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Cryptocurrency exchange Liqui – is a relatively young trading platform, which was founded in mid-2016. During the creation of the project, the developers understood that it is impossible to attract the audience by launching a standard service for trading cryptocurrencies and, therefore, a lot of interesting innovations were offered for the users of the system. Despite the fact that the exchange has a Ukrainian origin, its interface is fully English-speaking.
To date, seven people are involved in the development of this project. The main specialists are located in Kyiv. Developers from Russia, Armenia and the United States are also involved in the project. The task of the creators is to gain confidence and that’s why, according to them, they do everything possible to ensure the stable operation of the cryptocurrency exchange Liqui.
Specifics of Work on Liqui
One of the main features is providing access to the IOU coin market. They are tokens purchased during the ICO. At the same time, the network for such tokens has not yet been launched by the developers. Using the Liqui crypto exchange, it is possible to trade with such crypto coins in a few hours after the ICO. The only prerequisite is participation in the initial coin offering through the Liqui trading platform. After the developers launch the native network, tokens can be traded on a par with other currencies. By the way, cryptocurrency experts call such a possibility revolutionary.
Registration on Liqui
In order to register you need to visit the official website – liqui.io. It is worth saying that on the main page there will be a button to register a new account “Sign In/Sign Up”. Specifying during the registration of all the necessary data to your e-mail address will receive an email with the link for confirming your email address.
By following the link in the letter, a person will go to the Home page and thereby confirm the registration. Next, you must log in. As noted earlier, to do this, you need to enter a code, which is sent to the e-mail and allows access to the personal account.
Deposit and Withdrawal to Liqui
In order to deposit to your account, you need to go to “Balances” section. From the proposed list choose the digital currency of interest and click on the “Deposit” button. Then, automatically will be generated address of the cryptocurrency wallet in the selected currency.
The issued address, you need to provide in the exchanger, which will conduct the conversion of fiat money into cryptocurrency and send it to the account. Withdrawal of funds is carried out in the same way, only the user needs to click on the “Withdrawal” button. Unfortunately, the exchange does not support fiat money, so you have to use exchange services. Keep in mind, that each of them takes a commission for withdrawal and funding.
How to Buy/Sell Cryptocurrency on Liqui
Once the account has been funded, you can carry out trading operations. It is worth noting that the system supports top crypto assets – BTC and ETH, as well as lesser-known altcoins. The developers try to be among the first to add support for trading with newly appeared cryptocurrencies. In total, the trading platform supports about 150 digital currencies.
In order to make a purchase or sale of cryptocurrencies, you should select the necessary marketplace, and after that, the appropriate token. The required values are entered into the fields or selected from the orders that have been created by other users.
It is very convenient that the stock chart for pairs can be adjusted according to personal preferences. It is impossible not to tell about such “chip” as deposit accounts. Trading platform customers have the opportunity to receive income from invested funds at up to 24% per annum. Thus, the earnings in 24 hours is 0.066%. For the deposit, it is possible to use bitcoin and etherium. The peculiarity of the deposit accounts is as follows:
- No blocking of funds on the deposit. At any convenient time, the user can withdraw them or start trading.
- Accrual of interest is carried out every minute.
- Interest is paid once every 24 hours.
Undoubtedly, these terms are very attractive for investors and in case of their complete realization the market would hardly pay 24% per annum to all users. That is the reason why the restrictions were introduced. The management decided to set the limits on the amount of money on deposit accounts. The limit is adjusted and depends on the following parameters:
- percentage deducted from the transaction;
- volume of trades executed.
The fee on this trading platform can vary and depends on the role played by the user. For example, for market makers, the fee is 0.1%. In turn, for the buyers – 0.25%. Most cryptocurrency exchanges use the practice of reducing the amount of fee for customers, in the case of an increase in trading operations. This is not the case here.
When depositing and withdrawing funds, the commission is not taken. However, it is present when processing a payment in the cryptocurrency system. Unfortunately, the site does not yet support margin trading, but according to the developers, it is a matter of time and work in this direction is already underway.
Security on Liqui
Until the summer of 2017, Liqui Exchange did not have any problems with its reputation. All users of the system were completely satisfied with its work. However, in the middle of the year, customer accounts were hacked. As a consequence, funds were stolen from the accounts. This situation has seriously affected the work of the project, but the developers have managed to find the right words to explain the situation to customers. After that, no problems with the work did not arise.
The hack, which occurred in the summer of 2017, was the reason for the work to redesign the security system of this trading site. To date, the security of the system is at a high level. The key feature of account protection is:
- The need to enter a one-time password during authorization, which came by mail.
- Two-factor authentication, with a Google account.
Every time you decide to sign in to your account, you need to enter the password sent to your email address. For two-factor authentication it is necessary to install the app on the mobile device and to scan the code on the computer screen with its help. It will be noted that the scanned QR code will contain a digital key with 64 symbols. It should be saved and kept in a safe place. In case if your phone number becomes invalid or you lose your smartphone, this key will allow to get an access to your account at LiquiCryptoCurrency Exchange.
I have been studying cryptocurrency for over 5 years. I have accounts in every exchange and I test everything on myself.
I want this market to be more understandable for everyone.