LakeBTC is this a scam? Review and Customers Reviews

LakeBTC – platform for trading digital assets, which was founded in 2013. During this period, the project has actively developed and has become one of the most popular among customers not only in Asian countries, but also around the world.

In our review, we’ll take a closer look at the opportunities that the company provides to its customers and find out if LakeBTC is a scam or a reliable cryptocurrency exchange.

 

Why LakeBTC?

LakeBTC is a cryptocurrency exchange, which started its existence 7 years ago. Initially, the service was intended for experts in the financial sector, as well as professional traders. However, with the development and modernization of the exchange, the main purpose has changed, and now the company is trying to provide users from all over the world with the opportunity to cryptocurrency trading on favorable terms. The exchange focuses on the international market, as evidenced by the interface of the official website lakebtc.com, translated into 6 languages. The headquarters of the organization is registered in the city of Shanghai, from where the organization is regulated.

The company is trying to provide traders with comfortable conditions for cooperation. Thus, clients have an opportunity to trade in 5 types of cryptocurrencies – Bitcoin, Litecoin and Ripple, Ethereum, Bitcoin Cash. A total of 10 currency pairs are serviced. The most popular ones include BTC/JPY, BTC/EUR and BTC/CAD. The exchange also has its own token called BAC. Previously, it was planned that it would be used to accrue bonuses, but at the moment the project is on hold.

It is worth noting that the official site has a rather uncomfortable interface and a beginner will need a lot of time to understand the basic functionality of the project. Another disadvantage is the lack of a Russian version of the interface, which can create difficulties for traders from the CIS countries. Compared to other exchanges, LakeBTC has a rather outdated platform. All the functions of the site are divided into sections. Separately, you can find a chart to analyze quotes, a list of open orders and a form to buy/sell cryptocurrencies (How to Make Money on Cryptocurrency?). A distinctive feature is that users can create their own indicators.

Traders have the ability to buy cryptocurrency in two ways – at market price or by pending order (Cryptocurrency Trading Strategies). The DarkPool function, which allows an order to be made invisible to other users, is also provided for clients. The function is only available to those participants who conduct a transaction for at least 50 bitcoins. Also for all users, the exchange offers a professional tool such as LakeTrader. It is a browser-based application with an online chart and an integrated Bitcoin index from CoinDesk. Customers can open an order with a single click on the chart. To keep users informed about important changes on the exchange, as well as other events, a separate section with news and the latest changes on the exchange was created.

At the moment, the company does not have its own mobile application. Perhaps an app will be developed in the future, which will make it easier for clients to access their profile and the trading process. Among the main advantages of the exchange are:

• high level of security;
• 3-tier affiliate program;
• Loyal Commissions;
• availability of fiats;
• various indicators.
• fast execution of orders;
• DarkPool function.

 

How to exchange cryptocurrency on the platform lakebtc.com?

To make an exchange on the platform lakebtc.com, you need to go to the main page and select a trading pair for the exchange. Then you should go to the tab “Trade” and perform a few simple steps:

• click on the “Buy” or “Sell” tab, depending on the target;
• fill out an order specifying the amount of cryptocurrency to be exchanged;
• press the corresponding button.

 

Verification on the LakeBBC platform

Verification is an optional process on the exchange and is required only for those users who want to trade in pairs with fiat currency or deposit/withdraw funds via bank transfer. The verification process does not affect withdrawal limits. In order to pass verification you need to go to your account and click on “Verification” tab. Then you need to specify the following information:

• name and surname;
• residential address;
• specify the type of document that can confirm your identity (passport, ID-card or driver’s license);
• document number;
• country of residence.

Next, the client needs to upload several documents:

• Image of the photo ID card (on both sides, if applicable);
• Proof of residency (can be electricity, gas, cable, phone bill or bank statement for the last 3 months);
• a photo of the user holding an identity document on the photo page.

On average, the identity verification process takes from several hours to several days.

 

Deposit and withdrawal

To make a deposit, the user must go to the home page of the site lakebtc.com and perform a few actions:

• choose a cryptocurrency to refill;
• go to the “Deposit” tab;
• copy the generated address and paste it where the transfer will be made from.

