Lykke Exchange Review 2023 : Pros & Cons

What Is Crypto Exchange ?

A crypto exchange, also known as a digital currency exchange, is a platform that allows users to buy, sell, and trade cryptocurrencies for other digital assets or fiat currencies. These exchanges provide a marketplace where buyers and sellers can come together to trade cryptocurrencies in a safe and secure manner.

Crypto exchanges come in different forms, including centralized exchanges (CEXs) and decentralized exchanges (DEXs). CEXs are operated by a central authority, which controls the exchange’s operations and provides services such as order matching, custody of funds, and customer support.

DEXs, on the other hand, are peer-to-peer platforms that allow users to trade cryptocurrencies without a central authority or intermediary. Most crypto exchanges support popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, as well as a variety of altcoins.

Some exchanges also support fiat currencies, allowing users to buy and sell cryptocurrencies using traditional currencies like USD, EUR, or JPY.

What Is Lykke Crypto Exchange ?

Lykke exchange is an all-in-one cryptocurrency trading platform that does not charge trading fees. The platform can be accessed through a web terminal (https://trade.lykke.com (https://trade.lykke.com/) ) and on mobile devices (iOS (https://itunes.apple.com/de/app/id1112839581/) , Android (https://play.google.com/store/apps/details/?id=com.lykkex.LykkeWallet) and Huawei AG (https://appgallery.huawei.com/app/C104970873) ).

Lykke Crypto Exchange Quick Facts

How To Register At Lykke Exchange?

To register on Lykke , 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.

Lykke Exchange Supported Countries

Lykke Exchange is a cryptocurrency exchange that supports users from various countries around the world. However, the availability of services may vary depending on the location of the user.

Exceptions are the United States, China, Canada and countries in the Middle East. Europe and Australia are also countries whose nationals cannot trade on Lykke .

How To Verify Your Lykke Cryptocurrency Account ?

There is no mandatory verification at Lykke , 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 Lykke , Revolut platforms.

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

There are two main options for topping up your balance on Lykke . 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 Lykke 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 Lykke Account ?

There are several steps you can take to help secure your Lykke Exchange account and protect your digital assets:

1. Enable two-factor authentication (2FA): Lykke Exchange supports 2FA, which adds an extra layer of security to your account by requiring a second authentication factor, such as a code generated by an authentication app or sent via SMS.
2. Use a strong and unique password: Choose a password that is difficult to guess and avoid using the same password for multiple accounts.
3. Verify your email address and phone number: Verifying your email address and phone number will help ensure that you receive important notifications and alerts about your account activity.
4. Keep your account information up-to-date: Make sure to update your account information, such as your email address and phone number, if there are any changes.
5. Monitor your account activity: Regularly review your account activity to detect any unauthorized transactions or suspicious activity.
6. Be wary of phishing attempts: Be cautious of emails, messages, or phone calls asking for your account information or login credentials. Lykke Exchange will never ask for your password or private keys.
7. Use a hardware wallet: Consider using a hardware wallet, which is a physical device that stores your digital assets offline, for added security.

Fees taken when buying virtual currency

Fees

Lykke does not charge any API Taker or Maker fees. 

Lykke does not charge trading fees whatsoever.

Trade for Free

Free trading is simple and transparent. The exchange is a level playing field for individuals and institutions trading manually or through algos and bots.

Minimal order limits

For a unique AssetPair (v2):

gRPC: hft.PublicService.GetAssetPair

RestAPI: GET /api/assetpairs/{assetPairId} 

For Multiple AssetPairs (v2):

gRPC: hft.PublicService.GetAssetPairs

RestAPI: GET /api/assetpairs

Trade On Go Lykke Is 100% Mobile Friendly

Yes, that’s correct! Lykke Exchange offers a mobile trading app called “Lykke Trade” that is designed to provide users with a seamless trading experience on-the-go. The app is available for download on both iOS and Android devices, and it offers a wide range of features and tools to help users trade cryptocurrencies and other digital assets.

With Lykke Trade, users can buy, sell, and trade cryptocurrencies, view real-time price charts, monitor their portfolio performance, and access their account balance and transaction history, all from their mobile device. The app is designed with a user-friendly interface that is easy to navigate and provides a smooth trading experience.

