LCX Cryptocurrency Exchange Review : Pros & Cons

What Is Crypto Exchange ?

A crypto exchange, short for cryptocurrency exchange, is a digital platform that enables users to buy, sell, and trade various cryptocurrencies like Bitcoin, Ethereum, Litecoin, and others for other cryptocurrencies or fiat money, such as US dollars or euros.

A crypto exchange works similarly to a traditional stock exchange where buyers and sellers can trade securities. However, instead of trading stocks, users on a crypto exchange trade digital currencies.

Crypto exchanges offer various trading pairs and different features such as market and limit orders, stop-loss orders, and other trading tools to facilitate trades. Some exchanges also provide additional services like digital wallets for storing cryptocurrencies and access to real-time market data.

There are many types of crypto exchanges, including centralized exchanges, decentralized exchanges, and peer-to-peer exchanges. Each has its own unique features and benefits, but all provide a way for users to access and participate in the cryptocurrency market .

What Is LCX Crypto Exchange ?

The LCX Exchange is a regulated trading venue offering a range of digital currencies. The cryptoassets trading platform has been built from the ground up, leveraging the proficiency of our progressive crypto portfolio desk, LCX Terminal, LCX DeFi Terminal and our sophisticated crypto compliance suite.

LCX.com is a fintech company that focuses on tokenization of assets, utility and security token offerings and advanced trading tools. LCX, the Liechtenstein Cryptoassets Exchange, is based in Liechtenstein, operates in accordance with the new blockchain laws and has introduced a comprehensive crypto compliance suite.

LCX.com is a fast-growing trusted technology service provider offering clients the solutions for a compliant security token offering for issuing and managing of tokenized securities and digital assets.

Information Table

How To Register At LCX Exchange?

To register on LCX , click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your LCX Cryptocurrency Account ?

There is no mandatory verification at LCX but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of Free. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the CrossTower , Revolut platforms.

How To Buy Crypto Or Deposit Crypto At LCX Crypto Exchange?

There are two main options for topping up your balance on LCX Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From LCX Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your LCX Account ?

There are several steps you can take to help secure your LCX account and protect your funds:

1. Use Secure Passwords: Make a powerful, one-of-a-kind password with a mix of uppercase and lowercase letters, numbers, and special characters. Avoid using information that is easily guessed, such as your name, birthdate, or common words.
2. Turn on Two-Factor Authentication (2FA): Enable 2FA on your LCX account. This provides an additional degree of protection by forcing you to enter a one-time code generated by an authentication software such as Google Authenticator or receive it via SMS before you can access your account.
3. Avoid Phishing Attempts: Be wary of phishing emails, websites, and communications that purport to be from LCX. Always check the legitimacy of the website and emails you receive. Check the URL of the webpage to guarantee it is the official LCX site.
4. Protect Your Email: Because password resets and communication with support are frequently done by email, make sure your email account is equally secure with a strong password and 2FA.
5. Update your software and plugins on a regular basis: Update the operating systems, browsers, and security software on your computer and mobile devices.
6. Avoid using public Wi-Fi to access your account: Avoid using public Wi-Fi networks to access your LCX account since these networks may not be safe. Make use of a reliable and secure internet connection.
7. By taking these steps, you can help protect your LCX account and reduce the risk of unauthorized access to your funds.

Fees taken when buying virtual currency

LCX Exchange Trading fees

Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.

LCX Exchange charges what call flat fees, meaning that both the takers and the makers pay the same fee when it comes to spot trading: 0.30%. These spot trading taker fees are above the global industry averages for centralized exchanges. Sure, industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%. 

LCX Exchange Withdrawal fees

Withdrawal fees are usually fixed and vary from crypto-to-crypto. If you withdraw BTC, you pay a small amount of BTC for the withdrawal. If you withdraw ETH, you pay ETH. The last time we did an empirical study of the BTC-withdrawal fees in the crypto exchange market, we found that the average BTC-withdrawal fee was 0.0006 BTC per BTC-withdrawal.

Deposit Methods

To trade here, you can deposit with cryptocurrency or use SEPA wire transfer. The main asset class you can deposit to LCX Exchange is cryptocurrency. However, if you really like LCX Exchange but you don’t have any crypto yet, SEPA transfers are commonplace at crypto exchanges and offer a safe and secure to deposit fiat onto a crypto platform like LCX.

Trade On Go LCX Is 100% Mobile Friendly

LCX exchange has a mobile application that is available for both iOS and Android devices. The mobile application allows users to access the exchange’s services, including buying and selling cryptocurrencies, managing their accounts, and tracking their trading activities on the go.

