LakeBTC Review

LakeBTC Review

LakeBTC was founded in 2013, since then they have served more than 162 countries and have more than 10 million users accounts. Tons of supported payment options and many FIAT currencies are accepted as well. In addition, more details such as limits, verification process and fees in this LakeBTC Review below.

Supported Cryptocurrencies
  • Bitcoin (BTC)
Offered Services
  • Buy or Sell Bitcoin 
  • BTC Wallet
  • Trading platform
Payment Methods Accepted
  • Wire Transfer
  • SEPA
  • Western Union
  • MoneyGram
  • Cash
  • OKPay
  • Perfect Money
  • PayPal
  • Payza
  • Skrill
  • Neteller
  • Leupay
  • LakePay
  • Chats
Fees
  • Fees are dynamically determined by the market, supply-demand, your reputation, the amount, currency, payment method, and so on
  • Trading fees are shown on the purchase page also
  • Bank deposit rates depends on user's bank
Verification Process
  • To fully verify user's account it's mandatory to provide: name, address, image of ID, mobile phone number, proof of residency
  • On some occasions selfie photo may be required
Supported Countries
  • Europe
  • USA (excl. state of New York)
  • Asia
  • Australia
  • Africa
LakeBTC Review
Speed
  • Bank deposit usually takes 1-5 days
  • BTC deposits are done after 3 blockchain confirmations
Limits
  • No information about limits of trading volume, deposits and withdrawals amounts are provided
  • If size of transactions are big enough, support may require to provide additional information
Privacy
  • On the registration no personal details are required
  • Regarding to KYC/AML policies, ID verification may be asked
Security
  • Cold storage
  • Two-Factor Authentication
  • SMS verification
  • Trading notifications
Pros
  • Huge number of accepted payment methods
  • Wallet option is available
  • A lot of countries supported
Cons
  • Doesn't accept cryptocurrencies other than BTC and ETH
Conclusion

Finally, LakeBTC is not exchange or BTC wallet only, but trading platform too. With many payment methods accepted and a lot of supported countries it's a great services provider. Furthermore, it offers decent security with SMS verification. However, we miss bigger number of supported cryptocurrencies. 

Update: they started accepting ETH as well.

Rating
8.5/10