LakeBTC.com Review 2020
Established in 2013, LakeBTC is a Shanghai-based Bitcoin exchange. This is a place where you can buy sell and exchange currencies for cryptocurrencies (eg. USD for Bitcoin) or exchange cryptos for other cryptocurrencies (eg. Bitcoin for Litecoin). As an added feature you can also trade cryptocurrencies here, meaning speculate on their price movements through their LakeTrader feature. The full meaning of the name “LakeBTC” means Lake Banking Technology Company.
- LakeBTC Deposit and Withdrawal Options
- Supported Countries
- LakeBTC Fees and Charges
- LakeBTC Accounts
- Privacy and Verification
- Customer Support
- Pros and Cons
While the exchange is based in Shanghai, China, it is owned by a British Virgin Island registered company called Lake Investments Limited. The exchange is one of the four largest cryptocurrency exchanges used for determining the CoinDesk’s Bitcoin price index (BPI). LakeBTC has proven itself to be extremely popular with investors from the Asian region with its excellent liquidity and especially when you consider the fact that it also accepts a wide range of fiat currency.
LakeBTC Deposit and Withdrawal Options
In terms of payment methods, LakeBTC supports a wide range. They include the following:
- Bank Wire
- Perfect Money
- Western Union
As for the applicable deposit fees, the fee varies according to the methods used. The trader will be shown a fee review before he submits a request to deposit. As mentioned above, LakeBTC also supports bank wire transfer. This is the costliest method as well as being the most time-consuming. The withdrawal time takes as long as 5 business days and the charges vary from $15 to $65. Since the exchange is based in Shanghai, China, there are international transfer fees involved for international traders. For traders who deposit with BTC, Ripple and System Banker, there is no deposit fee involved.
Depending on the methods used, withdrawals are subjected to various fees. For withdrawal through the System Banker network, the following charges are applicable:
- Withdrawals with volume less than 6000BTC = 0.3% + $5
- Withdrawals with volume between 6000BTC and 15.000 BTC = 0.2% + $5
- Withdrawals with volume exceeding 15.000 BTC = 0.1% + $5
As for Bitcoin withdrawals, there is no withdrawal fee.
LakeBTC Fees and Charges
For Takers, the applicable trading fee is 0.2%. For makers, the trading fees are as follows:
- 0% for trading volume exceeding 20,000 BTC per calendar month
- 02% for trading volume exceeding 15,000 BTC per calendar month
- 04% for trading volume exceeding 6,000 BTC per calendar month
- 06% for trading volume exceeding 3,000 BTC per calendar month
- 10% for trading volume exceeding 500 BTC per calendar month
- 15% for trading volume less than 500 BTC per calendar month
At present, there are 3 different types of accounts supported by LakeBTC. They consist of Unverified account, Individual account, and Corporate account. All three account types support trading and BTC Withdrawal & Deposit. The only difference is that Unverified account does not support Withdrawal & Deposit through bank wire transfer. With the Unverified account, there is also no trading limit hence making it easy for unverified investors to trade in cryptocurrencies. It should be noted that LakeBTC currently does not support margin or short trading.
Privacy and Verification
For LakeBTC’s traders who trade solely in cryptocurrencies, there is no requirement for the verification of your identity. However, for a transaction involving fiat currencies like the USD or EUR, verification is required by LakeBTC. The following information is required for the verification process:
- Full name & address
- Government issued ID with photograph
- Verified cellphone number
- Proof of residency
In terms of the time required to verify an account, LakeBTC does not specify any specific timeframe.
To maintain the security of the LakeBTC exchange, the exchange uses the latest SSL encryption technology and they keep traders’ funds in cold storage. Additional measures include two-factor authentication, confirmation by SMS for withdrawals and trade notification. All these measures have helped to ensure that the security at LakeBTC is ironclad.
For the benefit of their customers, LakeBTC has translated their website into 6 different languages. The languages covered included English, Swedish, Japanese, French, Spanish and Brazilian Portuguese. Surprisingly, there is no support for Chinese even though the exchange is based in Shanghai. Customer support is through email or Weibo. However, before contacting customer support, it is advisable to first check out the FAQ section. LakeBTC FAQ is pretty comprehensive and provides a lot of useful information.
Pros and Cons
- Fiat currencies accepted
- Iron Clad security
- Low Fees
- Support for multiple payment methods
- No Live chat or telephone support
- Poor navigation Interface for the website
Where is LakeBTC based?
LakeBTC is registered office is in the British Virgin Island. However, the exchange operates out of Shanghai.
How do I fund my account at LakeBTC?
You can fund your account through cryptocurrency wallets, eWallets, and bank wire transfer.
How long does a withdrawal normally take at LakeBTC?
For the protection of LakeBTC’s clients, all withdrawals are placed on hold for 48 hours pending verification.
How safe is LakeBTC?
To ensure the security of the exchange, LakeBTC uses several layers of security measures. They include SSL encryption, 2 step authentication, SMS withdrawal confirmation and trade notifications
Is LakeBTC a scam?
No, LakeBTC is not a scam. It has been operating since 2013. It is one of the top 4 leading cryptocurrency exchanges and its data is used to form part of the basis for Bitcoin price index.
From our research and observation, we can safely conclude that LakeBTC is not a scam. The exchange is recognized by the industry as a whole. The fact that its data is used as one of the bases for the CoinDesk’s Bitcoin price index speaks volume about LakeBTC. In addition, it is easy to find LakeBTC’s services being featured by the media covering the cryptocurrency trading industry.
- 1Scam do not useTyronne
- 1Totally a scamSheng
- 5Most honest exchange ever !Catherine
- United Kingdom
- United Arab Emirates
- South Korea
- South Africa
- Cape Verde
- Sri Lanka
- Solomon Islands
- Trinidad and Tobago
- Burkina Faso
- Russian Federation
- Saint Lucia
- South Sudan
- Virgin Islands, British
- Saint Kitts and Nevis
- Saint Vincent and the Grenadines
- Vatican City
- Papua New Guinea
- Cote d'Ivoire
- Dominican Republic
- Bosnia and Herzegovina
- Equatorial Guinea
- Hong Kong
- Sierra Leone
- Saudi Arabia
- Cayman Islands
- Sao Tome and Principe
- Czech Republic
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- Central African Republic
- San Marino
- Costa Rica
- El Salvador
- Isle of Man