1. Introduction to Exir Exchange

Exir Exchange (Exir), an Iranian cryptocurrency trading platform, began its operations in February 2017 (1396 Shamsi). This exchange has quickly become one of the most prominent markets for buying and selling cryptocurrencies in Iran, currently hosting over 200,000 active users. Its headquarters are located in the Pardis Technology Park in Tehran, and it was founded by Mohammad Bahalodin and Ehsan Qazi-Zadeh. Operating within Iran, Exir is subject to the laws of the Islamic Republic of Iran.

1.1. History and Founding Objectives

The initial idea for establishing Exir Exchange emerged in 2018 (1397 Shamsi) after foreign exchanges like Bittrex began blocking Iranian users’ accounts and imposing restrictions. This event provided strong motivation for the founders of the Exir project to conduct extensive research over two years to launch a secure domestic cryptocurrency exchange. The primary goal of founding Exir was to facilitate investment and trading in the cryptocurrency market for Iranian users and eliminate international restrictions. This approach reflects a response to a pressing need in the domestic market and the creation of infrastructure for Iranians to access global cryptocurrency markets.

The Exir Exchange team consists of experienced professionals in the fields of technology, cryptocurrencies, and blockchain, with comprehensive knowledge of international financial systems. This team is constantly striving to provide the best services to its users and works toward continuous optimization of the platform’s software and hardware components. This commitment to ongoing improvement demonstrates a dynamic approach to addressing market and technological challenges.

1.2. Exir’s Position in Iran’s Cryptocurrency Market

Exir Exchange is recognized as a distinguished business in the cryptocurrency sector and has received a trophy and certificate of appreciation from Abdolnasser Hemmati, the former governor of the Central Bank of Iran, at the 8th Annual Electronic Banking and Payment Systems Conference, organized by the Iran Informatics Services Corporation. Such recognitions from official domestic institutions lend significant credibility and legitimacy to the exchange, fostering user trust in an environment where reliability is paramount.

Additionally, Exir is a knowledge-based company, recognized in 2019 (1398 Shamsi) by the Vice Presidency for Science and Technology as a knowledge-based product. It is the only knowledge-based exchange in Iran located in a technology park. This knowledge-based status emphasizes Exir’s focus on advancing the emerging science of blockchain and cryptocurrencies in Iran, indicating that the platform is built on innovation and robust technological infrastructure. This not only enhances its technical credibility but also assures users that they are dealing with a forward-thinking platform committed to high technological standards.

On an international level, Exir is ranked 517 on the reputable CoinMarketCap website. While this ranking may not be high compared to global crypto giants, it is highly notable for an Iranian exchange facing regional challenges and sanctions. Its presence on CoinMarketCap provides an external, relatively impartial measure of Exir’s position in the global cryptocurrency ecosystem, boosting user confidence. The platform is considered a milestone in digital investment in Iran, offering instant buy/sell (OTC) and spot trading services.

2. Key Features and Services of Exir Exchange

Exir Exchange provides a wide and diverse range of services and features to facilitate cryptocurrency transactions for Iranian users. These services are designed to cater to the needs of both beginner and professional users.

2.1. Trading Platforms: Easy Buy and Professional

Exir offers two main methods for buying and selling cryptocurrencies:

• Easy Buy: This section is designed for beginner users and those seeking quick and simple transactions. In this method, users can easily select their desired cryptocurrency, enter the amount, and place a buy or sell order. This process is executed with minimal complexity, making it suitable for quick market entry.

• Professional Trading: This platform is designed for more experienced and professional traders, offering advanced tools. It includes real-time price charts, order books, and transaction history, enabling users to perform technical analysis and make more informed decisions. On this platform, users can utilize two main types of order placement:

  • Limit Order: In this method, users can set their desired price for buying or selling a cryptocurrency. The order is executed only when the market price reaches the user’s specified price.

  • Market Order: With this option, the buy or sell order is executed instantly at the best available market price, without the need for the user to specify a price.

One of Exir’s distinguishing and valuable features is its demo trading platform (test account). This account allows users to engage in transactions with virtual funds to familiarize themselves with the platform, tools, and trading strategies without facing real financial risks. This feature is particularly useful for new users in the cryptocurrency market who are not yet familiar with its complexities, helping them enter real trading with greater confidence. This approach reflects Exir’s focus on education and user empowerment.

