Guide to Lykke Exchange
Lykke exchange is a Switzerland-based centralized crypto exchange that offers financial products and services to both businesses and individuals. Founded in 2015, Lykke is the brainchild of Richard Olsen, who is also the CEO. Olsen is famous for revolutionizing currency data with his previous project Oanda, a leading online forex broker.
Lykke allows its users to trade in a number of cryptocurrencies with fiat currency. It also offers a crypto wallet, which is easily downloadable from Apple App Store and Google Play Store. In this Lykke exchange review, we will highlight a lot of such interesting features. So, let’s begin.
Connecting your Lykke Address to ZenLedger For Your Crypto Tax Forms
Within ZenLedger, on the Import Transactions page and Exchanges tab, select the Exchange you want to import. Then you'll see a table that outlines the possible methods. We support a direct API code import for many centralized exchanges, while others may require a CSV import. Decentralized exchanges may require a wallet address.
To import your transactions from an exchange, simply navigate to the "Exchanges" tab of the "Imports" page. Select the exchange that you are looking to import, and instructions will be provided for that specific exchange!
Pros and Cons of Lykke
- Has a bunch of funding options
- Doesn’t charge fees
- Well-known management team
- A secure and safe platform
- Supports fiat currency deposits
What makes the Lykke exchange stand out from the crowd is that it offers zero percent commission and super-tight spreads. Also, the exchange offers instant settlement and ownership of virtual assets. Other than its trading services, Lykke offers its own token, the Lykke coin (LKK) as well. The value of the coin is 1/100th share of the company.
There are three main currencies that the Lykke trading platform supports: the US dollar, the Swiss franc, and Bitcoin (BTC). With these currency options, you can trade in assets such as precious metals, forex, cryptocurrencies, and stocks via its coin LKK.
- Non-user-friendly website layout
- Not ideal for beginners
A good user interface is one of the key features of exchange, but Lykke exchange’s layout is quite confusing. Hence, it is not recommended for new users.
As mentioned earlier, the Lykke wallet is available on Apple App Store and Google Play Store. To use Lykke, you have to use this wallet. On the surface, this wallet looks like any other wallet but it has a lot to offer such as:
- Choosing the assets you want to trade is not limited to cryptocurrencies. It can be commodities, forex pairs, or colored tokens issued by the exchange.
- Disabling the wallet remotely if your smartphone or mobile device gets lost or stolen.
- Conforming your transaction with a pin while trading on your mobile device.
- Importing private key
- Managing your funds, trading account, portfolio, and viewing your transaction history.
- Margin trading.
- Executing crypto trades via the wallet without paying any fees.
One feature that makes the Lykke wallet unique is that it will issue a signed refund if the exchange is hacked and your funds are lost. Once the issue is refunded, you could get your money back within 2 weeks.
Fees and Charges
What makes Lykke exchange the first preference of seasoned traders is that it doesn’t charge any fees or commissions for its wallet. So, you pay zero fees for executing trades. Lykke doesn’t make money from trading fees or commissions. Instead, it makes money by offering consulting services, issuance services, and providing market liquidity.
Privacy and Security
The exchange abides by AML legislation and KYC protocols strictly. Thus, users have to show proof of identity and verify it before trading. When it comes to security, Lykke has its own unique procedure. Lykke exchange offers ‘colored tokens,’ which represent the value of traded assets. These colored tokens don’t have value outside the Lykke ecosystem. In case a token is hacked, Lykke simply cancels out the token and replaces it with a newly issued token.
Moreover, the multi-signature (multi-sig) wallets add an extra layer of security to the exchange. Lykke wallets need two authenticating signatures (one from the owner and another from the exchange) before spending any funds from the wallet.
Crypto exchanges have a bad reputation when it comes to customer support and one would have the same expectation from Lykke. However, Lykke is different. You can get in touch with customer care via a landline call, live chat, email, or Skype.
Within a few years of its launch, the Lykke exchange has gained many positive reviews from crypto traders across the globe. The exchange brings a refreshing change to the crypto trading space. Also, it has become a new benchmark for other crypto exchanges to follow. We hope our Lykke exchange review helps you in choosing it as your exchange of choice.