Lykke Exchange Review
What is Lykke Exchange?
Lykke Exchange is a Swiss centralized cryptocurrency exchange that offers financial products and services at both B2C and B2B levels. This platform has favorable conditions for its traders: 0 fees, multiple trading pairs and a possibility of forex. Lykke complies with the KYC and AML standards and offers 24/7 human technical support.
Richard Olsen, who is known for having revolutionized currency data with his previous project – Oanda, founded Lykke Exchange and is the CEO. This might be one of the reasons why Lykke offers so many fiat pairs and forex trading options on its crypto exchange.
Apart from offering trading in a large number of cryptocurrencies and fiat currencies, Lykke also offers some commodities and its native tokens. One of the native tokens is LKK. 100 LKKs represent a share in the Lykke Corp.
Other native assets available on Lykke Exchange that traders might find interesting are LyCI utility tokens. These are tokens that represent corresponding crypto indeces: LyCI (the top 25 cryptos), short LyCI (suitable if you believe that the top 25 cryptos will go down in price) Pay LyCI (the top 10 payment cryptos) and Smart LyCI (the top 10 smart contract crypto projects). If index investing in the traditional economy is only available to pro investors, Lykke aims to give this opportunity also to “the man from the street”.
US-investors may not trade on this exchange. But they are in good company. If you are from any of the following countries, you’re also out of luck:
- Canada (British Columbia, Quebec, and Saskatchewan)
- New Zealand
- North Korea
- United States
So if you are from any of the above countries and you want to trade at Lykke, 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.
Lykke Exchange 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 Lykke Exchange, in non-connected mode:
Lykke Exchange Fees
Lykke Exchange Trading fees
This Swiss cryptocurrency exchange doesn’t charge different fees between takers and makers. In fact, they don’t charge any trading fees at all (!!!). This is extremely competitive and Lykke is one of the few exchanges in the world that does not charge takers any fees at all (other exchanges with the same approach include Indodax, Bitbank and Coincheck).
Lykke Exchange Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Let’s say you have reached your investment goals and you are looking to buy house with bitcoin. In order to buy that house, you need to withdraw the funds. And when doing so, the exchange can make up for its low trading fees by charging you high withdrawal fees when you’re halfway out the door.
Not Lykke though. They have a competitive withdrawal fee sitting at 0.0005 BTC when you withdraw BTC, which is also below industry average.
Fiat currency withdrawals are free.
At Lykke, 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.
When depositing fiat currency at Lykke, you don’t pay any fees at all to Lykke. If you need to pay any fees at all, then those are fees paid to the bank, and not to the trading platform.