2.2. List of Supported Cryptocurrencies

Exir Exchange supports a wide range of cryptocurrencies. According to available information, the exchange supports over 171 different cryptocurrencies. This list is continuously updated, with new cryptocurrencies added to ensure users have access to the latest digital assets.

Some of the reputable and popular cryptocurrencies tradable on Exir include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Dogecoin (DOGE), Shiba Inu (SHIB), Polygon (MATIC), BNB, Ripple (XRP), Solana (SOL), Cardano (ADA), and Avalanche (AVAX). Recently, new cryptocurrencies such as T (Threshold), JST (Just), AUDIO (Audius), and GLMR (Moonbeam) have been added to the Toman and Tether markets of this exchange. Additionally, in the August 2023 update, cryptocurrencies like TON, PEPE, AGIX, ALGO (Algorand), ARB (Arbitrum), ETC (Ethereum Classic), PAXG (Pax Gold), and MANA (Decentraland) were added to the Easy Buy section.

Despite the variety of supported cryptocurrencies, compared to major international exchanges, the number of listed cryptocurrencies on Exir may seem limited. Additionally, for some cryptocurrencies, withdrawal options (transfer to an external wallet) may not be available. Therefore, users are advised to verify the availability of deposit and withdrawal options for a specific cryptocurrency before making a purchase. This highlights the importance of reviewing operational details for each asset.

2.3. Fiat and Crypto Deposits/Withdrawals

Exir Exchange enables deposits and withdrawals in both fiat (Toman) and cryptocurrencies (such as Tether). This capability is highly significant for Iranian users who wish to transfer their capital through the country’s banking system into the cryptocurrency market or withdraw their profits in fiat.

Fiat Deposit Process:

1. After logging into the user account, navigate to the wallet section.

2. Select the "deposit" option and specify the currency as "Toman".

3. Enter the desired amount and select your bank card (previously registered and verified with the exchange).

4. You will be redirected to the bank payment gateway to complete the payment process.

An important note is that for fiat deposits, users are only allowed to use the bank card registered with Exir Exchange, and the card must be in the user’s name. This restriction is a security measure aligned with Anti-Money Laundering (AML) regulations, ensuring the authenticity of the sender and reducing the risk of illegal activities.

Crypto Deposit and Withdrawal Process:

Cryptocurrency deposits and withdrawals are conducted through the dedicated wallet provided by Exir for each user. Users can select their desired cryptocurrency, enter the destination wallet address (for withdrawals) or obtain Exir’s wallet address (for deposits) to complete the process. Deposit and withdrawal limits (both fiat and crypto) vary based on the user level, which will be discussed in detail in Section 5.

2.4. Dedicated Wallet and Asset Security

One of the key advantages of Exir Exchange is providing a dedicated wallet (wallet) for each user. These wallets are accessible through both the website and mobile application of Exir and are designed to ensure the security of assets and user information. The availability of these internal wallets means users do not need to rely on external wallets like Trust Wallet or MetaMask to store their cryptocurrencies. User assets are securely stored in Exir’s dedicated wallets.

This centralized (custodial) storage model offers significant convenience for users, as it eliminates the complexities of managing private keys and personal wallet security. However, this means users rely on Exir’s internal security and security protocols to protect their assets. To enhance this trust, Exir utilizes cold storage for user assets. Cold wallets, which are not connected to the internet, are highly resistant to cyberattacks and hacks. This security measure provides a critical layer of protection for a significant portion of user assets, demonstrating Exir’s commitment to safeguarding their investments.

2.5. Customer Support and Communication Channels

Exir has established a robust and accessible support system to ensure a positive user experience and address potential issues. The exchange offers 24/7 support through online chat and phone. This continuous access to support is particularly important in the volatile cryptocurrency market, where quick responses are essential.

Main Communication Channels:

• Online Chat: This feature is directly available on the exchange’s website, allowing users to quickly connect with the support team.

• Phone Support: Users can contact Exir via the numbers 02191300236 and 02191308494. Phone support is available from Saturday to Thursday, from 8:00 AM to 4:00 PM.

• Email: For formal correspondence or more complex issues, users can reach out via the email address [email protected].

• Social Media: Exir maintains an active presence on various social media platforms such as Telegram, Twitter, Facebook, LinkedIn, Instagram, and YouTube. These channels are used not only for sharing news and updates but also as platforms for communication and addressing user inquiries.

