- Huge number of accepted payment methods accepted
- Wallet option is available
- A lot of countries supported
- Bad support
- Site is buggy sometimes
- Not clear fees policy
LakeBTC was founded in 2013, since then they have served more than 162 countries and more than 10 million accounts were created. The exchange accepts tons of payment methods like Neteller, Western Union, Okpay, etc. Don’t forget that wire and SEPA transfers. LakeBTC lets buyers use the Paypal, but with some strict rules, that what we do not advice, however. At some locations, cash option is available as well.
This exchange accepts customers from almost all the world. Asia, Europe, Africa, Australia, and even the US can use the LakeBTC. Users from New York state (the US) cannot use it though.
Besides exchange functions, LakeBTC presents a trading platform as well.
Bank deposit usually takes 1-5 days, while BTC and other cryptos deposits get completed after a fixed number of network confirmations. We cannot find reports with how long verification takes, but that some customers use LakeBTC without verification for a pretty long time. It depends on the payment methods and how the account is used of course.
No information about the limits of trading volume, deposits and withdrawals amounts are provided. If the size of the transaction is too big, support may require to provide additional information. However, we consider basic limits more than enough for a newbie user.
Verification process and privacy
In the very beginning users are asked for some personal details only, but providing an ID or other paperwork may be asked at any time of usage. Therefore, the level of privacy should be appreciated as high.
First of all, Two-Factor Authentication comes as a feature for safety. In addition, LakeBTC added an SMS verification functionality, which provides customers with an additional layer of security. Another great thing is that the exchange stores customers funds in cold storage. So if a hack or a breach occurs, funds safely lay in an offline wallet. Also, the user can turn on a trading notifications option. Sometimes it may be helpful.
As options email and social media are available only. We missed a phone number at least. Additionally, there is no live chat option, what would be great.
We like LakeBTC because of decent privacy and some really nice payment methods available. Furthermore, a trading platform and Lakebanker (what it is?) give extra uniqueness for this exchange/trading platform.
However, LakeBTC must improve its support. Also, the side could be much faster, and bugs fixed. These weaknesses require solutions if LakeBTC wants to get on the top of cryptocurrency exchanges.
Update 2018-12-12: Use Lakebtc under your own discretion. There are reports of repeated issues of slow transactions and exchanges, bad support or no answers at all.
Reviewed by Coinsmaniac