Exrates is a cryptocurrency exchange that offers a wide range of services. This review will cover the fees, security and more.
The exrates exchange is a cryptocurrency exchange that has been around for quite some time. It offers fees, security, and more to its users.
Exrates is a cryptocurrency exchange that has garnered little attention, making it relatively obscure in the cryptocurrency industry. Fortunately, our Exrates exchange review will assist you in deciphering it. We’ll explain who they are, what services they provide, and how to create an account and get started. So take a drink and a seat while we teach you all you need to know about the Exrates exchange.
What exactly are Exrates?
Exrates’ website states that the exchange is based and registered in Switzerland, but there isn’t much more we know about it. In Beijing, China, the exchange maintains a representative branch.
In contrast to some of the other well-established platforms on the market, the exchange just started operating in 2015. Exrates is unregulated, as are several of the lesser-known bitcoin exchanges.
It accepts a broad variety of cryptocurrencies. It’s one of the few exchanges that buys, sells, and trades SmartLands tokens, for example. It also supports a variety of fiat currencies, so you’re not restricted to converting just USD or EUR.
Exrates is a live cryptocurrency exchange that seeks to make buying, selling, and trading cryptocurrencies simpler and more accessible for individuals new to the industry. On the Exrates exchange, users may choose from a wide range of trading pairs. If you can’t locate a location to exchange a coin, Exrates may be a good option.
Exrates: A Step-by-Step Guide to Using It
You’ll find all the information you need regarding the Exrates exchange in our guide below. In this step-by-step tutorial, we’ll show you how to open an account, how much it costs to trade, and everything in between.
Key Facts
- Easy to Use: While the site itself is a little out of date, it is pretty simple in terms of use. If all you want to do is buy, sell, and trade cryptocurrencies, Exrates strives to make the process as simple and straightforward as possible. Users can make correct and informed choices since industry terminology are clearly identified and explained.
- Exrates is available in a variety of languages. The default language for the exchange is English. Users may, however, choose from Russian, Chinese, Indonesian, or Korean. Users should have no trouble choosing a language that works for them with these options, regardless of where they live.
Exchange Rates at Exrates
- Trading Fees: When trading on Exrates, you’ll come across a “flat charge scheme,” as the site calls to it. On the Exrates exchange, this implies there are no discrepancies between makers and takers. No matter what, all exchanges are paid a flat 0.2 percent fee. This is a fraction of the industry average, which is approximately 0.25 percent.
- Withdrawal Fees: We couldn’t find out how much the exchange charges for a withdrawal no matter how hard we searched. As an investor, this may be a red sign, so do your homework before putting a big sum of money into the exchange. We understand that there is a greater associated risk with this platform since the information is not readily available on the Exrates website.
Fees and Methods of Deposit
We were unable to find deposit costs for the Exrates exchange, just as we were unable to identify withdrawal fees. The platform, on the other hand, accepts a broad range of deposits. Both credit cards and wire transfers will be accepted. Advcash Money, LiqPay, Perfect Money, NixMoney, QIWI, and Payeer are also accepted.
Exrates will also take a number of fiat currencies. RUB, UAH, EUR, and USD are all accepted as deposit methods. This is a big advantage for people who are new to cryptocurrencies and don’t know how to convert their fiat money into digital assets.
Consider the following:
Before we go into detail about how to set up and trade on the Exrates exchange, there are a few things to keep in mind.
- Exrates claims to want to safeguard your data, so it’s built a platform that’s particularly intended to be error-free. Exrates safeguards against the danger of hackers who might damage the exchange’s existing cold storage methods using sophisticated cryptic algorithms and other security features.
- Customer Service: While the site does provide assistance through online chat and email, it still seems bare bones. The chat answers seem to be automated, and email support takes a long time to respond. Exrates also has a FAQ, although it isn’t as comprehensive as what other websites have to offer. We couldn’t see deposit and withdrawal fees in the FAQ section, for example.
- Exrates has a mobile app that you may download on both Android and iOS devices. The software performs an excellent job of simulating the website, allowing users to purchase, sell, and trade without having to utilize a desktop computer. However, use caution while using the software since it has 77 one-star ratings on the Android platform.
Signing up for an Exrates account
Key info:
- Exrates accounts for 97 percent of Smartlands’ trading activity.
- Apps for iOS and Android are available.
- English, Russian, Chinese, Indonesian, and Korean are among the languages available.
On Exrates, you may buy and sell cryptocurrency.
