Lykke Review 2020

FX Empire Editorial Board

Launched in 2015, Lykke is a new breed of cryptocurrency exchange that is based in Switzerland. The exchange was the brainchild of Richard Olsen, the co-founder of the leading online forex broker OANDA. Its head office is located at 2 Baarerstrasse, 6300 Zug, Switzerland. Lykke offers its users the ability to trade in a selection of cryptocurrencies such as Bitcoin and Ethereum with fiat currencies. Apart from offering its users a platform to trade cryptocurrencies, Lykke also provides a cryptocurrency wallet which you can download from Google Play store or Apple App store.
Contents

Lykke Wallet
Deposit and Withdrawal Options
Fees and Charges
Privacy and Security
Customer Support
Pros and Cons
FAQ
Conclusion

What makes Lykke different from its competitors is the fact that the exchange offers 0% commission and ultra-tight spreads. The exchange also provides immediate settlement and ownership of the digital assets. Apart from trading services, Lykke also issues its own crypto coin called Lykke coin (LKK). The value of the coin is representative of a 1/100th share of the company itself.

With the Lykke trading platform, you will be able to buy and sell cryptocurrencies with 3 main types of currencies namely the U.S dollar, the Swiss Franc and with Bitcoin.

With these main currencies, you will be able to trade in a selection of other assets such forex, precious metals, cryptocurrencies and even shares in the company through its coin LKK.

Lykke Wallet

One of the key components of the Lykke exchange is its wallet. The Lykke wallet is available for download on Google Play store and Apple App Store. While on the surface the Lykke wallet functions like any other cryptocurrency wallet by letting you store your cryptocurrency holdings, it is actually much more than that. In fact, in order to invest on the Lykke exchange, you need to use the wallet provided by the exchange. With it, you can perform the following functions:

  • Select the assets that you want to trade in. These can be forex pairs, commodities, cryptocurrencies or colored tokens issued by Lykke
  • Remotely disable access to your wallet should your Smartphone be stolen or lost.
  • Authenticate your transaction with a pin when trading on your smartphone.
  • Import a private key
  • Manage your funds
  • Manage your portfolio and trading account as well as view your transaction history.
  • Trade on margin
  • Transact with cryptocurrencies through wallet without any fees

One of the features of the Lykke wallet that puts it a cut above the rest of the cryptocurrency exchanges around the world is the fact that Lykke will issue you a signed refund if the exchange is compromised. With this pledge by Lykke, you will be able to get your money back within 2 weeks.

Deposit and Withdrawal Options

At present, Lykke supports the following methods of funds transfers:

  • American Express
  • Cryptocurrency deposit
  • Giropay
  • iDEAL
  • JCB
  • Maestro
  • MasterCard
  • PayPal
  • PaySec
  • POLi
  • Post 24
  • Postepay
  • Przelewy24
  • Skrill
  • Sofort
  • SWIFT transfer
  • UnionPay
  • Visa

There are no restrictions on who can use Lykke’s services except the following countries:

  • Argentina
  • Bosnia and Herzegovina
  • British Columbia, Quebec, and Saskatchewan in Canada
  • Democratic People’s Republic of Korea (DPRK)
  • Ethiopia
  • Iran
  • Iraq
  • Japan
  • Lebanon
  • New Zealand
  • Syria
  • Uganda
  • USA
  • Yemen

While those from the U.S are included in the list of countries that are not supported by Lykke, the exchange does not forbid those from the U.S who have actively sought Lykke’s services from opening an account with the exchange. However, it should be noted that Lykke does not solicit customers from the U.S as this would put in under the scope of financial regulatory authorities in the U.S.
Fees and Charges

Another key difference between Lykke and other cryptocurrency exchanges is the fact Lykke does not charge any commissions or fees for its wallet. This means what you pay in terms of fees is essentially zero. Instead of collecting revenue through commissions or trading fees, Lykke’s business model is to make money by providing consulting services, market liquidity, and issuances services.
Privacy and Security

To abide by KYC protocols and AML legislation, Lykke requires its account holders to verify their identity and show proof of their residential address.

In terms of security, Lykke issues “colored tokens” which are representative of the assets traded. Outside of the Lykke ecosystem, these colored tokens have no value. If a token is hacked, Lykke will simply cancel the hacked token and issue a replacement token.

An additional layer of security provided by Lykke is the multisig wallets. These wallets require two authenticating signatures (one from the wallet owner and one from Lykke) before any of the funds from the wallet can be spent.
Customer Support

Cryptocurrency exchanges are notorious for their poor customer support and one would expect the same from Lykke. Surprisingly, the quality of Lykke’s customer support is a refreshing change. You can contact the support team through email, live chat or even call them on a landline or through Skype.

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