LCX Exchange Review – Fees, Supported Coins & Countries, Payment Methods
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LCX Exchange Overview
Liechtenstein Cryptoassets Exchange (LCX) is a regulated, reliable, compliant, and scalable trading platform where you can buy, sell, transfer, and store digital currencies. LCX is building a blockchain platform that spans the traditional monetary systems with rapidly evolving technology.
The platform offers advanced trading tools, tokenized assets, utility tokens, and security tokens. As a result of their dedication to improving the financial market through tokenization and the growth of cryptocurrency and blockchain technology, they have been able to work with dozens of quality blockchain projects.
They aim to become one of the first licensed and supervised security token exchanges to provide a regulated environment for the trading of digital assets. The platform has a native token, the LCX token which is Ethereum-based.
Services and Features
LCX has a simple interface, top-notch security, and other premium features which include customer support, a news desk, alerts, e.t.c. The LCX team provides products and services such as LCX STO Launchpad, the LCX Token Sale Manager that provide one-stop tokenization solutions to automate fundraising and investor management using the blockchain, and the LCX Price Oracles which are credible and compliant with daily Cryptocurrency Reference Prices.
Some other features offered by LCX include Spot Exchange, LCX DeFi Terminal (DEX), and LCX Exchange Tiamonds, which acts as the NFT market for tokenized diamonds.
Spot Exchange
The spot exchange is a marketplace available on different cryptocurrency platforms that allow traders to exchange commodities, securities, and other digital currencies. The spot exchange will allow you to view a specific cryptocurrency’s price chart and current price. Most platforms also offer to buy and sell sections, enabling you to place orders for a particular cryptocurrency. Most platforms also allow you to look at previous transactions of a specific cryptocurrency.
DEX
Decentralized Exchange (DEX) Aggregator Fire Salamander (also known as LCX Terminal 2.0) is a powerful tool developed by LCX. It is a decentralized trading platform that offers several decentralized features. It allows users to compare prices across multiple decentralized exchanges, provides limit orders, Live Charts, DeFi Analytics, Real-time Market Data, Liquidity Pool Management, and a platform for monitoring the value of crypto assets.
LCX Exchange Tiamonds
Tiamonds is a new NFT platform by LCX that tokenizes real-world diamonds on the Ethereum blockchain. The platform explores the advantages and challenges of tokenization and enables a community-powered token economy. Tiamonds NFT represents a diamond.
It is a real-world diamond ownership token. Tiamonds are digitally tokenized GIA diamonds securely stored and guaranteed by the Gemological Institute of America. Each diamond will also come with a GIA certificate and an LCX Physical Validator Certificate.
LCX Exchange Deposits and Withdrawals
LCX exchange supports both fiat and crypto deposits.
Fees
Cryptocurrency withdrawal fees vary from currency to currency. The cost of withdrawing LCX is small, so you pay a small amount to do so. BTC withdrawals cost BTC. The LCX Exchange charges 300 LCX for the LCX-withdrawal fee, requiring a minimum withdrawal of 310 LCX. Other exchanges may charge different prices.
Furthermore, to ensure your funds are credited to your LCX account, each deposit must meet a minimum requirement. A deposit fee is not charged by most cryptocurrencies, but certain cryptocurrencies do charge a deposit fee, so you will need to make a deposit along with a deposit fee.
Methods
To deposit or withdraw on LCX Exchange you must have created and set up a trading account at one of the exchanges that trade LCX (LCX) and accept bank accounts or credit cards.
Limits
The minimum withdrawal limit for LCX is 310 LCX.
FOR FIAT DEPOSITS
The only accepted fiat currency on the platform is the EUR currency. Before you can deposit fiat on the platform, you would first need to add a bank account to your profile. The information needed for this includes the bank name, IBAN, account name, and address. You may also need to include the Bank Identifier Code (BIC).
Once you’ve added a bank account to your profile, you can then freely add Euros to your account by utilizing the ‘Deposit’ tab on the dashboard of their profile. And following the steps. Deposits usually take between 1-3 working days.
Withdrawals are processed into your registered bank account with a fee of 20 EUR
LCX Exchange Trading Fees
The exchange charges fees for every trade you make. Trading fees are based on a percentage of the trade order’s value percentage. Many crypto platforms allow makers to trade. A taker order is an order that takes liquidity away from the order book. The maker orders add liquidity to the platform’s order book.
Spot Trading Fees
For regular trading (spot trading) fees, the LCX exchange charges both the takers and the makers 0.30%, while for LCX tokens, they pay 0.15%, which is 50% lower than the regular trading fee.
Does LCX Exchange Require KYC?
A KYC (Know Your Customer) process refers to a financial institution’s obligation to carry out a background check and an identity verification for users before allowing them to use the platform. It prevents bad actors from hiding behind legitimate financial activities to hide the origins of their money.
A KYC is not required to access the demo version, but it is required to access the real account. For KYC verification, you will need to submit an ID document (National ID or Passport), a selfie (using a Webcam on your computer or a camera on your mobile device), and a proof of address (a utility bill or Bank statement showing your current address that is not older than 3 months).
