Lykke Review
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Whether you are a weekend trader, a day trader, an asset manager, an API trader, or a corporate representative, Lykke Wallet provides access to a premium cryptocurrency exchange without trading fees and the buy-sell spreads are tiny. This is an enormous advantage for high-frequency trading, day traders and high net-worth individuals. In this review on Lykke, we will take a closer look at the platform's features, supported currencies, other fees and limitations to help you make an informed decision.
- 0% trading fees
- Low spreads and slippage
- Crypto Fiat on/off-ramps
- Deposit as low as 50 Euro
- Human Support 24/7
- Crypto and Forex Trading
- High-Frequency Trading (HFT) API
- Integrated trading bots
Lykke Wallet is an all-in-one crypto exchange platform where you can trade cryptocurrencies and forex with no trading fees, this is how they are different from the rest of the cryptocurrency exchanges because they do not charge any trading fee and have very competitive and low spreads. This is possible because Lykke’s business model is based on research in high-frequency finance and financial engineering and is commission-independent.
What Is Lykke?
Founded in 2013, Lykke is a Swiss-based investment and financial product provider that operates in B2C and B2B levels. Lykke is bridging the gap between traditional finance and blockchain. Lykke enables people and businesses throughout the world to realize the full potential of market opportunities by creating a stable and reliable ecosystem.
Lykke is a group of companies that operate on a B2B and B2P level. The entities of Lykke Corp run a range of products powered by blockchain technology.
- Lykke Wallet — proprietary cryptocurrency exchange where clients can buy, sell and store a large variety of digital assets, amongst them cryptocurrencies like Bitcoin, Ether, and others, national currencies, native tokens but also investment products.
- Lykke Business — a Lykke subsidiary that develops B2B blockchain solutions for different applications: blockchain businesses, government, real estate, financial institutions, etc.
Lykke Corp is developing other products that address the issues of cryptocurrency storage, ease of use and user experience in the crypto world, crypto securities, etc. However, the main product the company currently offers is the Lykke Wallet cryptocurrency trading platform.
Quick Summary
| Exchange Name | Lykke |
|---|---|
| Fiat Currency | EUR, GBP, USD, JPY and CHF |
| Cryptocurrency | Bitcoin, Ethereum, XRP and 17 others |
| Deposit Methods | Wire transfer and credit card |
| Trading Fee | 0% |
| Mobile App | Yes |
| Live Customer Support | Yes |
Pros & Cons
What we liked: Lykke Wallet has one of the lowest trading costs of the market due to its reduced crypto spreads and zero trading fees. Everyone that uses the exchange regardless of their trading volume can trade crypto or Forex without any fees. Combined with a simple-to-use charting platform on desktop and mobile app, Lykke is a great option for experienced traders to maximize their profitability.
Lykke trading volume and liquidity.What we didn't like: The process to create an account and complete ID verification is lengthy and a bit complicated. The overall trading experience, charting features and risk management tools is basic and will not appeal to savvy traders. Furthermore, the number of supported coins is limited to 20 and the trading volume is low. At the time of writing, Lykke is ranked 114 for spot trading volume and liquidity according to Coinmarketcap.
- 0% trading fees (including bots)
- No hidden fees, high transparency
- Simple to use trading platform for charting
- Available on desktop and mobile app
- FCA-licenced with high compliance standards
- The registration process is a bit long
- No USD deposits or withdrawals
- Only 20+ crypto assets are available
- Low trading volume and liquidity
Is Lykke Trustworthy?
Lykke has followed high compliance standards and has been a leading example in adopting regulations and following the regulatory path. Being one of the OpenVasp protocol founders with its own proprietary solution - The VaspSuite- that aims to resolve the FATF travel rule requirements in the crypto space, Lykke is leading the wave.
