EXMO Review: Can This Crypto Exchange Enterprise Be Trusted?
EXMO is a cryptocurrency exchange platform that offers users to trade various cryptocurrencies and tokenized assets. Users can trade cryptocurrencies like Bitcoin, Ethereum, Cardano, Ripple, Bitcoin Cash, etc. It’s present internationally and has four offices around the world.
The exchange has wide a range of features, including diverse cryptocurrency trading possibilities, an affiliate program, competitive trading commissions based on trading levels, and a user-friendly web-based trading terminal. But is the exchange actually legit and can you trade safely on it? Learn the truth in our EXMO Review.
|Is This Company Safe?||No|
|Have Warnings from:||N/A|
|Registered in:||UK, US, Lithuania, Saint Lucia|
|Minimum Deposit:||1 USD|
|Free Demo Account:||Not Available|
|How to Withdraw from This Company?||Since this company is unlikely to return your money – contact your bank, Financial Regulator, or simply Reach out to us for professional assistance in recovering your funds.|
Legal Info: Is EXMO Legit?
The EXMO exchange operates under several jurisdictions via four entities. There are four companies within the EXMO Group – UAB EXMO Exchange (Lithuania), EXMO Exchange US Inc (US), EXMO Trading SL Limited (Saint Lucia), and EXMO Exchange LTD (UK).
However, none of these companies are registered with their respective financial market regulators. In the UK, all crypto exchanges must be regulated by the FCA in order to operate legally. In the US, virtual assets fall under the jurisdiction of the SEC. These two authorities are considered the greatest regulators in the world.
They implement strict financial market rules and laws, which is why you can trade safely under their watchful eye. EXMO is not regulated, per the register.fca and sec.gov, which makes the exchange suspicious and risky. The Lithuanian LB (lb) and St. Lucia’s FSRA (fsrastlucia) also have no info about EXMO.
EXMO doesn’t seem so obvious a scam as Ixxen, but it’s a better idea to stick to providers that are actually regulated. For the best jurisdictions for trade, our recommendations are the UK (FCA regulator), Germany (BaFin regulator), Switzerland (FINMA regulator), Cyprus (CySEC regulator), etc.
Who Are EXMO’s Clients?
According to the information from the company’s website, the exmo com website domain was created in 2014. Since then, the exchange has primarily been offering services to traders residing in the following countries:
- United States;
Needless to say, a provider must be regulated in order to legally offer services in these domains. The United States in particular is known for being the largest financial hub in the world, boasting the heaviest regulation in terms of capital market and digital asset trading. Unauthorized companies have no business there unless they obtain a license.
If you’re experiencing issues with EXMO, we are willing to help you recover your hard-earned funds.
We noticed multiple negative reviews and complaints. Recently, EXMO has been receiving negative backlash on popular forums such as trustpilot.com.
The Trustpilot website even said it had “removed a number of fake reviews for this company.” adding that “these reviews relate to review seller networks that buy and sell fake reviews.” Not looking good for EXMO. Actual and honest reviews look like this:
ITS A SCAM!! PLEASE AVOID EXMO !!!!
It’s a scam. They show prices higher than other exchanges to attract arbitrage traders, and then you can’t withdraw the USD of those sells… Don’t waste your time and mone on this scam.
Trustpilout user, August 10, 2023.
All is fine with these guys until such time as you want your money then all of a sudden there is a technical problem and you cannot get your cash. I transferred my holdings to pounds, submitted a withdrawal request and nearly 2 weeks later nothing…
Trustpilot user, July 20, 2023.
Available Trading Platform & EXMO Mobile App
EXMO utilizes a customized version of the TradingView trading platform for its users. TradingView is a widely used and popular web-based trading platform that provides a user-friendly interface and basic elements such as graphs, charts, and indicators.
The company also included a mobile trading app, available for both Android and iOS mobile devices. It can be downloaded from EXMO’s website. In general, mobile apps offer several advantages and benefits such as the ability to trade on the go and quickly adjust to market movements.
