Lykke

Overview of Lykke

Lykke is a Swedish-based cryptocurrency exchange known for its zero trading fees, making it an attractive option for cost-conscious traders.

Founded over a decade ago, it offers a mobile app for convenient trading and a limited yet varied selection of cryptocurrencies including Bitcoin and Ethereum. While it covers bank deposit fees, its regulatory status with CYSEC has been revoked, which can impact user trust.

Pros and Cons

Pros:

• Zero trading fees: Lykke does not charge any fees for trading cryptocurrencies, which can significantly reduce costs for traders and investors.
• Mobile app available: The platform offers a user-friendly mobile app, allowing users to trade and manage their cryptocurrencies conveniently on the go.
• Offers a pocket to simplify trading execution: Lykke provides a mobile wallet solution called “Pocket,” which simplifies the execution of trading orders and enhances user accessibility.
• Various services for both individuals and businesses: Lykke offers a range of services for both individual traders and businesses, including trading, custody solutions, liquidity provision, and node-as-a-service options.

Cons:

• Limited selection of cryptocurrencies: Lykke has a relatively limited range of cryptocurrencies available for trading compared to some other platforms, potentially limiting choices for investors.
• Limited deposit options: The platform offers limited options for depositing funds, which inconveniences users who prefer more various deposit methods.
• Withdrawal fees apply: Lykke imposes fees on withdrawals, which can add to the overall cost of using the platform and vary depending on the cryptocurrency and withdrawal method chosen.
• Revoked regulation by Lykke: Lykke's regulatory status has been revoked, which can affect user confidence in the platform's adherence to regulatory standards and oversight.

Regulatory Authority

Lykke previously operated under the regulatory oversight of CYSEC with its Investment Advisory License (License No.: 363/18), but this license has since been revoked.

This change in regulatory status indicates that Lykke no longer adheres to CYSEC's oversight framework, which has implications for traders on the platform.

Security

Lykke employs robust security measures including two-factor authentication (2FA) for account access, encryption of sensitive data, and cold storage for the majority of user funds to prevent unauthorized access and mitigate risks of cyberattacks.

Cryptocurrencies Available

Lykke provides access to a selection of over 20 cryptocurrencies, including major assets like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), alongside newer tokens such as Cardano (ADA), Uniswap (UNI), and Dogecoin (DOGE).

The availability of multiple crypto-to-fiat pairs enhances flexibility, enabling users to easily transition between cryptocurrencies and traditional currencies like USD, EUR, GBP, and CHF.

Trading Market

Lykke offers a variety of trading assets including major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), among others.

Users can also earn through staking or yield farming with select digital assets, providing opportunities for passive income generation alongside active trading activities.

Fees

Lykke offers commission-free trading on cryptocurrencies, including Bitcoin, Ethereum, Cardano, Uniswap, Dogecoin, and more. There are no fees for buying, selling, or withdrawing these digital assets. This fee structure applies to all transactions, ensuring transparent and cost-effective trading for users.

Payment Method

Lykke accepts cryptocurrency deposits and supports credit card and wire transfer deposits in USD, EUR, GBP, and CHF.

For cryptocurrency deposits, there are no fees or limits, offering flexibility to users. Withdrawals vary by asset, with minimum withdrawal amounts ranging from specific values like 0.0007 BTC to 50 USDT, and withdrawal transaction fees ranging from 0.0003 BTC to 10 USDT.

Notably, there are no maximum withdrawal limits, ensuring users can manage their funds without constraints within these specified parameters.

How to Buy Cryptos？

Here's a step-by-step guide on how to buy and sell cryptocurrencies on Lykke using the web terminal:

• Access the Web Terminal: Log in to your Lykke Wallet account from your computer's browser and authenticate using your Lykke Wallet mobile app or Google Authenticator if 2FA is enabled.
• Select Trading Pair: Click on the current trading pair displayed on the screen. Type the name of the asset you wish to trade (buy or sell) and select the desired pair (e.g., LTC/USD).

• Trading Interface: Once the pair is selected, you'll see the trading interface with a chart displaying price movements.
• Place Order: By default, the interface is set to place a Limit Order to Buy. You can modify the order type by selecting 'Market' if you want to execute immediately at the current market price. To sell, simply choose 'Sell' instead of 'Buy'.

• Enter Order Details: Enter the price at which you want to buy or sell the asset, followed by the volume (amount) of the asset you wish to trade.
• Confirm Transaction: After entering the details, click on 'Buy' or 'Sell' to place your order. A confirmation message will appear summarizing the transaction details. Confirm the transaction to execute your trade.

Services

Lykke offers a range of services designed for both individuals and businesses.

For individuals, services include Pocket for mobile wallet solutions, Trade for cryptocurrency trading with zero fees, and Earn for earning passive income through staking or yield farming. The platform also provides utility tokens and facilitates easy communication through Get in touch channels.

For businesses, Lykke offers solutions such as Trading services, secure Custody options, liquidity provision, and Node-as-a-service for blockchain infrastructure.



Lykke APP

Lykke Exchange offers an all-in-one cryptocurrency app facilitating secure buying, selling, and storage of Bitcoin and other cryptocurrencies.

To start, download the app, complete verification, and deposit EUR, GBP, or CHF via bank transfer or credit card with zero fees. Enjoy trading over 20 selected cryptocurrencies with crypto-to-fiat pairs, expanding continually. Notably, Lykke covers bank deposit fees for clients, a unique offering. Benefit from fee-free trading, immediate crypto wallet withdrawals, and safe fiat fund withdrawals.

Additional features include a robust API for bot trading, transaction history access, tax reporting assistance, secure asset storage options, and 24/7 human support.



Is Lykke a Good Exchange for You？

Lykke is the best exchange for cost-conscious traders seeking zero trading fees. This feature makes it highly attractive to active traders looking to maximize their profits by eliminating transaction costs, regardless of their trading frequency or volume.

Lykke appeals to several target groups:

Cost-Conscious Traders: Individuals looking to minimize trading costs can benefit from Lykke's zero trading fees, which can significantly enhance profitability, especially for frequent traders or those dealing with larger volumes.

Businesses Seeking Crypto Solutions: With offerings like custody services and node-as-a-service options, Lykke serves businesses needing secure and scalable blockchain infrastructure solutions. This makes it suitable for enterprises looking to integrate cryptocurrencies or blockchain technology into their operations efficiently.

Customer Support

Lykke provides customer support through various channels, including email at support@lykke.com and lykke@lykke.com.

They are also active on social media platforms like Twitter (https://twitter.com/lykke/) and Facebook (https://www.facebook.com/LykkeCity/), where users can seek assistance and stay updated on platform developments and announcements.

FAQ

Does Lykke charge trading fees？

No, Lykke does not charge any trading fees, allowing users to trade cryptocurrencies without incurring additional costs.

What cryptocurrencies can be traded on Lykke？

Lykke offers a selection of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and several others.

How can I deposit funds on Lykke？

You can deposit funds on Lykke using bank transfers and credit cards in USD, EUR, GBP, and CHF, with no fees charged by the platform.

Does Lykke provide customer support？

Yes, Lykke offers customer support through email (support@lykke.com, lykke@lykke.com) and social media platforms like Twitter and Facebook.

What additional services does Lykke offer？

Lykke provides services such as mobile wallet solutions through their “Pocket” app, custody solutions, liquidity provision, and node-as-a-service options for businesses.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.