- Low fees for deposit and withdrawal of funds, a wide choice of payment systems;
That statement should be REMOVED from the OP as it is NOT true any longer.Livecoin has many problems that need fixing:- Customer should be able to specify the miner fee (Like OKEX) and there should be no other fee on top of that -OR- fees should be raised/lowered more often with the actual TX fee
- Withdrawal minimums need to be lowered to a reasonable amount - such as $10 which is both attainable and also still performs the function of deterring spam transactions
- Support ticket system needs ability for multiple tickets to be opened on different subjects
- They need to give customers with lower trade volumes breaks on fees as well - currently the first tier of bonuses requires $100,000 USD which only the "ELITE" 1% have
- They advertised a Maker/Taker fee to get people used to it, and then removed it completely and charges fees on both ends now so people don't realize they are not getting the fee anymore
A note on the withdrawal/miner fee:There are really only two ways of adjusting the fees... Either you:
A) Every day at a certain time, you check the average fee for the asset and adjust the fee to the lower (or higher) amount - This would add considerable load to the trading system (not recommended)
or
B) Put a text box to ask the customer how much miner fee they wish to pay, with no minimum and no maximum. This would not add any load on the server. Take OKEX exchange as example:
With OKEX I am allowed to make a transfer with too small a fee - I could send all the BTC I have and specify 0.00000001 as a fee - it would never get through but
I paid only the fee I wanted. If the TX is cancelled out of the mempool, it should also then return to the customers balance so they can attempt again with a higher fee.
Quick note on Maker/Taker:If you look at the following image, you end up PAYING the fee on both a BUY AND SELL even though you are the maker of the liquidity/order (not the taker)
My opinion is they did this to attract many people, and get them used to the maker/taker fee so they could just remove it silently one day and make a KILLING on the fees which is
HIGHLY UNETHICAL and IMMORAL not to mention damaging to bitcoin & the exchanges appearances as a whole. This does NOT help bitcoin, it HURTS bitcoin.
Livecoin is currently set up in a way where you cannot just sign up, deposit $100 and buy for example TRX, then withdrawal because the minimums and fees are too high. So you basically cant use the crypto you just bought until you add in another $900 and convert it over... This cripples the exchange and defeats the purpose - to be able to buy a small chunk of crypto and withdraw it to use elsewhere. It is literally geared to the investor who has thousands of dollars, or the elite with hundreds of thousands of dollars to waste.
Other than those few points, Livecoin is a GREAT exchange, and I hope to see the problems above resolved!
Use referral link in my signature if anyone is interested
I know, its the Livecoin main thread but I might as well try to get some
