UPDATE 10 April 2021: After having received reports that this exchange does not process withdrawals in the end of 2020, we are now not even able to access the website of Lukki Exchange. We receive an Error 522. This bears the typical trademarks of a scam.
Accordingly, we have marked the exchange as a scam in our database and moved it to our Exchange Graveyard.
To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you.
Lukki Exchange Review
Lukki Exchange is a cryptocurrency exchange registered in the Cayman Islands. It has been up and running since January 2019.
On the date of first writing this review (30 August 2020), the platform had a 24 hour trading volume amounting to USD 5.6 million according to Coinmarketcap. This trading volume is unfortunately quite low, and it is all but certain that you will be able to execute a trade here the way you want to, as the order book might be too thin to match your demands. We hope for this exchange's that the trading volume picks up substantially.
Lukki Exchange 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. This is the trading view at Lukki Exchange (when not signed in however):
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.
It is unclear whether Lukki Exchange permits US investors or not. We have read their Terms and Conditions and have not found an explicit prohibition of US investors. We urge any US investors to form their own opinion on the permissibility of their trading at Lukki Exchange though.
Lukki Exchange Fees
Lukki Exchange Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
Lukki Exchange charges what we call flat fees, meaning that both the takers and the makers pay the same fee: 0.05%. These taker fees are competitive and substantially below the global industry averages for centralized exchanges. Sure, industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%. In any event, regardless of which industry average you compare against, Lukki Exchange's trading fees are very low.
Lukki Exchange Withdrawal fees
BitUBU charges a withdrawal fee of 0.001 BTC per BTC-withdrawal. This fee is a bit above the global industry average. The current global industry average is around 0.0006 BTC per BTC-withdrawal.
In order to trade here, you must have cryptocurrency to begin with. The only asset class you can deposit to Lukki Exchange is cryptocurrency. However, if you really like Lukki Exchange 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.