LakeBTC
- Overview
- Security
- User Experience
Volume 24H: BTC 4,134/24h
LakeBTC is an exchange with a full trading platform for cryptocurrencies and a peer-to-peer exchange service called LakeBanker that deals with their fiat currency operations. There have been many complaints about LakeBanker, with user funds getting stuck for a long time, which has damaged their reputation up to the point where many people say LakeBTC is a scam service.
LakeBTC has an intuitive design and offers a basic and a more advanced interface for trading, but due to the issues they are having with processing transactions and withdrawals, users are advised not to use the exchange, especially with fiat currencies, at least until the services are improved. It seems that crypto trading is quicker, but users should first test the platform with low amounts.
Crypto Currencies Support
- BTC
Traditional Currency Support
- AUD
- BGN
- BRL
- CAD
- CHF
- DKK
- EUR
- GHS
- HKD
- HRK
- HUF
- IDR
- ISK
- JPY
- KES
- MXN
- MYR
- NGN
- NOK
- NZD
- PLN
- SEK
- SGD
- THB
- TRY
- USD
- ZAR
Language Support
- English
- French
- Japanese
- Spanish
- Swedish
Country Support
- Australia
- Canada
- European Union
- Hong Kong
- Japan
- Most Africa
- Most of Asia
- Most of Eastern European Union
- Most of Latin America
- Most of the Middle East
- New Zealand
- Norway
- Russian Federation
- Singapore
- Switzerland
- Turkey
- United Kingdom of Great Britain and Northern Ireland
- US partial
Platforms Systems
- — Api
- — Web Interface
Stock Market Options
In terms of security, LakeBTC seems to have all the necessary features of a trustworthy exchange, and they have not had any major breaches. They claim to have risk management and internal control protocols in place and to hold most user funds in cold storage, with every withdrawal going through a two-step manual check.
Summary:
| 2 Factor Authentication | Yes |
| Funds Insured | Funds Are Not Insured |
| Private Keys Stored On | Exchange Platform |
| Storage Type | They Claim To Hold User Funds In Cold Storage But Are Not Specific About It |
LakeBTC is registered in the British Virgin Islands, but there are suspicions about the company's origin. The CEO is Thomas Xie. LakeBTC used to be one of Coindesk's Big Four exchanges that set the Bitcoin Price Index, until 2015. They claim to have 10 million users but online activity on social networks is limited and doesn't reflect this number, but they do have high trading volumes.
Summary:
LakeBTC has a long history and they seem dedicated to innovation in the crypto world, but their reputation has been affected by their 'crowd-banking' system called LakeBanker, as it cannot keep up with demand and therefore operations take a very long time. Users have frequently called it a scam since they got their money stuck, so be cautious about this exchange.
| Ease of use | Intuitive |
| Transaction Fees | 0-0.2% Depending On Volume And Maker/taker Status |
| Deposit/Withdrawal Fee | 0.001btc/withdrawal |
| Deposit/Withdrawal Fee For Bank Transfer | Dynamic (fees Vary) |
| Deposit/Withdrawal Fee For Credit Card | N/A |
| Deposit/Withdrawal Fee Charged For 3rd party Payments | Dynamic (fees Vary) |
| Anonymous Trading | Yes |
Deposit/Withdrawal Options:
Deposit from bank account, Deposit using 3rd party, Withdrawl funds to bank account, Withdrawal funds through a third party, Send/Receive Crypto
Functionality:
LakeBTC accepts deposits in dozens of fiat currencies but warns that liquidity is not high enough for transactions to be processed quickly enough, so users are advised to trade in one of the major currencies for now. LakeBanker allows users with a balance to act as sellers. Issues arise because they handle fiat trades manually, meaning trades may take a long time, expire, or require high fees.
Most common customer complaint:
— Lots of complaints about delayed fiat withdrawals, mostly due to the LakeBanker P2P system which can't keep up with demand - they can take weeks but do seem to eventually be resolved