LATOKEN

LATOKEN – it’s a fast-growing cryptocurrency exchangewhich has Russian roots. In addition to cryptocurrency exchange services, the company provides a platform for listing new tokens.

By the number of coins available, the crypto exchange is among the top thirty according to CoinMarketCap. But is LATOKEN a scam? Let’s find out in the review.

 

Why LATOKEN?

The spot exchange LATOKEN was launched in 2017. The founder of the company is considered to be financier Valentin Preobrazhensky. He is a former employee of RAO UES, CERA, and a partner of the hedge fund Spectrum. LATOKEN was originally planned to be a platform for trading derivative contracts, with underlying assets in the form of U.S. blue chips. Tokenization of the underlying assets allows to create pools of small investors, whose earnings depend on quotations.

 

But with time, this idea had to be abandoned – working with American and European stocks is too regulated and requires huge investments. Then the founder of LATOKEN switched his attention to the growing popularity of the cryptocurrency market. The platform focused on ICOs – initial public offerings of tokens. This procedure allows startups to raise money from private investors by offering them their own token in return. In doing so, the token may not be legally tied to the startup. This disadvantage has spawned a lot of fraudulent projects, which has reduced the popularity of ICOs.

As a result, in order to maintain its own balance sheet, LATOKEN turned into a full-fledged cryptocurrency exchange, earning commissions from traders. At the same time, the project team still entered the B2B sector and offered startups to collect investments on the exchange by listing tokens. As a result, the set of products on the LATOKEN platform is as follows:

• Cryptocurrency exchange. Buying and exchanging Bitcoins and altcoins. Both well-known coins and new tokens that have partnered with the site are listed.
• DeFi. Despite the name, this product is not decentralized at all. In fact, it is a classic staking, where users deposit funds to Latoken, receiving a percentage of return in return. The company does not disclose what it uses to cover deposit liabilities.
• Crowdfunding. Here, exchange customers can invest money in proposed startups, receiving project tokens in exchange. This is a simplified variation of an ICO, but all processes take place within LATOKEN. The startups receive Verification Score. This score is set by the exchange itself. The scoring criteria are not disclosed. At the same time, it is possible to buy the tokens offered in just two clicks, using a credit card.

The crowdfunding section is the main feature that distinguishes Latoken from other platforms. And perhaps the biggest source of income – the platform takes a commission from all the projects placed in the section. At the same time, the startups themselves are represented rather modestly. To get five Verification Score points, it is enough to place a video with the essence of the project, information about the founders, some description and a table with the distribution of tokens. On the pages of the section you can find a disclaimer confirming that LATOKEN does not give any investment, legal or financial guarantees or advice. The information about the startups on the site is provided by the startups themselves and is not verified by LATOKEN. The exchange declares its mission to connect entrepreneurs and investors.

 

How to exchange cryptocurrency on the Latoken platform?

Cryptocurrency exchange takes place in the Exchange section of the website latoken.com. After opening it, the trader will see the price chart in the center. On the left side, one can select the crypto-asset of interest. On the right side there are price stacks, a form with orders to exchange coins and a log of transactions on the site. The order form is arranged as two tabs – Buy and Sell. A little more to the right there is a price switch – Limit or Market. Having chosen the necessary trading pair on the right, the trader should fill in the order to sell or buy coins:

• If the Limit checkbox is selected, then in the Price field you will need to specify your own price for the deal. It can be chosen from the cup. In the Amount field, enter the desired number of coins to buy. You can also use the switch with the percentage, to enter from 25 to 100% of your deposit into the order at once. Having specified the parameters of the transaction, it is enough to click the Buy button if you buy, or Sell if you sell. The order will be sent to the exchange. As soon as a counter offer is found at the price specified by the trader, the deal will be executed.
• If you select the Market checkbox, the price will be indicated automatically – at the most liquid value from the cup. Thus, the system makes the fastest purchase. In the form you need to enter only the number of coins to buy, in the Amount column. You can also use the toggle percentage with a fraction of the deposit. Click Buy or Sell to send the order to trade.

 

The purchased cryptocurrency will be automatically credited to the wallet balance inside the exchange. To see the current balance and transaction history, go to the Wallet section. It is available from the main menu of the site. For active traders who need information, the exchange has a Terminal section. This is a multifunctional screen on which widgets from the list can be displayed. For example, to view charts or track trading volumes. Here you can also add an Exchange widget to quickly exchange cryptocurrencies (How to Make Money on Cryptocurrency?).

 

Verification on latoken.com platform

Immediately after registering on the site latoken.comby confirming the e-mail address, the user receives 1 digit of verification. This limits it to the amount of a thousand dollars. To be able to deposit in fiat currencies as well as invest in IEO, clients need to verify their identity to level 2.

