- API Connectivity
- Top 5 Cryptos
- Secure Environment
|Support Types||Phone , Email , SMS , Social Medea , Chat|
|Languages||English , Chinese , Portuguese , Japanese , French , Spanish , Swedish|
|Trading Platform||Web | LakeTrader|
|Minimum 1st Deposit||No Minimum|
|Minimum Account Size||Credit, Debit Card, Western Union|
|Minimum Trade Amount||1 Unit|
|Maximum Trade Amount||No Maximum|
|Free Demo Account|
|Account Types||Real Money|
|Deposit Methods||Bank Wire · SEPA · Western Union · MoneyGram · Cash · OKPAY · Perfect Money · PayPal · Payza · Skrill · Neteller · Leupay|
|Withdrawal Methods||Bank Wire · SEPA · Western Union · MoneyGram · Cash · OKPAY · Perfect Money · PayPal · Payza · Skrill · Neteller · Leupay|
|Trading Currency||Bitcoin (BTC) , Litecoin (LTC) , Ethereum (ETH) , Bitcoin Cash (BCH) , Ripple (XRP) , LakeBTC Token BAC|
|Account Currency||USD, CNY, SEK, EUR, HKD, JPY, GBP, AUD, CAD, SGD, CHF, KRW, ZAR, ARS, BRL, MXN, INR, NZD, IDR, THB, MYR, TRY, RON, VEF, NGN, KES, XAF, XOF|
|US Traders Allowed|
- More than 20 Fiat currencies
- Low Fees
- Wire transfers might take up to 5 days
- Only major cryptos
LakeBTC Exchange – About the Company
LakeBTC is a Shanghai-based Bitcoin exchange which was founded in 2013 by Lake Banking Technology Company, a financial services firm. LakeBTC provides services to experienced high-volume cryptocurrency trading and investment professionals mainly in Asian markets. LakeBTC is one of the most popular crypto exchanges not only in Asia but around the world. It is available in most countries but the State of New York. LakeBTC also accepts most of the popular fiat currencies. In this LakeBTC Review, we would provide a step by step guide to investing in Bitcoin, Ethereum and other digital assets with LakeBTC Exchange.
LakeBTC has recently launched new projects called LakeBanker, which allows people to run crypto exchange in their local area. LakeTrader is a web-based trading app that allows traders to view order book data, open orders and trade history, a number of powerful charting tools allowing both technical analysis and one-click trading. There is currently a Token sale going under name BAC.
How to trade Cryptocurrency with LakeBTC
LakeBTC offers to trade in the following cryptocurrencies:
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Ripple (XRP)
- LakeBTC Exchange Token BAC
Traders can use the following order types:
- Limit Order. Used primarily as a hedging tool
- Darkpool. For large trades making them invisible to protect from the impact on the market. It carries higher fees.
- Maker Only. Used only when traders want to pay only the Maker fees. Taker orders are automatically cancelled.
Margin trading and short selling are not yet available but LakeBTC promised to introduce these features soon.
There are no trading limits for unverified accounts.
LakeBTC Review – Fees & Charges
LakeBTC takes deposits in a wide range of fiat currencies including but not limited to USD, CNY, SEK, EUR, HKD, JPY, GBP, AUD, CAD, SGD, CHF, KRW, ZAR, ARS, BRL, MXN, INR, NZD, IDR, THB, MYR, TRY, RON, VEF, NGN, KES, XAF, XOF.
The Deposits are free of charge. Wire transfers can take up to 5 days and cost between $15 and $60. LakeBTC is based in China so some of the costs could be higher. As an alternative to wire transfer, users can use Ripple network for payments which works super fast and has low fees. Deposits via System Banker are also free.
LakeBTC also accepts bank wire transfers, cash transfers, CHATS, LakePay, Leupay, MoneyGram, Neteller, OKPAY, PayPal, Payza, Perfect Money, Skrill and Western Union. Unfortunately, LakeBTC doesn’t accept debit or credit cards as of yet.
