LakeBTC was founded in 2013. The company initially started as Bitcoin exchange and was primarily oriented on high volume traders and professionals in the field. The company is headquartered in Shanghai and is mainly focusing on the Asian market. The name of the company is an abbreviation for Lake Banking Technology Company.
To trade digital currencies on LakeBTC traders don’t have to go through any process of verifying their identity, but the verification process is a compulsory one for users who want to trade with fiat currencies.
The Verification process at LakeBTC comprises all the routine steps and needs official documents. In order for users to get verified on LakeBTC, they are required to submit the following:
- Full name and address. You should be advised that giving your full name as it is on your government-issued document is very important, as withdrawals can only be made under the full name used in the account.
- Picture of any government-issued document such as ID, driver’s license, passport. The photograph of the material needs to be taken on both sides.
- Mobile phone number
- Proof of residency, which must have been issued less than three months. If in any case there is no proof of residency to tender, the company allows other government-issued ID photographs.
- If you plan to trade high volumes or is a resident of certain countries, you will be required to take a selfie photo of the documents you submitted.
For those that plan to go ahead with an unverified account, LakeBTC does not impose any trading or withdrawal limits as many other companies do.
LakeBTC’s trading platform has acceptable functionality, looks nice and is easy to navigate. The company gives two separate interfaces for Bitcoin trading. These two interfaces are the standard trading interface and the proprietary “LakeTrader” platform which is more tailored to the experience of the advanced traders.
The LakeTrader is the original trading platform provided by the exchange. Those who are familiar with the cryptocurrency world will not be surprised about the fact that it is a web-based tool. TradingView’s charting package, which is always a nice one, is rendered on the platform.
Compared to other platforms, the website is a bit slower, but it’s reasonably responsive. When it comes to the mobile interface, the platform is utterly user-friendly on mobile, as the entire platform was developed in html5. There are no mobile applications till now, but the website works great when accessed with a mobile device browser.
This exchange does not have quite a high volume, and it only allows Bitcoin trading. LakerBTC’s platform does not support many advanced order types, thereby limiting the traders to:
- Limit order
Primarily used to protect inexperienced users from losing their funds.
Darkpool carries a higher fee, and it is used in the event of large trades to make the order invisible and thereby lessen the impact on the market.
- Maker only
The ‘Maker only’ can be used in the case when the trader wants to pay only the maker fees, automatically removing the orders if it’s a taker.
LakeBTC currently doesn’t support margin and short trading, but it plans to include these features. It doesn’t support any futures or derivates either.
When it comes to fees on deposits, BTC, Ripple, and System Banker are all of these are free of charge.
The fee varies for other LakeBankers, and it’s displayed for the user review prior to submitting a deposit request. LakeBTC supports wire transfers, but they are slow and expensive. It takes about five business days for a transfer and usually the transfer costs between 15 USD and 65 USD. Apart from that, the exchange’s location (Shanghai, China) incurs extra fees for International traders. The best way to fund your trading account with the company is via Ripple network, which gives high speed and low fees.
On the other hand, Withdrawals have specified costs:
For volume under 6000 BTC, it’s 0.3 % + 5 US Dollars.
For volume between 6000 and 15,000 BTC, it’s 0.2 % + 5 US Dollars
For volume above 15,000 BTC, it’s 0.1 % + 5 US Dollars
Note that Third-party fees are not included.
With other LakeBankers, withdrawal fees differ. The actual price to be charged on withdrawal is presented for review by the user before placing a withdrawal request.
Withdrawals in Bitcoins are free.
However, trading fees are 0.2 percent for the taker and ranges within 0.15 and 0 percent for the maker. The more the volume, the higher the fees meaning that there’s no fee for high monthly volumes, above 20,000 BTC for instance, while those who trade under 500 BTC on a monthly level are charged 0.15 percent fee.
Buying OTC is free, but selling costs 1 percent of the amount.
Deposits and Withdrawals
LakeBTC allows deposit and withdrawals in many different FIAT currencies, including EUR, USD, NZD and AUD.
However, when it comes to deposits and withdrawals in FIAT currencies, there is one strict rule – if you register your account in one FIAT currency, you can only make deposits and withdrawals in that currency. Of course, it is possible to open your trading account in any of the available currencies, as the options are available.
LakeBTC currently allows only Bitcoin and Fiat pairs. No other digital currencies are available for trading.
Is LakeBTC safe?
LakeBTC is a rapidly developing market, and it certainly does offer several great features.
However, this exchange could be more than a decent exchange if it steps up its game and offers more trading options. At the moment, it’s just a trustworthy place for trading smaller amounts of bitcoin for your local fiat currency. Adding a decent selection of altcoins would definitely benefit the exchange.