Liqui Review- is it safe enough?
Quick inner navigation:
Cryptocurrency exchange is an online platform that acts like a bank or a foreign exchange bureau where various forms of currencies are traded for each other electronically. That is cryptocurrencies are traded for each other or for fiat currencies which are conventional. In essence, they operate like the stock exchange where coins of different types compete for value in the trade.
Cryptocurrency exchange sometimes does not have a centralized regulatory authority such as the central banks where policies that govern their circulation are formulated. But preferably they are decentralized and more flexible, and they operate on a customer basis. They would come in handy and prove to be helpful especially to nowadays business entities and individuals who transact globally through the various cryptocurrencies hence the need to access various currencies. Check our Liqui review before choosing Liqui exchange platform.
What is Liqui?
Liqui is a prompt online cryptocurrency exchange platform which has strong liquidity in Ethereum and other altcoins. Liqui exchange offers numerous cryptocurrency exchange services worldwide whereby you can exchange one cryptocurrency for another cryptocurrency or fiat money. A distinguishing and unique feature about Liqui is that it provides a savings account whereby a customer could earn up to 24% annual percent rate (APR). This unique feature makes Liqui stand out among other cryptocurrency exchange.
- Liqui is headquartered in Kiev, Ukraine East of Europe.
- Liqui as a company was inaugurated and incorporated by seven individuals in July 2016 and has had two years of good standing.
- As a cryptocurrency exchange platform, Liqui is supported worldwide and has remote workers in Armenia, the United States, and Russia.
Is there any special feature that distinguishes Liqui and makes it stand out?
- A unique feature about Liqui is that it has no verification process for one to start trading. Once registered one is good to start trading, that is, buying and selling of cryptocurrencies on the platform. One could decide to put up their pricing or scroll down on the site to choose from the existing buying and selling orders.
How does Liqui work?
Liqui gathers and suggests the most convenient cryptocurrency exchange rates from the most renowned cryptocurrency exchange platforms. As for the saving account features on Liqui, there is a limit as to how much you can deposit in your account. Fees for the actual interest is calculated by the minute for currencies like Ethereum (ETH) and Bitcoin (BTC). Savings account funds are never blocked or frozen and can be withdrawn at all times. Deposits could also be canceled and be immediately made available for trading. A customers percentage rebate from each transaction and their trading volume are the indicators that the limit is based on. The interest in the other hand is paid on the cryptocurrency coin you deposited.
Trading on Liqui
- Whereas there are no limits for deposits or withdrawals, limitation of buying and selling amounts are based on the trading volume a customer or a client engages in.
- Liqui accepts payments in more than the 60 cryptocurrencies it has listed on its exchange website.
- That notwithstanding, a customer or client could also purchase cryptocurrencies using their fiat money such as the Euro or the USD credit cards and debit cards.
- There are over 60 cryptocurrencies currently listed on Liqui. In addition to that, Liqui accepts fiat money exchange such as the Euro and the USD.
- Liqui exchange has some limitations in that the buying and selling amounts each have their limits regarding withdrawals. Each pair has a different minimum, and maximum limit amounts unto which trading can be carried out.
Available cryptocurrencies on Liqui
The exchange platform Liqui currently supports 60+ cryptocurrencies which include: Ethereum (ETH), Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), Digital Cash (DASH), Stellar (XLM), Cardano (ADA), Nano (XRB), Vechain (VEN), ZCash (ZEC), IOS Token (IOST), Iconomi (ICN), among many more others.
- Liqui has a basic format of its fee structure. All transactions on Liqui undergo through a blockchain and thus are subject to fees. Trading fees in Liqui are categorized into two, that is the maker fee and the taker fee.
- At the outset, Liqui’s trading fees were at 0.5% with half of that, e. 0.25% coming from each party. However, due to the dynamics of the trading markets, its rate has since undergone some change, and subsequently, Liqui has adjusted its fees. Its orders are paid by these three means; USD, BTC and ETH. The fee structure is as follows;
- A taker fee of 0.25% is imposed on those who buy or sell from the first available bid/ask. Conversely, there is also a maker fee of 0.1 %; makers are the traders who yield liquidity to the exchange by putting forward their bids, the takers are then compelled to reimburse the costs.
- The commissions from Liqui are comparatively competitive. Further down is a tabular depiction regarding what Liqui contemporaneously proposes as network fees for the transactions it carries. The fees are nonetheless susceptible to fluctuation.
What do Maker and Taker mean?
