Being one of the big four platforms that form the bitcoin price at CoinDesk Bitcoin Price Index (BPI), it is inevitable to at least hear about LakeBTC. No matter where you come from or what trading preferences you might have, LakeBTC should be on your radar due to its popularity.
This review investigates the LakeBTC, in terms of its trading functions, verification demands & process, fees and currencies accepted. We finalize the report with pros and cons that can be compared with other competitors in the market, such as HitBTC and Binance.
LakeBTC is one of the largest bitcoin providers in the world, offering its services globally. The platform offers two types of marketplaces where you can purchase coins, which are a regular exchange and OTC (over the counter).
The name stands for Lake Banking Technology Company, based in Shangai, China. The website is a spin-off firm the organization called LakeBanker, which dedicates its efforts towards free banking transactions.
Since LakeBTC is a registered company, it follows AML (anti-money laundering) and KYC (know your customer) policies. Thenexhcnage also offers wallet services for its clients, a product with its own security features and functions.
The support can be reached directly through the mail while extensive FAQ section serves as a primary source of information when it comes to trade issues.
Account Creation and Verification
The account creation at LakeBTC takes less than a minute, as all you have to provide about yourself at this stage is your email and password. You would need to verify your email address by simply clicking on the provided link that LakeBTC has sent to you.
As for the verification, trading cryptocurrencies at LakeBTC does not require any sort of identity check. Situation changes when you wish to involve fiat money, like USD or EUR into your trading strategy. The process itself is very simple, as you need to provide personal details (first and last name, as well as ID number, ) as shown in the picture below.
You should also provide your scanned ID in the same application, due to the KYC and AML policies that the firm follows.
There are only four cryptocurrencies that you can trade at LakeBTC, them being bitcoin, Litecoin, LakeBanker Banc and Ethereum. Compared to Binance who has over 50 of the coins available, the number can be considered as low. On the other hand, LakeBTC is an exchange that thrives with fiat currencies, with 33 of them accepted.
You can make up any trade pair that suits you, meaning that you can combine Thai Baht and LTC for example.
There is a number of available deposit and withdrawal options that you can use at LakeBTC. You can transfer funds around using bank transfers, credit cards, Western Union, MoneyGram, cash deposits, OKPay, Perfect Money, PayPal, Payza, Skrill, Neteller, Leupay, CHATS, and LakePay.
The fees for payments you wish to make using fiat money depend on a variety of factors. Your reputation, market trend, and type of options are the three main determinants of the costs you will incur while buying coins.
Fees and Exchange Rates
Other than deposits and withdrawals, you also need to take into account trade fees, which are structured through taker and maker system. The LakeBTC charges between 0% and 0.15% for maker orders while takers would cost exactly 0.2%. The costs in this structure depending on the monthly volume you have achieved.
The OTC trading is little more expensive as you need to pay 1% on the transaction value. The fees are still lower than in Binance while HitBTC has lower costs, fixed at 0.01% for long-term and 0.1% for immediate orders.
As for the exchange rate, since the platform specializes in a limited number of coins, the rate is narrow between buy and sale price.
Being one of the four large exchanges that determine the CoinDesk’s BTC value, LakeBTC has 1uite deep liquidity of coins and fiat money. It is a more powerful exchange than HitBTC and Binance in terms of volumes traded on the daily (monthly even more so) basis.
LakeBTC offers instant and very limited margin trading marketplaces, alongside with OTC desk. The instant purchases work as with any other online exchange, as you provide your fiat currency in exchange for crypto. The margin trading, as shown in the picture below, uses either current market price or you specify the value you wish to trade once the coin reaches it.
You have the leverage of up to 20 times of the value in the “OneClick” function. The OTC works as ad offers, where you seek out the best available option in the marketplace. Here, the volumes are larger, providing traders that are more serious with the liquidity they need, as shown below.
The LakeBTC started as a LakeBanker project in 2013, providing online exchange services for both individuals and institutions. Most of the functions offered then are still around, with several fiat currencies added to the pool as the time passed by.
The exchange became part of the CoinDesk’s BPI in 2014, signifying the large growth of the company.
As for the safety of your account, you are stuck with good old username, password, and two-factor authentication (2FA) triangle. API keys can also be used but they are quite common now in the market as well, with both HitBTC and Binance offering them as well.
Since the firm operates with a good reputation, we deem security lacking in functions, which needs to be changed in near future.
Pros and Cons
⬤ a large number of fiat currencies available
⬤ big volumes can be found at OTC desk
⬤ more than sufficient liquidity rate
⬤ variety of fiat deposit/withdrawal methods
⬤ verification needed for fiat transactions
⬤ lack of security functions (only 2FA available)
⬤ a small number of cryptocurrencies available for trade
⬤ limited trading functions
If you are looking for a way to get your hands on large quantities of bitcoins, LakeBTC should be one of your first choices. You should withdraw the coins as soon as possible though, as security features are very limited in number and scope.
The variety of purchase methods and simple trade would allow you to get transactions done fast but experts in the industry will be disappointed with lack of proper margin trading functions.