This diversity in communication channels and high accessibility to support reflects Exir’s focus on customer satisfaction and creating a secure and trustworthy environment for users. In a market where trust is critical, robust support serves as a significant competitive advantage.

2.6. Special Features: API and Referral Program

In addition to core trading services, Exir Exchange offers special features for advanced users and to grow its user base:

• API and Web Socket for Developers: Exir provides access to its Application Programming Interface (API) and Web Socket for developers and professional traders. These tools enable users to develop automated trading programs, trading bots, or custom analytical tools and connect them directly to the Exir platform. This capability is highly valuable for algorithmic traders and financial institutions seeking automation and high-speed trading. Offering API demonstrates the technical maturity of the platform and its efforts to create a broader ecosystem around its services.

• Referral Program: Exir has implemented an attractive referral program that allows users to earn passive income. The system works as follows:

  • For the Referrer: Users who invite friends to Exir and share their referral code can earn 40% of the trading fees generated by their referred friends permanently. This commission is credited to the referrer’s account weekly, on Fridays at 9:30 AM. To benefit from this commission, the referrer must have fully completed the verification process.

  • For the Referred User: Any user who signs up for Exir using a friend’s referral code receives a permanent 10% discount on trading fees.

This system is not only a powerful marketing tool for Exir, promoting organic user base growth, but also a significant financial benefit for active users. This strategy effectively turns existing users into platform ambassadors, leveraging social networks to attract new users.

2.7. User Interface and User Experience (Review of Website and Android App)

Exir Exchange has strived to provide a simple and user-friendly environment for all its users, whether beginners or professionals. This simplicity in design helps users easily navigate the platform and access its various sections.

• Website: The Exir website features a visually appealing and relatively intuitive user interface, making it stand out among Iranian exchanges. The user panel displays the real-time value of user assets and provides professional tools for technical analysis, enabling traders to make data-driven trading decisions based on real-time data and accurate analysis.

• Mobile Application: Exir offers a dedicated mobile app for Android users, providing quick and easy access to real-time market prices and trading sections anytime, anywhere. This is a significant advantage for users who prefer conducting transactions via mobile devices.

• iOS Support: Previously, one of Exir’s weaknesses was the lack of a native iOS app, requiring iOS users to rely on the web application. However, according to recent announcements, Exir released its iOS app on November 5, 2024. This move demonstrates Exir’s responsiveness to user needs and its efforts to provide a seamless user experience across all platforms. Addressing this limitation is likely to attract more iOS users and enhance the overall user experience.

2.8. Absence of Margin Trading and Futures Trading

Exir Exchange primarily focuses on providing spot trading and instant buy/sell (OTC) services. On this platform, users can utilize trading pairs based on Tether (USDT) and Toman (IRR).

According to available information, Exir Exchange currently does not offer advanced trading features such as margin trading or futures trading. Margin trading allows traders to open larger positions using borrowed capital, leveraging leverage to increase potential profits. Futures trading involves contracts that enable traders to speculate on the future price of an asset without owning it.

The absence of these trading types may reflect a cautious approach and risk management strategy. Margin and futures trading carry significantly higher risks and are often subject to stricter regulatory oversight. For an Iranian exchange operating within domestic regulations and facing specific constraints, avoiding these high-risk areas may be a strategic decision to maintain stability and regulatory compliance. This approach might be a disadvantage for professional traders seeking complex tools and high leverage. However, for the majority of users looking for a secure and simple platform for buying and selling cryptocurrencies, this limitation has minimal negative impact and may even be seen as a security-enhancing factor, as it keeps users away from the high risks of leverage.

3. Security and Credibility of Exir Exchange

Security and credibility are two fundamental pillars for any cryptocurrency exchange, especially in a market characterized by high volatility and potential security risks. Exir Exchange has implemented multiple measures to ensure the security of assets and user information.

3.1. Security Measures and Protection of User Information

Exir prioritizes the security of information and user assets. The exchange provides a secure dedicated wallet on both its website and app to guarantee the security of assets and user information. This internal wallet eliminates the need for users to manage external wallets, transferring the security burden to the exchange.

One of Exir’s key security measures is the implementation of a robust and precise verification process. This process is designed to prevent the creation of fake accounts and ensure the authenticity of traders within the system. By requiring each user account to be linked to a verified real or legal entity, Exir prevents internet fraud and enables information and asset recovery in case of account information loss through identity verification. This rigorous verification enhances overall trust among users on the platform.