To recharge with fiat, you can use the following payment systems:

• Bank Wire;
• Western Union;
• MoneyGram;
• Cash;
• OKPAY;
• Perfect Money;
• PayPal;
• Payza;
• Skrill;
• Neteller;
• Leupay;
• CHATS.

Withdrawal of earnings

To withdraw funds from the service, you should also go to the main page, choose a cryptocurrency and click on the tab “Withdraw”. Next follows:

• specify the amount to withdraw;
• enter the address to which the transfer will be credited.

Fiat withdrawal

To withdraw the finances, the user can use one of the proposed options:

• Bank Wire;
• Western Union;
• MoneyGram;
• Cash;
• OKPAY;
• Perfect Money;
• PayPal;
• Payza;
• Skrill;
• Neteller;
• Leupay;
• CHATS.

Cryptoexchange Commission

The exchange provides different commissions for makers and for takers. Thus, a single commission of 0.2% is valid for the trackers, and the following rates are valid for the makers:

• 0%, if the trade volume for the last calendar month > 20 000 BTC;
• 0.02% – volume > 15,000 BTC;
• 0.04%, – volume > 6000 BTC;
• 0.06% – volume > 3000 BTC;
• 0.10% – volume > 500 BTC;
• 0.15% < 500 BTC.

Deposit and withdrawal fees

In this case, the commission is directly dependent on the lek bankers. When creating a withdrawal request, the client receives the actual commission, which is determined by the market, supply-demand, amount, currency, payment method, user reputation, etc. The following fees also apply:

• LakeBanker activation – 0.01 BTC;
• account recovery – 0.1 BTC;
• research of the account – 0.01 BTC.

 

LakeBTC bonuses

Periodically, the company accrues to its customers a variety of bonuses and promotions, but at the moment there are no active offers.

Referral program

An affiliate program has been developed for traders who want to earn passive income. As part of the program, clients can attract new participants to the project and receive remuneration for this. A total of three levels of the program are provided:

• referral 1 level – 30% of the amount of commission;
• referral 2 level – 10% of the amount of commission;
• level 3 referral – 5% of the amount of commission.

 

Complaints about lakebtc.com

Since the project appeared on the market quite a long time ago, on the Internet you can find a large number of reviews from customers. In general, the exchange has a positive reputation, but there are also negative comments. Of the advantages traders point out the three-level referral program, a large variant of deposit and withdrawal of earnings, safety. The lack of a Russian-language version of the site and the slow work of technical support are among the drawbacks.

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Crypto exchange regulation

The financial sphere is one of the most popular among fraudsters, which is why more and more unscrupulous projects are appearing online. To protect yourself, it is necessary to carefully check the availability of appropriate documentation, as well as the license. Let’s take a closer look at how the regulation of the cryptocurrency exchange is carried out. It is known that the service does not have any license. All necessary documentation and contact information is publicly available for users.

User Agreement

The “User Agreement” is the main document of the project, which each user must read before starting cooperation on the exchange. The agreement contains the rules of trading activities, as well as the obligations of clients and organizers. The disadvantage is that the document is in English, which may create difficulties for traders from CIS countries. Let’s consider some points in more detail.

The agreement states that the company is solely a platform that allows customers to buy and sell cryptocurrencies with other users. LakeBTC has no control over, and assumes no responsibility for, products or services that are paid for through its services. The exchange does not guarantee the identity of any user or other party and does not guarantee that the buyer will complete the transaction. The company is not a money transmitter, but only assists its users with cryptocurrency transactions. The organization reserves the right to change the buy or sell limits on your account if we deem it necessary.

The company may close or cancel potentially risky cryptocurrency purchases or sales, including those made using reversible payment methods.

LakeBTC does not guarantee the value of a cryptocurrency. Client understands and acknowledges that the price or value of a cryptocurrency can change quickly, decrease, and potentially even drop to zero. The user also acknowledges that ownership of the cryptocurrency is a high risk. The customer agrees to deliver the agreed payment for the cryptocurrency upon confirmation of the order, regardless of changes in the value of the cryptocurrency.

It is the trader’s responsibility to ensure proper security and control over any and all identifiers, passwords, personal identification numbers (PINs) or any other codes he/she uses to access LakeBTC services. The customer is responsible for keeping their email address up to date in their account profile.

