What is LakeBTC? What does it offer that you should definitely check out? Are its features worth utilizing or should you just give it a hard pass? We are about to find out about that and more in today’s review. Here are the main items that we shall explore:
- What is LakeBTC?
- Which cryptocurrencies and fiat currencies are supported by LakeBTC?
- Fees charged
- The deposit and withdrawal options
- The Types of Accounts offered by LakeBTC
- Countries this platform is available in
- Is LakeBTC Legit or is it a Scam?
- Pros and Cons
Name of the Platform: LakeBTC
Official website URL: https://www.lakebtc.com/
Overall Rating: (3.1 / 5)
What is LakeBTC?
LakeBTC is a Shanghai-based Bitcoin exchange that was created back in 2013. It’s a platform where you can purchase and sell currencies for cryptos or cryptos for cryptos. As an extra feature, LakeBTC also allows you to trade cryptocurrencies. You can, as such, speculate on the price movements and make some money from it. Their LakeTrader feature can help you achieve this.
For the sake of clarity, LakeBTC does not mean Lake Bitcoin, but Lake Banking Technology. With the wealth of experience that the staff in this company have, LakeBTC is capable of providing its customers with secure and private accounts through which they can achieve their trading and exchange needs. There are several risk measurement and internal risk control measures that have been put in place to minimize price manipulation, fraud or theft, in a bid to enhance fairness in the industry.
Let’s see how LakeBTC is performing across the features it currently has.
Which cryptocurrencies and fiat currencies are supported by LakeBTC?
Currently, LakeBTCis only supporting 5 cryptocurrencies, which are Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple. Fortunately enough, these happen to be the major currencies, though this can be a major downside to investors who’d like to take advantage of the price movements in other cryptocurrencies.
LakeBTC also supports many fiat currencies such as CHF, CAD, INR, IDR, NZD, MYR, SGD, KRW, ZAR, BRL, MXN, ARS, USD, EUR, GBP, RON, TRY, NGN, VEF, XOF, XAF, KES, CNY, SEK, AUD, JPY, HKD.
Upon registering your account with LakeBTC in a given currency, you can only make deposits and withdrawals using that currency. This limitation does not exist when trading, to mean that you can purchase or sell the available currencies.
The two main fees you can expect to get charged on this platform are takers and makers. For takers, there’s a standard 0.2% trading fee for all types of trades. For makers, the following trading fees are charged:
- 0% if the trade volume is greater than 20,000BTC
- 02% if the trade volume is greater than 15,000 BTC
- 04% if the trade volume is greater than 6000 BTC
- 06% if the trade volume is greater than 3000 BTC
- 10% if the trade volume is greater than 500 BTC
- 15%, otherwise.
The deposit and withdrawal options
The deposit and withdrawal options availed to you are largely dependent on the currency in question. For the common fiat currencies such as the US Dollar or EUR, then you can use options such as:
- Bank Transfer
- Western Union
Other deposit and withdrawal options that you can use, depending on your currency of choice include CHATS, LakePay, LeuPay, MoneyGram, OKPAY, Perfect Money, Skrill.
The Types of Accounts offered by LakeBTC
Currently, there are 3 types of accounts that are supported by LakeBTC, namely:
- Unverified account
- Individual Account
- Corporate Account
The above accounts support trading, and those who own them can withdrawal and deposit Bitcoin. The difference comes in where the Unverified account does not support the withdrawal and deposit of funds done through bank wire transfers. The unverified account doesn’t have trading limits, which makes it easy for investors whose accounts are yet to be verified, to trade in cryptocurrencies.
N.B. LakeBTC does not support margin trading and short trading.
Countries this platform is available in
This exchange is registered in British Virgin Island though its operations are based in Shanghai. It serves more than 10 million clients in more than 162 countries, who are all in need of the features that it offers.
Is LakeBTC Legit or is it a Scam?
LakeBTC is, in my view, a genuine exchange and trading platform. There are many reviews about it on several review sites and consumer trust sites such as Trustpilot. None of the reviews point to this platform being a scam. That said, it has an overall rating of (3.1/5) stars, which isn’t the very best in this industry, but possibly one that most people can make do with. On Trustpilot, LakeBTC seems to not have made a good impression with the two customer reviews that appear most genuine. I’d not be very enthusiastic about recommending LakeBTC due to this reason, since we can’t be sure if you’ll be the next one complaining about the unresponsiveness of the customer support staff. I’d rather you try out a platform that has a proven track record, such as my recommended alternative to LakeBTC below:
Pros and Cons
- Several fiat currencies accepted
- Cold storage for cryptos
- Low fees
- Different deposit and withdrawal methods
- Poor customer service
- The company seems to mainly focus on Asian Market
Do You Own or Represent LakeBTC?
If you are a representative, or associate of LakeBTC and have found something that isn’t accurate in today’s review please, feel free to reach out to me and I will update the information on this post. You can do this by leaving your feedback in the comments section below or simply by sending me an e-mail to firstname.lastname@example.org.
Final Words and Verdict
Overall Rating: (3.1 / 5)
From the look of things, LakeBTC is a platform that you can use for what it offers, but then you have to be aware of the fact that it’s not the very best in the industry. A 3.1-star rating, which is not typically very bad (since most of these platforms have many issues to deal with on a global scope) does not give much confidence that you’ll have an easy time using your account. If you’re not satisfied with what this platform is offering currently, you can try out another alternative.
Thank you for making it to the end of this review about what LakeBTC is about. I hope you enjoyed it and that you’re now well-placed to make a decision about whether you’ll be relying on it or not. Let me know what your experiences have been with this company so far (if you’ve been using it). You can also drop any other questions that you may have with regards to this exchange’s features in the comments section.
I wish you success,
Eric, investor, and team member on Gold Retired!