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The market for digital currencies, for a rather short period of its full existence, has acquired a sufficiently developed infrastructure. One of the most important elements of this infrastructure can be called a cryptocurrency exchange, which offers digital cryptocurrency owners the opportunity to exchange one currency with another or for fiat money from each other
Today there are dozens of different online cryptocurrency trading sites. There are several evaluations and evaluations 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 the major exchange platforms proudly support the reason why cryptocurrency operations are performed on their sites. Today we'll talk about # 45 on this list – the popular and controversial EXMO cryptocurrency exchange.
Satisfy:
(please, click on the topic to scroll to it)
1. A brief overview of the story
2. EXMO financial services
3. EXMO functionality, positive and negative aspects
4. Conclusion
1. A brief overview of the story
EXMO was founded in 2013 by entrepreneurs of the CIS (the union of most countries of the former Soviet Union) and was not their first experience of cryptocurrency. Before that, they had already launched an online cryptocurrency exchanger. In reality, however, the exchange started to work a little later. According to the Coinmarketcap website, the exchange was opened in April 2015. Today, the British company EXMO Finance LLP which manages the exchange has offices in several European cities: London, Kiev, Barcelona and Moscow. The exchange presents itself as a true international service, as it has its own website and user interface available in 12 languages. The Romanian, Ukrainian and Turkish languages are also among these.
In the early years, EXMO has gradually increased the number of its users, developed the functionality and finally managed to become one of the largest cryptocurrency grants in the market in 2017. That year was full of different news related to EXMO. In October 2017, blockchain specialist Pavel Lerner, who was believed to be one of the co-founders of the exchange, has been kidnapped in Kiev (Ukraine). In his official statement, the exchange confirmed that Pavel was an employee of the company, but did not report that he was one of the leaders of EXMO. Fortunately, after a huge ransom paid in Bitcoins, Pavel was released.
In addition, in 2017, the Russian Federal Service for Communications Supervision, Information Technology and Media Communications filed a complaint against EXMO that was met by the St. Petersburg court. As a result, access to EXMO in Russia has been banned. However, the team immediately developed a scraper website with the .me domain name instead of .com on the main website and Russian users actually retained the opportunity to use EXMO.
Despite these incidents, 2017 has been quite positive for EXMO. As the entire cryptocurrency market, the exchange recorded a significant increase in almost all possible aspects: the number of cryptocurrency pairs available increased, the exchange started to operate on the Ukrainian and Polish markets (Ukrainian hryvnia) UAH) and Polish zloty (PLN), added to the fiat currency available), the number of traders and active users increased significantly (900,000 users in December 2017). Furthermore, there was a huge redesign of the platform and the number of exchange partners increased. Today, EXMO claims to have over a million and a half users.
2. Financial performance of EXMO
Today, second CoinMarketCap, The daily trading volume of EXMO reaches around $ 24 million and the exchange is rated in 45th place. EXMO was among the first 10 exchanges of cryptocurrencies for daily trading volume and every day about thirty thousand Bitcoins were exchanged on EXMO. Today these figures are much lower, but still quite significant.
EXMO facilitates access to the 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, the Ukrainian hryvnia and the zloty Polish are available on EXMO for trading. Considering that most modern cryptocurrency bags basically only have the US dollar, the euro and the Chinese yuan, a fairly large market in Eastern Europe and the CIS is often left behind. EXMO offers opportunities for traders in Russia, Ukraine, Poland and other countries to exchange digital currencies in exchange for their national currency.
3. EXMO functionalities, positive and negative aspects
Today the exchange has more than one hundred pairs of cryptocurrencies, but not all of them are really active. Customer registration is fairly simple and verification is not required. However, after verification users can get additional features. EXMO has not yet developed an official mobile application, but traders can use the mobile version of the website, as well as some unofficial third-party mobile applications connected to the exchange (at their own risk). The funds can be deposited on the stock exchange using a large number of services such as VISA / Mastercard, OKPAY, Perfect Money, Payza, etc. Users can also reconstitute their accounts with cryptocurrency – Bitcoin and Bitcoin Cash, Litecoin, Monero, Zcash, Ripple, Dogecoin, Ethereum and Ethereum Classic, etc.
In 2017 EXMO attracted many more users than it had and the greatest load on the infrastructure raised a number in case of technical problems. Therefore, the necessary modernization has been carried out to ensure that the exchange works smoothly. Today the following cryptocurrencies 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 series of negative reviews on various Internet resources. And the reason is that the exchange is not always able to provide the necessary conditions for security and user assistance. In addition, many forums are flooded with complaints about delays in depositing and withdrawing funds, and some users say they have lost their assets. There are also those who blame EXMO for fraud with users' balances. However, it is hard to say that EXMO has a spotless reputation, which is actually quite necessary for any virtual currency service.
4. Conclusion
In any case, the EXMO cryptocurrency exchange remains the rather popular platform, especially in Eastern Europe and CIS countries. The functionality is quite good and easy to use, which is particularly relevant for beginners. Many people have the opportunity to explore the functionality of the exchange on their mother tongue, so the user interface is translated into more than ten languages. Perhaps, almost all cryptocurrency traders from Russia or from Ukraine are familiar with EXMO. Therefore, there are many comments and reviews left by thousands of people on the Internet. And there are both positive and, quite often, negative, in fact. Rather than a long list of cryptocurrency pairs, an amount of fiat money available, the 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 in the daily trading volume, but remains quite popular, especially in those countries where the exchange helps users to exchange digital currencies for their national currency.
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