Exrates is an exchange that hasn’t received much publicity, which makes it relatively unknown in the world of cryptocurrency. Fortunately for you, our Exrates exchange review helps break it down. We’ll tell you who they are, what features it offers, and how to set up an account and get going. So grab a drink and have a seat while we tell you all about Exrates exchange.
Who are Exrates?
There isn’t much information available about Exrates, however, its site tells us that the exchange is headquartered and registered in Switzerland. The exchange also has a representative branch in Beijing, China.
The exchange itself launched in 2015, so it’s relatively new in comparison to some of the other well-established platforms on the market. Exrates is not regulated, which is the case with some of the lesser known exchanges that deal in cryptocurrency.
It does support a wide range of cryptocurrencies. For instance, it is one of the few exchanges out there that buys, sells, and trades in SmartLands tokens. It also provides support for several fiat currencies, so you’re not limited to only exchanging USD or EUR.
The Exrates exchange is an active platform which aims to make buying, selling, and trading cryptocurrencies easier and more accessible for those new to the digital currency market. Users have plenty of trading pairs available on the Exrates exchange. If you can’t find a place to trade a coin, you might give Exrates a try.
How to use Exrates – Step-by-Step Guide
In our guide provided below, you’ll find the information you need about the Exrates exchange. We’ll walk you through how to set up an account, how much it costs to trade, and everything in between in our step-by-step guide.
- Easy to Use: While the site itself does a bit antiquated, it’s fairly straightforward when it comes to ease of use. If your sole purpose is to buy, sell, and trade cryptocurrencies, then Exrates tries to provide an interface that makes doing so intuitive and easy. Industry terms are clearly marked and defined, which helps users make accurate and knowledgeable decisions.
- Multiple Languages: The default language for the Exrates exchange is English. However, users can also choose between Russian, Chinese, Indonesian, and Korean. With these languages choices, users should have no problem finding one that works for them no matter where they reside.
Exrates Exchange Fees
- Trading Fees: When trading on Exrates, you’ll encounter what the platform refers to as a “flat fee model.” That means there are no differences for makers and takers on the Exrates exchange. All exchange are charged a flat 0.2% fee no matter what. This is a little less than the industry average, which hovers around 0.25%.
- Withdrawal Fees: No matter how hard we looked, we were unable to locate how much the exchange charges for a withdrawal. As an investor, this is a potential red flag, so be sure to do your due diligence before depositing a large amount into the exchange. Since the information is not easily accessible on the Exrates website, we acknowledge that there is a higher associated risk with this platform.
Deposit Fees and Methods
Just like with withdrawal fees, we were unable to locate deposit fees for the Exrates exchange. The platform does, however, allow for a wide variety of deposits. It will accept both credit cards and wire transfers. It will also take Advcash Money, LiqPay, Perfect Money, NixMoney, QIWI, and Payeer.
Additionally, Exrates will accept several fiat currencies. You can deposit funds using RUB, UAH, EUR, and USD. This is a huge benefit to those who are newer to cryptocurrencies and aren’t sure how to exchange their fiat currency for digital assets.
Things to Consider
Before we get too deep into how to set up and trade using Exrates exchange, here are a few things you should consider.
- Security: Exrates states that it wants to protect your data, so it has created a platform specifically designed to be error free. With advanced cryptic algorithms and additional security functionality, Exrates protects against the threat of hackers which may harm current cold storage mechanisms in place on the exchange.
- Customer Support: While the site does offer online chat and email as options for support, it still feels fairly bare bones. The responses on chat feel automated and email support takes a while to receive a response. Exrates also offers an FAQ as well, however, it does not feel as robust as what other sites have to offer. For instance, we were unable to locate deposit and withdrawal fees using the FAQ section.
- Mobile App: Exrates does offer a mobile application, which you can download on both the Android and iOS platforms. The app does a pretty good job of mimicking the site, letting its users buy, sell, or trade without needing to be tethered to a desktop computer. However, be cautious when using the app as it has received 77 one-star reviews on the Android operating system.
Opening an Exrates Account
- Exrates is home to 97% of the trading volume for Smartlands.
- iOS & Android apps are available.
- Multi-language: English, Russian, Chinese, Indonesian & Korean.
Buy & Sell Crypto On Exrates.
To open an Exrates account, just head over to the site and choose the Registration option the upper right corner.
You’ll get a popup that will ask you for your email address. Enter your email address and wait for the confirmation email to hit your inbox.
Once you confirm the email address, Exrates will ask you to enter a password for your account. Choose a password, then login to have full access to the site. Now you can fund your account and start making trades.
One thing to note is that Exrates did not ask for any KYC information and did not require two-factor authentication. This leaves you and your information exposed when using Exrates, so make sure you limit risks as much as possible.
Trading on Exrates is intuitive and simple. While the interface isn’t very fancy, it has all the tools a normal trader might require. You’ll see an order book along with a chart provided by TradingView. There’s also a news feed and online chat along the right side of the trading screen. Below the Buy and Sell options is a history of Buy and Sell orders.
You can view the trading pairs options at the top of the trading page. Exrates has them split into several categories. You can select between BTC markets, Local Markets, USD, and ETH Markets.
One thing to keep in mind as you’re using Exrates is that the site does not require verification information from its users. You will not be asked for any KYC (Know Your Customer) info and Exrates did not suggest using two-factor authentication. As a result, we recommend using caution when visiting the Exrates exchange.
- Trading fees with Exrates run about the same as you would experience with other exchanges or even cheaper. You can expect the fees on buying, selling, and trading to be around 0.2%.
- Exrates provides a wide range of altcoins for you to exchange. These include LTC, XRP, XMR, DASH, OMG, NEO, SLT, and many, many others. Currently, there are well over 100 sets available to trade at Exrates.
- You have plenty of options when it comes to using fiat currency on Exrates. The exchange supports EUR, CNY, IDR, TRY, NGN, and USD. This makes things easier on users who typically have to trade their fiat currency for a currency exchanges support.
- Exrates offers its user with a mobile application if they prefer to trade, buy, or sell on the go. You can download the application through either iOS or Android.
- Using Exrates is straightforward and make sense. The user interface isn’t going to blow you away, but the tools you need are readily accessible right from the dashboard. You can see the trading history, trading sets, and buy or sell all from the trading screen.
- Little to no information exists about the exchange or the company running it. It’s tough to find accurate data about deposit and withdrawal fees (we never found it) along with other pertinent trading information. Unfortunately, this is all too common in the world of cryptocurrency. However, a reputable company would provide this information and make it readily available to its users.
- Exrates provides trading for a large number of altcoins, however, the site does not allow for margin trading. Many of the more popular exchange offer this type of trading to their users.
- The site lacks legitimate security features. When creating an account, no KYC information is requested. Upon account completion, Exrates never recommends that its users enact two-factor authentication to better protect their digital assets. This is a huge red flag when it comes to using the Exrates exchange.
While Exrates is a site that offers trading with altcoins that you might not find anywhere else, it still seems a little sketchy to us. The exchange is a little rough around the edges, and the fact that there isn’t much information about it puts us on alert.
It does offer a wide range of trading pairs with Bitcoin, USD, and ETH. Coins that you can’t trade anywhere else you can access with Exrates. However, it doesn’t use KYC or two-factor authentication, which are two huge red flags for us. Use neither of these security methods puts your assets at risk of being stolen and your account at risk of being compromised.
Overall, we would say that Exrates is a great exchange for trading altcoins that aren’t found on other more popular exchanges. However, we would add one large caveat: proceed with caution. There is little information about Exrates and no security when using this exchange. If you do decide to make use of this exchange, do so at your own risk.