Review of the Exmo Cryptocurrency Exchange - the Best Place to Buy Ripple

The Exmo exchange has been on the market for more than five years already and is considered one of the most reliable. Having appeared more than once in the news of the RBC channel, today it is one of the most popular cryptocurrency platforms in the CIS. In any case, it is a quality product from domestic developers, but Exmo also has some drawbacks, so the exchange will not suit everyone. Let us look into this in more detail.

Why are exchanges needed? Of course, to speculate, that is, it is more convenient to conduct active trading through Forex brokers, but if you want to buy one cryptocurrency or another for a long time, for investment purposes, then an exchange is your choice.

Go to exmo.com, and in the center of the screen there will be a field for entering an email address. Enter your working email and click “Registration”.

On the next page, all that remains is to come up with a login and password for the account. You need to mark your agreement with the service terms and click “Registration” once again.

After that you immediately get to the page of internal wallets. From here you can deposit or withdraw funds in any of the supported currencies. You can also store the purchased cryptocurrency here, although for long-term storage it is better to use a personal wallet.

You can top up a dollar account using electronic systems or a credit card. Keep in mind that before depositing and withdrawing money to a card you need to go through the account verification procedure. Fees for USD are moderate, while depositing rubles will cost more.

Verification is quite a long process and can take up to 20 days, so it is better to take care of it in advance. To do this, you will need to send scans of documents confirming your identity and residential address. Verifying the account is not mandatory if you are not going to use a plastic card. However, identity verification may be required by a third-party payment service.

To fund the account with cryptocurrency, you need to generate a new wallet address. To do this, click “Deposit” opposite the currency name and on the deposit page click “Create address”.

You will receive a new wallet address and a generated QR code for payment.

To withdraw cryptocurrency to a local wallet, click “Withdraw”. Here you need to specify the withdrawal amount and the cryptocurrency wallet address. Please note that the limits and fee are different for each currency.

The exchange has a convenient exchanger for cryptocurrencies and fiat money. If you are not going to play on the exchange rate, here, for example, you can quickly exchange dollars for bitcoin at the current market rate.

The Exmo exchange supports not such a large list of cryptocurrencies compared with the same YoBit, where this number approaches five hundred. Nevertheless, all the main currency symbols are present:

The trading panel is located in the “Trades” section. In the upper part there is a market overview: currency pairs and current quotes for them. By clicking, you can open a historical chart of the currency pair. You can add or remove currency pairs from the screen through the settings by clicking the gear icon in the upper right corner.

You can open a limit request, an order with a fixed price no worse than the declared one, or buy currency at the current market price. In the first case, full execution of the request is not guaranteed. In the second case, it is enough to specify the amount of currency to buy or sell, and the order will be filled by the liquidity available in the market.

At the bottom of the page, the trading history and the current order book are displayed: buy and sell orders on the market, sorted by the best price.

The commission for a trade is 0.2% of the base currency of the trade. For example, when buying ETHBTC the commission will be 0.002 Ether for each whole coin. To keep an order on the market, there is no need to pay a swap, and there is also no possibility of margin trading.

A broker is an intermediary in making transactions between a trader and an exchange. Between buying cryptocurrency on a broker's platform and on a cryptocurrency exchange, the difference is exactly the same as between buying a company's stock on the stock market and buying a CFD on that stock. In other words, a Forex broker allows you to earn on the rate of a cryptocurrency in case of its growth or fall, but to acquire the currency for personal use you need to go to an exchange.

This is the key difference between an exchange and a broker. If you want to invest in the long-term growth of a currency, then the most reliable way to do this is to buy the currency on an exchange and store it in a personal “cold” wallet. This way you can be sure that your funds will not disappear anywhere.

For traders who want to speculate on the rate, it will most likely be more convenient to trade through a broker, there is already a ready-made infrastructure and professional software for technical analysis, against which the crypto market still looks like some prehistoric mammoth.

The MetaTrader 4 trading platform is the market standard of the Forex market for technical analysis of currency rate movements. Given that the crypto market has not yet acquired its own standard, MetaTrader will be an excellent replacement for online platforms with limited functionality.

The ability to trade cryptocurrencies is already provided by several Forex brokers, including AMarkets, FXOpen, Instaforex, and Alpari. To receive currency quotes, we need to register a demo account with one of the listed dealing centers.

You can create a practice account directly from the terminal. To do this, go to File - Open an Account.

At the bottom of the list there is a field for searching for the trading server address. Enter “AMarkets” and press Enter.

Now select the AMarkets-Demo server and click Next.

Select the “New demo account” option and click Next.

All that remains is to specify your personal data and the parameters of the account being created. You can enter any data. Also specify the deposit size and do not forget to set the leverage to 1 to 100 (this does not affect the real leverage of cryptocurrencies).

Given the frequent cases of hacks of various cryptocurrency exchanges, the probability of losing funds is not zero. At a minimum, you need to take care of the security of your own account in advance.

The Exmo platform supports two-factor authentication - logging into the account in two steps. Instead of simply entering a login and password, you can set up confirmation via SMS code or log in through the Google Authenticator app.

To set up confirmation via SMS - select “Enter SMS code”, specify the phone number, and click “Check”. In the field below, enter the code from the SMS and click “Confirm”. Now every time you log into your account, an SMS with a confirmation code will be sent to your phone.

Another method is connected with using a special app. First, download the “Google Authenticator” app from the Google Play store and launch it. Then in the authentication settings section, select “Generate a new key” - a generated QR code will appear on the screen.

In the app, click on “+” and select “Scan a barcode”. Point your smartphone camera at the PC screen so that the image of the code is within the highlighted square.

That is all. Now when logging in, you will need to open the app and read the current 6-digit code from there.

Advantages:

Disadvantages:

If the negative points are not critical for you, then the exchange is definitely worth considering. High liquidity, stable and fast site performance - these are some of the key things for comfortable trading.

The Exmo exchange is a vivid representative of a thoughtful and high-quality service, where everything looks logical and intuitively understandable. In the future, it would be nice to see more currency pairs for trading and support for popular payment systems. For now, these two points may become key in choosing this trading platform.

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Respectfully, Aleksey Vergunov
TradeLikeaPro.ru