Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply.
Lykke review 2022
A crypto exchange which looks to make trading as cost-free as possible.
- Zero deposit, withdrawal or taker and maker fees.
- Not registered with the UK financial watchdog.
See our full list of pros and cons below.
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Fiat currencies
20
Cryptocurrencies
Details
| Product Name | Lykke Cryptocurrency Exchange |
|---|---|
| Fiat Currencies | CHF, EUR, GBP |
| Cryptocurrencies | BTC, BCH, DOGE, ETH, LTC, ADA, USDC, USDT, XLM, XRP & 10+ more |
| Deposit Methods |
Bank transfer |
| Trading Fee | 0% plus spread |
| Deposit Fees | £0 |
| Withdrawal Fees | £0 |
Overview of Lykke
Lykke is a Swiss-based crypto wallet and exchange which promises free trading. It does this by covering fiat deposit bank fees and charging no taker or maker fees. Lykke will even cover your fiat bank withdrawal fees. While its variety of cryptocurrencies is not extensive, it covers the major coins of Bitcoin, Ethereum and Litecoin. Plus it has advanced trading tools including the ability to set up your own API trading bot, as well as make use of market and limit orders.
However, a glitchy mobile app and a lack of clear information about its sign-up process let it down slightly. For new investors, there isn’t much in the way of education or guidance on how to use the trading platform. So it is better suited to experienced crypto enthusiasts who want to take advantage of low spreads and free trading.
When we checked Lykke’s website, it said its UK arm, Lykke Corp UK, was “under the temporary crypto asset regime” of the financial watchdog, the Financial Conduct Authority (FCA). However, when we checked with the company, it told us that this was no longer true and it was updating its website. Lykke said it planned to re-submit an application “soon” to be on the FCA’s register, which lists crypto companies that have a UK base and comply with anti-money laundering and counter-terrorism rules. UK-based companies have to be on the register to operate in the UK.
- If this is your first exchange. Lykke allows you to trade at a relatively low cost, making it simple with no fiat deposit or withdrawal fees, or maker and taker fees. However, you may struggle to navigate your way around the trading interface.
- If you’re switching exchanges. You can take advantage of some more advanced trading tools, including API trading to test your best trading strategies.
Pros and cons of Lykke
Pros
- Zero trading, deposit or withdrawal fees
- Low spreads
- API trading features
- Market and limit orders
Cons
- Not registered with the FCA
- Mobile app can be glitchy
- User interface is hard for new investors to navigate
Verdict: Is Lykke any good?
If you know what you are doing and are looking to keep your crypto trading costs low, then Lykke may have something you like (no pun intended). With no fees for both retail and API traders, the exchange lends itself to investors who make high-frequency trades. The only thing to keep in mind is the spread applied to your trade, but this is reasonably low.
However, there are some elements that let Lykke down. Its variety of cryptocurrency and fiat currencies is limited compared to some of the larger exchanges. Meanwhile, its user experience isn’t the slickest. During our road test of its sign up process, there were a few technical glitches which could be considered frustrating.
What to know about Lykke
Lykke’s main selling point is that the only trading cost you need to pay attention to is the spread applied to your transaction. So for investors who make regular trades, you can keep your costs low by taking advantage of the lack of taker and maker fees. You also don’t need to stress about fiat deposit or withdrawal fees as these are covered by the exchange.
It is worth noting that the only way to make a fiat deposit is via a bank transfer. As these are considered as an international transfer, it could take up to 5 business days for the funds to reach your account. Not a particularly speedy process.
Finder ratings
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What is it like to use Lykke?
Lykke offers a comprehensive crypto trading platform supported by a mobile app.
Getting started
Account registration can all be done through the web page or the mobile app.
Trading Terminal
Lykke has a comprehensive trading terminal with features including market orders and limit orders.
Mobile app
The mobile app allows you to trade on the go. However, there were a few times using the app during our road test that it struggled to sign in.
KYC process
The ID verification process is easy to follow, with everything done online.
Customer Service
Does Lykke have good customer support?
Lykke says it offers “human support” 24/7, claiming that you won’t be fobbed off with bots. You can contact the customer support team by phone, email or by submitting a request through the website.
There aren’t many reviews on Trustpilot directly about Lykke’s customer service. And the ones that are there are mixed, with some good reviews and some complaints about problems remaining unresolved.
| Support offered | Wait times | |
|---|---|---|
| Contact us form |  | Same day |
| Live chat |  | |
| Email support | | Same day |
List of services on Lykke
There’s not an array of extras or advanced features to take advantage of with Lykke. Instead, the main focus is the trading terminal with “zero” trading fees.
Trading on Lykke
Lykke aims to provide you with a comprehensive trading interface. Its platform has a range of currency trading pairs and you can view the mid price and tradelog through Lykke’s interface. You can choose to either place a market order, which means that you sell or buy at the best available price but you could encounter slippage due to price volatility. Alternatively, you could place a limit order, which is an order to buy or sell at a specified price or specified purchase price.
Trust rating
Signing up on Lykke
Go through a step-by-step guide on the sign-up process, and how to pass KYC.
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Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.