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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Malware From The Pirate Bay May Hijack Website To Steal Crypto

The movies downloaded from The Pirate Bay bring a malware to the user’s computer. That was the conclusion reached by a security researcher, with the nickname  0xffff0800 in Twitter. He told that when he downloaded a movie ‘The Girl In The Spider’s Web’ from TPB, a .LNK shortcut with CozyBear malware got to his computer.

However, the Cozy Bear malware is just a decoy, the real thing that brings damages is Powershell commands. Once the malware reaches the computer, it carries out malicious actions, like disabling Windows Defender and installing viral extensions in Firefox and Chrome browsers. Moreover, it edits the appearance of the website on the user’s computer.

The movie is an application itself which links the computer to the external malicious servers.

Source: Bleeping Computer

Moreover, the newly installed viral extensions can modify the JavaScript code and add some advertisements to the main page, like it is shown below.

Source: Bleeping Computer

What is the most dangerous is that the malware can edit the appearance of the web page and add or change the information without the user’s awareness, this ability allows the malware to steal the crypto. For example, if the user open Wikipedia page on a compromised system, he/she is likely to see the message saying “Wikipedia now accepts donations in form of bitcoin” and a ‘DONATE’ sign. All the donations will go to the hacker.

Source: Bleeping Computer

In addition, the malware is able to change crypto wallet addresses provided on the pages. Unfortunately, you will not even notice how the hacker stole your money.

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Cryptocurrency Prices Today, January 18: Cryptocurrencies Are Relatively Stable

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

According to the Coingecko online platform, Bitcoin (BTC) added 1% over the past 24 hours. The price at the time of writing is $3611 per coin.

Cryptocurrencies are demonstrating both slight increase and decrease:

Bitcoin Cash added 0.61% over the past 24 hours and costs $129 per coin;

Ripple grew by 0.21% and costs $0.32;

EOS increased by 2.72%, and its price is $2.51;

Litecoin gained 1.1%, and its value is $31;

Cardano added 1.62%, and its cost is $0.046;

Stellar gained 2.44% and costs $0.10;

IOTA increased by 5.41%, and its cost is $0.31;

Dash grew by 2.21%, and its price $72;

Monero became more expensive by 0.35% and costs $45.

Over the past 24 hours, Ethereum added 0.66%. The rate of the coin is $123.

The total market capitalization is $122 billion. Bitcoin accounts for 52.4% of the total volume. In monetary terms, this is $64 billion.

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BitPay Transactions Surpasses $1B in 2018, B2B Payments Records 225% Increase

BitPay is a US-based bitcoin payment provider which has recently announced its financial results of the past year. The company has processed over $1 billion in transactions alone. Moreover, its B2B payments record 225% increase in compare to 2017.

The main reason of such a lift-off is that Bitpay added a lot of new clients, like Dish Networks, HackerOne, and the State of Ohio, as well as many other law firms, data center providers, and IT vendors.

The CEO of BitPay, Stephen Pair, commented on this development:

“BitPay’s B2B business continues to grow rapidly as our solution is cheaper and quicker than a bank wire from most regions of the world. To process over a $1 Billion for the second year in a row despite Bitcoin’s large price drop shows that Bitcoin is being used to solve real pain points around the world.”

BitPay mostly supports Bitcoin transactions, however, it also supports payments with Bitcoin Cash, Gemini, and Paxos. During that year a lot of companies had to lay off their employees due to the market situation, yet, Bitpay conversely increased its manpower by 78 percent in the past year.

In addition, BitPay is attractive to the investors, in 2018, it raised $40 million in Series B funding round taking the total raised capital to $70 million.

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Cryptocurrency Prices Today, January 17: Cryptocurrencies Are on the Border of the Red and Green Zones

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

According to the online platform Coingecko, Bitcoin (BTC) lost 0.8% over the past 24 hours. The price at the time of writing is $3582 per coin.

Some cryptocurrencies slightly decreased, others added in price a little:

Bitcoin Cash lost 2.6% over the past 24 hours and costs $126 per coin;

Ripple dropped by 1.1% and is $0.32 in rate;

EOS added 0.34%, and its price is $2.44;

Litecoin decreased by 2.66%, and its value is $30;

Cardano grew by 1.3%, and its cost is $0.044;

Stellar fell by 1.73% and costs $0.10;

IOTA lost 3.42%, and its value is $0.29;

Dash dropped by 0.52,% and its price is $71;

Monero became more expensive by 1.21% and costs $45.

Over the past 24 hours, Ethereum lost 2.17%. The exchange rate of the coin is $121.

The total market capitalization rose to $121 billion. Bitcoin accounts for 52.4% of the total volume. In monetary terms, it is $63 billion.

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Crypto Exchange Bittrex Partners With Bitsdaq To Conquer Asia Market

One of the biggest US-based cryptocurrency exchanges, Bittrex, announced that it was partnering with Bitsdaq to open a special trading platform in Asia. This platform will provide different digital assets to the Asian investors.

Moreover, Bitsdaq will operate on Bittrex technology and will be built based on Bittrex’s experience in the blockchain.The platform will allow users to trade various digital tokens, including tokens a available on the Bittrex exchange.

The Chairman and CEO of Bitsdaq, Ricky Ng, said:

“We are honored to bring Bittrex’s extensive cryptocurrency options to the Asia market.….It takes a unique combination of advanced technology and financial expertise to launch an efficient, reliable and secure platform for trading digital assets in Asia. We found the ideal partner to help provide a safe environment for our customers and the entire community.”

In accordance with the statement, the Bitsdaq platform will control a lot of things connected to the management of the platform, such as customer support, marketing, sales and customised development. In addition, it will take care of customer operations.

The day of the launch is yet to be announced, though customers can pre-register for an account on Bitsdaq’s website.

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Coingecko Publishes Its Annual Crypto Report for 2018

The online platform Coingecko published it crypto report for the passed year of 2018, where it analyzed the most important events in the crypto industry, including the market trends, crypto thefts, ICO news, stablecoins, Bitcoin Cash wars etc.

As for the market tendencies, there is no doubt that 2018 was the year of collapse. The total market capitalization decreased by whopping 78.85%, with the main period of decrease falling onto Q4. Meanwhile, the trading volumes remained quite stable.

Regarding the top-5 coins in the rating, they decreased as follows:

  • BTC – by 73%;
  • XRP – by 82%;
  • ETH – by 84%;
  • BCH – by 93%;
  • EOS – by 66%

The largest crypto exchange by the end of 2018, according to the trading volumes, turned out to be Bithumb, followed closely by ZB.com and Binance.

As for stealing cryptocurrency, the estimated money loss from criminals and scammers amounted to around $867.45 million. The biggest crypto theft was Zaif hack which took place in September and resulted in the theft of $23.5 million.

The most popular blockchain platforms for creating decentralized apps became Ethereum, EOS, Steem and Tron.

The synopsis of the stablecoin development in 2018 looks the following way:

Thus, we can definitely see that though 2018 was a hard year for crypto and there were much more downs than ups, the industry is still afloat and developing. Hopefully, 2019 will be a better year.

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