What is the LakeBTC exchange?
The LakeBTC exchange is considered one of the Big 4 Bitcoin platforms available to cryptocurrency users. The project began in 2013, when the site was aimed at professional traders and financial experts. It is currently owned by Lake Investments Limited and its customer support is sited in Shanghai, China. However, it is registered in the British Virgin Island.
Most of the sites popularity is a result of the Asian market. However, it does accept fiat currencies from across the world – and offers languages for multiple countries, including: Chinese, Japanese, French, Spanish, Swedish and Portugese. This suggests they see themselves as a global exchange. The only place where you cannot use Lake BTC in in New York State, as you are required to hold a licence to trade in Bitcoin. The regulations surrounding getting a license are strict and many platforms have not attempted to apply for trading here.
LakeBTC is also a place where you can store your Bitcoin. It provides all accounts with a Bitcoin wallet. This means you have the option of withdrawing any purchases to your own wallet or leaving them on the LakeBTC site.
The LakeBTC exchange also offers merchant tools, which helps individuals and businesses to accept payments – and in a way that is virtually free. This is a way that organisations can avoid large fees and delays in transactions across borders. It is important in a LakeBTC review to offer some note of caution about this, however. There have been some reports of delays for withdrawals in USD and Bitcoin as a virtual currency has struggled to maintain the speed of transaction required in today’s global market.
How LakeBTC works?
LakeBTC is an interesting alternative to Ripple. Ripple was set up as a means of international fund transfer – with virtually free and speedy transactions. It is possible to use the LakeBTC exchange to transfer funds to someone somewhere else in the world. However, it only hosts six cryptocurrencies, including Bitcoin, Litecoin, Ethereum, Ripple amongst others.
To deposit funds onto the site is straightforward. You can get money to the site using bank wire tranfers, MoneyGram, PayPal, Western Union – and others. However, it does not accept credit and debit card payments.
As the LakeBTC exchange is aimed at professionals in the financial sector, there are a wide range of trading options. These options include limit orders, which are also fine for beginners. However, there is the choice for Darkpool orders, Maker Only orders and Over the Counter trading – which allows you to trade directly with the person selling the coins. This OTC trading may offer flexibility, but it also comes with greater risk.
There are three different account types on offer. There are unverified accounts, which can be used to trade within limits but anonymously. Then, there is an individual and a corporate account. As soon as any trade involves fiat currency, you will need to verify the account before you can deposit or withdraw currency. Verification involves the same steps as most other exchanges – including photo ID, Proof of Address, selfie with ID documents and more. A corporate account asks for the CEO name to be verified – but there are no trading volume limits for these accounts.
Key information about LakeBTC
Before offering a LakeBTC review, it is important to explore details about security, reliability and fees.
LakeBTC takes security seriously and claim to have extensive experience in risk management and internal control. The site has seen controversy and hacking – but has been free from major dramas since 2015 – with only a few information glitches.
The SSL encryption and 2FA security measures are pretty much as you would expect of a top-level cryptocurrency exchange. It also hosts most of the coins in cold storage, which means it is out of the reach of hackers – as the coins are held offline. Even though the LakeBTC exchange uses cold storage, it enjoys high liquidity between the most popular trading pairs. There is also the option for SMS alerts and email alerts – should your account be accessed.
The fees on the site are relatively straightforward in comparison to other sites. The percentage fee rises proportionally to the amount of cryptocurrency you are trading. The fees range from 0.1% to 0.7%. This makes the site about average in the fees charged.
In terms of customer support, you can seek help via email, SMS, social networks and telephone. Telephone support is in English and Mandarin.
Your LakeBTC Review
- the site has an easy to use interface – as well as advanced options for algorithmic trading.
- the security measures employed by the site are extensive – including SSL encryption, 2FA and SMS alerts
- it is possible to trade peer-to-peer on the site, and although a higher risk option, this does offer flexibility – it is also possible to trade peer-to-peer with an unverified account – meaning you do not have to reveal your identity.
- the corporate account permits unlimited trading.
- the main complaints about the site come from users who have had their accounts locked, but this is because the site runs risk management protocols that can be quite severe.
- there have been concerns about the sites connection with the Chinese government and whether it can be relied upon to continue trading – this is an important consideration for whether you hold your funds on the site or transfer them to an alternative wallet,
- the site does not accept deposits from credit and debit cards
- the withdrawal of money can be slow – with some delays spreading out into the weeks.
Overall LakeBTC Review
Our overall LakeBTC review is positive. Although there are some notable concerns – with money lost in past hacks, some misinformation, accounts being locked and slow payments – the site is seen as legitimate. It offers reliable exchanges between the main trading pairs. There is a range of choices on the site that are suitable for the beginner and those with more advanced experience in trading.