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The reason why crypto-trading has become so big is that people are actually making money from it. And it’s not just crypto traders that are making money, also the platforms that support crypto trading are raking in huge profits. Why do you think they are so many crypto trading exchanges today then there were two years ago. And by the look of things, crypto trading is absolutely not going to die a natural death anytime soon.
But with so many exchanges to choose from, it can get a bit tricky when it comes to finding a good exchange. Fortunately, they are many reputable and trustworthy exchanges online and it’s just a matter of knowing where to look.
Initially, most exchanges only supported Bitcoin trading. But, now, many of them support multiple cryptocurrencies as well as fiat currencies. But, there are some which only support digital currencies, but not fiat.
But to make things easier, it’s best to go with an exchange that supports both and this is why LakeBTC is one of the best exchanges on the internet. In this review, we will try to answer common questions like “Is LakeBTC legit?”, “Can I trust LakeBTC?” and many more.
What is LakeBTC?
LakeBTC began operating in 2013 as Bitcoin exchange for crypto traders and other professionals interested in blockchain technology and digital currencies. Lake BTC is short for Lake Banking Technology Company.
LakeBTC is located in Shanghai, China. However, the website was registered in 2013 by an American called Micheal Smithland, who apparently lives in New York.
What countries does LakeBTC support?
LakeBTC is worldwide. It accepts clients from Asia, Australia, Africa, Europe and the USA. However, there are certain countries and US states (New York) that are restricted from using the exchange.
Buying and Selling on LakeBTC
LakeBTC accepts these payment methods:
To buy Bitcoins on LakeBTC, here is what you need to do,
- Register an account
- Make a deposit by clicking on the “Wallet” tab. You will need to select the currency and payment method you wish to use. Then enter the amount you want to deposit and then click the “Submit” button.
- Once the process is complete and you are “loaded”, you can go ahead and buy by clicking on the “Trade” button and then the “Ask Price” tab. Enter the amount you wish to buy, then click on the “Buy” button and Voila!, you are done.
Selling on LakeBTC
To sell Bitcoin and get fiat currency, this is what you need to do,
- Register an account
- Deposit BTC into your account by clicking the “Deposit” button and then the “BTC” tab. An address will appear, which is where you will deposit your BTC. Make sure you fill in the address correctly, double and triple check if must because no BTC transaction is reversible.
- Sell your BTC by placing an order
- Once you have completed the selling process, you can send your fiat currency via bank transfer or any of the other payment options available on the website of your choosing.
LakeBTC has no limits on deposits, withdrawals or trading volumes.
The only cryptocurrencies available on LakeBTC are Bitcoin, Ethereum, and Litecoin. But it does support a number of fiat currencies including, but not limited to the following: USD, CNY, GBP, AUD CAD, EUR, JPY, SEK, SGD, HKD, CHF, KRW, BRL, ARS, XOF, XAF, KES, VEF, TRY, RON, THB, and MYR.
Getting verified on LakeBTC
To trade cryptocurrencies on LakeBTC, you do not need to verify your identity. You can, therefore, trade crypto for crypto without going having to go through the verification process.
For fiat currency, however, you have to verify your identity and LakeBTC login. The process is pretty standard and straightforward.
Here are the requirements for the verification process,
- Your full names and address.
- Photographs of your ID along with your driver’s license or passport.
- Both sides of each document must be photographed.
- You need to provide a verified phone number, usually a mobile number.
- You need to provide proof of where you reside.
- A selfie while holding your ID and other identification documents may be required if you are trading high volumes.
- This is also a requirement for users who reside in certain countries.
With unverified accounts, there are no trading limits. Generally speaking, LakeBTC is quite fair to unverified uses and it makes it easy for them to trade cryptos, as long as they are not trading fiat currencies.
Deposits made in BTC are free. Fiat currency deposits incur a fee, but it varies. The actual fee amount to be paid is based on the amount, payment method, currency, market and a number of other factors. Third party/bank fees are paid by the user. It is important to remember this when transacting via an intermediary.
BTC withdrawals are free. For fiat currency withdrawal, the actual fee amount charged is based on the amount, supply-demand, currency, your reputation, payment method and other factors. Third party/bank fees are not included.
Trading takers pay a fee of 0.2%, while trading makers are charged based on their monthly trade volumes, and the charges are as follows,
|below 20,000 BTC||0%|
|below 15,000 BTC||0.02%|
|below 6000 BTC||0.04%,|
|below 3000 BTC||0.06%|
As you can see, the fee decreases as the volume increases. So any trader trading monthly volumes that are above 20,000 BTC is not charged a fee. However, traders whose monthly trading volumes are below 500 BTC are charged a fee of 0.15%.
What makes LakeBTC special?
LakeBTC is loaded with some fantastic features designed to enhance user experience. These features include:
Multiple Trading Tools
LakeBTC provides trading APIs for expert users who wish to engage in market making, algorithm trading, or arbitrage.
LakeBTC boasts of providing excellent liquidity to merchants, individual traders, arbitrageurs, miners, institutions, and traders. It claims to be among the top four exchanges in the world in trade volume.
LakeBTC has put in place measure to ensure fairness and reduce market manipulations. These features include:
- Market surveillance program.
- Carefully designed products.
- Strict internal controls.
- Comprehensive risk management.
Is LakeBTC safe?
Before you start trading on this platform, it’s good to ask yourself one question, is LakeBTC legit? Based on community feedback and user reviews, it’s safe to say that LakeBTC is safe. If you do some research, you will find that the company’s corporate background is solid.
LakeBTC boast of years of internal control and risk management experience in the financial industry of which it has built a solid foundation to ensure that customer’s funds and privacy are secure and safe.
LakeBTC has set up security measures to ensure that it protects its users from bot bugs, Bitcoin theft, market manipulators, online fraud, flash crashes and financial predators.
LakeBTC uses the following security measures,
- SSL encryption.
- Strong internal control.
- Market surveillance program.
- Google Authenticator.
- SMS and Email notifications.
- Cold storage.
You can contact LakeBTC’s customer support team via SMS, email, social media, instant messaging and phone. The service is available in the following languages: English, Chinese, Japanese, Portuguese, French, Swedish, and Spanish.
You can also check out their FAQ page, which is quite comprehensive and provides a lot of helpful information. But, generally, the support team is professional, efficient, and very responsive.
- Deposits via bank transfer usually take 1 to 5 days
- Crypto deposits are completed after a number of confirmations.
- There is no information on how long the verification process takes, but apparently, unverified users have to wait longer than verified users.
- The waiting period also depends on the payment method used.
- The site is responsive, but the load time is slightly slower compared to other platforms.
- It does not have an app, but it works pretty well on mobile devices.
How to use LakeBTC?
To use LakeBTC,
- Register an account, and deposit some coins or fiat currency to begin trading.
- LakeBTC has two interfaces. One is a standard trading interface and the other is the “Lake Trader” interface, which is meant for advanced users.
LakeBTC Review Summary
LakeBTC is popular because it offers traders important tools to execute lucrative trades. It has an extensive financial experience and this is the reason that sets it apart from the other platforms.
In addition, LakeBTC is one of the few Bitcoin exchanges that have the privilege of determining CoinDesk Bitcoin Price Index (BPI). It is also a Gateway Member of International Ripple Business Association.
LakeBTC is a great exchange for both beginners and experts. Thanks to the low fees and amazing interface it makes it one of my favorites.
Thank you for reading this review, we hope it helped you to have a better idea about LakeBTC. Check out our website for more articles that will help you become a cryptocurrency guru.