Lykke Trading Signals - TU Expert review
Trading signals are one of the best trading options for beginners and for earning passive income. Novice traders can use such signals and earn a profit, while still learning. Brokers can offer various ways of receiving signals. Traders Union analysts have prepared a detailed analysis of Lykke trading signals. You will learn what kinds of trading signals Lykke offers and what the conditions for using them are.
Short introduction of 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.
| 💰 Account currency: | EUR, USD, CHF, GBP, and fiat currencies |
| 🚀 Minimum deposit: | $50 |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
Lykke Pros and Cons
👍 Advantages of trading with Lykke:
•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.
👎 Disadvantages of Lykke:
•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.
What are trading signals?
Trading signals are signals to enter a trade, which the broker provides to traders. They can be based both on fundamental and technical analysis.
A broker can provide signals in several ways:
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Copy trading.
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Email alerts.
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Signals through a blog on the website.
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Recommendations of a personal manager, etc.
When choosing signals, it is important to take into consideration their profitability, the list of trading instruments, the conditions of their provision – fees, markup, etc.
Lykke Trading Signals
Experts at the Traders Union analyzed the available information on the tariff policy of the Lykke exchange and took into account alternative commissions. According to the information on the website, there are no commissions for trading directly on the exchange. A trader sees the spread for each cryptocurrency/currency pair at the time of opening a position. It is impossible to conclude whether the Lykke spread — for example, for the BTC/USD pair, in comparison with the spread of other exchanges — is higher or lower, since it changes depending on current demand and volatility.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | $1 | Yes |
Conclusion
Based on the results of the analysis, Traders Union analysts have concluded that Lykke does not have the best conditions for trading signals. The broker offers a limited choice of instruments, for which signals are provided, high fees and there are questions about signal profitability. Therefore, if you are planning to trade signals, it would be a good idea to consider another option.
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FAQs
Can I subscribe to several signal providers?
As a rule, brokers allow traders to do that. It is important to subscribe to several providers or newsletters, as it helps diversify the risks.
Do brokers offer premium subscriptions to signals?
In some cases, brokers may offer premium subscriptions.
Can I lose money by trading signals?
Keep in mind that there are no ideal trading signals and trading signals may lead to a loss of funds. There are always risks.
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.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.