Additionally, Exir recommends that users enable Two-Factor Authentication (2FA) to enhance account security. 2FA provides an additional security layer, making unauthorized access to accounts difficult even if the password is compromised. Users can also change their password at any time. These measures combine platform-level security with user responsibility, resulting in a comprehensive approach to protecting assets.

As mentioned earlier, Exir uses cold storage for user assets. Cold wallets, being offline, offer the highest level of security against cyberattacks and hacks. This measure is critical for safeguarding a significant portion of user assets against online threats.

3.2. Knowledge-Based Status and Institutional Endorsements

Exir Exchange was recognized as a knowledge-based product in 2019 (1398 Shamsi) by the Vice Presidency for Science and Technology. This recognition, beyond a mere title, reflects Exir’s commitment to innovation, technological development, and adherence to scientific standards in the fields of blockchain and cryptocurrencies. This status significantly boosts credibility and user trust, as it demonstrates that Exir is built on knowledge and technical expertise.

Furthermore, Exir received a trophy and certificate of appreciation from Abdolnasser Hemmati, the former governor of the Central Bank, at the 8th Electronic Banking and Payment Systems Conference. This endorsement from the country’s highest monetary and banking authority lends considerable credibility to Exir, indicating acceptance and validation of its activities within the national financial framework. Such official endorsements are vital for gaining public and institutional trust, especially in a country where cryptocurrency regulations are still evolving.

3.3. Credibility on CoinMarketCap and Absence of Fraud History

Exir Exchange, with over 5 years of operation in Iran’s cryptocurrency market, has demonstrated a notable operational track record. This longevity in a rapidly changing industry is a testament to its stability and reliability.

One of the most critical indicators of an exchange’s credibility is its history regarding security incidents or fraud. According to available information, no documented cases of fraud or account manipulation related to Exir have been reported. This clean record significantly contributes to Exir’s high level of trust and reliability among users. In a market where scams and hacks are common, the absence of such incidents is a strong competitive advantage.

Moreover, Exir’s presence on the reputable CoinMarketCap website, with a ranking of 517, enhances its international credibility. While this ranking does not place Exir among the top global exchanges, for an Iranian exchange operating under specific constraints, this presence on a reputable global platform signifies transparency and acceptance within the broader cryptocurrency ecosystem.

3.4. Compliance with Iranian Laws

Exir Exchange explicitly states that it operates within the laws of the Islamic Republic of Iran, conducting all its activities in accordance with these regulations. This commitment to domestic laws is highly reassuring for Iranian users concerned about the legal aspects of their cryptocurrency activities.

Regarding FATA Police (Cyber Police) certification, it should be noted that FATA Police does not officially issue licenses or certifications to cryptocurrency exchanges. However, active exchanges in Iran are required to comply with national laws, including Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Exir claims to conduct all its activities within this legal framework and employs appropriate security measures to protect user assets. This regulatory compliance, even in the absence of a formal licensing system, establishes Exir as a responsible and legitimate entity in Iran’s financial landscape.

4. Comprehensive Guide to Registration and Verification on Exir

To fully utilize the services of Exir Exchange, users must complete the registration and verification processes. These processes are essential for ensuring account security and complying with Anti-Money Laundering regulations.

4.1. Initial Registration Steps

Registration on Exir Exchange is a simple and quick process, taking less than 2 minutes. The step-by-step initial registration process is as follows:

1. Access the Website: Visit the official Exir website at www.exir.io. It is recommended to use the Chrome browser.

2. Select the Registration Option: Click on the "Register" option, typically located in the top-right corner of the page.

3. Enter Basic Information: In the registration form, carefully enter your email address. Then, choose a secure and strong password (at least 8 characters, including a combination of numbers, uppercase and lowercase Latin letters, and symbols) and repeat it in the next field. Entering a referral code (if available) is optional and may provide discounts on trading fees.

4. Agree to Terms: Check the box for "I agree to the general terms and privacy policy after reading and understanding them". It is recommended to thoroughly review these terms before confirming.

5. Send Activation Email: After clicking the "Register" button, a message indicating that an activation email has been sent will be displayed.

6. Email Verification: Check your email inbox for the activation email from Exir. Click on the "Verify" button or activation link in the email to confirm your email address. If the email is not received, check the spam folder.

