What is LetsExchange?
LetsExchange is a cryptocurrency exchange registered in the Seychelles. It launched in 2021, so it's quite fresh addition to the list of crypto exchanges in the world. This particular platform is more a cryptocurrency store than a cryptocurrency exchange. They sell cryptocurrency from their own inventory, and do not facilitate transfers from one LetsExchange-user to another.
The core values of this platform seems to be that it is easy to use, and that it is fast. Another feather in the hat for this platform is that you can swap over 240 different cryptos here, all of the bigger ones and then some...
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
According to information from LetsExchange to us here at Cryptowisser.com, the platform does indeed allow US-investors on its exchange. So if you're from the US and looking for a platform to do some quick and easy crypto swapping, this platform could be the one for you!
LetsExchange Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. For instance, at LetsExchange, they focus more on simplicity and speed than on availability of different trading tools. Here's the swap interface at LetsExchange:
It is up to you – and only you – to decide if the above trading view is suitable to you.
LetsExchange Trading fees
When you initiate a swap at LetsExchange, you "send" crypto. In return, you "get" crypto. When sending at the platform, the purchase price offered by LetsExchange will be higher than the market price. Conversely, when selling to the platform, the purchase price offered will be lower than the market price. The mark-up or mark-down is not specified anywhere. On the date of first writing this review (6 May 2021), we made a calculation by comparing the prices offered by LetsExchange to the market prices listed by Coinmarketcap.com. These were the results:
Floating Rate Mark-up: 1.70%
Fixed Rate Mark-up: 2.15%
For comparison purposes in our Exchange List, we have used the floating rate mark-up as the taker and maker fee in our database. Please be advised though that part of the fees listed above consist of the trading fees charged by the relevant liquidity provider that LetsExchange uses when executing your order.
It is difficult to compare the fees charged by LetsExchange with the industry average trading fee at a regular centralized exchange, seeing as they offer another type of service than most centralized exchanges do. According to the most extensive industry report ever prepared on contract trading average fees, the global average spot trading taker fee and maker fee was 0.2151% for takers and 0.1621% for makers.
But to conclude on the trading fees, there are cheaper ways to swap crypto than through using the LetsExchange's platform. This platform's advantages are speed and convenience, rather than price.
LetsExchange Withdrawal fees
To our understanding, LetsExchange does not charge any fees of their own when you withdraw crypto from your account at the platform. Accordingly, the only fee you have to think about when withdrawing are the network fees. The network fees are fees paid to the miners of the relevant crypto/blockchain, and not fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure.
Generally speaking, to only have to pay the network fees should be considered as below global industry average when it comes to fee levels for crypto withdrawals.
In order to trade here, you must have cryptocurrency to begin with. The only asset class you can use for swapping at LetsExchange is cryptocurrency. However, if you really like LetsExchange but you don’t have any crypto yet, you can easily start an account with an exchange that has “fiat on-ramps” (an exchange where you can deposit regular cash), buy crypto there, and then transfer it from such exchange to this exchange. Use our Exchange Filters to easily see which platforms that allow wire transfer or credit card deposits.