Livecoin exchange (Livecoin): registration, how to trade in 2022

is one of the platforms for buying and trading cryptocurrency (in the past), which provides comfortable conditions for Russian-speaking traders. Among other crypto exchanges, including Bitcoin exchanges, it was distinguished by its wide selection of altcoins and ease of use.

At the end of 2022, the Livecoin exchange was hacked, and at the beginning of 2022, the site announced its closure.

The Livecoin platform was not as popular as the Binance or Bitfinex exchange, especially outside of Russian-speaking countries, so Livecoin used different marketing approaches to expand its audience. But first things first.

Read our most comprehensive review of the Livecoin exchange to help you decide whether to trade on the exchange or not.

• History of creation
• Livecoin hack in 2022 and exchange closure in 2022
• Livecoin registration and verification
• Security on Livecoin
• Deposits, withdrawals and commissions Account replenishment
• Withdrawing funds from the exchange
• Livecoin commissions for deposits and withdrawals

History of creation

How the Livecoin exchange was created
Livecoin

is a project of the UK company Delta E-Commerce, and the site itself is hosted on a server located in the USA. The domain was registered in March 2014, after which the portal was developed for a year. Livecoin began operations in April 2015.

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Initially, the Livecoin exchange operated at livecoin.net, but after the hack, the site moved to a new address - livecoin.news. At the moment the first link is not working.

The developers organized a kind of bounty program for traders called Private Preview, which consisted of testing the platform and finding bugs for a monetary reward. Each Private Preview participant received $100 in their account, which could either be withdrawn immediately or used as a starting deposit for trading.

At first, after launch, only 9 cryptocurrencies were available on the Livecoin exchange. However, gradually their list expanded significantly, and before the hack, more than 270 coins were presented on the site, which allowed Livecoin to firmly occupy the niche of low-cap cryptocurrencies in the Russian-speaking market. According to cryptocurrency developers, in 2017 the listing price on Livecoin was 4 BTC.

Official website of the Livecoin exchange

Chronology of events

At the very end of 2022, the price of some cryptocurrencies on the Livecoin exchange increased hundreds of times, but the reason for this was not the massive purchase of crypto assets by people around the world, as it might initially seem, but the most common exchange scam (stopping payments to clients, to put it simply) , as some experts from the world of cryptocurrencies suspect, or is it still a HACKING of the exchange by hackers?

The price of Bitcoin first rose to $220,000:

Livecoin exchange website

And later, the next day, up to $450,000 per coin (almost 2,000%).

Also, the no less popular cryptocurrency Ethereum showed an increase at that time by 1,080% - up to $6,500 (if we take the average price of a coin of $600, which prevails at the moment), and later reached a price of about $15,000 per coin (2,500%) . The price of the Ripple coin (XRP) rose to $17 (6,800%).

Livecoin hack in 2022 and exchange closure in 2021

Livecoin hack
The first suspicions of hacking appeared on December 24, 2022, when the price of Bitcoin soared to $220,000 and Ethereum to $6,500. In addition, the withdrawal of funds was closed, and soon a message about the hack appeared on the official website. The Telegram account of the Livecoin executive director was also deleted.

On the same day, management published news that an attack had been carried out on the site, which, according to their calculations, had been “carefully prepared for several months”:

Message from the Livecoin exchange

As a result of the hack, unknown hackers stole 106 BTC, 380 ETH, 236 BCH, 567,012 XRP, 66.8 million DOGE, 56,000 USDT, as well as an amount in ERC-20 tokens, the amount of which the exchange did not disclose. At that time, Livecoin estimated losses at more than $800,000.

Afterwards, the attackers demanded a ransom in Bitcoin to return control of the site, but Livecoin responded by changing the domain.

On January 16, the Livecoin team announced that it was ceasing operations due to high losses, and that they were ready to begin returning funds to affected users.

The team initially planned to begin accepting applications for payments on March 17, 2022, but later they made this the closing date for accepting applications (at the time of writing (May 2021), it is impossible to receive a refund).

Management stated that only users who pass verification will be able to receive compensation. However, users were outraged by the high requirements for KYC verification, which included confirmation of place of residence and source of funds. In turn, the community demanded to provide a description of the chronology of the hack with all technical information, as well as data on the amount of funds.