This LakeBTC review won’t be complete without mentioning that withdrawals in Bitcoin are free and for fiat currencies, traders need to submit a request. The fees may vary.
Withdrawal fees with System Banker are fixed and depend on volume:
- below 6000 BTC – 0.3% + 5 USD.
- between 6000 and 15,000 BTC ,-0.2% + 5 USD
- For volume above 15,000 BTC – 0.1% + 5 USD
LakeBTC Review – Trading Fees
The trading commission is fixed at 0.2% for the Taker and between 0 and 0.15% for the Maker. The difference between Maker and Taker fees are (according to GDAX):
- When placing an order that is immediately filled in entirety (for example a market or stop order) you are a “taker,” and pay a “taker” fee for this. The idea is that you are “taking” the price you want, right now, generally by buying or selling limit orders sitting on the books.
- When placing an order that doesn’t immediately fill (like a limit order), you are a “maker,” and pay a reduced “maker” fee for this. As noted above, this terminology comes from the fact that placing limit orders on the books helps to “make the market,” (it makes you a “market maker”).
For high-volume traders, there are no fees for monthly volumes over 20,000 BTC.
Buying Bitcoin OTC is free but selling comes at 1% commission.
LakeBTC Review – Security
For all accounts, LakeBTC provides digital wallets and investors can choose to withdraw their funds into cold storage or keep them with LakeBTC (which is usually not recommended for security reasons). In this LakeBTC review, we would like to emphasise that accounts at LakeBTC are protected with SSL encryption, cold storage, 2-step verification, SMS confirmations and trade identification.
LakeBTC Review – How to Open an Account
Users don’t have to verify their identities if they want to trade only in cryptocurrency. But in order to trade with fiat money, one needs to complete the on-boarding process. The process is straightforward and information that is required is standard. Investors are asked to provide their full names and address, a copy of IDs such as passport or driving license with clear photo, proof of address and contact number.
The verification process does not take long and you can start trading almost immediately.
LakeBTC Review – Platform Features
LakeBTC offers trading via API which is useful for professional traders trading arbitrage, algorithmic trading or market making.
Advanced Trading Platforms
With two trading platforms – one for trading Bitcoin, and another one – LakeTrade, which recently launched targeting advanced traders.
LakeBTC offers a secure environment and there were no hacking reports as of yet.
LakeBTC employs a market surveillance program with implemented internal controls and risk management systems. Transparency and fairness are what the company is aiming for.
Support is available in English, Chinese, Portuguese, Japanese, French, Spanish, and Swedish. Traders can contact support via chat, SMS, email, social networks a phone. Detailed FAQ section is also available via the website.
Being Chinese-based crypto exchange might rose some suspicions, the overall experience with LakeBTC was generally good. There are some user complaints regarding various issues but LakeBTC tries to deal with them in a professional manner.
LakeBTC Review – Conclusion
LakeBTC is in Top 50 largest cryptocurrency exchanges with daily trading volume around $15 million. One of the main advantages of LakeBTC Exchange is high liquidity with more than 20 tradable fiat cryptocurrencies.
API connectivity, advanced and easy to use trading platforms is something we would like to highlight in this LakeBTC review. This crypto exchange remains one of the most popular in the world and gained the trust of many professional crypto traders.
LakeBTC offers a secure trading environment and is good for novice traders who are looking to invest in Bitcoin and other digital assets. We are recommending LakeBTC as a solid crypto exchange.
- Go long or short on Cryptos from 10p a point
- Risk management tools
- Actionable trade ideas
- Trade anytime, anywhere
If you are interested in exploring alternative options to invest in Bitcoin, Ethereum or other cryptocurrencies, read this CFD Broker Review, comprehensive guide to crypto trading platforms available for cryptocurrency investors in US, Europe and other regions.Visit Broker