Lykke Review Introduction
It is most well known to be the ‘free trading platform’ for cryptocurrencies. As a fact, Lykke is the only crypto exchange platform that covers the bank deposit and withdrawal fees for its customers. But is it too good to be true? We will walk you through the platform and its offering in this review.
Lykke is a Swiss-based company that offers an innovative, and low-cost, way to help people invest. It was founded in 2015 by Richard Olsen, who also co-founded OANDA (a currency trading platform). The company has grown exponentially since its initial start date.
Lykke’s main goal is to provide an easy way for people to invest in cryptocurrencies. For beginners, it may be difficult to understand the traditional taker and maker fees distinctions. At Lykke, there are no fees, hence even true beginners can easily understand the real transaction cost without any surprises. Almost anyone can trade on Lykke’s exchange, as they admit users from 117 countries and allow for very low trading limits (as little as 1 EUR). You get the impression that they believe that there must be a levelled playing field for traders worldwide.
Cryptocurrencies that Lykke Wallet Supports
The Lykke Exchange has 3 national currency options for deposit and 5 for cash-to-crypto trading. They currently offer USD, CHF, EUR, GBP, and JPY. In terms of their cryptocurrency offering, they currently offer around 20+ cryptocurrencies on their platform. It supports many of the most popular cryptocurrencies like Bitcoin, Dogecoin, Ethereum, and many more. Before you deposit money into your Lykke Wallet, you need to pass their KYC (Know Your Customer) verification. Lykke is a compliant platform that takes safety measures, such as KYC and AML very seriously. If you are in for trading with just crypto as your trading asset, then we would recommend Lykke over alternatives like eToro which has a wider spread of assets.
Lykke Exchange Fees
If you are looking for an exchange that charges the least fees, then Lykke might be your best choice. The crypto exchange has no fees for trading and very low buy-sell spreads on major pairs. When trading with the Lykke Wallet, the spread can be as low as 0.15% (often even lower than that).
Lykke Exchange Deposit And Withdrawal
Lykke wallet has been designed to make it easy for users to deposit and withdraw funds. The company offers a vast array of deposit and withdrawal options which are listed below:
- Credit Card in CHF or EUR (deposit transaction fee is 3.9%)
- Cryptocurrencies (no fees or limits for cryptocurrency deposits)
- Wire Transfer in CHF, GBP, or EUR (no fee for deposits)
There are no deposit fees for wire transfers. However, fees associated with a transfer can vary according to your bank if there’s a correspondent bank in between.
- Withdrawal to a bank account (no fees)
- Withdrawal of cryptocurrencies (fees vary pending on what cryptocurrency you are withdrawing)
It’s also important to understand that the banks where you make your transfers will most likely charge a fee for processing those transactions if there’s a correspondent bank in between.
Pros of Lykke Exchange
- The fees are excellent in comparison to other exchanges
- Low trading limits and low buy-sell spreads
- Offers a wide range of trading options to choose from
- The platform is easy to use and offers native iOS,Android and Huawei apps
- The company has an excellent reputation for securing your data and providing a safe platform to trade on
Cons of Lykke Exchange
- Not many fiat-options for withdrawal
- Not all currencies are supported for trade
- Minimum withdrawal amount of 50€ for fiat
Overview of Lykke exchange app
The Lykke Wallet app is available on iOS, Android and Huawei AG. You can download it to access your funds wherever you are, as long as you have an internet connection. It’s quite an effortless process to get going: download the app, complete the verification process, deposit EUR, GBP, or CHF from your bank account or credit card, and trade without paying any fees.
Lykke has a partnership with the German crypto trading automation platform Margin, which allows their users to leverage Margin’s bots for high-frequency trading on the Lykke Exchange. This could be highly interesting for anyone wanting to try out automated, bot-based trading, especially since Lykke has a zero trading fee policy. You do, however, need a Margin subscription.
Overall, the Lykke platform is designed to offer users an excellent trading experience while staying on the cutting edge of technology and pricing. It offers a wide range of assets to trade and makes it available on different platforms (iOS, Android and Huawei AG apps, as well as on the web). However, not all cryptocurrencies are supported, and there are not many options for withdrawal. Nonetheless, the company is working hard to improve it to become one of the most preferred exchanges, and by this stage, is a strong recommendation for finding a low-fee crypto exchange. Finally, Lykke’s partnership with Margin offers exciting opportunities for crypto algotraders.
How do I open a Lykke account?
You can open an account on the Lykke website or in the iOS, Android or Huawei AG app. All you need is your name and email address. Later on, you will have to go through their KYC verification process, before you can start trading.
What is the minimum deposit amount?
Lykke decides minimum deposit amounts based on account levels. If you are a Beginner, then the minimum deposit amount is 0 since you cannot trade at this tier. If you are an Advanced, or Pro Individual user, there is a minimum deposit of 50€.
Can I withdraw funds from my Lykke account?
Yes. You can do this via wire transfer to your bank account or by sending cryptocurrencies to another wallet.
What is customer service like?
The customer service is handled via their zendesk platform and is supposedly good as you can both chat through the app, email and call. This makes it easy to get answers, using your choice of communication. Lykke is also known for its human support. It’s easy to get in contact with their agents and they are very responsive, unlike the AI agents on mainstream platforms.
Are there any restrictions on withdrawals?
There are no restrictions on maximum withdrawal when it comes to cryptocurrencies. The maximum withdrawal amount of fiat is based on the approved level of your account.
Is Lykke Just a Cryptocurrency Exchange?
Lykke is attempting to establish a crypto exchange that gives everyone an equal shot and seems to look at ways to develop the platform further. Amongst other things, they have launched their own token LKK, which gives the owner a real stake in the company behind the platform.
What Makes Lykke Different and Unique?
Lykke is unique in having zero (0) trading fees and very low buy-sell spreads on main trading pairs. This makes it stand out from its competitors.
It is also integrated with a trading bot platform Margin. The API users can automate their trading strategies in a simple and visual way.
Is Lykke Coin a Digital or a Stock Currency?
LKK is a new crypto-asset with a unique feature: It allows investors to own a share in Lykke Corp (Switzerland), as well as the right to dividends and voting, thanks to its smart contract functionality. Lykke coin holders are entitled to one Lykke Corp share for every 100 coins they possess as part of.