Lykke Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $50
- Proprietary platform
- No
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $50
- Proprietary platform
- No
Our Evaluation of Lykke
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Lykke is a cryptocurrency exchange with higher-than-average risk and the TU Overall Score of 3.05 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Lykke clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
Lykke is a zero-fee, narrow-spread exchange for any type of active speculative trading in major crypto assets.
Brief Look at Lykke
The Lykke exchange was founded in 2017 by the owners and co-founders of the broker and quote provider OANDA. The mission of the platform is to create a full-fledged ecosystem for the implementation of the B2B (business to business) and B2C (business to consumer) models. Today, Lykke is a centralized portal for the exchange of cryptocurrencies of the DeFi, DEX, and DAO segments, and payment systems are paired with fiat currencies such as USD, EUR, CHF, and GBP. According to the analytical portal CoinMarketCap, the exchange is among the 100 largest in the world with a daily turnover of more than USD 1 million.
- One of the lowest total commissions. The goal of the developers is to maintain a leading position in the narrow segment of B2C and B2B transactions with cryptocurrencies, which are often used to maintain the health of ecosystems. Therefore, the exchange waived transaction fees, while maintaining a narrow exchange spread with other platforms.
- The possibility of implementing exchange arbitrage strategies — earning on the difference in the rates of one asset on different exchanges due to delays in quotes and internal technological processes.
- Reliability and guarantees. The exchange has existed for more than 5 years, and its leaders are the owners of companies in the financial sector. During that time, users have not had any complaints about the fulfillment of the platform’s obligations.
- Simple verification. The exchange operates by KYC (Know Your Customer) rules. Therefore, the verification procedure is standard here. But unlike the top exchanges, Lykke does not “put a spoke in new users’ wheels”. Verification takes place within 24 hours.
- Limited choice of cryptocurrencies. Although the listing contains cryptocurrencies of new trends (UNI, DOT, etc.), and in general, the choice is small — up to 70 pairs, in which up to 25 cryptocurrencies appear.
- The trading platform of the exchange does not provide the use of custom instruments. The platform does not provide leverage, it is not possible to add indicators, and the platform does not work with trading aggregators.
- The platform does not offer any additional products, only trading.
TU Expert Advice
Financial expert and analyst at Traders Union
Lykke is one of those exchanges that pioneered the cryptocurrency industry and has gone through all its ups and downs with the market. The development of the platform began long ago after the bankruptcy of Mt. Gox. When the platform was launched in 2017, the developers took into account the problems of potential vulnerabilities. Therefore, today Lykke is a reliable platform that has not yet been hacked.
The Lykke exchange has a narrow specialization. This is a CEX platform exclusively for short-term/long-term manual and algorithmic trading of top cryptocurrencies in different sectors. The platform does not provide any additional products, and there is no staking, NFT aggregator, P2P platform, or leverage. Its basis is a full-featured trading terminal with technical and graphical analysis tools, which a trader works using his judgment alone.
The key competitive feature of the platform is almost zero commissions and instant transaction processing speed. Zero commissions mean no maker and taker commissions; there is a spread, however. High speed is the result of the fact that the platform has concentrated on individual assets such as classic BTC, ETH, XRP, non-standard and popular ADA, Doge (D), top LINK, UNI, and DOT. The platform is attractive, and despite the competition, it has its regular users.
Lykke Summary
| 💻 Trading platform: | Proprietary platform |
|---|---|
| 📊 Accounts: | No split into accounts |
| 💰 Account currency: | EUR, USD, CHF, GBP, and fiat currencies |
| 💵 Replenishment / Withdrawal: | Cryptocurrency wallets, cards, bank transfers |
| 🚀 Minimum deposit: | $50 |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | Depends on the cryptocurrency |
| 💱 Commission: | Market |
| 🔧 Instruments: | Cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Orders execution: | No data |
| ⭐ Trading features: | No |
| 🎁 Contests and bonuses: | Yes |
Lykke does not charge taker or maker fees on transactions. But there is a spread when buying/selling an asset. Also, for each cryptocurrency asset, when withdrawing funds, separate commissions are specified.
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Commissions & Fees
| Account type | Commission (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | $1 | Yes |
An analysis of the tariff policies of other exchanges showed that Lykke is one of the few exchanges that has completely waived additional commissions for transactions.
| Broker | Average commission | Level |
|---|---|---|
|
$1 | |
|
$20 | |
|
$0.1 |
Investment Options
Investment programs are not provided by the exchange's development policy. Lykke is an exchange platform with its own terminal and e-wallet that allows you to implement any type of strategy, including manual speculative trading, algorithmic trading, and arbitrage. A long-term investment option is possible via the purchase of cryptocurrency and its long-term storage on the Lykke Wallet. Affiliate programs are also not provided.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
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