A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of LakeBTC consists of four parts: general information, fees, deposit methods and security.
LakeBTC is a Chinese cryptocurrency exchange. One of many other exchanges from China that you might be interested in if this exchange is not to your liking is BTCTrade.im.
As you surely remember, in late 2017, there was talk everywhere about the Chinese cryptocurrency ban. Large Chinese exchanges such as Huobi and OKCoin were forced to close their operations in mainland China and moved overseas to neighbouring countries. As of today, approx. 30% of global cryptocurrency exchanges are blocked in China. A list of cryptocurrency exchanges and their access status in China can be found here.
The exchange also operates a referral program, through which you can earn money by referring people to the exchange. When they have opened up an account at the platform and started trading, you get part of the exchange’s revenue received through trading fees. You receive 30% from the people you invite, 10% from the people they invite, and 5% from your invitee’s invitee’s invitees.
US-investors may not trade on this exchange though, even though it is open in general. So if you are a US-investor and want to trade at LakeBTC, you’ll have to reconsider your choice of trading venue and choose one of the other top crypto exchanges. Don’t be too sad though, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder to find out which alternatives you have.
LakeBTC Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at LakeBTC:
The features available for investors in the trading view includes:
- BTC/USD and BTC/CNY charts in one, five, 15, 30, 60 minute, one day and one week intervals, with styles in bars, candlesticks, lines, areas, etc;
- You can draw trend lines, trend angles, pitchforks;
- Gann box;
- Fibonacci retracement;
- ABCD patterns;
- Elliott Wave subminuette;
- and more…
LakeBTC Trading fees
The most important lesson to learn when it comes to picking the best cryptocurrency exchange site is that you must always check the fees. At the beginning of 2017, several zero-fee exchanges started working in China. OKCoin, Huobi, and BTCC invited an influx of funds. But only months later, regulators forced the exchanges to impose a flat 0.2% trading fee. Today, there is only a handful of exchanges in the world offering zero-fee trades and many of them get paid in other ways (e.g., charging higher withdrawal fees).
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. We call makers for makers because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own.
LakeBTC’s trading fees for takers are 0.20%. This fee is slightly below the industry average. The industry average is arguably around 0.25%. The fee thus constitutes a competitive advantage against the majority of other top crypto exchanges in the market.
Also, LakeBTC offers a discount for makers, who only needs to pay 0.15% in trading fees.
LakeBTC Withdrawal fees
LakeBTC charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This is in line with industry average.
At LakeBTC, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors.
One should generally look out for the different deposit fees charged by exchanges for deposit of fiat currencies via wire transfer or credit cards, and whereas it might be indifferent to you whether you should deposit via wire transfer or credit card, it might be very different fees. Some exchanges charge a deposit fee of up to a staggering 11% for credit card deposits.
LakeBTC’s security score is D+, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
As mentioned above, this exchange supports credit card deposits (alone or through the use of any of its associated payment service providers). Other cryptocurrency exchanges that also have this option include: