Livecoin Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team
Livecoin Review – is it scam or safe?
Livecoin is a cryptocurrency exchange that offers spot trading services for an extensive list of digital currencies for USD, EUR or RUB. On the alt-coin list are major cryptocurrencies like Bitcoin, Ether, Dash, Litecoin, Monero, as well as more obscure ones like Doge, Steem, various game coins as well as hundreds of others, like Putin Coin and Trump Coin. The selection of Livecoin is indeed rather impressive and makes it one of the few exchanges with such wide portfolio. There are a few others, like Bisq and Litebit, who have a larger selection, extending beyond the major cryptocurrencies.
Similarly to most cryptocurrency exchanges, Livecoin does not offer leveraged trading, but only spot trading. There are some major platforms like Kraken, CexIo, bitFlyer and Quoinex who do offer this type of trading. There are also a large number of forex brokers who have included CFDs on some of the major cryptocurrencies for speculative trading on margin, such as IG and
It appears that Livecoin does not have a requirement for immediate customer verification, if any. According to some other reviews, the exchange has a requirement for verification of clients who want to deposit fiat currency via a bank transfer. But Livecoin has some other, more convenient deposit methods, which means the transaction could remain anonymous.
Livecoin offers two types of orders: limit order and market order, with the former being a little cheaper than the latter.
In addition to trading, Livecoin has a business section where it offers coin listing and hosting of an initial coin offering (ICO).
Livecoin is shrouded in mystery and does not provide any information about its location, the company behind it, or any contact details. The only way to get in touch with it is to send it a customer ticket. There could be a number of reasons for this secrecy, but we are generally suspicious of companies who do not provide even basic information about themselves.
It appears that Livecoin is mostly targeting Russian clients, as most payment options are usually popular in Russia. The payments section is also by default in Russian. Besides, the exchange has a profile page in the Vkontakte social network, which is mostly used in Russia.
Otherwise, the exchange says it provides its services globally, except in the USA.
Judging by the negative user comments, customer service is slow, bordering on annoying. It also seems that sometimes the payment processing is very slow and in some cases this has cost traders money in lost trading opportunities. Other clients claim that Livecoin’s platform is often down. Some even accuse it of being a scam, mostly because of the slow payment processing.
Generally, we get the impression that the main advantage of Livecoin is the availability of some more obscure coins for trading and is suitable for those who do not necessarily seek fast and very active trading, as the experience is often a hit-and-miss affair.
Livecoin’s trading platform, similarly to that of most spot cryptocurrency exchanges, does not offer the features a multi-asset trading platform usually does, particularly when it comes to analysis and charting tools, but it is not expected to.
Obviously Livecoin’s platform does what is supposed to do and is easy and intuitive to use. It is better than that of many other exchanges’ platforms and has price charts, an order book, trading history and neat instrument list.
Methods of payment
Like we already mentioned, Livecoin has several payment options, which is rather convenient for the clients. There is the option to pay by bank transfer and Perfect Money (for EUR and USD only) and the Capitalist, OKPay, Payeer and Advcash online payment platforms.
This suggests clients can also use their credit or debit cards, although not directly to Livecoin, but through the online payment systems. Same goes for withdrawals.
This makes Livecoin deposits fairly easy and convenient.
The deposit fees vary depending on the platform, from 0.1% on OKPay, to 7% on Payeer for RUB payments. The bank transfers via SWIFT have a fixed price of 10 EUR and 50 USD, respectively.
Deposits in cryptocurrencies are free.
The fees for withdrawals in fiat currencies vary from 0.1% (OKPay) to 2% for Capitalist. Withdrawals via bank transfer in EUR and USD cost 15 EUR and 1.5% + 9 USD, respectively. The network fee for cryptocurrency withdrawals must be covered by the customer. They vary, depending on the coin.
Livecoin Review – is it scam or safe? Conclusion
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