However, it’s important to stress once more that the platform is unregulated and thus risky. As the traders mentioned, it often malfunctions and freezes in critical moments, which is why you should avoid trading on the EXMO exchange.
Having withdrawal issues with EXMO? We can help you recover your funds.
EXMO Trading Instruments
EXMO offers a diverse range of tradeable assets, including cryptocurrencies and tokenized assets. Here is a general overview of the types of assets that you can trade on the EXMO platform:
- ADA; etc.
- Tokenized assets:
- Typically digital representations of real-world assets, such as commodities, stocks, or other financial instruments, are issued on a blockchain. These assets can be traded like cryptocurrencies.
EXMO’s fee structure is an essential aspect for traders to consider when using the platform. Based on the information on the company’s website, here’s the structure of all the fees:
- Trading fees – The trading fees on EXMO vary based on the user’s trading level, which is determined by their trading volume over a certain period. The higher the trading volume, the lower the commission fees.
There are 11 trading levels in total. At the minimum level (up to 5,000 USD in 30 days), the maker/taker commission is 0.3%/0.3%. At the highest level (trading volume from 20,000,000 USD), the maker/taker commissions are -0.05%/0.05%, indicating a potential rebate for makers.
- Deposit fees: There is a deposit fee for the OMG cryptocurrency, which is set at 0.1 OMG. For other assets, there are no deposit fees, per the website.
- Withdrawal fees – These fees depend on the asset being withdrawn. For example, the BTC withdrawal fee is 0.0005 BTC (14.58 USD). Other assets likely have their own specific withdrawal fees, which can be found on the website.
EXMO’s fee structure is designed to reward active traders with lower fees as they increase their trading volumes, which can be an incentive for traders who engage in high-volume trading.
EXMO offers a referral program that allows users to earn bonuses by referring new traders to the platform. The referral bonus percentages depend on the trading operations and whether the EXM token is used.
For all trading operations without the participation of the EXM token, bonus payments are 25% of the commissions. If the EXM token is used during the trades, referral payments are increased by up to 40% of the commissions.
The referral program is a way for active traders to earn additional income by introducing new users to the EXMO platform. However, it can also be a Ponzi scheme, a fraudulent type of pyramid structure designed to deceive unsuspecting users.
We had a similar case in FCF Markets. Please be aware of this and do not drag your friends and family into the shady schemes.
EXMO Deposit & Withdrawal Process
When it comes to deposit and withdrawal methods, there are various options to choose from:
- Credit/debit cards (MasterCard, VISA);
- Wire transfers;
The minimum deposit for EXMO is 1 USD for trading. You should know that funds deposited via MasterCard and Visa credit/debit cards can be refunded. This process is known as a chargeback and can be requested at the issuing bank within 540 days.
Key Facts To Consider About EXMO
To sum up, EXMO is an international crypto platform that offers cryptocurrency and token trading services. This platform has been operational since 2014 and the main users are traders from the United States, Brazil, Ukraine, and Portugal.
EXMO operates via four entities, based in the US, UK, Lithuania, and St. Lucia (offshore). None of these companies are regulated, which makes the exchange particularly risky. Moreover, the platform has received many negative reviews in the past few months. Do not trade on this exchange!
If you’re a victim of the EXMO scam, please book your free consultation with our team and tell us more about your case. If you need professional assistance in recovering your funds, our team will gladly guide you through the chargeback process or trace your crypto transaction using CipherTrace.
Book your consultation with us today and start the chargeback process.
What is EXMO?
EXMO is an international crypto trading exchange with offices in the United States, United Kingdom, Lithuania, and St. Lucia.
Is EXMO A Good Exchange?
No. EXMO is unregulated, plus the company received many negative reviews recently. If you lost money to EXMO, contact us for help.
What Are The Supported Countries Of EXMO?
EXMO has offices in four different countries, meaning the company can support nearly all the countries in the world. The main users of EXMO reside in the US, Portugal, Brazil, and Ukraine.