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LakeBTC Review – Exchange, Wallet

Founded in 2013, LakeBTC is a rather peculiar type of crypto currency operation. It was launched as a bitcoin exchange, but these days, it’s much more than that. Besides exchange-related services, it also offers merchant tools, which allow businesses as well as individual users to accept bitcoins in a handy manner as payment for various goods and services. The operation also offers crypto currency wallet services, and it plays an active role in determining the BPI (Bitcoin Price Index).

LakeBTC.com

It is safe to put it out there from the get go that LakeBTC is not a scam. It is a legit service, and the crypto currency industry widely recognizes it as one of the best. It is one of the 4 big exchanges which set the BPI – as said above – and it has been featured all over the specialist media. LakeBTC have no involvement with mining, cloud-mining or other such scam-prone verticals, and they offer nothing that would trigger a too-good-to-be-true red flag. Their services make perfect mathematical and financial sense.

Still, there seems to be an aura of mystery surrounding the operation and that is definitely not a positive in this industry. While the official LakeBTC site (lakebtc.com) does in fact feature an About Us section, where plenty of information is provided, the operator doesn’t seem keen on disclosing its corporate background. It takes a little bit of snooping around to learn that the company behind LakeBTC is Lake Investments Ltd and it is based in China. The actual company address is Suite 606, 231-1, Ludi Avenue, Kunshan, 215332, China. The phone number trough which the LakeBTC office can be reached is 86 13 262756531.

The fact that this is indeed a Chinese operation may come as a surprise to many, especially seeing how the LakeBTC website doesn’t even support Chinese. Obviously, the services are directed towards a primarily English-speaking clientele.

The fact that we are dealing with a legitimate company in LakeBTC is obvious from the bitcointalk.org chatter too, where there are some complaints, but the majority of posters agree that it is a legitimate operation indeed. Some at bitcointalk have expressed concern regarding the actual origins of the operation, but most don’t seem to be bothered by that. China may be a bitcoin mining hotspot on account of the cheap electricity there, and it may be the hotbed of bitcoin scamming too, but LakeBTC is indeed legitimate.

The LakeBTC chatter on Reddit – the other major communication hub used by the crypto currency community – is overwhelmingly positive as well.

What exactly does LakeBTC offer though and why should crypto currency traders consider it as a destination for their investments?

As said above, LakeBTC started out as a bitcoin exchange. This is probably the biggest segment of the operation to this day. According to the LakeBTC site, the exchange was launched by a team experienced in the trading of currencies, agency bonds, treasuries and all sorts of financial derivatives. No actual proof is delivered in this regard though. No identities are revealed and no other specifics either.

The LakeBTC exchange is focused on fairness and efficiency. There’s a market surveillance program implemented, together with risk management and exhaustive internal controls. The LakeBanker program is an extension of the exchange and it was launched more recently. It essentially allows any user with a balance at the site, who is able to accept payments, to act as a seller. According to some, the LakeBanker program, and the fees that it has ushered in, have somewhat ruined the value the exchange used to offer beforehand. Lakebankers can essentially sell bitcoins to users looking to buy, and they profit from the extra fees slapped onto these transactions. LakeBTC do indeed seem rather focused on this program of theirs. They have rolled out a bunch of Q and A-style pitch-paragraphs, extolling the various virtues and advantages of the setup. The proposition suits those used to OTC biotcoin trading quite well indeed.

The LakeBTC wallet is an obvious necessity for someone buying and selling BTC and various fiat currencies through the website. The wallet is allegedly secure, and it allows users to transfer, spend and receive BTC without a worry.

The LakeBTC fees are rather reasonable, though some will doubtlessly find them way too steep. Deposits are free, while trading takers are charged an 0.2% fee. Trading makers will pay between 0% and 0.15% on their transactions, depending on their monthly trading volumes. To get a lower rate than 0.15%, one needs to turn over at least 500 BTC per month. BTC withdrawals are free, as are payments, and OTC buying. OTC sellers pay 1%.

The LakeBTC website has been registered in November 2013, by a person named Michael Smithland. Smithland apparently resides in New York, at 270, 7th Avenue, and his phone number is public as well. Apparently, LakeBTC don’t really have anything to hide in this regard.

LakeBTC.com’s Alexa rank is over 340,000 at the time of writing, and most of its traffic seems to come from India. It is fairly popular in the UK, US, Germany and Nigeria as well. The domain authority score of the site is 35/100 and its spam score is 0. A total of 12 root domains link to it, some of which are indeed high-authority, industry-relevant ones.

A Google search won’t reveal much in the way of LakeBTC-related complaints. The community seems to be in agreement that the operator is indeed legitimate.

LakeBTC Review Conclusion

Having analyzed the LakeBTC website, its corporate background and its offer, it is safe to conclude that the exchange is not a scam. The community feedback is quite positive as well.

Thanks for reading our LakeBTC Review!

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7 Comments

  1. tbonecollion

    do not use lakebtc my account was compromised on there end, I had 2way authentication I had password. My password was changed, not sure if funds are still in the account unable to login.

  2. june.vonda

    NO. Maybe it used to be OK, but now it’s impossible to withdraw funds.
    When you enter a withdraw address, it never gets validated. I’ve been stuck for a week now. They don’t need extra security to receive funds, only to pay you. LOL.
    Looks like a scam. AVOID THAT PLATFORM.

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