LIVECOIN.NET Review 2018
There is rather limited information available on Livecoin exchange in terms of its ownership, registration, and seat of address. To an extent, this is in keeping with the cryptocurrency philosophy and there aren’t any scam stories around Livecoin. Some potential users of the exchange may have an issue with this lack of information and others be comfortable with it.
The ownership of Livecoin is rumored to be Russian and while, again, it was impossible to find any information to back this up there are hints that there may be something to it in the fact that educational materials and other resources in Russian feature prominently. Rubles are also one of three fiat currencies (the other two are EUR and USD) that fiat deposits can be made in the small selection of e-payment processors fiat deposits are processed by are also those common to the Russian market.
- Deposit and Withdrawal Options
- Fees and Charges
- Privacy and Security
- Customer Support
- Pros and Cons
Several online sources and reviews state that Livecoin was established in 2013 by a holding company called Delta E-Commerce, based in London and with servers in the U.S.A. However, we were not able to find any information to corroborate this and company details are not mentioned anywhere onsite, including in user and privacy agreements or contact details sections of the website.
In a recent press release by the company, again featuring no media contact details other than an email address, the exchange claims to be the “fourth largest altcoin exchange on the internet”. However, services that list cryptocurrency exchanges by daily volumes suggest Livecoin is actually quite a small exchange and somewhere around the 30th internationally.
Livecoin started out only offering Bitcoin and Litecoin trading services but now offers around 85 different cryptocurrency pairs, a very good selection. Recent additions to the exchange’s portfolio include Iconomi, SpectreCoin, and BitConnect and the company state that more can be expected to be added in the near future.
The trading platform itself is very simple and easy to use and will appeal to beginners. Its interface is customizable. App versions of the platform are not yet available.
Deposit and Withdrawal Options
Deposits and withdrawals into a Livecoin account can be made via a significant list of cryptocurrencies. A handful of less well-known e-payment processors have to be used for fiat deposits, including Payeer, PerfectMoney, Capitalist, AdvCash, and Qiwi.
Fees and Charges
No fees are attached to deposits but withdrawals are charged. These charges vary depending upon the cryptocurrency. Bitcoin withdrawals are charged at 0.001 BTC and Litecoin at 0.02 LTC.
Fiat currency deposits can be made in EUR, USD, and Russian rubles through e-payment processors. Transaction costs for these methods are steep with deposits charged at between 6% and 10%. Withdrawal fees are cheaper at between 1% and 3%.
Trading fees are based on volumes traded and applied to each transaction, starting at 0.18% for up to $100,000 in transaction value over 30 days, which will apply to most account holders. Fees drop gradually to traded volumes higher than $100,000.
Privacy and Security
Again, very little information available on this front. The exchange’s website does state that client wallets are protected using a cold storage system. This means that they are not directly accessible from online intrusion such as hacking. Account holders also have the option to set up the Google Authenticator system which means only a whitelist of IP addresses can be used from which to log in to an account.
Customer support is provided exclusively by email ‘ticket’ through several languages are supported. These are English, Chinese, Russian, Turkish, Indonesian, Spanish, Portuguese, Italian and French.
Pros and Cons
- Simple user interface
- Wide range of cryptocurrency pairs tradable
- USD, EUR, and RUB fiat currencies supported
- User wallets protected by ‘cold storage’ security system
- No company information available
- General lack of information provided around security measures in place
What Personal Identification information do I need to Provide to Open a Livecoin Account?
There is very little red tape involved in opening a trading account with this broker. Government issued ID is not required and the exchange simple asked for a name, date of birth and telephone number, which is used to verify the account holder’s identity.
Does Livecoin Support Fiat Currencies?
Yes, account holders are able to pay USD, EUR or Russian rubles into their account through one of a handful of e-payment providers.
What Cryptocurrencies Can I Buy and Sell via Livecoin?
Livecoin initially offered only Bitcoin and Litecoin trading but it is not possible to trade over 85 different cryptocurrencies. Most major cryptocurrencies are available and new options are regularly being added.
Is Livecoin Secure and Safe?
This is hard to answer as there isn’t a great deal of information available on most aspects of security. Client wallets are kept in ‘cold storage’ which means they are not accessible from remote, online hacker attacks. While there is no publically available information on the security architecture of the rest of the exchange there have not been any reported hacks. Most users would be expected to withdraw holdings to another cryptocurrency wallet after a transaction rather than keeping it in the exchange wallet.
This exchange will appeal to beginners due to its simplicity and trading interface that offers very low barriers to entry. There are some concerns about the lack of solid information regarding the company behind the exchange and general information on security and other questions. However, if users only want to use the exchange to make transactions and then quickly withdraw cryptocurrencies to another wallet then this may not be a major concern. There are not any specific reports highlighting fraud around Livecoin and since the exchange has been around for a few years now his suggests general good practice despite the general lack of information on the company.
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