Pros and Cons of Buying Bitcoin with Livecoin
Livecoin is a Bitcoin exchange offering funding in US dollars, Euro and Rubles.
They have a huge altcoin market as well where you can trade and buy pretty much any and every cryptocurrency you can think of – from well known altcoins like Ethereum, Dash and Dogecoin to more unknown coins like Steem, Lisk, Maidsafe, Stratus and even Trumpcoin.
They’ve been around for a while and were founded in 2013, by Delta E-Commerce Limited from London, UK.
Unlike some other exchanges there has been no known hacking incidents or issues with the Livecoin exchange.
One of the best things about this exchange is that they have a large number of fiat/altcoin pairings. This means that you can buy a lot of different altcoins directly with dollars. You don’t have to trade into Bitcoin first as with many other exchanges (and pay the extra fees).
So is Livecoin a good place to buy for you?
Here’s a general Livecoin review to help you decide:
General Livecoin Review
Livecoin is a Bitcoin exchange trading market offering a truly staggering amount of options. The exchange support US dollars, Euros and Russian Rubles.
You can buy or sell pretty much every altcoin (and BTC of course) you can think of from the more popular ones like Dash, Ethereum, Monero or Ripple to the fringe options like Steem, Maidsafe, Stratus and even Trumpcoin.
They also tell you the most pumped and dumped altcoin within the past 24 hours on their main homepage here (which is not necessary but still pretty interesting).
The great thing about Livecoin is that they have a ton of fiat to altcoin pairs. This means for example that you can buy altcoins like Dash, Ripple, Ethereum, Litecoin, Dogecoin and Lisk directly with cash like the US dollar or Euro.
Other exchanges make you buy Bitcoin first then trade the BTC for the altcoin – which means you pay extra fees not to mention that you take a chance with the risk of holding BTC for a few minutes to an hour (i.e. waiting for transfers if you are sending BTC to the exchange).
So it’s the direct cash to altcoin option is agreat feature to find here.
Verification is only needed if you plan to use bank transfers for placing your deposit. The process is pretty standard however (uploading a pic of your drivers license or passport to their system. There are no trading limits tied to the verification process.
Livecoin has a few different ways to trade including the market order (buy or sell at the immediate market price), limit order (buy or sell at a price you set – if the price hits your set price).
You can easily see the row of the latest buy and sell orders when you go to place your order and you can easily switch between a market order and a limit order depending on what you’re trying to do.
You can also easy see the current trading graphs and the market depth.
You can also bet on the price of BTC or other Altcoins and make some money (although this is extremely risky and not recommended).
The security on Livecoin is excellent and helps to explain why there have been no real news of hacks on this website or issues with the trading platform.
They use cold storage to protect your funds and cryptocurrencies on the exchange.
The website offers two-factor authentication and PIN code as well as SMS and email notifications.
And if you lose your PIN code and need a new one, they won’t allow withdrawals for up to 10 days after this, adding another layer of protection.
Another bonus is that you have several ways to fund your account from Payeer, PerfectMoney, OKPay, Wire Transfer or BTC-E vouchers. You can also use these options to withdraw funds as well. The fees are different depending on which methods you choose but the lowest fees are for wire transfers.
There are no fees to transfer cryptocurrencies in or out of the exchange.
Trading fees are on the low slide and use a sliding scale. Livecoin basically rewards you for trading large volumes.
For example the highest fee starts around 0.20% for a trading volume of $2000 and goes all the way down to 0.02% with a trading volume of $250,000+
Livecoin Review – Pros
Buy Altcoins with Cash
You can buy altcoins from Ethereum to Dash to Litecoin and Stratus with cash instead of having to buy Bitcoin first and then buy the altcoin. This can save you fees and risk.
Takes Multiple Currencies
You can buy with multiple currencies like the US dollar, Russian Rubles and Euro. There are also multiple ways to fund your account from bank wire to Payeer to OKPay.
Simple to Use
The website is simple and easy to use with a number of options including limit or market orders, charts, graphs, volume info and pretty much everything you need to know to trade on the exchange.
With 2FA enabled on your account, you can add an extra layer of protection. Also, you can’t make a withdrawal for 10 days after resetting your PIN – which is another great way to protect you from unwanted hackers taking your money out.
Lots of Altcoins to Buy/Sell
There are so many options here from the standard to the unusual and even many ICO coins (and many that you really wouldn’t want either). Still, it’s nice to have options if you’re looking to buy a unique coin or get into a coin before other people realize its value.
Buy Without Verification
You can buy without verification if you deposit altcoins or use other funding methods like Payeer or OK Pay. You only need to be verified if you use a cash wire transfer to fund your account.
Livecoin Review – Cons
Low Altcoin Liquidity
Some of the more fringe Altcoins (not the more popular ones like Monero, Ethereum or Litecoin) have very low liquidity. This means you could have a problem if you plan on buying or selling a lot of them at once.
Charge for PIN Recovery
While we’re all for security, what we don’t like is that they charge you a 0.01 BTC fee if you lose your PIN and have to recover it. So make sure you never forget your PIN!
Bottom Line – Should You Buy Bitcoins at Livecoin?
Livecoin is a true Bitcoin exchange in that it gives you a lot of options on how to fund, buy and trade cryptocurrencies from mainstream options like Bitcoin to fringe coins like LISK or Trumpcoin.
They are one of the few exchanges that offer a lot of fiat-altcoin pairings where you can buy altcoins with cash without having to buy Bitcoin first.
And their security is top notch with a great reputation. While some coins might be a little thin when trading, if you’re sticking to more popular options like Bitcoin, Ethereum, Dash, etc, you should be fine.