A trading transaction usually takes place between two participants: the maker whose order exists on the order book preceding the trade. On the other hand, the taker is the participant who places the order that matches (takes) the maker’s request. Makers are so known given the fact that their orders make the liquidity in a market. Takers, in particular, are those who remove this liquidity by matching the maker’s orders by their own.
- Creating a new account on Liqui is easy. One would be required to visit their website and click on the sign up for a new user.
- For starters, a confirmation email is sent to the provided email; this means that one has to have an email account to register on Liqui. Once the verification email has been sent you just click on it, and you will be good to start trading on Liqui.
- There is no further bureaucratic registration and verification protocols and procedures to be followed, Liqui has a pretty standard registration process.
Is Liqui safe?
There is general apathy and especially by bonafide users of Liqui. The trajectory of this apathy leans on the side and the apparent fact that Liqui customer care service has been unresponsive and not up to the customer satisfaction level. This is more so in the way they handle customer response.
Basing on the customer’s concerns about the safety of their coins on Liqui.io, the platform has invested resources geared towards reinforcing the already established security features. It has put in place some measures aimed at ensuring the safety of customers coins on the platform is guaranteed.
For the fact that the exchange platform gives liberty to users to receive coins in the wallet of their choice, this results in a greater percentage of the security concern being levied on the user. It becomes the responsibility of the user to employ watertight security measures on their Liqui accounts. This avers that for a user selecting a secure wallet to store and transact their cryptocurrency is inordinately prescribed.
Regarding customer support, Liqui has a variety of available options for its customers. At the Frequently Asked Questions (FAQ’S) section on their website, much of customer inquiries have been addressed. Customers discontented with the aid furnished at the FAQ’Ssection could further their inquiries to their email address for a more concise and personalized response. In addition to that those who would prefer instantaneous replies to their inquiries could have a one-on-one live chat with the Liqui customer care team via their website upon request.
What are the user’s reactions and comments about Liqui exchange?
In the decentralized and unregulated cryptocurrency market, the liability falls on the user to look out for a reliable cryptocurrency exchange. Taking up extra time to consider what is offered to you can save you a fortune in transaction fees and also make swift your transaction times, and make it simpler to purchase cryptocurrency with your preferred method. However, lately, numerous customers complained about Liqui.io cryptocurrency exchange platform. This ranges from security to trust issues with the platform.
People are becoming leery of the split orders because of arbitraging. Liqui is not a reputable online cryptocurrency platform because of issues such as the discreetness of its management. In addition to that, a number of customers complain about not being able to log in after registering. Furthermore, others complain of poor customer service in case they try to reach them for inquiries.
There is a sizeable number of customers complaining about unresponsive customer service and the nonexistent reply to the confirmation email which is needed for one to proceed with trading on the platform.
What are the measures taken by Liqui.io to enhance security?
- On enhancing security, Liqui.io has incorporated some security features such as tw0-factor authentification (2FA) which could be enhanced after one has created their accounts and profile.
- Also, API security is incorporated. At Liqui, they concur that security is not something that you perfect on and this explains why they had to come up with a post on an event to figure out bugs in their security configuration and website.
How to use Liqui?
- For a customer to benefit from the services offered at Liqui, they have to first of all register on the platform by creating a Liqui.io account on their website using their email addresses. This could be found at liqui.io.
- One would be required to fill in an email ID and then create a password. Agreeing to the terms and conditions of the platform is required and mandatory for one to proceed. This is because the terms and conditions are the agreement that binds the customer and the platform.
- After one click on the “I agree” button to the terms and conditions, a verification email would be sent to the provided email address.
- The users will have to log into their email accounts and open the links sent to validate their accounts.
- The validated accounts would then generate a safe exchange community afterward making a reliable platform for users. Accordingly, the users could invest freely and embrace the new way of payments without having to worry about the potential risk of cybercrimes.
“Could Liqui be a trusted online cryptocurrency platform?” Liqui is an averagely rated crypto-exchange platform. Save for the fact that there is scant information available regarding the identity of the proprietors. Liqui could be used to make conversions from Bitcoins to other altcoins swiftly. The platform having been officially launched some two years ago has made a magnificent upward trajectory and is seemingly promising a brighter future.
Pros of using Liqui
- As a platform, it supports many coins.
- There is no verification needed.
- It provides multiple trading markings to select from.
- The fees are relatively low except for the fiat currencies.
- No personal information is required for use.
- It is an easy and convenient way to switch between cryptocurrencies.
- The proprietors of Liqui have not come clear on their identity.
- Users have lamented over the exorbitant fees when making conversions to fiat.
- Users report of bad customer support.
Thank you for reading our Liqui review. I hope it was hopeful for your trading venture. Feel free to check our site for more and to send us any queries!