Livecoin Exchange Review: Is Livecoin a Scam?
What is Livecoin?
The platform offers its services on a global scale, except in the USA. Despite the lack of conclusive information, the exchange seems to be heavily focused on the Russian market.
It may not be up there with the greats of the industry in terms of trading volume, but Livecoin makes up for this by offering an extensive list of digital currency pairs from which traders can choose. The selection of coins includes some of the most popular such as Bitcoin, Ethereum, Dash, Litecoin, Monero, as well as some of the most unpopular coins within the cryptosphere such as Trump Coin and Putin Coin. A list with all the active markets and trading pairs available on Livecoin can be viewed on the exchange’s official CoinMarketCap page.
It’s worth noting that users can also use their typical fiat funds such as USD, EUR, or RUB, to buy cryptocurrencies.
The first thing users need to be aware of is the fact that Livecoin does not offer leveraged trading, only spot trading. In addition to trading, Livecoin also has a business section where it offers coin listing and hosting of ICOs.
Since the platform is mostly geared towards spot trading, it does not offer much regarding multi-asset trading such as complex analysis and charting tools. As far as trading tools go, Livecoin boasts features like essential price charts, an order book section, a trading history feature, and various other instruments.
This ensures that trading on Livecoin is somewhat similar to trading on most other cryptocurrency exchanges. Users can access standard market orders, limit orders, and pending orders. The last type of orders are mostly unique and are offered by Livecoin and a very few other crypto exchanges.
Unfortunately, the platform can only be accessed via a web browser, as there are not desktop and mobile clients available just yet. In order to start trading on Livecoin, users are required to register an account form their country of residence, and undergo a basic KYC process.
Livecoin has a competitive fee structure which includes deposit fees, trading fees, and withdrawal fees. As expected, the trading fees depend on the trading volume (the more you trade, the lower the fees will be).
For example, for a trading volume of a maximum of $100,000, the fee will be 0.18%. On the other side of the scale, for $2,000,000, the trading fee will be 0,02%. Meanwhile, the deposit and withdrawal fees also vary depending on your payment method or the currency selected. For instance, for using Payeer.com, the deposit fee is 1.5% for USD and 1% for EUR. In this situation, the withdrawal fees will be 1,5% for USD and 5,5% for EUR.
The full fee structure can be viewed on the dedicated section on the official website.
Accepted payment methods
Users can deposit fiat money into their Livecoin accounts using three main fiat currencies, namely USD, EUR, and RUB. Fiat deposits can be made using the following payment methods: Visa/Mastercard, Payeer, Perfect Money, Capitalist, AdvCash, and Qiwi.
Livecoin makes use of cold storage systems to protect the exchange funds. It also boasts two-factor authentication and ensures that only whitelisted IP addresses are allowed.
Is Livecoin a Scam?
Even though it’s somewhat shrouded in mystery, Livecoin has been operating successfully for a couple of years now, and without much complaints on an international level. It is an appealing service, especially for traders who require large variety for their trades. It also offers the ability to exchange fiat for crypto, it has a nicely organized fee structure, it offers multilingual support, and decent customer support, and one of the most straightforward interfaces.
Based on everything that’s been said, Livecoin is definitely not a scam. However, there are some drawbacks such as slow payment processing, no real information of the exchange’s actual location, and a somewhat outdated customer service system.