You can do this in the Profile section. You need to click on the “Apply to Tier 2 Now” button. You will need to fill out the questionnaire:

• On the first page of the form, you must enter your full name, date of birth, country of citizenship and sex.
• The second step is confirmation of residency. That is, the place of residence. You need to select the country, indicate the region, city and postal code. Write the address in the Latin alphabet. If the user does not live where he/she is registered, he/she should put a checkmark in the Not same as residential and specify the second place of residence.
• On the third page, the system will ask you to upload two files. The first is a selfie of the client, and in his hands is the document used for verification. The second file is a color scan of the document itself. Below there is a form. You need to enter the data from the uploaded passport, driver’s license or ID-card into it.

Please note that all data must be entered on the form in the Latin alphabet. And do it the way it is written in the documents. It is not necessary to indicate the abbreviated form of your name. Use documents in English for downloading. The support service states that the verification of identity will take no more than a day.

 

Deposit and withdrawal

Depending on whether or not the client has undergone the verification procedure, it is possible to deposit money using a credit card. If yes, you can deposit money with a credit card. If not, only cryptocurrency deposits from third-party wallets are available. To deposit money in cryptocurrency, you have to click on the green Deposit button in the site’s header latoken.com. A small form will appear where the address of the cryptocurrency wallet created for you will be shown. The desired cryptocurrency can be selected from the drop-down list. Copy the offered address and use it to send funds from a third-party wallet. You can also scan the QR code if you use mobile vaults.

 

Customers who have confirmed their identity can buy cryptocurrency for fiat money from their bank card. A special Buy button also appears in the Deposit menu. In the drop-down list it is necessary to select the fiat currency for purchase. There are many options, and the Russian ruble is also available. In the right list, specify the desired cryptocurrency. Now it remains only to enter the amount in fiat currency and click on Buy. Enter your bank card information in the payment gateway that opens. Only some supported coins can be bought this way:

• BTC.
• ETH.
• LTC.
• TRX.
• ATOM.
• XRP.

You can withdraw assets through the Wallet menu. A list of all cryptocurrencies traded on LATOKEN is available here. Select the desired one and click on Send, to the right of the coin name. Customers need to go through security measures that require confirmation from a mobile device. This can be an SMS to the phone number or 2FA with Google Auth. After confirmation, you need to fill out a withdrawal order. Specify the wallet where the exchange should send the coins, the amount of cryptocurrency and click on Send.

Commission of the crypto exchange latoken.com

Starting commissions for new clients on Latoken are higher than the market average – 0.22% maker and 0.28% taker. This is the rate paid by all clients whose monthly volume is less than $10,000. Beyond this mark, the discounts begin.

How do I get a commission discount?

To reduce commission costs, traders will need to increase the volume of trades. If the volume of transactions for the last 30 days exceeds $10,000, but does not exceed $50,000, the commission rates are 0.19% maker and 0.25% taker.

• From 50,000 to 100,000: 0.17% to 0.22%.
• From 100,000 to 250,000: 0.12% to 0.15%.
• 250 thousand to 1 million: 0.07% to 0.11%.
• 1 million to 2,500,000: 0.06% to 0.09%.
• 2.5 million to 10,000,000: 0.04% to 0.07%.
• 10 million to 20,000,000: 0.02% to 0.05%.
• 20 million and above: 0% – 0.04%.

The volume is calculated in the equivalent of stabelcoin USDT. The last 30 days at the time of the transaction are taken into account. The commission on futures trading is 0.06% regardless of the trader’s position.

Withdrawal fees

Most cryptocurrency exchanges do not charge customers for depositing in cryptocurrency. LATOKEN is an exception, because here users have to pay 1% of the deposit amount in any cryptocurrency, except USDT.

Tether is not covered by a fee; deposits in this stack are free. Bitcoin withdrawal fee is 0.0005 BTC. In Ethereum it is 0.01 ETH. These are average values for the market. But the withdrawal of other altcoins is much more expensive than competitors. Tether (ERC20) is covered by payment of 13.5 USDT, Gemini Dollar – 27 GUSD, Tezos – 1 XTZ, Bitcoin Cash – 0.01 BCH, Litecoin – 0.03 LTC, Dogecoin – 100 DOGE. For comparison, by withdrawing Dogecoin from Kraken, traders pay only 2 DOGE.

 

Latoken bonuses

LATOKEN does not use bonuses to attract customers. Instead, to boost activity among users, the company regularly runs contests among traders and organizes token giveaways.

Trading contests

Traders’ contests may have different rules. But the basic conditions are the same: you need to buy the minimum amount of tokens offered and create the highest volume of transactions on that cryptocurrency during the contest period. Most often, such contests are launched to support the listing of a new coin. For an example, let’s take a look at the contest rules with the Cryptotipsfr project and its CRTS token. Traders must place at least 300 CRTS in their LATOKEN account. Then, while the contest lasts, participants conduct trades in pairs with this coin. At the end of the contest, the ten traders who generated the highest volume receive 3,000 CRTS as a reward. These tokens can be exchanged for other cryptocurrency and withdrawn from the exchange.