Lykke Corp has also applied for an Organized Trading Facility and Security license in FINMA (The Swiss Financial Market Supervisory Authority) for its future product offering. The Lykke Wallet cryptocurrency exchange is operating under a temporary FCA license and is awaiting permanent approval from the UK regulator.
Lykke Compared
Lykke is a cryptocurrency trading platform that offers a unique selling point of zero trading fees. Here is a comparison table of how Lykke Wallet stacks up against the top-rated exchanges based on our reviews.
| Exchange | Crypto Assets | Trading Fees | Rating | Promotion | Website | Review |
|---|---|---|---|---|---|---|
 Binance | 600+ | 0% to 0.1% | Rating  | Up to $100 welcome bonus | Visit Binance | Binance Review |
 ByBit | 331 (608 trading pairs) | 0% (spot), 0.06% / 0.01% (futures) | Rating | Deposit bonus up to $30,000 USDT | Visit ByBit | ByBit Review |
 Phemex | BTC, ETH, XRP, and 334 Others | 0.1% (spot), 0.06% / 0.01% (futures) | Rating | Up to $6,050 Crypto Sign Up Bonus | Visit Phemex | Phemex Review |
 KuCoin | 806 | 0.1% | Rating | Up to 500 USDT in bonuses | Visit KuCoin | KuCoin Review |
Is Lykke Safe?
Lykke Wallet crypto exchange has a reputation as a safe and secure venue. We managed to find a report of only one attack on the exchange which was successfully resisted. Lykke adopts high standard security measures, such as the 2FA and transaction confirmations for the client operations. The exchange complies with KYC and AML regulations to create a safe environment. The system architecture is run on a proprietary solution that provides not only trading functionality, but also storage solutions such as different types of wallets and a dedicated storage system for the exchange hot wallet.
Top Features & Services
0% Trading Fees
Standard centralized crypto exchanges will charge a trading fee that is in addition to the bid and ask spread. This makes it difficult to profit from short-term trading. Lykke offers a cheaper alternative with the ability to trade 20+ cryptocurrency and Forex trading pairs for free and without any fees. With Lykke Wallet, all retail, institutional and API traders can take advantage of the zero maker and taker fees.
The removal of fees increases the profitability of traders on the exchange compared to other platforms and plays a significant advantage to becoming a profitable trader. Furthermore, Lykke provides a level playing field for all individuals. Unlike other exchanges such as Binance and FTX which provide trading discounts based on higher volumes, the benefit with Lykke is that everyone gets to benefit from zero fees regardless of their net worth or account size.
Low Spreads
In addition to no trading fees, Lykke delivers lower spreads on its exchange compared to several popular crypto platforms such as Bittrex, Kraken and Bitfinex. The comparison below shows the average BTC/USD spread of 0.19906% on Lykke. In contrast, the spreads on the other exchanges range between 0.52% and 1.52% for makers at the time of writing. In short, Lykke is one of the cheapest crypto exchanges available when trading fees and spreads are taken into account.
Automated Trading API's
Lykke offers a Web Terminal for professional and advanced traders, as well as a High frequency trading API. The Lykke High-Frequency Trading (HFT) API allows people to perform algorithmic trading with 0% trading fees. Whether you are into Forex (FX) or Crypto, this API allows people to get public Lykke Market data such as current prices, book orders, and other parameters of the trading instruments.
Accepted Countries
Lykke is available worldwide in several countries to create an account, verify ID and trade cryptocurrencies and Forex pairs. Due to strict regulations outside of the exchange's control, users from 85 countries are not allowed to open an account with Lykke. Countries that are not supported include the United States, Canada, New Zealand. For the full list of unsupported countries, visit the website.
Deposit Methods & Currencies
Lykke Wallet provides a fiat onramp for its users to deposit traditional currencies to fund an account. The accepted currencies include GBP, EUR and CHF. Funds can be transferred using bank wire or credit card with the latter restricted to CHF and EUR only. Within the exchange, there are additional fiat currencies such as USD and JPY that can be traded against crypto or forex pairs, however, cannot be withdrawn to a bank account.