7. Log into Account: After successfully verifying the email, the initial registration is complete, and you can log into the Exir user panel using your email and password.

4.2. Verification Process: Details and Required Documents

After initial registration, completing the verification process is necessary to lift deposit, withdrawal, and trading restrictions and gain full access to the Exir platform’s features. The verification process in Exir is designed to ensure security and prevent potential misuse, involving several detailed steps. In the past, this process included strict requirements such as submitting a selfie with a handwritten commitment letter and landline verification, but recent changes have simplified it, as discussed in the next section. Below, the standard verification process (used before recent changes and possibly still required for higher levels) is outlined:

1. Access the Verification Section: After logging into your user account, click on your profile picture (usually in the top-right corner) and select the "Verification" option.

2. Choose Verification Method: Exir Exchange may display two methods: "Quick Verification" and "Standard Verification". The quick method requires all information and documents to be ready, while the standard method allows more time to input information.

3. Start Identity Verification: Click on "Start Identity Verification Process".

4. Complete Personal Information: Enter the requested personal information, including full name, gender, date of birth, nationality, country of residence, and address, accurately in the provided fields. After ensuring the accuracy of the information, click "Confirm".

5. Mobile Number Verification: Click on "Start Mobile Number Verification Process". Select the Iran country code, enter your mobile number, and click "Send SMS". Enter and confirm the verification code received via SMS.

6. Landline Verification (if required for higher levels or older methods): Previously, this was a mandatory step. Click on "Landline Verification", select the Iran country code, and enter your landline number with the city code. Then, click "Send Code" and enter the received code.

7. Upload Identification Documents and Selfie (if required for higher levels or older methods):

   • Identification Document Image: Upload a clear image of your national ID card or new birth certificate.

   • Selfie with Commitment Letter: Take a clear, full-face selfie holding a blank white paper containing the handwritten commitment letter (provided by the exchange), your signature, and the date of the day, along with your national ID card. This step verifies the liveness of the individual and matches the face with the identification documents.

8. Bank Account Verification: This step is critical. Click on "Add Bank Account". Enter your bank card number and IBAN number. Note that the IBAN must be entered without spaces or dots and consist of 24 numeric characters. The registered bank account must be in the user’s name, as all fiat deposits and withdrawals will be processed through this account.

9. Review and Notification: After completing all steps and submitting information, the Exir team will review your documents. The verification review typically takes 1 to 7 business days. Once verified, you will be notified, and you will gain access to Level 1 and 2 user privileges.

4.3. Recent Changes in the Verification Process

In a significant update, Exir Exchange announced on August 28, 2023 (6 Shahrivar 1402) an initiative titled "Verify Without Selfie or Landline!". This announcement signifies a major change in the verification process, allowing users to verify their identity without submitting a selfie with a handwritten commitment letter or verifying a landline number.

This change is a significant step toward simplifying the onboarding process and improving user experience. Previously, the requirement for a selfie with a commitment letter and landline verification posed challenges for many users, particularly older individuals or those without access to a landline. By removing these barriers, Exir has made the verification process faster and more user-friendly. This move not only helps attract more users but also demonstrates Exir’s flexibility in responding to user feedback and its commitment to continuous service optimization while maintaining core security principles. This evolution shows Exir is striving to balance security requirements with ease of use for its users.

4.4. Services for Foreign Nationals

One of Exir Exchange’s positive features is its provision of services to non-Iranian nationals. This capability distinguishes Exir from many domestic exchanges that limit their services to Iranian citizens.

Foreign nationals must also complete the verification process to use Exir Exchange’s services for buying and selling cryptocurrencies. This process may involve submitting valid international identification documents and other required information for identity verification. Upon completing and verifying the verification process, foreign nationals can fully utilize Exir’s services. This approach extends Exir’s reach beyond Iran’s borders, enabling it to serve a broader community of users in the region and internationally, while strictly adhering to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations for all users.

5. User Levels and Fee Structure

Exir Exchange has implemented a 5-tier user system to encourage greater activity and provide services tailored to users’ trading volumes. These levels, named after marine creatures, offer varying deposit and withdrawal limits and influence the trading fee structure.

5.1. Introduction to the 5 User Levels

The user levels in Exir are as follows:

1. Level 1 – Shrimp: This is the initial level that users access after initial registration and completing basic verification.