Airdrop

Airdrop is the distribution of project tokens before listing or immediately after placement on trading platforms. For any crypto startup, it is important to gather the first audience as quickly as possible. If you give out some tokens to people, they will be interested in further promoting the product and, as a result, token price growth. Airdrop is a good way to get free coins during IEO. But in order to get them on their balance, participants need to perform tasks. For example, subscribe to the project’s official Twitter, lead three users via a referral link, comment on videos on the project’s official channel, or actively participate in the Telegram chat. Latoken regularly hosts airdrops of new cryptocurrency projects. Rewards for participation are usually credited to the user’s balance on the exchange as soon as he or she completes the tasks.

Referral program

LATOKEN has launched its own affiliate program. Clients can receive bonuses if they invite their friends to the platform. The program is available on the site of the exchange, in the Earn Money section. “Referral” is arranged on the principle of kickback. That is, the bonus is received as the invited user, and the client brought. The size of the bonus – $50. They will be transferred to customers in the form of return 25% commissions. If you use the referral program competently together with the system of discounts for the monthly volume of transactions, you can save on commissions.

 

 

Complaints about LATOKEN

There are different reviews on the work of Latoken exchange, including negative ones. Many such projects receive bad ratings for technical deficiencies, this is a common situation in cryptocurrency trading. And yet, the company has a good experience, works on the safety of the project, responds to customer feedback, does everything to improve the service. Users praise quick withdrawal, comfortable commissions, market quotes, availability of different currencies, prompt support, etc.

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Crypto exchange regulation

The management company of the LATOKEN project is called Payex OÜ and is registered in Estonia. It, in turn, belongs to LiquiTrade Limited, registered in the Cayman Islands. Physically, the head office is in Moscow. This is evidenced by at least a list of vacancies from the company – all employees are invited to the capital. But internationally, Latoken is considered an Estonian legal entity. Estonia is known for its lenient legislation regarding cryptocurrency projects. The vast majority of European ICOs and exchanges are registered there.

Accordingly, the company is obliged to comply with Estonian law. This also includes all financial supranational bills implemented in the European Union. Latoken is obliged to comply with regulations and comply with rules against money laundering, tax evasion. The exchange has the right to block transactions and freeze accounts that it considers suspicious. LATOKEN does not work with U.S. residents in order not to fall under the extraterritorial U.S. laws.

Read the terms of use at latoken.com

Latoken.com User Agreement

The user agreement is posted on the company’s official website. The agreement states that the company provides a platform for the exchange of digital assets. Users accept the internal rules of the platform by opening an account here. In case of disputes, the company has every right to refer to its own rules as stated in the agreement.

Customers agree to the possible risks associated with cryptocurrency trading and investing in tokens. Users make any deposit or withdrawal of digital assets on their own. The exchange is not responsible if the client incorrectly entered the wallet address and sent cryptocurrency to the wrong place. Starting to work with the platform, clients undertake to comply not only with the internal rules of the exchange, but also with the laws of their country of residence. They must calculate and fulfill their own tax obligations.

Customer Service

On the site latoken.com chat with the support service is available. It is possible to communicate both in English and in Russian. The response rate is high, but most often users are sent to study the help center. The help center is voluminous, revealing most potential problems. If there are problems, it is better to write to chat or e-mail:

• For information: [email protected]
• For business proposals: [email protected]

Of the social networks, we can highlight the official Twitter of the company. There is the most activity there.

 

Is LATOKEN a Scam?

The number of clients of the company, as well as the huge volume of trades indicate good work LATOKEN. Here you can not only engage in trading and quickly withdraw earnings, but also invest money in new startups, receiving their tokens in return. The exchange team is actively working on the convenience of the service and its security. Note the fast withdrawal, the ability to invest in startups with a card, support for fiat currencies, and a referral program. Expect users and bonuses: for example, discounts on commissions, contests, free token giveaways, etc. In any case, working with the exchange is both interesting and profitable.

 

Conclusion

Latoken stands out from other cryptocurrency exchanges by offering investments in startups and IEOs. This area of capital investment itself is associated with a lot of risk. A platform offering partnerships in this industry should have a solid reputation. But LATOKEN gets too much negativity, even compared to exchanges with a client base of 15 – 20 million people.

The company earns by providing liquidity for new tokens. Users, on the other hand, get the opportunity to invest in cheap assets with growth potential. This level of risk is suitable only for experienced traders who know how to distinguish quality projects from fraudulent ones. Beginners are better off bypassing LATOKEN and choosing more reputable platforms for trading and buying cryptocurrencies.