For bank transfers using GBP, EUR and CHF, there are zero deposit fees. The time for the funds to arrive in the Lykke Wallet is up to 5 days which is not ideal. For individuals that want to deposit funds near-instantly, credit card are a suitable option however there is a 3.9% fee that will be applied.
Supported Coins
In total, there are 20+ digital currencies that can be traded against cash or crypto as the base currency. The supported coins include Bitcoin, Cardano, Bitcoin Cash, Dogecoin, Polkadot, EOS, Ethereum, Hive Terminal Token, Chainlink, Lykke Coin and others. Crypto-to-crypto trading supports BTC, ETH, LKK and USDC trading pairs only. Overall, the selection of crypto assets and base trading pairs on Lykke is very limited and should be expanded to allow individuals to diversify their portfolios with altcoins.
Ease of Use
Lykke offers its services around the clock and in several forms to trade wherever at any time or any place. Lykke Web Trading platform is designed to provide a trading experience that is packed with professional trading tools and a clean and simple design. The Lykke Web Trading platform is similar to the Binance Advanced Charting Mode and overall is a solid option for experienced traders. There is also the Lykke mobile app that is available for Android, iOS and Huawei AG that is modern and intuitive to trade, buy, sell and do all sorts of operations as easy as tapping the screen.
Lykke trading and charting platform.The trading platform was suffering from latency, glitches and errors at the time of our review. Similar feedback has been commented on other review websites such as TrustPilot. The process to deposit funds is quite straightforward but withdrawing to another wallet involves a lengthy and complicated process which is a major drawback.
Overall, the platform is a bit clunky and is more so geared towards experienced investors and traders. For fiat to crypto investing and beginners, there are much easier-to-use exchanges such as Coinbase, Gemini and Uphold. Paying the additional fees on these exchanges comes down to personal preference. In short, there is room for improvement with Lykke's platform to offer a stable and responsive trading experience that is simple to use and convenient for all crypto enthusiasts.
Trading Fees
Lykke Wallet is a blockchain-powered commission-free exchange platform for cryptocurrencies and forex trading. That is, all trading transactions are executed without fees. Users can buy Bitcoin with zero fees or more than 20 cryptocurrencies. There are also 5 to 10 forex pairs starting from as low as a 50 Euro deposit.
The zero crypto fee policy is valid both for retail or corporate and API traders, who can take advantage of the zero taker and maker fees to execute their trading strategies. The notion of free cryptocurrency trading makes Lykke different from the majority of other crypto exchanges which is an important step in lowering the cost of speculating this asset class.
Customer Support
The Swiss are known for their high hospitality and excellent service. This company is no different from that. With 24/7 human support, Lykke appears leading from the front in the crypto space. However, Lykke has been rated by existing customers as POOR with a 2.6/5 star rating based on 14 user reviews at the time of writing. The number of comments is too few to conclude, but this is not a great indicator for a growing exchange.
Frequently Asked Questions
Lykke Wallet is not supported for residents in the United States due to strict regulatory controls by the US Government. Therefore, customers from this region will not be able to create an account with Lykke. At the time of writing, there are no similar crypto exchanges in the USA that offer zero-fee trading.
Lykke offers a unique selling proposition for retail, professional and API traders with 0% fees and tight spreads. It is a suitable exchange for individuals that want to speculate on 20 cryptocurrency assets with minimal costs. The no fee policy ultimately increase the profitability without incurring small costs on each trade that eats into the overall P&L.
Conclusion
For traders that are looking for a cost-effective solution to trade crypto and Forex pairs with tight spreads, Lykke Wallet is a worthy contender. The benefit of trading crypto with zero deposit and trading fees of as little as 1 Euro is a major benefit. However, there were several frustrations on the platform which included a lengthy registration process, a clunky trading platform, and a user experience that is not streamlined for beginners.
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