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At the moment (May 2021) it is not possible to trade on the Livecoin exchange.

For more information about the Livecoin hack in 2022, watch the video:

Hack Livecoin 2020

Reimbursement for victims

The latest update on the site, which was allegedly controlled by the Livcoin administration, states:

“Dear clients, we have completed payments to all clients in full. Everyone who submitted an application and provided the necessary documents in proper quality received a 100% refund of all funds on their balance. Customers with balances above $10,000 also received a 100% refund. At the moment, we have an undistributed balance, which we will fully distribute among those who applied for payment, but made minor inaccuracies when submitting documents, which we will not pay attention to. We will contact you in the coming days and request your addresses for payments; no further documents are required from you.”

However, judging by the reviews on Telegram, not all Livecoin users responded to the application, and some of the victims were compensated for the losses by the Coin Galaxy exchange, which organized a fundraising fund for the affected clients of the Livecoin exchange.

Livecoin registration and verification

Verification on Livecoin
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Attention! After the hack, the Livecoin exchange stopped registering and verifying new users.

** The information below is provided for general information purposes only. At the moment it is not relevant.

Registration on the Livecoin exchange is no different from the similar process on other platforms. First you need to click on “Open a trading account”:

Registration procedure
// Source: Livecoin
After this, a typical form will open in front of the user, where you need to come up with a login and password, indicate your email, enter a captcha and confirm that you are an adult. It is also possible to register as a referral by entering a special code.

Registration on Livecoin

It is worth noting that there are special requirements for the password: it must include at least 12 characters, contain at least one number and upper and lower case alphabetic characters. After sending the data in a special form, you must enter a code that will be sent by email:

Completing the Livecoin registration procedure

Verification is not mandatory, but it will be required in two cases:

1. To carry out transactions with fiat (replenishing an account using a bank card);
2. To restore access to your profile.

In the first case, you need to upload scans of documents: passport, tax identification number, any document that confirms your registration. In the second, you need to take two photographs in different places with a sheet on which the name of the site and the current date are written.

Referral program

The portal offers all registered users the opportunity to participate in a referral program, which gives them a chance to earn extra money. For these purposes, you need to invite new users to the exchange using your referral link. They need to register at the address provided and enter the referral code during this process.

There are 3 tariff plans with completely different percentage rewards:

1. 10% on an ongoing basis.
2. 20% for 6 months after registration.
3. 50% within a month after registration.

Once the period is over, the user no longer receives payments for the referral. If the referral's turnover is $95,000, and the user has chosen the 50% rate, then the commission on transactions will be approximately $152, of which the user will receive 76 cents in his account.

Security on Livecoin

Security of crypto exchanges
By default, the security level on new accounts is set to Basic. The following functions work on it:

• To enter the site you need to use your login and password;
• To make any changes to the settings, all actions must be confirmed via email;
• When conducting monetary transactions, you must enter a PIN code each time.

The Livecoin exchange offers to protect its assets by installing a second level of security, which involves the use of two-factor authentication. To do this, in the “Account” tab, you need to go to the “Security” section, select the second security level and activate it using Google Authenticator:

Establishing a second level of security on Livecoin

2FA will allow you to use additional functions:

• Add IP addresses to the allowed list;
• Set the duration of the session (from half an hour to two days);

Set a welcome message when logging in (this will help protect yourself from phishing scams).

Deposits, withdrawals and commissions

Refill

Trading on any exchange begins with replenishing your balance. To do this on the Livecoin exchange, you need to go to the “Balance” tab.

Top up your balance

Here you can see a list of working wallets - they are marked in green. You can hover your mouse over for more information.

List of working wallets

To replenish your balance, you need to click on the “Replenishment” button, after which you will receive an automatically generated wallet address to which you need to transfer the cryptocurrency.

Generating a wallet address

It is worth noting that entering fiat assets directly from the card is impossible - you must first transfer money to one of the available electronic systems (Payeer, PerfectMoney, Capitalist, AdvCash, Qiwi).

