Exnomy Crypto Exchange Review 2023 : Pros & Cons

What Is Crypto Exchange ?

A platform that enables people to purchase, sell, and trade different cryptocurrencies is referred to as a crypto exchange, also known as a cryptocurrency exchange or a digital currency exchange. These exchanges give users the option of converting cryptocurrencies into fiat money, such as the US dollar or the euro, as well as converting cryptocurrencies into one another.

Cryptocurrency exchanges serve as middlemen, matching orders and facilitating transactions between buyers and sellers. For trading, withdrawals, and deposits, they might impose fees.

Several exchanges additionally provide further services including margin trading, loans, and wallets for storing cryptocurrency. Cryptocurrency exchanges come in a wide variety, each with its own features, security measures, and costs. The most well-known cryptocurrency exchanges are Binance, Coinbase, Kraken, and Bitfinex.

What Is Exnomy Crypto Exchange ?

Exnomy is one of the most technically advanced the DeFi (Decentralized Finance) project and the global winner of the ‘Klaytn Horizon’ competition hosted by Kakao Blockchain affiliate Ground X. Exnomy is designed as Hybrid Decentralized Exchange by the Linkercoin team, providing decentralized services built on blockchain technology. Exnomy combines high stability and fast transaction processing speed using a hybrid decentralized system. It supports multiple cryptocurrency deposits and withdrawals by using smart contracts technology.

Exmo Crypto Exchange Quick Facts

How To Register At Exnomy Exchange?

To register on Exnomy , click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

Exnomy Exchange Supported Countries

Exnomy Exchange is a cryptocurrency exchange that supports users from various countries around the world. However, the availability of services may vary depending on the location of the user.

Exceptions are the US, China, Japan and countries in the Middle East. Syria and North Korea are also countries whose nationals cannot trade on Exnomy .

How To Verify Your Exnomy Cryptocurrency Account ?

There is no mandatory verification at Exnomy , but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of Free. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Exnomy , Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Exnomy Crypto Exchange?

There are two main options for topping up your balance on Exnomy . Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Exnomy Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Exnomy Account ?

You can take the following actions to secure your Exnomy account:

1. Enable Two-Factor Authentication (2FA): Activate two-factor authentication (2FA) to add an additional layer of protection that requires you to log in with both your password and a special code produced by an app or SMS. Because of this, it is far more difficult for someone to access your account without your consent.
2. Use a Strong and Unique Password: Use complex, difficult-to-guess passwords instead, and make sure you have a unique one for each account. When creating and storing complex passwords, think about using a password manager.
3. Keep Your Account Private : Share your username and password, as well as any other account information, with caution. You won’t ever be asked for your password by Exnomy.
4. Monitor Your Account Activity : Check your account activity frequently for any unexpected or unauthorised activity. Contact Exnomy support as soon as you see anything fishy.
5. Keep Your Computer Account Secure : Ensure that the antivirus and anti-malware software on your computer and other devices is up to date. To access your account, stay away from utilising public Wi-Fi networks.
6. You can assist ensure that your Exnomy account is secure and shielded from unauthorised access by following these instructions.

Fees taken when buying virtual currency

1.Transaction fee

This fee will be automatically deducted from the user’s balance after trading.

Maker – 0%Maker is a user who increases the size of the order book by making non-immediate buying/selling orders.

Taker – 0.05%Taker is a user who decreases the size of the order book by making instant buying/selling orders.

Exnomy Trading Fees

The exchange assesses a trading cost each time you place an order. The trading charge often represents a portion of the trade order’s value. Exchanges typically create a distinction between takers and makers. The people who “take” an existing order from the order book are known as takers. Creating liquidity on the platform occurs when makers add orders to the order book.

Exnomy charges 0.05% for takers. These spot trading taker fees are significantly lower than the norm for centralized exchanges across the globe. Industry averages have often ranged between 0.20 and 0.25, but they are already observing new industry norms emerging between 0.10% and 0.15%.

Exnomy Withdrawal Fees

Exnomy levies a 0.0005 BTC withdrawal fee for each withdrawal of bitcoin. This cost is less than the industry average on a global scale. According to this study, the current global industry average for BTC withdrawal fees is 0.000643 BTC, making Exnomy’s BTC withdrawal fee rather reasonable.

Deposits Method

You must have bitcoin to begin with in order to trade here. You can only deposit cryptocurrencies to Exnomy as an asset class. If you truly appreciate Exnomy, but you don’t have any cryptocurrency yet, you may easily open an account with an exchange that accepts fiat (normal cash) deposits, buy cryptocurrency there, and then transfer it from that exchange to this one. To quickly find platforms that accept wire transfers or credit card deposits, use Exchange Filters.

