This review concerns Livecoin, an online exchange platform that offers services regarding cryptocurrencies. The information that you will get from this article will help you choose the best option available to you as a trader.
The investigation contains personal take on the online business, with pros, cons and concluding remarks serving as a general remark on the exchange.
About the Exchange
Livecoin is a cryptocurrency exchange, owned by a company called Delta E-Commerce from London, UK. The platform offers simple exchange trade for its customers, with margin trading not available, as seen in the screenshot below.
The online platform offers over 100 cryptocurrencies, many of them being ICO token releases that you can invest in. The accepted fiat currencies are USD, EUR, and RUB, all paired with available cryptos. The exchange operates much like Exmo, as it offers both fiat and crypto money, which is not the case with Poloniex, Binance, Bittrex, and Bleutrade.
Registration and Verification
Registering an account at Livecoin, like in many other platforms, takes less than 2 minutes. You need to provide the username, password, and email address.
As for the verification, the exact requirements are not to be found in the platform unless you wish to use bank transfers as main deposit/withdrawal method. The requested information surpasses average requirements of the market, as you have to provide trading history in other exchanges, scanned ID, proof of address, link to your cryptocurrency forum profile(s) and phone number, as shown in the online form below.
Other than bank transfers, verification is not mandatory to fund your account and start trading with numerous coins.
Service is globally available, though some of the marketing efforts have been directed towards Russia specifically. There is even a how to start video expressed in the Russian language for starters coming from that region, as shown below.
Deposit/Withdrawal Methods and Fees
You can fund your account using Capitalist, Perfect Money, OKPay, Payeer, Bank transfers (SWIFT), Advcash and Qiwi. As mentioned before, these methods support EUR, USD and RUB currencies. The company offers more deposit/withdrawal methods for fiat currencies than Coinbase, Bitfinex, Kraken, and Exmo combined. The fees are presented below per fiat method used:
- Capitalist: 0% for deposits, 2% USD/EUR to 3% RUB for withdrawals
- Perfect Money: 6% for deposits, 0.5% USD to 1% EUR for withdrawals
- Payeer: 0% for deposits, 0.5% USD / 0.2% EUR / 2% RUB for withdrawals
- Bank transfers: $50 and €10 for deposits, 1.5% + $9 / €10 for withdrawals
- Advcash: 4% USD/EUR and 6% RUB for deposits, 0% USD / 1.5% EUR and 2% RUB for withdrawals
- Qiwi: 10% for deposits, 3% for withdrawals
Crypto deposits do not carry any costs, while withdrawal costs are structured for each individual cryptocurrency.
The company implements trade costs as well, ranging from 0.02% to 0.18% depending on your monthly trade volume. The fees can be viewed as on par with exchanges like Bitfinex and Poloniex, while lower than those at CEX.io and Coinbase.
Livecoin also excels in security measures when it comes to personal protection of trader’s balances. The platform offers more safety tools than many exchanges, including Poloniex, LocalBitcoins, Bittrex, CEX.io, and Bleutrade. The said tools are listed below:
- two-factor authentication (2FA)
- PIN code
- session length manager
- encrypted username
- unique greeting tool
- IP whitelist
- session history
Pros and Cons
+ a large number of cryptocurrencies
+ several fiat deposit/withdrawal options
+ no verification demands for most trade functions
+ globally available platform
+ an extensive list of available security tools
- no mobile platforms available for download
- bank transfers require an extensive verification process
- no margin trading
If you are looking for a place where you can start your cryptocurrency trade, check for different ICO tokens for low fees and privacy included, then Livecoin is a place for you. Armed with high-level security options and numerous coins, this is a good ground for starters. Experts might find the lack of margin trading as a disadvantage when compared to platforms like Bitfinex, in addition to the lack of mobile platforms.