LakeBTC.com Review – How To Buy Bitcoin at LakeBTC
Is LakeBTC legit? That’s a question that will be answered in this LakeBTC.com review.
Overview & Company Info
LakeBTC was founded in 2013, and is based in China. Originally, LakeBTC was launched as a bitcoin exchange, but it has now expanded to offer a number of other services too, such as merchant services.
How Does LakeBTC Work?
A user must register an account, after which they are able to participate in bitcoin trading, buying, or selling through LakeBTC’s interface. Depending on which options the users wishes to partake in, there are various other steps necessary.
How To Create Your Account (Is there an ID/Verification Process?)
A user initially submits an email address and password to create an account. It’s not necessary to confirm one’s identity in order to trade bitcoin. However, if the users wishes to buy bitcoin using fiat currency like USD, LakeBTC requires identity verification.
LakeBTC complies with KYC/AML regulations, and the process of identity verification is fairly standard. Users will need to provide a verified name and address, along with a government issued ID. LakeBTC also requires users to verify their cell phone numbers.
How To Buy Bitcoin At LakeBTC
LakeBTC allows users to link a bank account to their account and deposit money onto LakeBTC, which can then be used to buy bitcoin. There generally is a waiting period of two to three days as LakeBTC verifies identity and banking credentials, after which the user can buy bitcoin at will.
What Are The Deposit/Payment Options, Fees, and Limits?
LakeBTC accepts deposits via wire transfer from a bank account, as well as other services such as Ripple and Paypal. However, there are certain restrictions put upon services like Paypal, and LakeBTC might hold such deposits for an extended period of time as a precaution.
Deposits via wire transfer are subject to a fee from the bank the user is sending from, and usually international transfers are in the range of 15-80 USD.
Does LakeBTC Charge Service or Transaction Fees?
LakeBTC has a variable fee structure, which is dynamically determined by a number of factors, such as payment method, the user’s reputation, the currency involved, etc. A user is able to review the exact actual fee at the time of making a deposit or withdrawal request.
The fee structure in totality can be accessed on the site through their Support section.
Does This Exchange Have A Trading Platform?
LakeBTC has a robust trading platform. Further, they offer an app called LakeTrader, which provides live data and charting, as well as historical LakeBTC trading data.
Customer Support Options
LakeBTC offers on-phone customer service in Mandarin, and all other customer service requests are communicated via email. In addition, LakeBTC offers a detailed FAQ page covering most of the basic questions a LakeBTC user might have.
Pros and Cons of LakeBTC
– LakeBTC is one of the 3 or 4 most established bitcoin exchanges, with the stability that entails.
– Security is top tier, using SSL encryption and cold wallets to store users’ bitcoins until they’re being used.
– Fees generally tend to be competitive with other major exchanges.
– The fact that LakeBTC is a company based in China concerns some users, given the Chinese government’s stance on bitcoin. While no concrete problems exist, this has been mentioned in some users’ LakeBTC review.
– User interface, while not horrible, is slightly less clean and user-friendly than a few other exchanges.
– As a KYC/AML compliant site, LakeBTC is willing to freeze accounts suspected of using bitcoin for money laundering or illicit activities, so if privacy is a concern, it may not be the best option.
LakeBTC is a perfectly acceptable way to buy bitcoin for your native currency. It’s been around a long time and has generally positive reviews from a high volume of users. As a trading platform, it’s probably not the best out there, but if your interest is in acquiring bitcoin, LakeBTC is a good source.
From a privacy standpoint, LakeBTC isn’t your best option if you’re looking for the anonymity factor in using bitcoin. Exchanges like LocalBitcoin.com might be more to your taste. But if you’re not as worried about maintaining privacy, LakeBTC is an acceptable option.
And to be clear, there’s no indicator that LakeBTC will have any future trouble with the Chinese government, nor is LakeBTC associated with bitcoin mining or any other bitcoin-related activities well known to be rife with scamming. To all appearances, LakeBTC is legitimate and stable.
That concludes this Lake btc review.