LakeBTC Review: A Shanghai Based Cryptocurrency Exchange

Founded in 2013, LakeBTC is a Shanghai-based cryptocurrency market that hosts 8 trading pairs. It offers an API for programmatic trading and finds itself at #17 on BlockExplorers top 25 Cryptocurrency Exchanges of 2017 list. While writing this review, LakeBTCs website went down for a little over a day, which could indicate some technical issues.

LakeBTC has some activity on all of its trading pairs. As such, LakeBTC would be recommended to mid or low tier traders looking for somewhere active but somewhat small to trade.

LakeBTC

lakebtc crypto

URL: lakebtc.com
Total Trading pairs: 8
Founded: 2013
Deposit Fees: No
Withdrawal Fees: No
Trading Fees: Yes, 0.00%-0.2%
Verification: Yes, One level

Registration

Registration on LakeBTC is a two-step process. The first step to registering is entering an email address and password. Before you can log in, you are required to follow the link emailed to you in order to confirm your address.

Verification

LakeBTC offers a single verification level. You are only required to verify your account if you wish to deposit and withdraw fiat via a bank wire. The process of gaining the verification level has one step and involves a decent amount of personal information. Specifically, you are required to provide your full name, full address, proof of residence no older than three months, and photo government ID. An image of you holding the ID submitted is required if you intend sending “high volume bank wires”. Though what constitutes ‘high volume’ in this context is not stated.

Interface

LakeBTC has two trading interfaces, both of which are a bright white with black text and blue highlights. The more simple interface has no chart and has tabs for buying and selling your selected trading pair, with an order book alongside the order placement form. This extremely simplistic trading interface feels very restrictive, as most of the information even novice traders would want is not available. Otherwise, the more advanced trading interface seems to use flash, which makes it impossible to use on most modern browsers.

Security

LakeBTC has some good practices and some bad ones. It offers two methods of Two Factor Authentication. Specifically, SMS based and Google Authenticator based 2FA. Otherwise, LakeBTC still uses Adobe Flash, which is a known security vulnerability.

Armin Davis

Armin is a cryptocurrency mining and computer security enthusiast. Writing is fun too.

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