Lmexchanger Review explained by professional Forex trading experts the “ForexSQ” FX trading team.
Lmexchanger Review
Imexchanger is a cryptocurrency exchange providing a service similar to that of CASH2PM. Clients can buy and sell Bitcoin, Bitcoin Cash, Ether, Litecoin, Dash, Zcash, Tether and, as of recently, Monero, for USD or RUB (some payment methods). There is also the option to transfer fiat currency from one payment platform to another.
Obviously Imexchanger is targeting the Russian-speaking clients, similarly to CASH2PM, and its site is in English and Russian. It is interesting, but explicable, that the Russian version of the site offers more payment options, all of them available mostly in Russia.
Imexchanger Advantages
– Coins. Imexchanger offers for trading several cryptocurrencies: Bitcoin, Bitcoin Cash, Ether, Litecoin, Dash, Zcash, Tether and Monero, which is a fairly good selection, considering that most exchanges offer just Bitcoin.
– Payments. Imexchanger provides multiple payment options for fiat currencies. Among them are Western Union, Payeer, Perfect Money, Contact, Advanced Cash, Perfect Money, UniStream and OKPay, as well as credit cards. Some of those work both with USD and RUB: Advanced Cash, Payeer and OKPay.
– Speed. Imexchanger executes orders in manual mode. Depending on the payment method, an order execution can take anywhere between 30 minutes (Perfect Money) and several business days (credit cards).
– Individual conditions. Imexchanger says it is glad to discuss individual conditions with its loyal clients.
– Location. It seems that Imexchanger is based in Moscow and accepts clients worldwide, except from Afghanistan, Iraq, Iran, Yemen, Kuwait, Lebanon, Libya, Morocco, Pakistan, North Korea, Syria, Somalia, Sudan, Ukraine.
– Platform. Imexchanger’s trading platform is no real platform that we can speak of. It is just s simple form where one selects the payment methods and types in the sum and the bitcoin address. There are no additional features. This can be quite convenient for novice and inexperienced traders, but is not very attractive to more advanced traders or serious investors.
– Reputation. Judging by the user comments, Imexchanger does what it says it does and there are no complaints from clients.
Imexchanger Disadvantages
– Leverage. Imexchanger does not offer leveraged trading and this is fairly common among the cryptocurrency exchanges. There are a handful who offer this type of trading, but there are a lot of regulated “traditional” forex brokers who have included CFDs on cryptocurrencies in their instrument list. This proposal is quite attractive for those who already have an account with a forex broker, as they do not need additional registration and can trade on the familiar and feature-rich trading platforms provided by the brokers.
– Anonymity. Imexchanger requires that its users are verified. This is done by providing a scanned copy of an ID document, a utility bill proving residence and an ID selfie. Client verification is becoming increasingly common among the exchanges, but can be a problem for those who wish to remain anonymous in their cryptocurrency transactions.
– Limits. Imexchanger has put in place some limits regarding minimum sums. For example, the minimum Western Union payment is USD600. Same goes for Perfect Money and some other platforms.
There are also maximum amounts for cryptocurrencies. For example, to convert Bitcoin through Payeer, the maximum is BTC1.2.
– Fees. We could not find clear and concise information about the fees Imexchanger charges. They are only displayed whenever one is placing an order. Depending on the type of payment, they vary greatly and there are minimum fees. For example, the minimum fee for a Western Union transfer is USD50, while for Perfect Money there is no fee. In addition to the trading fees, there are also the payment platform fees. Generally, we do not like it when the trading fees are not clearly stated up front.
Imexchanger is most likely a Russian exchange providing a basic spot trading service to Russian-speaking clients. It has multiple payment methods, but the service can be quite costly. It also requires its clients to identify themselves, which can be inconvenient for some.
On the other hand, the service is fast, reliable and convenient. Nevertheless, we are not very impressed with Imexchanger. Still, there are people who are obviously using it and are happy with it.
Lmexchanger Review Conclusion
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