Lake BTC, started in 2013, has ample security measures, and its fees are on par with other large exchanges. There are multiple security protocols, and the fee schedule to buy bitcoins includes different fees for makers and takers.
The company is a member of the Coindesk Bitcoin Price Index and meets criteria for trading in the bitcoin/USD exchange. This enhances the liquidity of this exchange and increases the likelihood that traders will be available on the exchange. This enhanced liquidity is a hallmark of this exchange. Since it reflects asset availability and thus makes high trading volume possible, it helps you buy bitcoins. This also supports miners, merchants, high-volume funds and professional traders in addition to small bitcoin traders. This platform is part of the multinational Ripple gateway, which is an Internet protocol payment system developed by Ripple Labs. This network promotes quick, secure transactions.
The fees this exchange charges you to buy bitcoins vary. Like some other platforms, this one has different fees for takers and makers. Takers are charged 0.20 percent, while makers pay zero to 0.15 percent using a 30-day volume. So, the rate changes based on the number of exchanges you make. Trades are available for Chinese yuan (CNY), U.S. dollars and the Swedish krona (SEK).
Security based on several modalities is tight. This platform uses a two-factor authentication with a verification and sign-in key. It also uses cold wallets to store your buying power until you need to use it. Also, SSL encryption and SMS alerts you when funds are withdrawn to help protect your virtual currency. When a trade takes place, this system notifies you. The platform uses other advanced algorithmic modes of guarding transactions and keeping access to your cryptocurrency private.
The company understands its customers' need for quick and accurate transactions to buy bitcoins and enables that. The time it takes to process moving funds in and out of your account varies. Both EgoPay and Ripple are spontaneous with no waiting. Using a bank wire, it takes up to two days to process but can take longer. To withdraw funds, there is a two-step approval process performed manually. Another delay can occur when hot wallets are low. This requires funding from cold wallets.
This exchange gives you a stable platform from which to buy and sell bitcoins with good liquidity and up-to-date security to protect cryptocurrency. The price of bitcoins is a factor of the Bitcoin Price Index of which LakeBTC is a member.