4.5 out of 5 based on 6 reviews.Overall rating:
|Features||Cold storage for customers’ funds|
|Trading Fees||0.0 - 0.15%|
|Withdrawal Fees||1% + 5 USD|
|Tradeable Coins||Bitcoin (BTC) Ethereum (ETH) LiteCoin (LTC) Bitcoin Cash / BCC (BCH) Ripple (XRP)|
- High security level
- Supports a lot of fiat currencies
- Relatively low fees
- Company has a main focus on the Asian market
- Their website works slowly comparing to other platforms
LakeBTC appeared in 2013 in Shanghai, China. Initially, this platform provided services to experienced traders and high-volume customers. Today, they do serve ordinary traders from all over the world, however Asian market is their main focus. Currently, LakeBTC offers only bitcoin/fiat currency pairs. There are no other coins here, but the range of available fiat currencies is pretty large.
So, let’s discuss all important aspects of the service and review some key nuances.
How it works?
Like any other trading platform, LakeBTC requires registration. If you have some bitcoins to trade with, you won’t need to go through verification of your account. However, if you are looking for an opportunity to trade with fiat money – your identity must be verified.
The verification process is standard:
- Provide your full name and address. Make sure to mention your real name, because withdrawals can be done only that way.
- Scan or photo of your document. ID, driver’s license, passport will do. Make sure to provide photos/scans of both sides of the document.
- Include your mobile phone number.
- Provide your proof of residency not older than 3 months.
- A selfie with the documents is required for those who plan to trade with big amounts of currency or live in certain countries.
After you are done with registration, you can start trading. The exchange accepts many various fiat currencies, including USD, EUR, CNY, SEK, AUD, JPY, HKD, GBP, CAD, CHF, SGD, KRW, ZAR, BRL, MXN, ARS, INR, IDR, NZD, MYR, RON, TRY, NGN, VEF, XOF, XAF, KES.
However, there a rule for fiat money – once you register an account in a certain currency, withdrawals and deposits can be done in that currency only. However, there are no such limitations for trading – you can sell and buy all available types.
Trading fees are 0.2% for buyers and 0-0.15% for traders. Fees for traders depend on their activity – the higher the monthly volumes, the lower the fees. If you trade more than 20.000 BTC per month, you won’t have to pay any fees. However, if you trade less than 500 BTC, you are charged with 15% fee.
And now we are going to warn you about some limitation LakeBTC has for customers:
- Order limit
Initially, this limitation is used to protect newcomers from loosing their investments.
Large orders are made invisible to lessen the impact they make on the market. This trading option has a higher fee than a standard one.
- Maker only
This function sued when a user pays “maker” fees, cancelling all “taker” orders.
Currently, the website doesn’t support short and margin trading, but these functions will be activated in the nearest future. Futures and derivatives are also absent here.
- LakeBTC offers low fees for all operations.
- The platform has a minimalistic and clear design, which makes it understandable for newcomers.
- Today, the platform improved security system and added two-factor authentication and SMS notifications. Most customers’ money are in the cold storage, which is a good sign. Maybe, the reason for these improvements is a hacking attack once made against LakeBTC.
- The website accepts many fiat currencies for trading.
- The company stopped developing its features and functions a long time ago and doesn’t seem to be competitive with the rest of the market.
- There are no other coins accept bitcoin here.
Generally, LakeBTC is a nice option with some unique offers like a really wide range of fiat currencies. They care about customers’ security after an incident with a hacking attack and try hard to protect your data and money. In a word, it is a trustworthy service to get some bitcoins for your native currency. We hope that LakeBTC will grow and present more advanced features with time.