LCX Exchange Supported Countries
LCX does not allow residents of these countries to open accounts due to compliance requirements. LCX.com prohibits them. Countries such as Cuba, Ecuador, North Korea, Pakistan, Crimea Region, Guyana, Iran, Iraq, Jamaica, Palestinian Territory and Gaza Strip, Panama, Papua New Guinea, Eritrea, Ethiopia, Ghana, Afghanistan, Angola, Samoa, Tunisia, Uganda, Vanuatu, Venezuela, Bahamas, Barbados, Bangladesh, Colombia, Cook Islands, Kenya, Kosovo, Laos, Lebanon, Libya, Mauritius, Zimbabwe, and many others.
Although LCX Terminal is not an exchange, it is an automated trading software used to execute trades on several exchanges and crypto exchanges all over the world. No matter the laws in your country, you can trade smartly with LCX Terminal if you trade on any of the supported exchanges.
Are US investors allowed on LCX Exchange?
LCX Exchange is closed to investors from the United States.
How to start with LCX Exchange
Registration and Activation
To get started with LCX Exchange, you will register your account, activate it, and complete your KYC verification. Creating an account on LCX is a straightforward process.
- Go to https://ift.tt/ZgAf1eB.
- Register by clicking on the button
- Complete all the information on the screen. You must fill out each section to proceed.
- Once you’ve entered your information, check the Terms and Conditions box.
- You must also click the ‘I am not a robot’ message to verify you are a human.
- Then click on Register Account.
- Click on the verification link sent to your email address via email.
- Log in with your details.
- You have been successful in registering with LCX.
For Account Verification
You will be required to submit three documents for account verification, and the documents will be forwarded to KYC Analysts for verification within 24 to 48 hours. The documents for verification are:
- Your ID documents
You can upload a Passport or your National Identity Card.
Passports only require the front page to be uploaded. The National Identity proof requires uploading both the front and the back. Be sure to use the jpeg, jpg, or png format of your identification proof, and you may use your webcam to capture the image.
- Your selfie verification.
Make sure that the light is abundant and your face is visible in the photograph and that it is in the center of the frame when you take a selfie using your webcam or the camera on your device.
- And lastly, your proof of address is not older than three months.
You can upload an image of a utility bill (electricity, water, internet, etc.), bank statement, or any letter issued by a government agency verifying your address.
Does LCX Exchange have a Native Token?
Yes. LCX is the native token for the LCX ecosystem and LCX Cryptocurrency Exchange. As an alternative to regular brokers, the platform offers digital asset trading fees that are half the cost of those charged by them.
Is LCX Exchange legit and safe?
Yes. The Liechtenstein Financial Market Authority has registered LCX under registration number 288159 as a trusted technology service provider. According to the list, LCX accounts and LCX exchange qualified for among the Top 30 of the world’s exchanges for safety and security.
LCX uses advanced security techniques to protect network servers. It implements frequent external security audits and collaborates with its security team on protocol implementation throughout the network. To ensure the welfare of critical systems, LCX also performs regular penetration tests.
Is LCX Exchange Regulated?
Yes. LCX is a trusted technology provider regulated by the Financial Market Authority of Liechtenstein. This crypto assets exchange was founded in 2018 and had headquarters in Liechtenstein and offices in Switzerland, India, and the USA. Its AML/KYC due diligence (KYC) and supervision standards are similar to a bank’s.
Conclusion
LCX is built on an Ethereum blockchain ecosystem that enables institutional investors, merchants, and crypto enthusiasts to access cryptocurrencies in a secured and safe ecosystem. This cryptocurrency asset trading platform has been designed from scratch, leveraging the capability of a sophisticated crypto suite, LCX Terminal, LCX DeFi Terminal, and Portfolio Management Desk.
This company specializes in tokenizing assets, issuing security tokens, and developing advanced trading tools. The Token and Trusted Technology Service Provider Act applies to LCX as it is governed by new Liechtenstein blockchain legislation.
You can trade LCX stock on Uniswap (V3), Bitrue, Coinbase Exchange, HitBTC, and Hotbit, which are currently the top cryptocurrency exchanges for trading LCX.
Technology is at the core of LCX. They commit to using the highest level of security to secure their user’s data and infrastructure, which is standardized for LCX. LCX set up criteria to ensure that financial monitoring, reporting, anti-money laundering (AML) and know-your-customer (KYC) regulations are transparent. Customers always come first for LCX Exchange and this is the most important value they add by providing a simple and easy to use user interface with 24/7 dedicated customer service
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Frequently Asked Questions
What fiat currencies does LCX Exchange support?
The only fiat currency presently supported on the platform is EUR. This arrangement started in March 2021 with the partnership between LCX and Monerium, a crypto-to-fiat payment platform. Prior to that, the exchange only supported crypto deposits
Does LCX Exchange have Fiat Deposits?
Yes, you can deposit EUR on the LCX platform and use it to trade against many crypto pairs.
Can I trade with Leverage on LCX Exchange?
You cannot currently trade with leverage on the platform.
Where is LCX Exchange exchange based?
LCX is headquartered in Liechtenstein but has offices in Switzerland, Chicago (USA), and New Delhi (India). This allows it to operate under new blockchain laws while introducing a fully integrated compliance suite.
How do I get crypto on LCX Exchange?
You can deposit Crypto or Fiat (EURO) into your LCX Wallet by signing into your LCX account and completing your profile verification. You can also get crypto by referring users to LCX Exchange.
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