LakeBTC Review

LakeBTC is a Shanghai-based Bitcoin exchange 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. This LakeBTC review would provide a step-by-step guide on buying Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and many other altcoins with LakeBTC Exchange.

LakeBTC has recently launched a new project called LakeBanker, allowing people to run crypto exchanges in their local area.  LakeTrader is a web-based trading app that allows traders to view order book data, open orders and trade history, several powerful charting tools allowing both technical analysis and one-click trading. There is currently a Token sale going under the name BAC.

How to Buy Crypto 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
• Dark pool. 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 the 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 Coinbase):

• 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 homes at a 1% commission.

LakeBTC Security

LakeBTC provides digital wallets for all accounts. Investors can choose to withdraw their funds into cold storage or keep them with LakeBTC (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 to trade with fiat money, one needs to complete the onboarding process. The process is straightforward, and the information that is required is standard. Investors are asked to provide their full names and address, a copy of IDs such as a passport or driving license with a 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

API Connectivity

LakeBTC offers trading via API, which is useful for professional traders trading arbitrage, automated trading or market-making. 

Advanced Trading Platforms

With two trading platforms – one for trading Bitcoin and another – LakeTrade, which recently targeted advanced traders.

Secure Environment

LakeBTC offers a secure environment, and there were no hacking reports as of yet.

Risk Management

LakeBTC employs a market surveillance program with implemented internal controls and risk management systems. Transparency and fairness are what the company is aiming for.

Customer Support

Support is available in English, Chinese, Portuguese, Japanese, French, Spanish, and Swedish. Traders can contact support via chat, SMS, email, social networks, a phone. The detailed FAQ section is also available via the website.

User Experience

Being a Chinese-based crypto exchange might raise 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 professionally.

LakeBTC Review – Our Verdict

LakeBTC is in the best crypto exchanges with a daily trading volume of around $15 million. One of the main advantages of LakeBTC Exchange is high liquidity with more than 20 tradable fiat cryptocurrencies.

We want to highlight API connectivity, advanced and easy to use trading platforms in this LakeBTC review. This crypto exchange remained one of the most popular globally and gained the trust of many professional crypto traders.

LakeBTC offers a secure trading environment and is good for novice traders looking to buy Bitcoin, Ethereum, Ripple and other altcoins. Therefore, we are recommending LakeBTC as a solid crypto exchange.

Best Crypto Exchange for Beginners

Open Free Account Now