With so many cryptocurrency exchanges in the market, the traders usually get confused with what exchange is best, which one to choose, so-on, so forth. This LakeBTC review is a step to help traders. I will explain the LakeBTC exchange, its features, and other aspects.
- About LakeBTC
- Key Features
- Account Register
- LakeBTC Trade
- LakeBTC Fees
- Mobile App
- LakeBTC Referral Program
LakeBTC is renowned to be Lake Banking Technology Company started in the year 2013 as virtual Bitcoin Exchange. The company has started for those interested in cryptocurrencies and blockchain technology.
The aim of LakeBTC is to become the best Bitcoin platform over the world with keen experience in internal control and risk management. High liquidity and fast trade match are the two key attributes that make them separate from other exchanges.
Key points of LakeBTC
Bitcoin wallet service
With Bitcoin Wallet service, users can either withdraw bitcoin to their own wallets or they can leave it on the LakeBTC wallet itself. To certify the user fund’s security, the website has taken steps as cold storage, 2-step verification, SMS withdrawal confirmation, and trade notifications.
However, this allows businesses to accept payments virtually for free. This process is easy and informal to integrate than traditional payment methods like credit cards.
Exceptional user experience
The company is proud to have an exceptional support team to assist its users in solving issues concerning trading, withdrawals, password recovery, registration, login, etc.
The company focuses on 4 key aspects
- Security: In order to secure the funds and privacy of users, the security management is backed by an experienced team. The team also comes with apparatus like SSL encryption, cold storage, SMS withdrawal confirmation, trade notification, and so on. Along with these, the company is available with highly secure market data and trading API’s for advanced users.
- Liquidity: Though, LakeBTC exchange offers high liquidity to its individual investors, merchants, exchanges, miners, funds, arbitrageurs and professional trading firms. This feature allows its users listing price in several indexes.
- Fairness: In order to protect the investor’s interest, the company provides an efficient marketplace. It is integrated with comprehensive risk management, strict internal controls and market manipulations.
- Service: Furthermore, the LakeBTC exchange is supported by exceptional user experience to provide its customer friendly experience. They solve your questions concerning password recovery, trading, APIs and withdrawals.
How to get register in Lake BTC exchange:
Users have to visit the LakeBTC website and it provides accessible view to registration. User registration can be possible by just adding email, a password in the required field. After registration, they will send a confirmation email to their email ID. After link confirmation, the user can log in to their accounts directly.
Although LakeBTC does not require any personal details for verification for crypto trading. But the exchange requires KYC verification for trading with fiat currencies.
The following documents are necessary for KYC:
- Please supply your full name, address, government-issued photo ID, ID images (both sides if applicable).
- Examples of proof of residency include electricity, gas, cable, phone bill or bank statement from within the last 3 months.
- An image of you holding your ID in your hand facing the camera is necessary for users
- with high volume bank wires,
- who intend to use System Banker for bank wire deposits/withdrawals
- JPEG image files under 1MB each are preferred. Do NOT cover or crop the documents.
Note: LakeBTC does not accept USA or China citizens.
The exchange has 3 types of trades. I have explained the trade feature in this LakeBTC review.
LakeBTC has a very simple interface for buying/selling cryptocurrencies.
LakeBTC has an OTC trading feature. With LakeBTC, traders can trade on exchanges that do not meet requirements to have a listing on a standard market exchange. Besides OTC, LakeBTC also offers exchange trading services that are safe, liquid, and easy to use.
LakeBTC trade platform is known as LakeTrader. The trade platform allows advanced users to access to various trading options easily. There are many tools along with the graphical chart for trade pairs.
When a trader reads this LakeBTC review, one question arises is regarding exchange fees. The exchange platform does not have any deposit fees, while withdrawal has a flat network fee of 0.001 BTC.
Trading Fees depend on whether you are a Taker or Maker. Taker has a fixed 0.2% fees, while maker fees depend on the past calendar month. It ranges from 0% to 0.15%.
Also, there are OTC Trading and LakeBanker charges. Go through the official website for more details.
LakeBTC has a unique concept known as LakeBanker. By acting as a LakeBanker, the users can help people in their neighborhood/country to try bitcoins out easily and inexpensively, It is a profit-making program for the users. It’s easy to set up and simple to use, and there are no risks involved.
To become a LakeBanker, users have to complete the KYC verifications.
There is no official mobile app or desktop client for LakeBTC. There are some unauthorized mobile apps in the market; The exchange has advised against them.
Traders can access the exchange through its official website or their native API.
LakeBTC Referral Program
However, beside working as crypto exchange, the LakeBTC is having referral program which are Tier-1 Referral, Tier-2 Referrals and Tier-3 Referrals.
Furthermore, for these three referrals, users earn trading commission fees they generated. The exchange pays the following commission:
More info on LakeBTC referral program is provided here in this source: https://www.lakebtc.com/s/ref
For Security purpose, they secure accounts with a 2Fa layer, SMS for withdrawals and trade notifications. Along with this, the exchange also uses the latest SSL encryption technology and keeps traders funds in cold storage.
To summarise, LakeBTC is a good exchange platform.
Recent news: LakeBTC Cryptocurrency exchange to add Ripple (XRP) trading