Livecoin.net Review – How To Buy Bitcoin at Livecoin
Is Livecoin legit? That’s a question that will be answered in this Livecoin review.
Overview & Company Info
The Livecoin exchange was created in 2013 by Delta E-Commerce LTD out of London, UK, and their servers are based in Louisiana, USA. Livecoin facilitates the exchange of cryptocurrencies for USD, EUR, and Russian Roubles.
The site is geared for a global audience, but does seem to be especially welcoming of Russian users, offering tutorials in Russian and being one of a relatively few sites offering trading in Rubles.
How Does LiveCoin Work?
Livecoin functions similarly to many exchanges. A user must create an account, and then add either money or bitcoin (or other cryptocurrencies) to the site, at which point the user will be able to make trades, of which Livecoin takes a variable fee.
How To Create Your Account (Is there an ID/Verification Process?)
It’s not necessary for users to verify their IDs unless they will be depositing or withdrawing money via bank transfers. If the user is attempting to use a bank transfer, Livecoin contacts the user to process the verification. Livecoin does not publicly state what the verification process is.
How To Buy Bitcoin At LiveCoin
Once the user has money deposited on Livecoin, Livecoin has an interface which allows the user to select bitcoin (or another cryptocurrency if so desired) and purchase that amount.
What Are The Deposit/Payment Options and Fees?
There are a number of options for depositing bitcoin onto Livecoin. When it comes to depositing fiat currency, the options are either to use the payment system sites payeer.com, okpay.com or perfectmoney.is, or to use a bank transfer.
The fee for deposits is 7.5% for Payeer, 8.5% for OKPAY, and 1.5% for PerfectMoney. A wire transfer from a bank account will cost $50.
Does LiveCoin Charge Service or Transaction Fees?
Livecoin charges a nominal fee for transactions, which is scaled by volume. 0 to 100,000 USD in transactions over a 30 day period has a fee of 0.18%, with a sliding scale decreasing all the way to 0.02% for more than two million USD.
What Are The Withdrawal Options, Fees, and Limits?
There are numerous withdrawal options for bitcoin and other cryptocurrency, and for fiat currency, the options are again the three payment sites (Payeer, OKPAY and PerfectMoney) and bank transfers.
The withdrawal rate for Payeer is 0.5%, for OKPAY is 2%, and for PerfectMoney is 1.5%. To withdraw money via a wire transfer carries a fee of 1.5% + 9 USD.
The maximum amount for a single withdrawal via wire transfer is $5,000.
Does LiveCoin Have A Trading Platform?
Livecoin has a trading platform similar to many cryptocurrency exchanges. Users trading on Livecoin have access to standard market orders, as well as a couple of other more exotic options. Livecoin doesn’t offer margin trading, nor derivatives or futures.
Customer Support Options
Livecoin offers support via both chat and email exchanges, in addition to a Support section on the site covering most of the common questions and information about themselves.
Livecoin also offers a tutorial video, and has a remote FAQ page on the Bitcointalk forums covering a wide range of topics.
Pros and Cons of LiveCoin
– Fast deposits and withdrawals, in comparison with a number of other bitcoin exchanges.
– Reasonable fees, especially for trading.
– Full support for a variety of other cryptocurrencies besides bitcoin, for those who might be interested in that.
– Does not have a mobile app.
– Reports of liquidity issues, especially when dealing with more obscure currencies.
Overall, Livecoin is a very solid exchange for someone looking to acquire or trade bitcoin. It’s been established for long enough that it’s pretty clearly not a scam, and user reviews tend to be positive.
Livecoin is a little bit obscure as to its exact ID verification process, so those with privacy concerns may want to tread carefully, but if privacy isn’t a major issue, Livecoin offers pretty much everything you’d be looking for in an exchange.
One aspect of Livecoin that may or may not be appealing to you is its support for trading in all manner of less established cryptocurrencies. Offering a dizzying variety of currency pairings, including pairings of cryptocurrency/cryptocurrency, Livecoin allows for full exploration of the world of trading in cryptocurrencies.
If you’re only interested in bitcoin, Livecoin would be fine for you, comparable to many other exchanges. However, if you’re interested in the general concept of cryptocurrency or think you may be wanting to branch out to trading in others in the future, Livecoin might be your ideal exchange.
That concludes this Livecoin.net review.