhuo Information Office, owned by Huobi’s CEO, will now operate a communist division. There are two reasons for that: firstly, the law of China dictates that any company that has more than 3 members of the Communist Party as employees must have such a committee for promoting the Party; secondly, this will strengthen Huobi’s position on the legislative level.

This might be a very wise decision, taking into consideration the attitude of the Chinese government towards cryptocurrency.

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Cryptocurrency Prices Today, November 20: BTC Collapsed below $4500, Bitcoin Cash Lost 44% of Its Cost

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 15.72% over the past 24 hours. The price at the time of writing is $4505 per coin, but it remains quite volatile and decreases to the $4300 price point from time to time.

The rest of  cryptocurrencies are rapidly declining:

Bitcoin Cash lost 44% over the past 24 hours and costs $242 per coin;

Ripple minus 4.58% and costs $0.44;

EOS lost 14%, and its price is $3.69;

Litecoin fell by 14.37%, and its rate is $32;

Cardano lost 15.97%, and its value is $0.045;

Stellar dropped by 15.36% and is $0.19 in price;

IOTA decreased by 17%, and its cost is $0.41;

Dash lost 14.10%, and its price is $103;

Monero collapsed by 16.60% and costs $67.

Over the past day, Ethereum lost 16.15% and continues to decline in price. The cost of the coin is $133.

The total market capitalization dropped significantly to $145 billion. Bitcoin accounts for 53.6% of the total amount. In monetary terms, the volume fell to $78 billion.

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Poloniex Crypto Exchange Adds 6 USD Coin Trading Pairs

One of the major crypto exchanges in the world, Poloniex, decided to implement six more trading pairs which include Goldman Sachs-backed stablecoin USDC.

Users can trade the following trading pairs since November 16:

XRP/USDC
XMR/USDC
STR/USDC
DOGE/USDC
LTC/USDC
ZEC/USDC

Moreover, Poloniex claimed in its blog post that it had become the first crypto exchange to offer users the ability to trade tokens linked to Bitcoin Cash (BCH): Bitcoin Cash SV (BCHSV) and Bitcoin Cash ABC (BCHABC).

We want to remind you that such crypto exchanges as OKEx, Huobi, BitPay, Coinbase, Binance have already listed USDC stablecoin on their listings.

The Stablecoins: What Is It and Why Is It So Popular Now?

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SIM Swapping Has Become One of the Most Popular and Dangerous Types of Crypto Hacking Attacks

Hackers never sleep. They always come up with new ways to steal money, and when they find a good method, they stick to it. Recently, this has been the case for SIM swapping, an attack which can illegitimately get hold of cell phone users’ personal info and result in great money loss.

According to REACT Task Force, an organization that is fighting with crimes online, such type of attack has become so widespread due to its simplicity and efficiency, in other words, it is easy to pull off and it can bring a lot of money.

A representative of REACT mentioned:

It’s probably REACT’s highest priority at the moment, given that SIM swapping is actively happening to someone probably even as we speak right now.”

SIM swapping has already caused a couple of scandals involving major mobile providers in the US. We remind you:

AT&T and T-Mobile Are Sued by the People Affected by the Sim Swapping Hacking Attacks

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