Withdrawing funds from the exchange

You can withdraw your earnings both in cryptocurrency and in fiat; the Livecoin exchange also supports Visa/MasterCard cards.

Withdrawal is carried out through the same “Balance” tab: you need to click on “Withdrawal” opposite the cryptocurrency of interest, and enter the number of the wallet to which the funds will be credited.

Withdrawing funds to Livecoin.net

The Livecoin exchange also allows you to create a special voucher, by activating which you can transfer funds to any user of the service.

Creating a voucher when withdrawing funds
// Livecoin.net
Issuing a voucher is an irreversible process, i.e. It will not be possible to return the money back to your account. If necessary, you can create a personal voucher by specifying the login of a specific user. The right to activate in this case will belong only to the creator of the voucher and the person for whom it was created.

Livecoin commissions for deposits and withdrawals

Cryptocurrencies are transferred to the Livecoin exchange without commission. When replenishing the balance with fiat, the commission ranges from 1.5% to 7% depending on the currency and payment system.

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It is also worth remembering the minimum limit, which is 100 rubles, $10 or €10.

When withdrawing cryptocurrency, the commission depends on the specific coin. Commission for withdrawal of the most popular cryptocurrencies: 0.0005 BTC, 0.02 LTC, 0.01 ETH, 0.002 DASH, 2 DOGE. Some coins can be withdrawn without commission, for example, Namecoin (NMC), MonaCoin (MONA), Monero (XMR).

The commission for fiat withdrawal is 1.5-6%. Withdrawals are possible to VISA/Mastercard bank cards and electronic payment systems:

Commissions for depositing and withdrawing funds
on Livecoin.net
If you need to withdraw a large amount (from $20,000 in any currency or cryptocurrency), you will need to wait for manual processing by the operator, which is carried out exclusively during business hours.

Basic exchange commissions

To withdraw cryptocurrency from an exchange account to a personal wallet, you must indicate the wallet number and the amount of funds being transferred. Different commissions are charged for different cryptocurrencies:

• DASH – 0.002.
• BTC – 0.001.
• XMR – 0.03.
• ETH – 0.01.
• LTC – 0.02.

As for entry-level trading fees, it is 0.18% of the trade. The higher the monthly turnover, the lower the interest rate will be. Turnover is indicated in dollars :

• from 2,000,000 – 0.02%;
• 1 500 001–2 000 000 – 0,04 %;
• 1 000 001–1 500 000 – 0,06 %;
• 800 001–1 000 000 – 0,08 %;
• 600 001–800 000 – 0,1 %;
• 400 001–600 000 – 0,12 %;
• 200 001–400 000 – 0,14 %;
• 100 001–200 000 – 0,16 %;
• 0–100 000 – 18 %.

More detailed information about commissions is provided in a separate section “Tariffs and Limits”.

How to trade on the Livecoin exchange

How to trade on the exchange
Trading on the Livecoin exchange occurs on the “Trading” page. The screen is divided into two parts: on the left is a selection of trading pairs, on the right are orders created and a quote chart is displayed.

Trading on Livecoin.net

On this page you can also find your trading history, as well as data on orders (both closed and open). There are three types of orders on the Livecoin exchange:

Market. The user only needs to indicate the amount of cryptocurrency he wants to buy/sell and click on the appropriate button, after which the order will be immediately closed at the market price.

Market order

Limit. It is necessary to set the parameters of the price at which the order will be executed, as well as the desired amount. The order will be closed when the cryptocurrency reaches the specified value.

Limit order

Deferred. The Livecoin exchange has a unique order type that is quite rare. Its meaning is that the user can set certain conditions under which the order will be executed, for example, when the price of such and such cryptocurrency is more or less than 1 BTC:

Pending order

The main difference between a pending order and a limit order is that in the case of the first, funds are not “frozen”, but remain available for operations until the order is executed.

The Livecoin exchange does not offer stop losses and there is no margin trading. However, some traders will benefit from the automated trading feature, which is carried out through the use of trading bots.