2. Level 2 – Fish: To reach this level, users must meet specific conditions indicating increased activity on the platform.

3. Level 3 – Dolphin: This level is for users with higher trading volumes and longer activity history.

4. Level 4 – Octopus: This level is designated for traders with high trading volumes and a longer history on Exir.

5. Level 5 – Whale: This is the highest user level in Exir, reserved for traders with the highest trading volumes and the longest activity history.

This user level system is a common strategy among exchanges to encourage increased trading volume and user loyalty. By offering greater benefits at higher levels, Exir incentivizes users to focus their trading activities on this platform.

5.2. Deposit and Withdrawal Limits for Each Level

Deposit and withdrawal limits for fiat and cryptocurrencies are directly tied to the user level. As the level increases, these limits significantly expand:

Table 1: User Levels and Deposit/Withdrawal Limits in Exir Exchange

As shown in the table, deposit and withdrawal limits gradually increase with higher user levels. This system serves two main purposes: first, it provides more active users with greater flexibility in managing their capital. Second, from the platform’s perspective, it is a risk management strategy. By gradually increasing limits based on user activity and commitment (such as account age and trading volume), Exir can better manage potential financial risks and comply more effectively with Anti-Money Laundering (AML) regulations. The low fiat deposit limit for the Shrimp level (500,000 Toman per day) is an initial protective measure.

5.3. Trading Fees in Fiat and Tether Markets

The fee structure in Exir Exchange varies based on user level, order type (Maker or Taker), and market (fiat or Tether). This differentiation in fees is a common strategy to encourage increased market liquidity.

Table 2: Trading Fee Structure of Exir Exchange (Fiat and Tether Markets)

Explanation of Maker and Taker:

• Maker (Order Placer): Refers to a user who places an order that is not immediately executed (e.g., a limit order that does not match the current market price) and is added to the order book. These orders add liquidity to the market.

• Taker (Order Taker): Refers to a user who places an order that immediately matches an existing order in the order book and is executed. These orders remove liquidity from the market.

As shown in the table, fees in the fiat market decrease as the user level increases, providing a strong incentive for more active users. In contrast, Tether market fees are fixed and lower (0.05% for Maker and 0.1% for Taker) across all levels. These competitive fees in the Tether market are particularly attractive for day traders seeking to execute multiple trades with lower costs. This structure indicates that Exir is actively working to increase liquidity in Tether-based trading pairs, which are often used by professional traders for active trading.

5.4. Fee Discounts via Referral Code

Exir’s referral program not only helps attract new users but also allows existing users to earn income and receive fee discounts.

• Discount for Referred Users: Any user who signs up for Exir Exchange using a friend’s referral code receives a permanent 10% discount on trading fees.

• Commission for Referrers: The referrer (inviter) can earn 40% of the trading fees paid by their referred friends permanently. This referral income is credited to the referrer’s account weekly, on Fridays at 9:30 AM. To benefit from this commission, the referrer must have fully completed the verification process.

This system is a powerful marketing tool that promotes organic and sustainable growth of Exir’s user base. This approach effectively leverages social networks and interpersonal trust to expand the platform.

6. Advantages and Disadvantages of Exir Exchange

Like any financial platform, Exir Exchange has its own strengths and weaknesses that users should be aware of before choosing it.

6.1. Strengths

Exir Exchange offers numerous advantages that make it an attractive option for Iranian users:

• Proven Track Record and High Credibility: With over 5 years of operation (since 2017) and no documented reports of fraud or account manipulation, Exir boasts high credibility and reliability. This longevity in the crypto market reflects its operational stability.

• 24/7 Professional Support: Offering round-the-clock support through online chat and phone support during working hours ensures users have access to assistance whenever issues arise.

• Fast and Robust Verification Process: Despite initial stringent requirements, recent changes to the verification process (removing the need for selfie and landline verification for initial verification) have made it faster and more user-friendly. This approach balances security with ease of use.

• Secure Dedicated Wallet: Providing a secure internal wallet eliminates the need for users to manage external wallets, ensuring asset security within the platform. Storing assets in cold storage further enhances security.

• Competitive Fees: Exir’s fee structure, particularly in the Tether market (with fixed and low fees), is attractive for active traders.

• Diverse User Level System: The 5-tier user system with varying deposit and withdrawal limits offers greater benefits to more active users, encouraging increased activity.

