LakeBTC is a bitcoin exchange based in Shanghai. The exchange was founded in 2013. Find out everything you need to know about the exchange today in our LakeBTC review.
What is LakeBTC?
LakeBTC is a cryptocurrency exchange that offers competitive fees and a straightforward UI. The exchange was launched in 2013. Contrary to what you might expect, the name “LakeBTC” stands for “Lake Banking Technology Company.”
LakeBTC is one of the “Big Four” exchange platforms used to determine CoinDesk’s bitcoin price index, or BPI. However, the exchange was temporarily suspended from the BPI Big Four in late 2014, early 2015 after they were caught posting inaccurate data about bitcoin prices three times.
LakeBTC is based in Shanghai, China. It’s particularly popular in the Asian market, although it accepts a wide range of currencies from around the world.
LakeBTC Verification Process
You can trade cryptocurrencies on LakeBTC without needing to verify your identity. So if you deposit a cryptocurrency like bitcoin, and then trade for another digital currency, then there’s no need to verify your identity or perform additional verification steps. Verification is required, however, for fiat currency trading.
You can expect a standard verification process. To get verified by LakeBTC, you’ll need to provide the following:
- Full name and address. Withdrawals can only be performed by the named owner of the account, to accounts under that same name.
- Photographs of government-issued ID, including a passport or driver’s license. The document needs to be photographed from both sides.
- Verified mobile phone number.
- Proof of residency within three months. If you don’t have proof, the exchange will accept other government-issued photo ID in exchange.
- A selfie with your identification documents may be required if you’re trading high volumes, or if you’re a resident of certain countries.
There are no trading limits for unverified accounts. In general, LakeBTC is friendly towards unverified users, and makes it easy for unverified users to trade digital currencies (provided that’s the only thing you’re trading, and you’re not trading fiat currencies).
LakeBTC charges a 0.2% trading fee for the taker and between 0% and 0.15% for the maker. There’s no maker fee for traders with volumes over 20,000 BTC. Traders with volumes below 500 BTC are charged a 0.15% fee.
LakeBTC lets you deposit digital currencies free of charge.
For other deposited currencies, you’ll pay fees that vary by currency. Typically, LakeBTC’s fees are competitive with what you find on other exchanges. All fees are shown before you deposit your currency. You can also wire transfer money to the exchange, although it takes approximately 5 business days and costs between $15 and $65 USD. If you don’t live in China, then you may also pay extra fees as an international trader.
The exchange accepts many different fiat currencies, including all of the following (and several others that aren’t listed):
USD, CNY, GBP, CAD, AUD, EUR, JPY, SEK, HKD, SGD, CHF, ZAR, KRW, ARS, BRL, XOF, XAF, KES, NGN, VEF, TRY, RON, THB, MYR, IDR, NZD, INR, MXN.
If you register your account with one fiat currency, then you can only deposit and withdraw money using that currency. However, you’re obviously free to trade for any currencies from within your account.
Withdrawal fees are typically priced at 0.3%. Here’s how withdrawals break down:
- Volume below 6000 BTC: 0.3% + $5 USD
- Volume between 6000 and 15,000 BTC: 0.2% + $5 USD
- Volume above 15,000 BTC: 0.1% + $5 USD
- Withdrawals in bitcoin are free.
Like all other exchanges, LakeBTC promises to have high security, good liquidity, fairness, and friendly customer service. Here’s a breakdown of the LakeBTC advertised features:
Finding market data for LakeBTC is difficult. However, the company claims to provide excellent liquidity, and it also claims to be one of the top four exchanges in the world in volume. Traders enjoy high availability and fast trade matches, even under a lot of volume.
Multiple Trading Tools
LakeBTC offers trading APIs for advanced users who prefer arbitrage, market making, or algorithm trading.
LakeBTC has a market surveillance program, comprehensive risk management, carefully designed products, and strict internal controls. The exchange claims that they have no co-los, no under-the-table deals, no privileged access, and no back channels.
LakeBTC’s customer service team is available via email, SMS, instant messaging, social networks, and telephone. Service is available in English, Chinese, Portuguese, Japanese, French, Spanish, and Swedish.
LakeBTC is one of the four exchanges used to determine the CoinDesk Bitcoin Price Index (BPI). It’s also a Gateway Member of the International Ripple Business Association. Despite being temporarily removed from the BPI “Big Four” in late 2014/early 2015, LakeBTC continues to be an active member of the bitcoin community to this day.
You can learn more about LakeBTC, or start trading today, by visiting the exchange online at LakeBTC.com.