In addition, Lykke Trade offers advanced security features to help ensure the safety of users’ funds, including two-factor authentication and biometric login options. Users can also access customer support directly through the app if they have any questions or concerns.

How To Contact Lykke Customer Support Team?

If you need to contact Lykke’s customer support team for assistance, there are several ways you can do so:

1. Email: You can email Lykke’s customer support team at [email protected]. This is a good option if you have a non-urgent question or concern and prefer to communicate in writing.
2. Live chat: Lykke also offers a live chat feature on their website, which allows you to chat with a support representative in real-time. This is a good option if you need immediate assistance or have a pressing issue that requires prompt attention.
3. Phone: If you prefer to speak with a support representative over the phone, you can call Lykke’s customer support team at +41 43 508 1834. However, keep in mind that phone support may not be available 24/7 and may be subject to international calling fees.
4. Social media: Lykke maintains a presence on several social media platforms, including Twitter, Facebook, and LinkedIn. You can reach out to them via direct message or by tagging them in a post or comment.

Regardless of the method you choose, be sure to provide as much information as possible about your issue or question, including your account information and any relevant transaction details. This will help Lykke’s customer support team provide you with the most accurate and effective assistance possible.

Features Of Lykke Crypto Exchange

Trading Platform

Lykke’s trading platform is user-friendly and easy to navigate, providing traders with access to a range of cryptocurrencies and digital assets. Users can trade these assets against major fiat currencies, including USD, EUR, and GBP.

Low Fees

Lykke offers low trading fees compared to many other cryptocurrency exchanges. The fees vary depending on the asset being traded, but they are generally lower than the industry average.

High liquidity

Lykke Exchange has high liquidity, which means that users can quickly and easily buy and sell cryptocurrencies without having to worry about order book depth.

Security

Lykke Exchange takes security seriously and offers a range of measures to protect users’ funds and personal information. These include two-factor authentication, biometric login options, and cold storage of funds.

Regulation

Lykke Exchange is a regulated exchange and operates under a range of licenses and regulations, including the Swiss Financial Market Supervisory Authority (FINMA) license.

Lykke Good Or Bad Points

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

Good points:

• Security: Lykke is known for its robust security measures, including using cold storage wallets to store most of its customers’ funds and implementing two-factor authentication for user accounts.
• User-friendly interface: The Lykke app and website are designed to be user-friendly, with a simple and intuitive interface that makes it easy for even beginners to navigate and use.
• Range of assets: Lykke offers a wide range of digital assets for trading, including Bitcoin, Ethereum, and other popular cryptocurrencies, as well as traditional currencies like USD, EUR, and GBP.
• Competitive fees: Lykke’s trading fees are relatively low compared to other exchanges in the industry, and there are no fees for deposits or withdrawals.

Bad points:

• Limited availability: Lykke is currently not available in all countries, which could be a limitation for some users who want to use the platform but are not able to do so.
• Limited liquidity: Because Lykke is a relatively small exchange, it may not have as much liquidity as some of the larger exchanges, which could potentially result in slower trading or higher bid-ask spreads.
• Limited trading options: Lykke currently only offers spot trading, which means users cannot trade derivatives like futures or options on the platform.

Is Lykke Is Safe Platform To Trade ?

Lykke is generally considered a safe platform to trade on. The company has taken a number of steps to ensure the security of its users’ funds and personal information.

One of the main security features of Lykke is that the majority of the funds held on the platform are kept in cold storage, meaning they are not connected to the internet and are therefore less susceptible to hacking attempts. The company also uses two-factor authentication for user accounts, which adds an extra layer of protection against unauthorized access.

Lykke is also regulated by the Swiss Financial Market Supervisory Authority (FINMA), which means that the company must adhere to strict regulatory requirements and is subject to regular audits and inspections.

While no platform can guarantee 100% security, Lykke’s security measures and regulatory compliance are generally considered to be strong, which can provide users with a greater level of confidence when using the platform for trading.

Lykke Conclusion

In conclusion, Lykke is a Swiss-based cryptocurrency exchange and wallet provider that offers a range of digital assets and traditional currencies for trading. The platform is known for its user-friendly interface, competitive fees, and strong security measures, such as cold storage and two-factor authentication. Additionally, Lykke is regulated by the Swiss Financial Market Supervisory Authority (FINMA), which adds an extra layer of security and transparency

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