Irrefutably, EXMO is one of the most established exchange platforms in the cryptocurrency sector. Currently, the platform offers support for forty trading pairs, with a listing of sixteen digital and fiat currencies. Besides trading, EXMO also offers education to greenhorns who are interested in trading digital assets. In yet another revolutionary move, the exchange is inaugurating a cashback system tailored for the crypto space, known as the Cashback.
The Cashback initiative will be available to every user of the EXMO exchange, and is expected to boost the usage of this platform. The concept of cashback schemes has been gaining popularity in the digital currency sector recently. For instance, REVOLUT recently launched a virtual currency card that gives cashbacks in BTC.
Cashbacks have numerous benefits to crypto traders, including mitigation of risks since the cashback is often given in form of the original currency. Additionally, cashbacks are issued at the end of every day. This ensures that profits are accrued on a daily basis. Lastly, the cashback initiative is based on a fluctuating rater that is influenced by the volume of transactions in the exchange. Therefore, a significant portion (as much as 70%) of the profits earned by the trading platform can be issued to the investors as cashback.
How The EXMO Cashback Scheme Works
Firstly, the cashback an investor receives is dependent on the type of trading orders they make on the EXMO trading platform. There are two types- makers who set limits and provide liquidity to the exchange and takers who deal with what the market offers. The taker rate determines the commission given on the market and executed limit orders, while the maker rate influences the returns on open limit orders.
The frequency at which an investor gets cashback is proportional to their trading volume. Hence, the more orders and the larger they are, the higher the rate of receiving cashbacks. Traders can opt to double their cashbacks by setting limit orders, which are orders that are only executed once the price of the trade assets meets certain prerequisites. Unlike other loyalty programs in the crypto sphere, this cashback scheme does not obligate an investor to buy a specific token developed for this initiative.
During the launch of the EXMO Cashback program, cofounder Ivan Petuhovskii noted that the initiative would significantly reduce the risks associated with cryptocurrency trading. Specifically, he lauded the program and said that it will reduce the impact of the constant fluctuation of the value of digital assets as a result of market volatility.
It is expected that the launch of the EXMO Cashback program will increase the platform’s overall usage. Currently ranked at number ten, the EXMO platform is renowned for its multi-currency support as well as offering competitive pricing plains and trading pairs.