To register for an Exrates account, go to the website and choose the Registration option in the top right corner.
A window will appear, prompting you to enter your email address. Wait for the confirmation email to arrive in your inbox after entering your email address.
Exrates will prompt you to create a password for your account once you confirm your email address. To get full access to the site, create a password and then login. You may now fund your account and begin trading.
One thing to keep in mind is that Exrates did not request any KYC information or two-factor authentication. When you use Exrates, this makes you and your information vulnerable, so make sure you minimize your risks as much as possible.
Trading
Exrates trading is easy and intuitive. While the UI isn’t very attractive, it has all of the tools that a typical trader would need. TradingView provides you with an order book as well as a chart. Along the right side of the trading screen, there’s also a news feed and an online chat room. A history of Buy and Sell orders is shown underneath the Buy and Sell choices.
The trading pairs choices may be found at the top of the trading page. They’re divided into many categories on Exrates. You have the option of choosing between BTC, Local Markets, USD, and ETH markets.
Account Safety
One thing to bear in mind while utilizing Exrates is that the site does not ask users to provide verification information. Exrates does not recommend utilizing two-factor authentication since you will not be requested for any KYC (Know Your Customer) information. As a consequence, we advise that you proceed with care while utilizing the Exrates exchange.
Last Thoughts
Pros:
- Exrates trading costs are comparable to, if not lower than, those charged by rival exchanges. Fees for purchasing, selling, and trading are expected to be about 0.2 percent.
- You can trade a broad variety of cryptocurrencies on Exrates. LTC, XRP, XMR, DASH, OMG, NEO, SLT, and a slew of other cryptocurrencies are among them. Exrates currently has well over 100 sets available for exchange.
- When it comes to utilizing fiat money on Exrates, you have a lot of choices. EUR, CNY, IDR, TRY, NGN, and USD are all accepted on the exchange. Users who usually have to sell their fiat money for a currency exchange’s assistance would appreciate this.
- If you want to trade, buy, or sell on the move, Exrates has a mobile application. The software is available for both iOS and Android devices.
- Exrates is simple to use and makes sense. The user interface isn’t very impressive, but the tools you need are right there on the dashboard. From the trading panel, you may see trade history, trading sets, and purchase or sell.
Cons:
- There is very little information available about the exchange or the business that runs it. It’s difficult to obtain correct information on deposit and withdrawal fees (we never did), as well as other important trading data. Unfortunately, in the realm of cryptocurrencies, this is all too frequent. A respectable business, on the other hand, would offer this information and make it easily accessible to its customers.
- Exrates allows you to trade a wide variety of cryptocurrencies, however it does not enable you to trade on margin. This kind of trading is available on several of the more prominent exchanges.
- There are no genuine security mechanisms on the site. No KYC information is required when establishing an account. Exrates never advises its customers to utilize two-factor authentication to safeguard their digital assets once they have completed their account. When it comes to utilizing the Exrates exchange, this is a big red signal.
Conclusion
Exrates is a service that allows you to trade cryptocurrencies that you won’t find anywhere else, but it still seems to be a bit shady to us. The conversation is a bit rough around the edges, and the lack of knowledge about it makes us nervous.
With Bitcoin, USD, and ETH, it offers a broad variety of trading pairings. Exrates gives you access to coins that you can’t get anyplace else. It does not, however, utilize KYC or two-factor authentication, both of which are major red flags for us. Using none of these security measures exposes your funds to theft and puts your account at danger of being hacked.
Overall, we think Exrates is a fantastic place to trade altcoins that aren’t available on larger, more well-known exchanges. We would, however, add one major caveat: proceed with care. There is minimal information available about Exrates, and utilizing this exchange provides little security. You utilize this exchange at your own risk if you chose to use it.
Visit TotalCrypto.io for more information.
1) Don’t like the look of Exrates or other centralized exchanges? Instead, why not buy and sell crypto on a decentralized exchange? Our Shapeshift vs. Changelly comparison pits the two most popular decentralized exchanges against one another.
2) Are you from the United States and looking for a safe and simple way to enter the crypto market? Learn why the Gemini Exchange may be the best option for you!
3) Would you want to do your crypto trading on a more established centralized exchange? In our Bittrex vs. Binance comparison article, we pitted two of the most popular exchanges against each other.
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
Exrates is a cryptocurrency exchange that offers trading for Bitcoin, Ethereum, Litecoin and Dogecoin. The platform has been around since 2014 and the company has recently undergone a rebranding effort. Reference: exrates dogecoin.
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