In connection with a user’s use of LakeBTC services, other users and third parties, the customer must comply with the following rules:

• Not violate any laws, statutes, ordinances or regulations (such as those governing financial services, controlled substances or consumer protection);
• not intentionally try to defraud LakeBTC or other LakeBTC users;
• not infringe on the copyrights, patents, trademarks or intellectual property rights of LakeBTC or any third party;
• It is prohibited to provide false, inaccurate or misleading information;
• no actions may be taken that create an excessive or disproportionate load on the Exchange infrastructure;
• not interfere with, intercept or expropriate any system, data or information.

The agreement clearly states that the company, directors, agents, investors, employees, and service providers are in no way liable to users for loss of profits or any damage that may have occurred intentionally or accidentally (even if the organizer knew about this possibility in advance). It is also stated that some states do not allow the exclusion or limitation of incidental or consequential damages, so the above limitation or exclusion may not apply to them. The liability of the company, its employees, partners, agents, joint venturers and suppliers is limited only to the actual amount of direct damages that have been caused to the user.

The client understands and accepts that the organization’s services are provided on an “As Is” basis and without any express or implied warranties. The company, its partners, directors, officers, entrepreneurs, employees, and suppliers make no implied warranties to users, particularly for the information provided on the platform or for its operation. It is also worth understanding that LakeBTC has no control over the products or services that are paid for through the exchange services, and cannot guarantee that the buyer or seller with whom a customer works will actually complete a transaction or be authorized to do so.

The company does not guarantee continuous, uninterrupted or secure access to any part of the service, and the operation of the site may be disrupted by numerous factors beyond the control of the exchange. Arranger will use reasonable efforts to ensure timely processing of electronic debit and credit requests related to bank accounts, credit cards and check issuance, but makes no representations or warranties as to the amount of time required to complete processing, as Arranger’s services are subject to many factors outside its control, such as, delays in banking or international mail services.

The user fully agrees to the fact that any claim that may arise in connection with or related to the trader’s relationship with LakeBTC must be filed within one year after such claim arises. Otherwise, the user’s claim will be blocked forever.

Support service lakebtc.com

You can contact the support team via email: [email protected]. Also on the site you can find a separate section that contains answers to the most popular requests from customers regarding the functioning of the service.

 

Is LakeBTC a scam?

LakeBTC – an exchange for trading digital assets, which began operating in 2013. For 8 years of active development, the company has changed its main purpose and at the moment it tries to provide its clients with the opportunity to trade on the most favorable conditions. The platform focuses on the international market, as evidenced by the multilingual interface of the project. The main office of the organization is located in Shanghai, where the service’s activity is regulated.

The exchange provides users with comfortable and loyal conditions for trading activities. All clients have the opportunity to trade three digital assets – Bitcoin, Litecoin and Ripple. In total, more than 10 currency pairs can be found on the site. Like many large cryptocurrency exchanges, LakeBTC has its own token – BAC. Initially, the token was to be used to accrue bonuses, but at this stage the project is frozen. The interface of the site itself looks a little outdated and incomprehensible to newcomers. Also the disadvantage is the lack of a Russian version of the service.

Periodically, bonuses are provided for active clients, and a three-tiered affiliate program has been developed. Thus, clients can attract new participants to the project and receive remuneration for this. Unfortunately, there is currently no official application for users. Perhaps in the future, it will appear, which would greatly simplify user access to their account. Due to the fact that the company appeared on the market more than 7 years ago, there are many reviews on the Internet about the exchange. In general, the organization has a positive reputation, although there are some negative comments. After a detailed study of the project’s possibilities, is it possible to conclude that LakeBTC is a scam? No, because the company has been successfully operating for 7 years and provides its services to customers around the world.

 

Conclusion

LakeBTC – a cryptocurrency exchange that appeared on the Internet seven years ago. During this period, the company has become popular among traders around the world. The organization focuses on the international market, as evidenced by the interface of the official website, which is translated into 6 languages. The service tries to provide the users with comfortable conditions for trading activities. However, it is worth bearing in mind that trading itself is quite risky. That is why before starting registration at the exchange, one should carefully read the documentation provided. Now the company looks good among competitors, although there is still work to do. If you have cooperated with the project, leave your impressions about the service on our website to form an independent rating of cryptocurrency exchanges.