• User-Friendly Platform and Android App: The simple and user-friendly interface of the website and dedicated Android app makes the platform accessible to a wide range of users.

• Demo Account for Practice: The ability to use a test account or demo allows new users to familiarize themselves with the trading environment and practice strategies without real financial risk.

• Attractive Referral Program: The referral program with 40% commission for referrers and 10% fee discount for referred users is a powerful tool for community growth and generating passive income for users.

• Support for Fiat Deposits/Withdrawals: The ability to directly deposit and withdraw Toman significantly facilitates the capital entry and exit process for Iranian users.

• Recognition as a Knowledge-Based Company and Awards: Endorsements from the Vice Presidency for Science and Technology and the Central Bank enhance Exir’s official credibility and legitimacy in the country.

• Services for Foreign Nationals: The exchange also serves non-Iranian nationals, expanding its potential user base.

6.2. Weaknesses

Despite its numerous advantages, Exir Exchange has some limitations:

• Limited Number of Listed Cryptocurrencies: Compared to major international exchanges, Exir supports fewer cryptocurrencies. This may pose a limitation for traders seeking high diversity.

• Lack of Native iOS App (Previously): Although the iOS app was recently released, for a long time, iOS users had to rely on the web application, which may not have provided an optimal user experience.

• Absence of Advanced Trading Features: Exir currently does not offer margin trading or futures trading. This limitation may be a disadvantage for professional traders seeking complex tools for leveraging or speculating on future prices.

• Lower Liquidity Volume: Compared to major global exchanges, Exir may have lower liquidity. This can lead to price slippage and difficulties in executing large orders quickly in high-volume trades.

These weaknesses primarily stem from the nature of operating as a domestic exchange in a sanctioned environment and a developing market. However, Exir Exchange’s overall services and features are sufficient to meet the needs of an Iranian user, significantly mitigating its drawbacks.

7. Comparison of Exir with Similar Exchanges (e.g., Nobitex)

To better understand Exir Exchange’s position in the Iranian market, comparing it with other prominent domestic exchanges, such as Nobitex, can be insightful. Both Exir and Nobitex are reputable platforms in Iran, but they differ in certain aspects that may influence user choice.

Table 3: Comparison of Exir Exchange and Nobitex

Comparison Explanation:

• Traffic and User Base: Nobitex has an advantage, indicating a larger user base and higher activity on its platform.

• Number of Cryptocurrencies: Exir supports a higher number of cryptocurrencies (over 171), while Nobitex is more limited in this regard. This Exir advantage is significant for users seeking greater diversity in their asset portfolio.

• Liquidity Volume: Nobitex has higher liquidity, meaning easier execution of large trades with less price slippage.

• Tether Networks (ERC20, TRC20): Both exchanges support the main Tether networks, crucial for Tether deposits and withdrawals.

• Fees: Overall, Nobitex’s fees are considered more competitive. However, Exir’s fixed and low fees in the Tether market can be attractive for active traders in this market.

• Online and Fast Support: Both exchanges perform well in terms of online support and response speed.

• Verification Time: Exir offers a faster verification process, which is an advantage for users looking to start trading quickly.

• User Interface: Nobitex’s user interface is generally considered more user-friendly and optimized.

This comparison shows that the choice between Exir and Nobitex depends on individual user priorities. If cryptocurrency diversity and fast verification are more important, Exir is a suitable option. However, if higher liquidity and slightly lower overall fees are prioritized, Nobitex may be the better choice. Ultimately, both platforms strive to meet the needs of Iranian users in the cryptocurrency space.

8. Latest News and Updates of Exir Exchange

Exir Exchange is a dynamic platform that continuously updates and adds new features to enhance user experience and respond to market needs.

8.1. Introduction of New Cryptocurrencies, Platform Updates, and Key Announcements

• Addition of New Cryptocurrencies: Exir actively expands its list of tradable cryptocurrencies. Recently, cryptocurrencies such as T (Threshold), JST (Just), AUDIO (Audius), and GLMR (Moonbeam) have been added to its Toman and Tether markets. These additions reflect Exir’s efforts to meet user demand and provide access to new projects in the crypto market.

• Platform Updates: On August 18, 2023 (27 Mordad 1402), Exir platform underwent a significant update, including:

  • Adding New Cryptocurrencies to Easy Buy: Cryptocurrencies like TON, PEPE, AGIX, ALGO (Algorand), ARB (Arbitrum), ETC (Ethereum Classic), PAXG (Pax Gold), and MANA (Decentraland) were added to the Easy Buy section.

