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.
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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.
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.
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.
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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