Trade On Go Exnomy Is 100% Mobile Friendly

You can trade while you’re on the road if your trading platform is mobile-friendly, which is useful if you need to access your account or place a transaction while you’re not at your desktop computer. You should be able to examine real-time market data, make orders, and manage your account from your mobile device, just like you could on a desktop computer, if the platform is mobile-friendly.

It’s crucial to keep in mind nevertheless that not all mobile hardware and operating systems work with all trading platforms. Before using the Exnomy trading platform, make sure that your mobile device is compatible with it. In order to protect your account and personal information, always access your trading account from a secure, private network when using a mobile device.

How To Contact Exnomy Customer Support Team?

You can take the following actions to contact the Exnomy Customer Support Team:

1.Website for Exnomy can be found at https://www.exnomy.com.

2.Click the “Support” button at the bottom of the page after scrolling there.

3.When you click the “Submit a request” button on the support page, you will be taken to a page where you can submit a ticket.

4.Provide all necessary details, including your name, email address, subject, and a brief explanation of your problem.

5.To send your ticket to the Exnomy support staff, click “Submit.”

6.Also, you can email the support staff at [email protected].

You can also get in touch with Exnomy’s customer service department through one of their social media pages or through their Telegram group. On their website, you may find links to their Telegram group and social media pages.

Features Of Exnomy Crypto Exchange

OrderSharing Function:

Exchanges can execute and share orders through the EXNOMY smart contract, and this will increase liquidity through the network of exchanges. In addition, exchanges can open channels to share the orders based on the agreement.

Competitive Gas Fee & Rapid Speed:

The smart contract of EXNOMY is optimized for On-chain balance managing algorithm, so you will experience low gas charges and fast transaction speed through matching engines in hybrid type of exchange.

Anyone can operate their own exchange with low cost:

Can operate their own exchange using EXNOMY protocol with low cost and budget.

Supporting Multiple Cryptocurrencies:

EXNOMY protocol is supporting multiple cryptocurrencies. Exchanges using EXNOMY protocol can list BTC, ETH and other multiple cryptocurrencies.

High Security :

Exnomy uses cutting-edge security mechanisms, like as 2-factor authentication and cold storage for money, to safeguard the assets of its users.

User Friendly :

The trading interface on Exnomy is user-friendly and simple to use, making it available to traders of all experience levels.

Fast Transaction :

The platform used by Exnomy is made to handle large trade volumes quickly.

Margin Trading :

Margin trading is a feature of Exnomy that enables users to leverage their positions and potentially improve their profits.

OTC Trading

For high-volume traders, Exnomy also provides OTC trading, enabling users to complete sizable trades without changing market prices.

Exnomy Good Or Bad Points

Exnomy provides a number of benefits that drive traders and investors to it as a cryptocurrency exchange, as well as some possible negatives. Here are some of Exnomy’s main advantages and disadvantages:

Good points:

1. Security: Exnomy uses security mechanisms like two-factor authentication and cold storage for money to maintain a high level of security.
2. Low -Trading Fees: The trading charge structure at Exnomy is affordable, with rates beginning
3. Wide range of cryptocurrencies: Bitcoin, Ethereum, Litecoin, and a host of other cryptocurrencies are available for trade on Exnomy.
4. Margin Trading: Exnomy provides margin trading, which enables users to possibly boost their profits by using leverage.
5. Quick Transaction : The platform used by Exnomy is made to handle large trade volumes quickly.

Bad points:

1. Limited payment options: Exnomy’s accessibility is constrained for some dealers because it is not available in every nation.
2. Limited Trading Pools: Compared to several other cryptocurrency exchanges, Exnomy does not provide as many sophisticated trading features..
3. Lack Of Regulation : Exnomy is not governed by any significant financial regulatory bodies, which can worry some traders.

Is Exnomy Is Safe Platform To Trade ?

Exnomy is typically regarded as a secure trading platform. To safeguard the cash and data of its users, the exchange has put in place a number of security measures, including two-factor authentication, cold storage for funds, and recurring security audits. Exnomy has not encountered any significant security lapses or incidents that have led to the loss of money, either.

But, there is always a chance of a hack or other security event, just like with every cryptocurrency exchange. Users must take personal security measures to safeguard their accounts and belongings, including turning on two-factor authentication, creating strong passwords, and maintaining the confidentiality of their login information.

It’s also important to note that Exnomy is not governed by any significant financial regulators, which could worry some traders. Exnomy, on the other hand, is open and honest about how it runs its business and has a good standing among cryptocurrency enthusiasts.

Overall, Exnomy seems to be a relatively safe and secure site for trading cryptocurrencies, even though there is always a certain amount of risk involved.

Exnomy Conclusion

Users of the Exnomy cryptocurrency exchange platform can buy, sell, and trade a variety of cryptocurrencies. Users can learn more on the website about the features, services, costs, and supported cryptocurrencies of the exchange.

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