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Lykke Review

Hedge With Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform, please visit that provider’s website. This information is general in nature and is for educational purposes only. Hedge With Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

Our Take

4.0 / 5
HedgewithCrypto Score We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.

Bottom line:

Lykke Wallet has one of the lowest trading costs in the market due to its reduced crypto spreads and zero trading fee platform. Everyone who uses the exchange, regardless of their trading volume, can trade crypto or Forex without any fees. With a simple-to-use charting platform on desktop and mobile apps, Lykke is a great option for experienced traders to maximize their profitability.

Creating an account and completing ID verification is lengthy and a bit complicated. The overall trading experience, charting features, and risk management tools are basic and will not appeal to savvy traders. Furthermore, the number of supported coins is limited to 20, and the trading volume is low.

  • Trading Fees:

    None

  • Currency:

    GBP, EUR & CHF

  • Country:

    Global (USA not allowed)

  • Promotion:

    None available at this time

Pros and cons

  • 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

How We Rated Lykke

Review CriteriaHedge With Crypto Rating
Features3.7 / 5
Supported Fiat Currencies and Deposit Methods3.6 / 5
Supported Cryptocurrencies and Trading Pairs4.8 / 5
Trading Fees5 / 5
Ease of Use3.8 / 5
Customer support3.6 / 5
Security Measures4.5 / 5
Mobile App4.5 / 5

Lykke Explained

Founded in 2013, Lykke is a Swiss-based investment and financial product provider that operates in B2C and B2B levels. It is bridging the gap between traditional finance and blockchain, enabling people and businesses worldwide 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 — a 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, and 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 issues such as cryptocurrency storage, ease of use, and user experience in the crypto world, crypto securities, etc. However, the company's main product is the Lykke Wallet cryptocurrency trading platform.

Exchange NameLykke
Fiat CurrencyEUR, GBP, USD, JPY and CHF
CryptocurrencyBitcoin, Ethereum, XRP and 17 others
Deposit MethodsWire transfer and credit card
Trading Fee0%
Mobile AppYes
Live Customer SupportYes

Lykke Compared

EXCHANGE CRYPTO ASSETS TRADING FEES RATING PROMOTION WEBSITE REVIEW
BinanceBinance

385

0.1% (spot) and 0.02% / 0.04% (Futures)

Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
4.8 / 5

Up to $100 welcome bonus

Visit Binance Binance Review
Bybit LogoByBit

331 (608 trading pairs)

0% (spot), 0.06% / 0.01% (futures)

Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
4.8 / 5

0% trading fees for 30 days (spot only)

Visit ByBit ByBit Review
PhemexPhemex

BTC, ETH, XRP, and 334 Others

0.1% (spot), 0.06% / 0.01% (futures)

Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
4.2 / 5

Up to $6,050 Crypto Sign Up Bonus

Visit Phemex Phemex Review
KuCoinKuCoin

806

0.1%

Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
4.6 / 5

Up to 500 USDT in bonuses

Visit KuCoin KuCoin Review

Exploring Lykke's Popular Features

0% Trading Fees

Standard centralized crypto exchanges will charge a trading fee 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 part in 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, Lykke benefits everyone by offering 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 than 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 considered.

lykke spreads

Automated Trading API's

Lykke offers a web terminal for professional and advanced traders and 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. However, 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, and New Zealand. For the full list of unsupported countries, visit the website.

Deposit Methods & Currencies

Lykke Wallet provides a fiat onramp for 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, but they are restricted to CHF and EUR only. Within the exchange, additional fiat currencies such as USD and JPY can be traded against crypto or forex pairs; however, they cannot be withdrawn to a bank account.

There are zero deposit fees for bank transfers using GBP, EUR, and CHF. However, the funds may not arrive in the Lykke Wallet for up to 5 days, which is not ideal. Credit cards are a suitable option for individuals who want to deposit funds near-instantly; however, a 3.9% fee will be applied.

Supported Coins

In total, 20+ digital currencies can be traded against cash or crypto as the base currency. The supported coins include Bitcoin, Ethereum, Bitcoin Cash, Dogecoin, Polkadot, EOS, 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 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 place. Lykke Web Trading platform is designed to provide a trading experience 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 traders. There is also the Lykke mobile app available for Android, iOS, and Huawei AG that is modern and intuitive to trade, buy, sell, and do all sorts of operations as easily as tapping the screen.

Lykke trading and charting platform
Lykke trading and charting platform.

At the time of our review, the trading platform was suffering from latency, glitches, and errors. Similar feedback has been commented on other review websites, such as TrustPilot. Depositing funds is quite straightforward, but withdrawing funds to another wallet involves a lengthy and complicated process, which is a major drawback.

For fiat-to-crypto investing, 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 Explained

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 for retail, corporate, and API traders, who can use 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 Is Available

The Swiss are known for their high hospitality and excellent service. This company is no different. With 24/7 human support, Lykke appears to be leading from the front in the crypto space. However, existing customers have rated Lykke 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.

Lykke customer reviews

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