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Recommended material: How to trade on the stock exchange and everything you need to know

Livecoin, like any other exchange, has commissions for trading operations. For new users, the commission for each transaction is set at 0.18% (for makers and takers). As trade turnover increases, the commission fee will decrease:

Trading commissions
// Source: Livecoin.net

Refill

To deposit funds, you must go to the “Balance” section. There are two types of accounts on the exchange:

1. Cryptocurrency – along with all the popular ones, there are an additional 150 cryptocurrencies.
2. Fiat – euros, dollars and rubles.

You can transfer money to any of the fiat accounts using electronic payment systems:

Before you start replenishing your cryptocurrency wallet, you need to be sure that the wallet is considered active and is working towards receiving funds. To do this, you just need to hover your mouse over the “Top up” button. To make a transfer, the portal will independently generate a new address and provide information regarding enrollment conditions. To replenish a Bitcoin wallet, you need 3 confirmations, a little more for Ethereum, etc. Among other things, it is very important to make a small test transaction.

Algorithm of actions when replenishing:

1. Go to your balance and select the required wallet (for example, ruble), and click on “Replenishment”.
2. In the window that opens, select a convenient payment option: Qiwi, Payeer, AdvCash, Capitalist.
3. Specify the payment amount and click “Pay”.
4. The portal will redirect the user to payment, after which you just need to follow the instructions.

This algorithm is suitable for all fiat currencies. For cryptocurrencies, you just need to click “Top up” and create the necessary wallet for a specific digital currency. Now to make a transfer, you just need to copy the address/wallet number.

Replenishment can be done in another way - using a voucher for a certain amount. It can be used by every registered user of the exchange. You can purchase a voucher, for example, from LocalBitcoins or Changelly.

Available cryptocurrencies

The Livecoin exchange is, of course, not YoBit with its huge range of available tokens, but even here the trader has plenty to choose from. Users have access to 275 cryptocurrencies and 276 trading pairs on eight markets (including fiat):

• Bitcoin (BTC);
• Ethereum (ETH);
• Litecoin (LTC);
• Paxos Standard (PAX);
• USD Coin (USDC);
• United States Dollar (USD);
• Euro (EUR);
• Russian Ruble (RUR).

The most popular trading pairs are BTC/USD and ETH/BTC - they account for 54.71% and 20.58%, respectively, of the total trading volume (data from CoinMarketCap).

general information

The Livecoin.net exchange appeared on the market in the spring of 2015. Its main advantages are a large number of supported cryptocurrencies, trading pairs, as well as constantly growing liquidity. Liquidity is one of the most important conditions for the success of any exchange. The presence of liquidity on the exchange means that there will always be a buyer for the cryptocurrency you have that you want to sell.

Advantages of the Livecoin exchange:

1. Large selection of cryptocurrencies and trading pairs.
2. Many altcoins are traded in pairs with the dollar.
3. 9 different exchange interface languages ​​are supported.
4. Fast operation of the trading platform.
5. Verification is NOT mandatory.
6. Included in the TOP 20 world exchanges in terms of trading volume.
7. Commission for completed transactions is 0.18%.
8. High reliability.

The exchange is popular among traders from Russia and the CIS countries. Second place is shared by clients from America and Japan. There are few Europeans on the stock exchange, but they still exist. A large number of cryptocurrencies are traded on Livecoin. In order to view them, you need to go to the “Trade” tab.

Popular digital coins:

1. Bitcoin.
2. Ethereum.
3. Dash.
4. Litecoin.
5. Ripple.

The exchange also offers fiat currencies such as dollars, euros and rubles. A significant disadvantage of the exchange is the high commission for withdrawing fiat currencies from your wallet on the exchange.

Additional features

Quote chart

The Livecoin exchange offers traders an additional tool - a quote chart, which allows them to analyze the state of the market and predict the direction of price movement.

Additional tool: quote chart
// Livecoin.net
The chart is designed in the form of “Japanese candlesticks” and allows you to set the time period of trading:

• 15 minutes;
• 30 minutes;
• 60 minutes;
• 4 hours;
• 24 hours.

In addition, some SMA indicators can be superimposed on it, with the help of which they provide additional information and help to even better predict the future “fate” of the price of a certain cryptocurrency.

