UPDATE 18 January 2021: We have decided to clean up our Cryptocurrency Wallet List. In line with that ambition, we have removed all cryptocurrency wallets that you automatically receive/create when opening up an account with a specific cryptocurrency exchange from the list. Lykke Wallet is one of those wallets. We kindly ask you to visit Lykke Exchange instead for a more detailed review on Lykke's offering.
To find a secure wallet not connected to an exchange, please refer to our Cryptocurrency Wallet List.
Lykke Wallet Review
Most exchanges offer central wallets where they hold your coins. Separating the wallet from the exchange is almost impossible. However, with Lykke, it is a different story. The Lykke exchange offers a wallet that can hold assets that include Forex and cryptocurrency. There is a whole lot more to the Lykke wallet, and we shall explore that in this review.
The founder of the wallet is also the founder of Oanda. Richard Olsen has successfully created an online Forex trading platform with Oanda. The Lykke exchange was a way of replicating the success of Oanda. Lykke was founded in 2015.
You can deposit fiat currency to the Lykke platform in many different ways. The wallet is an integral part of the exchange. The wallet also utilizes the platform’s own native ERC based token, Lykke Coin (LKK). The coin is valued at /100th of the company’s shares.
Lykke has its head office in Switzerland.
Lykke Wallet Supported Coins
As a wallet, Lykke provides its users with multiple storage choices. The Lykke exchange offers Forex option with 21 national currencies. It supports 80 different cryptocurrencies. Users buy and sell cryptocurrencies on the platform with the USD or the EUR (and also deposit, but not trade crypto, through CHF, Swiss Franc, or GBP, Pound Sterling). In addition, you can trade commodities on the Lykke platform. You can trade commodities such as Silver, Gold, Palladium, and platinum.
To find out where you can obtain Lykke-supported coins such as BTC, ETH, LTC and others, visit our exchange list. Use the filters to find the right exchange for you.
Lykke Wallet Fees
Using Lykke Wallet, crypto deposits are free of charge, and you will be charged 0% for trading. However, withdrawals are subject to fees. These fees include:
- BTC – 0.001
- ETH – 0.001
- Dash – 0.002
- EOS – 0.1
- BCH – 0.001
- IOST – 80
- XRP – 0.25
Furthermore, Lykke does not charge for bank wire withdrawals. However, deposits through payment providers will result in fees from such payment providers. You will be charged a deposit transaction fee of 3.9% for deposits by cards or external payment providers in USD, CHF, EUR, and GBP. Deposits can be made through, Master/Visa card, Skrill, PayPal, cryptos, and other means.
Lykke Wallet Price
The wallet is free to use. You do not have to pay a dime to use the web, Android or iOS versions of the Lykke wallet.
Lykke Wallet Ease of Use
You can make use of the Lykke wallet in any part of the world except in selected countries. You will not be able to access Lykke in the USA, Ethiopia, Ugandan, Japan, and Syria, and some other countries.
Most Importantly, Lykke is beginner-friendly. Users can easily interact with the wallet’s features. After downloading the Lykke app, input all the required details and begin to store your coins. It offers a function to deposit and withdraw using a QR code.
Although users’ details are kept private, Lykke has some KYC and AML policies set in place. Users will have to provide a few personal details at the point of registration to comply with their AML standards. In addition, users will have to verify their identity sufficiently or risk being locked out of their accounts. Users may have to provide a photograph, their residential address, and an ID before they can use Lykke.
For the sake of clarity, Lykke has a trading wallet, a private wallet, and a cold wallet. The trading wallet is a hot wallet and users are not advised to store their coins on it for long periods. The private wallet is generated from the private key of your trading wallet and offers more protection. On the other hand, the cold wallet is only available to iOS users. The cold wallet provides a 12-word seed security code that must be kept safe.
To ensure security, Lykke uses, inter alia, the following methods
- Captcha: The wallet uses a captcha to eliminate the option of bots holding a wallet account.
- Verification: Codes are sent to your phone number or email to protect your account further.
- The wallet stores encrypted signatures for its hot wallet on a dedicated server.
- Finger Verification: A pin or fingerprint verification safeguard each transaction from the user.
Where to buy Lykke Wallet?
The wallet is free to use, so you do not have to pay for its use. You can find the app for download on the app stores or on the official website.