Despite the name being coined like a new Cryptocurrency, Livecoin is not a currency rather a trading exchange. Is it the best trading exchange though? That’s doubtful. However, some of its features sync with what the top-dogs in the industry offer. That is exactly what the subject of this Livecoin review is.
You need not abandon whatever Cryptocurrency trading exchange you currently use. Livecoin may just serve as a newer option, that is if it satisfies the features you’re looking for.
As always, we’ll be answering the primary questions about the exchange, which will include:
- Does Livecoin demand KYC verification?
- How to Deposit/Withdraw funds on Livecoin?
- What are the Minimum/Maximum Limits and Fee on Livecoin?
- Is Livecoin Safe?
- How to Contact Livecoin Support?
- How is the User-Experience on Livecoin?
- How many Coins can be Traded?
March on then! We’d cover a lot more in the fine-print of this Livecoin review than what’s included in the questions above.
What exactly does Livecoin offer? Let us list the answer to that very question before you dive deeper into this Livecoin review.
- Primary URL: https://www.livecoin.net
- KYC: Optional.
- Supported trading pairs: 250+
- Payment Methods: Fiats + Cryptocurrencies.
- Fee: 0.18% Trading fee.
- Security: 2FA/ Login-greeting /Block-key / PIN / IP-History.
Does Livecoin Demand KYC Verification?
This is the most appealing aspect on this entire Livecoin review. It also is what makes the exchange one of the best Bitcoin trading exchanges, especially if anonymity is your thing.
The exchange doesn’t ask for KYC verifications. We were unable to find any KYC option in the profiles. No such notification appeared either. However, we went through the company’s T&C, and this is what we found-
It’s a pretty standard clause stating that if and when suspicious activities are suspected, identification may be required. It’s safe to conclude for now that Livecoin doesn’t ask for KYC verifications for the most part.
How to Deposit/Withdraw funds on Livecoin?
Livecoin is a hybrid trading exchange. Means it isn’t just limited to Cryptocurrencies. Rather, both Crypto and fiat deposits as well as withdrawals are possible.
The three primary fiat deposits which can be made are in EUR / USD and RUR. The deposit modes currently supported for fiat deposits are:
- Perfect Money
It supports withdrawals via the same methods as deposits. However, it’s one of the very few Cryptocurrency trading exchanges which allows withdrawals via Credit/Debit cards!
It also has this unique “voucher” feature. So you can create and issue vouchers from your account. These are like gift-cards, but for Cryptocurrencies. You can share the voucher code with anyone, and they’ll then be able to redeem the voucher account.
The best part about vouchers are that they’re completely anonymous. Also, vouchers can be issued for any Cryptocurrency you wish to share with the other party. The only problem is, it’s only applicable on Livecoin. So you can credit another user, or use the voucher yourself. But it can’t be exported out of the exchange.
If withdrawals exceed USD $20,000 in fiat, or even in Cryptocurrencies they’re then processed manually. In other words, it’ll only be processed on regular business days and not on holidays or weekends.
What are the Minimum/Maximum Limits and Fee on Livecoin?
The exchange’s minimum limits define how affordable it is. Fortunately, the bar is set pretty low atleast for deposits on Livecoin.
A minimum of 50 USD/EUR is accepted when being deposited via fiat modes. Or, it has to be 1,000 RUR.
Withdrawals have varying minimum requirements based on the mode of withdrawal used and the currency. Capitalist and Advcash require a withdrawal to be a minimum of 10 USD/ 10 EUR or 100 RUB.
Perfect Money accepts a USD $10.00 minimum withdrawal. Cards accept a minimum withdrawal of USD $100.00.
A maximum of 2000 USD/EUR can be withdrawn /transaction. Also, a monthly cap of 20,000 USD/EUR each month is applicable. The daily limit for cards is 5transactions/day, with the amount not exceeding 4,000 USD/EUR.
As for the fee, that too varies depending on the (Crypto)Currency and mode of deposit/withdrawal. Depositing USD/RUR is charged at 0.5% via Payeer.
Perfect Money deposits cost 1.5%. Advcash is priced at 0.5%. And RUR deposits via Qiwi cost 7%. Depositing Cryptocurrencies is free.
Withdrawals via Payeer are priced at 2.5% of the withdrawal amount. Perfect Money is a tad-bit expensive at 4% of the transaction. Capitalist charges 2% , while Advcash charges 3.9% for RUB/USD and 5% for EUR.