The mobile app has a user-friendly interface that is optimized for mobile devices, making it easy to navigate and use. It also provides real-time price charts, order books, and trading history, allowing users to stay updated on the latest market trends and make informed trading decisions.

To download the LCX mobile app, you can visit the App Store or Google Play Store on your device and search for “LCX “. Once downloaded and installed, you can log in to your LCX account and start using the exchange’s services on your mobile device.

How To Contact LCX Customer Support Team?

If you need help with your LCX account or have any questions, you can contact LCX customer support through the following methods:

Go to the LCX website: Go to the LCX official website. The URL may have changed after my previous update, so use a search engine to find their current webpage.

Email help: Alternatively, on their contact page, you may discover an email address specifically allocated for customer help. You can explain your problem or inquiry in an email.

Phone Support (If Available): If you prefer to speak with a support agent directly, look for a phone number on the contact page. Keep in mind that phone assistance for bitcoin exchanges may not always be available.

Social Media: Check to see if LCX has official social media profiles (for example, Twitter, Facebook, or Telegram). You may be able to send them a note or request assistance via these channels.

No matter which method you choose, be sure to provide as much detail as possible about your issue or question so that LCX customer support can assist you efficiently.

Features Of LCX Crypto Exchange

Available At Android & IOS Store

LCX Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading.

Convenient Payment Methods

LCX accepts a wide range of payment methods, including UK bank transfers, debit cards, and credit cards.

Trading Pairs:

LCX supports a wide range of trading pairs, including BTC, ETH, USDT, USDC, and more. This allows traders to access a variety of cryptocurrencies and trade them against each other.

Low Trading Fees:

LCX charges low trading fees of just 0.03% for market makers and 0.07% for market takers. This makes it one of the most affordable exchanges on the market.

Regulated Platform

LCX is a licensed Liechtenstein based company that is regulated by the Financial Market Authority of Liechtenstein under registration No. 288159 as a trusted technology service provider.

Security

LCX platform was built from the ground up with multiple layers of protection and industry-leading security protocols

Advanced Trading Tools

LCX offers investors a suite of advanced trading tools to maximize their trading strategies.

Industry leading API

Our Websocket feed lets you easily gain access to real-time market data, while our trading API lets you develop secure, programmatic trading bots

LCX Good Or Bad Points

LCX is a cryptocurrency exchange that allows users to buy and sell various cryptocurrencies. Here are some potential good and bad points of using LCX :

Good points:

1. Security: LCX may provide sophisticated security features, such as cold storage for cryptocurrencies and two-factor authentication, to protect customer cash and data.
2. Regulation: Because LCX is situated in Liechtenstein, it may comply to strong regulatory norms, which might offer users with a sense of trust and authenticity.
3. Fiat Support : Some customers enjoy that LCX allows them to exchange cryptocurrencies against fiat currencies, making it easier to purchase and sell digital assets..
4. Liquidity: For popular cryptocurrencies, the exchange may have a reasonable degree of liquidity, making it easier for traders to execute orders at desired rates.
5. User Interface: LCX may offer a user-friendly interface that is ideal for both novice and expert traders.

Bad points:

1. Limited Geographic Availability: Due to regulatory compliance, several cryptocurrency exchanges restrict who can use their platform. Certain regions may not have access to LCX.
2. Fees: LCX, like most exchanges, will almost certainly impose fees for trading and withdrawals. These fees may differ and have an impact on the overall cost of utilizing the site.
3. Customer Service: The quality of customer service can differ between exchanges. Some consumers may have had unfavorable experiences with LCX in terms of response times or problem resolution.
4. Limited capabilities: Depending on your trading requirements, you may discover that LCX lacks advanced trading capabilities or tools that other exchanges provide.
5. Market Volatility: Because cryptocurrency markets can be highly volatile, prices can fluctuate quickly. For traders, this might present both possibilities and threats.

LCX Conclusion

Finally, the Liechtenstein Cryptoassets Exchange (LCX) demonstrates the growing demand for regulated, compliant, and secure trading platforms in the ever-changing world of digital assets. Since its debut in 2018, LCX has proved its dedication to upholding the highest security and compliance requirements. LCX has firmly established itself as a credible participant in the cryptocurrency exchange industry, with its headquarters in Vaduz, offices in important global cities, and 8 crypto-related registrations from the Financial Market Authority Liechtenstein.

LCX’s commitment to complying with new blockchain rules, as well as the launch of a full crypto compliance suite, underscores its objective to provide customers with a safe and dependable trading environment.

FAQ