Since its inception, cryptocurrency has emerged as a global avenue that is served and facilitated by exchanges, providing unique services depending upon the specific needs of their customer base. Despite its short history, each continent now has its own giant cryptocurrency exchanges. One such global giant from Asia is LakeBTC. Based in Shanghai, China, LakeBTC operates as a global cryptocurrency exchange under the ownership of Lake Investments Limited, which is an investment group registered in the British Virgin Islands. Since its establishment in 2013, Thomas Xie has served as the CEO of this exchange.
The Service Platforms
LakeBTC is a web-exclusive platform, which can be accessed through their website www.lakebtc.com. One of the major advantages of using this platform is the sheer number of fiat currencies supported for both buying and selling cryptocurrency through their website. The exchange allows users to trade in three different cryptocurrencies including Bitcoin, Ethereum and Litecoin. All bitcoin balances are initially kept in the wallet address within LakeBTC’s servers, which can be later withdrawn to other wallets as well. LakeBTC’s interface is fairly simple to navigate and trade, even for new users. However, for the expert traders, the exchange has a special browser-based HTML5 powered app through which various real-time insights can be viewed.
The exchange currently supports several payment methods like wire transfer, MoneyGram, Perfect Money, PayPal, Payza, Skrill, Neteller, and Leupay. Meanwhile, it supports more than 20 different currencies including the US Dollar, Euro, British Pound, and the Australian dollar.
Experts consider LakeBTC to be one of the bigger global exchanges based on the number of transactions made through the platform everyday. Over the years, even giant exchanges have fallen to the bottom of the pit because of hacking and other security breaches. However, despite the rapid growth, LakeBTC has managed to maintain a fairly good platform security and has avoided major breaches. For a few years, the exchange was also the member of Coindesk’s Bitcoin Price Index, which includes only of the world’s biggest exchanges. However, it was later removed in June 2015, with Coindesk citing performance issues with its API as the reason for the decision. Since then, LakeBTC hasn’t been included back by Coinbase, although experts traders have reported better performances in the past few years.
The public nature of the exchange means that users will need to put their basic identity details and in some cases even their KYC information to the exchange. The exchange claims to be employing the latest SSL encryption technology for the security of the data on their website. It also employs two-factor authentication and SMS alerts.
Depending upon whether you want to trade with fiat currency through LakeBTC or not, there are two registration options for users. For trading the only cryptocurrency, users don’t need to have their identity verified, while for even the simplest transaction using fiat currency, users will need to be verified. Initially, users need to sign up using their full name and email address, where the email verification link is sent by the company. Once the process is complete, for further verification users need to submit government-issued documents with a photograph, mobile phone number and a proof of residency. Users residing in specific nations will also need to send a selfie taken with their card.
Performing transactions through the platform
Once registration and/or verification is completed, users can start trading on the platform. Initially, users need to deposit their funds by clicking on the ‘Wallet‘ tap, after which you will be led to a page where you will need to enter the amount you wish to trade, choose the currency and the method of payment and then click on the ‘Submit’ button. When the money is loaded into your account, you can start trading by clicking on the ‘Trade’ button. For only dealing with cryptocurrency, users will need to click on the Deposit button and click on the BTC or ETH tab, after which you will get a wallet address to deposit your balance. Meanwhile, users can also sell their cryptocurrency by placing an order.
The exchange has different charging schemes, according to the transaction volume, which is actually not very expensive. Depending upon the transaction volume the fees start from 0.1% to 0.5%. However, there is an extra $5 charge on all transactions. However, the exchange doesn’t charge anything for wallet to wallet transfer.
LakeBTC primarily offers is support services through the email form system. However, the company also has a good presence in several social media channels like Facebook, Twitter, and Weibo. For residents in China, they also have a dedicated hotline in Mandarin. The company usually replies within 24 hours.
Boasting over 10 million registered users from over 180 countries, LakeBTC is undoubtedly a giant in the world of cryptocurrency exchanges. With plans to expand to more territories and support even more currencies, the company might be able to keep growing its customer base in the long run.
However, at present, the company seems to be losing out to the bigger giants because of its sole official presence in Shanghai. Users need to be aware that sending your fiat money to China for transactions may cost more. However, even if you buy your cryptocurrency balance from other exchanges, you could opt to join them for their low fee cryptocurrency exchange, which doesn’t even require a lot of identity documents. The company has also been actively announcing plans to open its exchange for derivative trading soon, which may attract even more users to this platform. Perhaps, the company will also need to start focusing on launching mobile apps in the near future.