EXMO Gift Card: what is it, Where to buy, Exchange, list of exchangers | How to create and activate EXMO Gift Card
EXMO Gift Card is a tool provided by the EXMO cryptocurrency exchange for instant transfer of funds without commission within the platform. Previously, this function was performed by the EXMO code, but since October 1, 2020, the ability to use the EX-CODE has been completely disabled. The already created EX-codes were allowed to be activated for another 30 days (until November 1). Further, the funds for all created but not activated codes were returned to the accounts that created them.
EXMO Gift Card looks the same as EX-CODE. For example, the code denominated in BTC: EX-CODE_5620060_BTCdb0cbc731b0b01dafe63de6c0b9b163e9b81ed30.
The editorial staff of Btcnewsweb.com told how and in what situations to use a Gift Card.
- 1 Reasons for replacement
- 2 Differences between EXMO Gift Card and EX-CODE
- 3 What exchangers can generate and cash out EXMO Gift Card
- 4 How to create and accept EXMO Gift Card on the exchange
- 5 EXMO Gift Card activation
- 6 Advantages and disadvantages
- 7 Conclusion
Reasons for replacement
The idea of EXMO Gift Card, like the EX-CODE before, is to make it easier for users to replenish an exchange account, although in fact the tool has gained popularity more as an anonymous and profitable means of exchanging payments between users.
The international organization FATF (Financial Action Task Force on Money Laundering) – a group for developing financial measures to combat money laundering – includes 37 countries of the world, including the UK. EXMO is a company registered in England, therefore, in order to successfully work in the legal field, it must follow the FATF recommendations. Among the latest recommendations is the tightening of measures related to countering the financing of terrorism and money laundering. Based on this, the management of the exchange made a decision to reorganize the operation of the EX-CODE tool.
Many users perceived the news negatively, since EXMO Gift Card imposes certain restrictions that were not in the previous version. But you need to understand that this measure is caused by the requirements of regulators, and if there is a desire to continue using the exchange, then you will have to put up with innovations.
Differences between EXMO Gift Card and EX-CODE
Technically, Gift Card is the same code (character set) and supports most of the EX-CODE advantages – security, speed, convenience of replenishing your own account or transferring to a friend. However, while the EXMO code allowed generating and activating codes for cryptocurrency and fiat funds, gift cards provide the following pool of possibilities:
- Fiat currencies: regular users can only activate the received codes in order to receive fiat into the account. Only certified exchangers can generate them.
- Cryptocurrencies: everything remains as usual, you can generate and activate codes.
Thus, the basic functionality remains the same, but now the operating principles strictly comply with the requirements of European legislation.
What exchangers can generate and cash out EXMO Gift Card
Only accounts with the “Exchange service” status can create gift cards in Fiat money. This can be done both using API keys and through the web interface. Such accounts do not have the function of activating codes in fiat, other than their own.
To receive the “Exchange Service” status, the account creator must:
- Carry out all levels of verification.
- Provide detailed information about the exchanger where you plan to use this direction of sale. Including, provide a list of available input methods on this exchanger.
- Provide documents for a legal entity.
- Provide additional information: the established limits of the exchanger, the information collected about users.
The possibility of certification of exchangers was opened at EXMO on September 22 (for this, site owners need to write an appeal to the technical support of the exchange email@example.com). At the moment, only services have this status: changer4u.com, smart-pays.com, hotrate.io. Thus, it is only through these exchange services that it is possible to generate an EXMO Gift Card.
As for the activation of gift cards, a lot of exchangers can be used for this purpose. Among them:
✅ Ramon Cash;
✅ AbcObmen and others.
A complete and up-to-date list can be viewed at BestChange https://www.bestchange.ru/exmo-to-yandex-money.html.
How to work with EXMO Gift Card through an exchanger
The principle of operation of all exchange services is the same. For example, to get a gift card, you will need:
✅ Register and, if necessary, confirm your email.
✅ Select the direction of exchange – for example, from a bank card to an EXMO Gift Card.
✅ Specify the exchange amount.
✅ Check out the course, commission and total amount that will be received.
✅ Enter the bank card / wallet number from which the funds will be sent.
✅ Following the instructions of the payment system, make a transfer for the required amount.
At the end, get the generated code. How to activate it in order to receive funds to the exchange account, read on. To keep your funds safe, use only reliable exchange platforms!
How to create and accept EXMO Gift Card on the exchange
Let’s start by creating a Gift Card. We remind you that ordinary users can perform this action exclusively in relation to cryptocurrency. Another nuance is that any I / O operations, including the creation and acceptance of codes, require preliminary account verification.
- Go to the “Wallet” section of the EXMO exchange and find the cryptocurrency of interest in the list. Click the “Withdraw” button opposite it.
- Select the Gift Card withdrawal option and specify the required amount.
- If necessary, you can also specify the recipient’s username. In this case, only a certain user will be able to use the generated code, and any other person will see an error when trying to do this.
- Confirm the operation: enter the code 2 FA and follow the link in the letter.
- As a result, get a code of this type EX CODE_5620060_BTCdb0cbc731b0b01dafe63de6c0b9b163e9b81ed30. This is the EXMO Gift Card, it is no different from the previous one.
- Further, EXMO Gift Card can be cashed in the exchangers mentioned above.
EXMO Gift Card activation
To activate the EXMO Gift Card code, you also need to do just a few steps.
- Click “Top up” next to the desired currency (this time it can be either crypto or fiat money).
- Then select the Gift Card option and paste the code into the provided field. Click “Download Gift Card”.
- The funds should appear on the balance sheet instantly.
Advantages and disadvantages
✅ No commission is charged when creating or activating a code.
✅ The transfers are instant and do not require the creation of a blockchain transaction.
✅ You can accept codes for both cryptocurrency and fiat.
✅ The activity of the instrument complies with European legislation.
❌ From an exchange account, you can create codes only for cryptocurrency, but not for fiat funds. EXMO Gift Card in fiat is generated only in exchange approved exchangers. As of 02.11.2020, there is only one (Hotrate.io).
❌ Account verification required.
EXMO Gift Card, in comparison with EX-CODE, causes less delight among users – as it turned out, most of them used codes mainly to withdraw fiat. Now this can only be done with the participation of the exchanger. If you study thematic forums, you will notice that some are even ready to completely abandon the use of the exchange after the innovations. However, Gift Card is also a convenient tool for transferring funds in many situations.