  • Active Session Visibility: To enhance security, users can now view devices connected to their user account and terminate sessions if discrepancies are found, giving users greater control over account security.

  • Bank Card Removal Option: Users can now delete their registered bank card numbers if needed, offering greater flexibility in managing bank accounts.

• Other Key News and Announcements:

  • iOS App Release: On November 5, 2024, Exir announced the release of its iOS app, a significant development for iPhone users who previously could only access Exir via the web application.

  • Addition of TON Market and Staking: On November 5, 2024, the TON market was added to Exir, and staking functionality was introduced, allowing users to earn profits by locking their assets.

  • Introduction of Stop Limit Service: On December 3, 2022, Exir unveiled its stop-limit service, enabling users to set orders to execute automatically when the price reaches a specified threshold, useful for risk management and profit optimization.

  • Addition to CoinMarketCap: On June 7, 2020, Exir was added to the list of reputable exchanges on CoinMarketCap, a significant step toward increasing its international visibility and credibility.

  • "Verify Without Selfie or Landline!" Announcement: Published on August 28, 2023, this announcement highlighted the simplification of the initial verification process, as detailed earlier.

This continuous stream of updates and new feature additions demonstrates that Exir is an active and dynamic platform, constantly evolving and adapting to user needs and market changes. This approach is critical for maintaining competitiveness and attractiveness in the fast-paced cryptocurrency industry.

9. Conclusion and Recommendations

9.1. General Summary

Exir Exchange, as one of the pioneers and reputable platforms in Iran’s cryptocurrency sector, plays a vital role in providing Iranian users with access to the global crypto market. Starting its operations in 2017 with over 200,000 active users, it has garnered significant trust within the domestic investment community by offering a secure and user-friendly environment.

Exir’s focus on providing core trading services (spot trading) with support for a wide range of cryptocurrencies (over 171), a diverse user level system with gradual benefits, and a transparent and competitive fee structure (especially in the Tether market) makes it a desirable option for many users. The presence of a secure dedicated wallet, 24/7 support, and an attractive referral program are among its other strengths.

Exir’s significance lies not only in its trading services but also in enabling access to the crypto market amidst international sanctions that restrict Iranian access to foreign exchanges. Its recognition as a knowledge-based company and receiving a certificate of appreciation from the Central Bank enhance its official credibility and legitimacy in the country. Additionally, its ability to serve foreign nationals expands its reach.

Despite some limitations, such as lower liquidity compared to global exchanges and the absence of margin or futures trading, Exir demonstrates dynamism and responsiveness to user needs and market changes through continuous updates (e.g., simplified verification process and iOS app release).

9.2. Recommendations for Users

To maximize the benefits of Exir Exchange’s services and ensure asset security, the following recommendations are provided:

• Importance of Completing Verification: Completing the verification process, even with recent simplifications, is essential for accessing all platform features and increasing deposit and withdrawal limits. This process also enhances account security.

• Regular Monitoring of Announcements: Users should regularly check the announcements and news section of the exchange to stay informed about updates (e.g., new cryptocurrency listings, process changes, or new features like staking).

• Risk Management in Spot Trading: Given the absence of margin or futures trading, users should tailor their risk management strategies to spot trading (instant buying and selling). Understanding market volatility and avoiding leverage requires a cautious investment approach.

• Enabling Two-Factor Authentication (2FA): Activating 2FA (e.g., Google Authenticator) is highly recommended to maximize account security, preventing unauthorized access even if the password is compromised.

• Checking Liquidity Before Trading: Before executing large trades, especially for less-known cryptocurrencies, users should check the trading volume and liquidity of the asset on Exir. Low liquidity can lead to price slippage and unfavorable order execution.

• Using the Demo Account: For new users, utilizing the demo account (test account) to familiarize themselves with the trading environment and practice strategies without real financial risk is highly beneficial, boosting confidence and reducing potential errors in real trading.

• Attention to Deposit/Withdrawal Limits: Users should be familiar with user levels and their associated deposit and withdrawal limits to plan their financial activities accordingly.

By considering these recommendations and leveraging Exir Exchange’s features, Iranian users can engage in the cryptocurrency market with greater confidence and efficiency.