Card withdrawals cost 3% + 25RUR, 4% + 6 USD for USD and 6% + 6 EUR for EUR withdrawals. Yandex and WebMoney withdrawals when available cost 6.5% and 6% respectively.
Cryptocurrencies have varying prices for each coin. BTC withdrawal costs 0. 0005 BTC. The price differs for other Cryptocurrencies. Comparatively, these prices are in sync with what other best Cryptocurrency trading exchanges charge.
As for the trading fee, it’s the same both for makers and takers. It starts at 0.18% and goes down to 0.02% depending on the user’s 30-day trade volume.
Is Livecoin Safe?
This is one of the most impressive aspects on this Livecoin review. The platform boasts a number of security features, which include:
- EMERSSL Login.
- Session-length choice.
- Account-blocking code.
- Login greeting (Welcome phrase).
- and IP-history.
This honestly is a longer list of security features that what we saw in our P2PB2B review or CoinsBank review.
Although our KuCoin review sure had a similar list, and Kucoin is a lot more popular than Livecoin. This tells us if nothing else, Livecoin is serious about user-security in the least.
The 2-FA is standard 2-FA which can be enabled via Authy, Google Authenticator, it’s then used for login, security changes etc. PIN-code is set by users on the balance page, it’s then used for transactions. The company also sends another code to the users’ Email which is to be used for major security changes.
emerSSL login is comfort-feature more than security. It’s alike 2-FA, and facilitates logging in with a single tap.
Login-Greeting, or welcome phrase as is commonly known helps you avoid phishing sites by displaying a user-set phrase upon login.
And the IP-history which shows the IP addresses used to login to your account, along with the date and time. Any abnormality can be detected and blocked.
You also can choose how long you want the browser to remember your session for. It can be set from 30minutes to 48 hours!
Unique Security Features
These are being mentioned separately because we’ve never seen them with other similar platforms.
The security-code is one of the unique features. It’s a very long string of keys, it can be used to block accounts if and when issues arise. We didn’t see this even with the best trading exchanges in the industry. It can be used to not only block accounts, but also close open orders, or cancelling active vouchers.
It can be used even when you lose access to your account. A separate form, found at https://www.livecoin.net/site/blockAccount is used to block the accounts. The block isn’t permanent. Users can re-activate the accounts by sending an E-mail to [email protected]
Another unique feature is its 5-min withdrawal freeze. Upon logging into an account, funds can only be withdrawn after a 5-minute cool-down period. This ensures that even if someone gains unauthorized access, you’ll have some time to secure your account.
All in all, I’d say the security features totally are capable of protecting user accounts from unauthorized access.
How to Contact LiveCoin Support?
While majority of the aspects about the platform are impressive, its support isn’t. The only, singular way of contacting the team is via tickets!
In my personal opinion, that’s a thing of the 90s. Especially when you’re dealing with finance and money, E-mails don’t exactly cut it.
How is the User-Experience on LiveCoin?
The UI for majority of the platform is pretty impressive. Creating accounts, depositing funds, enabling security features and everything else is pretty easy to get a hang of.
What pulled me back was its trading-interface. The trading charts sure get the job done, but they’re not very advanced.
The Livecoin interface is perfect for beginners who do not need Positioning, Patterns, Brushes, Pitchforks etc.
Livecoin also “grades” the listed coins! The grades range from A to E. A indicates best, E indicates the worst coins. Although the evaluation is from the Livecoin staff and has no official value.
How many Coins can be Traded?
For day-traders, one of the primary points of considerations is the variety and availability of coins, isn’t it? No official counting of the coins is available, but we counted the coins manually!
Currently, 444 individual coins are available on the platform. However note that some coins are soon to be de-listed hence the numbers may slightly vary by the time you read this Livecoin review.
XMR is one of the few coins which despite their popularity aren’t available on the network.
Wrapping it Up – Livecoin Review
That should be all as far as this Livecoin review goes folks. We did cover KYC requirements, deposits/withdrawals, minimum requirements, security features, UI, and support. That does cover nearly everything that any best crypto trading exchange is made up of, don’t you agree?
It also doesn’t mention anything about geographic-restrictions. As far as my verdict is concerned, I’d say majority of the factors are desirable, especially anonymity. The fee and security features are acceptable as well.
So I don’t see why we shouldn’t give the platform a try. With these lines, I sign off this Livecoin review folks. You should feel free to use the comment-box and scribble your thoughts down.