Is LATOKEN Legal in Nigeria? Is LATOKEN Safe?
Choosing a trustworthy cryptocurrency exchange is crucial as it directly impacts the safety and security of your digital assets. The high risk of scams in this area necessitates extreme caution from users.
Our analysts have noticed a growing interest in LATOKEN services among users in the Nigeria. However, questions remain regarding its safety and legal status within the Nigeria. Traders Union experts have addressed this concern by crafting a detailed review that explores both the pros and cons of using LATOKEN.
So, let us tell you if LATOKEN is allowed in the Nigeria and if it's safe to use for trading.
Is LATOKEN legal in Nigeria? Does it have a license?
LATOKEN is a regulated exchange that provides services in most countries worldwide, except for those under international sanctions, such as North Korea, Iran, Syria, Cuba, and regions like Crimea, Donetsk, and Luhansk. Restrictions may also apply based on requests from local regulators. We compared LATOKEN's level of regulation with the top two global competitors and the top two competitors available in your country. Exchanges with Tier-1 regulation are generally considered the safest. However, LATOKEN's safety level is also influenced by other factors outlined below.
| LATOKEN | Bybit | MEXC | |
|---|---|---|---|
Government-regulated |
Yes |
Yes |
No |
Tier-1 regulation |
No |
Yes |
No |
U.S regulation |
No |
No |
No |
FCA U.K |
No |
No |
No |
AUSTRAC in Australia |
No |
No |
No |
DFSA in UAE |
No |
No |
No |
AMF in France |
No |
No |
No |
Spain |
No |
No |
No |
Germany |
No |
No |
No |
Singapore |
No |
No |
No |
MFSA in Malta |
No |
No |
No |
Seychelles |
Yes |
Yes |
No |
Other countries |
Austria’s Financial Market Authority (FMA), Georgia, Kazakhstan |
||
Open an account |
|
|
|
Other LATOKEN Security Factors to Consider
| LATOKEN | Bybit | MEXC | |
|---|---|---|---|
2FA |
Yes |
Yes |
Yes |
Verification (KYC) |
Yes |
Yes |
Yes |
Successful hacks |
No |
Yes |
No |
Cold wallet storage |
Yes |
Yes |
Yes |
Investor protection fund |
No |
Yes |
No |
Open an account |
|
|
|
Short summary about the LATOKEN exchange
The LATOKEN cryptocurrency exchange is a universal platform for exchanging, buying, and selling cryptocurrencies and tokens. Bitcoin, Ethereum, Litecoin, Tether, TRX, EOS, LA, and dozens of other assets are traded on the exchange. There is no fiat trading on this platform. There is margin swap trading on crypto-crypto pairs, as well as trading on leveraged perpetual contracts. The exchange has a referral program with bonus payments, there is the possibility of passive earnings through staking deposits in DeFi coins, and investing in developing blockchain projects. LATOKEN gives you a free listing and the possibility to arrange investments for your own project. Trading commissions are below the market average at 0.49% for a taker/maker at the first level with a minimum trading volume.
| 💰 Account currency: | Cryptocurrencies |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | 1:2 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
LATOKEN Pros and Cons
👍 LATOKEN Pros:
•on the exchange, you can trade Bitcoin, dozens of altcoins, and the most popular tokens;
•after registration, each user receives a welcome bonus in tokens;
•advantageous referral program for which you and your referral receive $50 each;
•functional proprietary mobile application developed for iOS and Android gadgets;
•comfortable and favorable conditions for investment programs such as staking, deposits in DeFi and large blockchain projects;
•the opportunity to introduce your own coin to the platform and offer your project for investment;
•99.5% of assets are cold stored;
•Security: 2FA authentication, TLS encryption, and DDOS protection.
👎 LATOKEN Cons:
•no demo accounts or tutorials for novice crypto traders;
•communication with the technical support of the platform is available only by email and through tickets;
•fiats are not traded on the LATOKEN cryptocurrency exchange because the platform has only cryptocurrencies and tokens.
Rules and Regulation
Licensing in Nigeria
Nigeria's position on cryptocurrency has recently changed, but regulations are still being formulated:
- Nigeria doesn't have a single entity specifically responsible for issuing crypto licenses. The situation is unclear.
- Nigerian Securities and Exchange Commission (SEC) might be responsible for regulating crypto exchanges and offerings considered securities. However, the exact requirements and application process remain unclear.
Investor protection in Nigeria
The absence of a clear regulatory framework means there are no formal investor protection mechanisms established specifically for cryptocurrency.
Taxation in Nigeria
Cryptocurrency is not recognized as a legal payment method in Nigeria. The taxation of crypto gains is still under development.
Do I recommend using LATOKEN in the Nigeria?
The LATOKEN cryptocurrency exchange can be chosen by clients from Nigeria, although there are certain nuances. The exchange does not have a financial license, but that is rather because the financial regulator of Nigeria does not issue the licenses to crypto exchanges in general. There have been certain security-related incidents, but those very singular cases. The reputation of the exchange can be considered standard.
FAQ
Can I work with crypto exchanges considering that they don’t have a license in Nigeria?
The fact that a crypto exchange does not have a license doesn’t mean that traders from Nigeria will have problems while working with it. Cryptocurrency exchanges are not subject to licensing in many countries, while there are many exchanges with good reputation. Assess the available information about the exchange and check its reputation.
What security methods for account protection do crypto exchanges employ?
Cryptocurrency exchanges may offer various security methods. These include the two-factor authentication, first and foremost, and also such methods as a security question, additional passwords, etc.
Can an exchange that has had a security-related incident in the past be trusted?
You need to check whether such incidents were regular. If it was one episode several years ago, while the reputation of the exchange is good, you can work with such an exchange.
Should I work with an exchange if I have doubts about its reputation?
No. Always choose the cryptocurrency exchanges that have a good reputation.
Related Articles
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.