Lykke Review – Security Incidents Happening Regularly

Lykke presents itself as a pioneer in the crypto industry with their registration in 2015, even though Bitcoin and other cryptos were founded years prior to that. Nevertheless, as a pioneer, the company should certainly know what the proper security is.

However, they don’t seem to care much about it. That’s why, in the end, you can see many complaints against this brand. To find out why, make sure to read this Lykke review until the end.

Legal Info: Is Lykke Legit Or A Scam?

If you check Lykke reviews, you will find too many scam allegations. For a UK-based company, that’s more than a red flag. When it comes to legal information, the company presents us with three entities. Lykke EU UAB (Lithuania), Lykke Corp UK (UK), and Lykke Business AG (Switzerland). It’s important to realize that none of these entities hold proper DASP/VASP licenses issued by local authorities.

With this in mind, you shouldn’t be surprised that the UK’s FCA has published a warning against this exchange. Therefore, you have a clear sign the company has been avoiding laws and regulations. Not to mention that certain security incidents required the company to stop its operations, including deposits and withdrawals.

Who Are Lykke’s Victims?

With almost 10 years of activities, it’s quite surprising the company still didn’t get a license. But if they had it, they could only offer services to a few countries. This way, they can target any country in the world. 

Based on the website analytics, it appears they mostly have traders from: 

• Sweden 
• Germany
• United Kingdom
• United States
• France

It’s quite easy to check that all these countries have top-notch financial regulations. Yet, it seems this firm doesn’t care much about it. To find out more tips on why regulation is the key, check our Forex Eze review as well. Ultimately, if you have trouble withdrawing funds from any of these firms, let us know. At least you can get a refund consultation completely free with our team.

Traders Reviews

Whether you look at Lykke Reddit or Trustpilot comments, you will find users reporting issues with this exchange. To be fair, there are the ones that claim they never experienced any trouble. But that doesn’t mean they won’t.

All in all, when you see 40% of comments including complaints, it’s a hint to keep your money away from that company. Thus, if you trust them for some reason, don’t hesitate to reach out to us for chargeback assistance.

Fees and Commissions With Lykke Exchange

As can be seen even from Lykke Trustpilot comments, the company truly has zero maker and taker trading fees. In addition to that, there’s a 0% commission for algo trading for API users. 

All this becomes highly attractive for an average crypto user. Generally, it seems the company only charges buying and selling spreads, which are also low.

Bonuses

With all the generous Lykke fees, it would be quite surprising if there were also bonus offers on the table. Usually, crypto exchanges offer them with ICOs or proprietary token offerings. 

On the positive side, you won’t have it there. However, you can earn 5% bonuses through the staking reward program.

Lykke Trading Features

One of the key features of Lykke exchange is the API option with HFT and algo trading allowed. Among that, traders can use regular exchange options, and staking features, and earn through proprietary LYFFE tokens that are not released yet.

Trading Platforms Available

As can be seen, Lykke exchange only offers a web-based platform among its mobile apps. With basic analytics and a simplified platform, there’s no hard time using this software. On top of that, you can use the company’s ATTMO weather–inspired tool for crypto signals.

Available Trading Assets

With only a bit over 20 most popular cryptocurrencies available, traders will have quite limited instrument offer. But also, they can trade other crypto-fiat pairs that will expand the options a bit. Some of the main cryptos include: 

• Bitcoin
• Litecoin
• Ethereum
• Solana
• Ripple and a few others.

Account Types

With crypto exchanges, you will rarely see any specific requirements to sign up. Usually, something small such as $10 is needed to activate the account and get started. 

In this case, it’s $50. On the positive side, this company also accepts fiat payments which is a good sign. Thus, their operations are currently inactive due to security reasons.

Mobile Trading App

A great thing about the Lykke crypto exchange is the reliability of its iOS and Android mobile apps. As can be seen, these have more than 50k users and quite solid ratings in trusted stores. But with all the complaints against the company, this won’t matter much if you can’t withdraw your money.

Demo Account

With quite simplified features, there’s practically no need for a demo account. Especially if you keep in mind their minimum deposit requirement. But to find out when you should have a demo, check our Mestieriplaza review.

Education

When it comes to additional and educational resources, the company offers only API features and help center information. Thus, if you want to learn more about the crypto world, we suggest you check somewhere else.

Lykke Withdrawal

Due to security reasons, the company has stopped all of its operations, which also include withdrawals. Therefore, after completing the Lykke login process, don’t be surprised with it. 

Unfortunately, it will stay like that until further notice. Anyway, once it’s back again, you should have withdrawals without any fees, except for USD payouts. But again, numerous complaints make it highly speculative.

Customer Support

When it comes to contact options available, the company offers only a few. That’s, in the first place, web contact form without operating hours disclosed for possible feedback expectation time. In addition to that, there is a Telegram and Discord channel.

However, with only 800 members in the Telegram group, we highly doubt you will get much out of it.

Key Information To Consider About Lykke

The only detail you should keep in mind about the Lykke app is that it’s found on a warning list of the FCA. Consequently, nothing else this company tells you can be trusted. Therefore, we strongly advise you to withdraw your money immediately, and if any problem occurs to contact our team.

With our expert’s advice, you can find out how to recover your money. Most importantly, you can get the first consultation completely free. Book it today.

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