Ninjastic
PostEdited versionsQuotes to this post
Post
Topic
Board Service Announcements
Re: EXMO.com Cryptocurrency Exchange [Official Thread]
by
Exmo
on 01/11/2018, 16:17:57 UTC
Quote from: Keko Fdez on October 27, 2018, 07:00:08 PM
Quote from: Exmo on June 20, 2018, 11:57:19 AM
Quote from: makarid on June 18, 2018, 06:33:54 PM
Attention for the noobs that considering to trade in this exchange. Before you deposit consider the extremely high fees on withdraws which Exmo has.I am talking about the other "payment providers(Neteller,Skrill,Qiwi etc)" which is like thiefs with licence.It is just to suspicious to charge a 2.75% on a SEPA withdraw and 25 euro on SEPA deposit.For the ones that don't know what SEPA is.SEPA supposed to be an instant and almost free money transfer in the European Union.European union guidelines saying that there is no fee on a SEPA withdraw but the bank can charge a small fee,for example 1 euro. This means that ,1)sepa deposit and sepa withdraw is the same thing,2)they supposed to be a very small fee,for example 1-5 euro.All the European banks charge ,give or take, in this range.Why on earth it cost 2.75% for a SEPA withdraw to completed in Exmo.Either they are taking these money for themselves or there is something shady here. The most logical think that can come to my mind is that they pay this fee to their bank in order to leave them operate,because it is too risky for the bank to make business with a crypto exchange(they must compensate for it). Please Exmo,tell us why on earth you charge this extreme fee in order to withdraw? Why you don't charge this fee also for deposits,it is the same thing.

Hello Dear Customer,

Actually, it’s not that simple as you described. You are totally right when you write that the SEPA fee is smaller than our comissions. But you forget that we have different payment systems on the exchange - so, for example, a lot of people deposit with Skrill and withdraw with MoneyPolo (that supports SEPA), so it creats a huge gap between cash inflow to our Moneypolo account and cash outflow from it. In case of cash outflow is significanlty higher than cash inflow we have to increase the commission for outflow channel to manage the cash balance at Moneypolo. So we need to keep the balance between supply and demand for each separate payment channel- that’s why we change comissions on a regular basis. Reducing the number of transactions reduces the commission, and an increase  - vice versa. Once the gateways are less loaded - the commission will decrease.
We are constantly improving our policy of liquidity management on payment systems and aiming at reducing commissions to the minimum level.


Kraken exchange has far more volume than you guys and they charge €0.09 for a SEPA Transfer... nothing compare to your 1%.

That’s not fair at all so don’t say it’s because of volume you charge that much because you’re not closer to kraken volume

Hi There,

Kraken only has SEPA/Wire, we have many methods. They can do deposits/withdrawals through one stream sepa/wire, which reduce their cost. We have different payment methods so that's why fees are different, we are currently working on increasing Sepa/Wire volumes more, which would reduce the transaction cost for us and to our customers respectively.