A game

Bitcoin Forecast Game The
highlight of the Livecoin exchange is the Higher-Lower game, in which users must predict what the price of Bitcoin will be at the end of the week. There is a similar game on YoBit. Bids can be placed from Monday midnight to Friday midnight, after which bidders will see the final price on Sunday. A minimum of four people must participate in the game.

The prize fund consists of bets made by losing users and is divided among winning participants in proportion to the bets placed, with the exception of 10%, which is charged by the exchange as a commission. If the price of Bitcoin remains at the same level, then the game is considered invalid and the participants receive their money back.

The minimum bet is 0.001 BTC and the maximum is 0.1 BTC.

Security of the Livecoin exchange

Livecoin Security
The Livecoin exchange was considered to have a very well-developed security system, and in this it was two steps ahead of its even more popular competitors.

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However, at the end of 2022, Livecoin was hacked and the team lost control of the servers and nodes.

The site implements the following functions to protect clients’ funds and personal data:

• PIN code is the main tool for protecting funds at the first level of security; it is used to confirm any monetary transactions on Livecoin;
• 2FA - protection at the second level of security. Two-factor authentication is required for all profiles with a balance of $100 or more. Used to confirm the following actions: authorization, placing orders, changing security settings;
• Session duration - this function is implemented by clicking the “Remember me” button immediately after authorization. You can set the desired session range - from 30 minutes to two days, after which you will be automatically logged out and will need to re-enter the data;
• Allowed IP addresses - you can create a list of IPs from which you can use the exchange services. If you try to use an IP address that has not been entered, the system automatically rejects the authorization request;
• List of recent sessions - the user can view the latest sessions on Livecoin, where you can also see information about the IP address from which you logged in and the time of authorization on the site;
• Unique welcome message - the user can write his own greeting, which will appear during each session. This option protects against a possible phishing attack.

Also on the Livecoin exchange there are some rules regarding security and access restoration:

• On the third attempt to reset the PIN code, you must pay a “fine” of 0.01 BTC;
• If the PIN code or 2FA is changed, the withdrawal of funds is “frozen” for 10 days;
• If you change your password or email, the ability to withdraw fiat and cryptocurrency funds is blocked for two days;
• It is not possible to simultaneously work with several accounts on one device.

Problems and support

Exchange support
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At the end of 2022, unknown hackers attacked Livecoin, and in February 2022 the exchange ceased operations.

Also in early spring 2022, the exchange suffered losses of $1.8 million due to a critical vulnerability in the code of the Monero (MRX) cryptocurrency. To Livecoin’s official request for compensation, the developers responded that it was the exchange’s own fault, since the site ignored messages about the need to update the node. How this “drama” ended and whether the lost Monero was compensated is unknown.

Judging by the reviews on specialized crypto platforms, the majority of Livecoin users are satisfied with the work of the exchange, however, some noted periodic problems with authorization and frozen transactions.

If you need support assistance, there are several ways to get it. Firstly, you can contact us through a special form on the website or by writing to

Ticket System // Source: Livecoin.net
Typically, Livecoin tickets are processed within a couple of hours, but sometimes when support staff are very busy, processing can take up to several days.

In addition, you can get an answer to your question on specialized crypto forums, for example, the popular bitcointalk.org, in a thread dedicated to discussing the Livecoin exchange.

User reviews

We have collected for you several comments from real exchange users, which can help you navigate the opinions of real clients regarding Livecoin. Of course, these comments are just a “drop in the ocean” of such comments, but we tried to select the most frequently encountered opinions.

We will be very grateful if you express your opinion in the comments to this publication.

Novel

For so many years, the exchange has not lost its relevance. It offers good conditions for traders. What is most attractive is the low commissions and variety of cryptocurrencies for trading.

Konstantin

I don't like the exchange because of its primitiveness. Yes, there are a lot of digital coins on it, but the graphs do not show rate fluctuations well. This leads to the deal being closed 30-40 minutes earlier than desired.

Max

My acquaintance with crypto began with this exchange, as it is the most famous in our country. I haven't seen any cons yet. Now the resource is frequently updated, after which everything works in private mode.

Igor

The London-based company Delta E-Commerce LTD, which is the management company of Livecoin, has provided the most popular platform for making money on cryptocurrency in the CIS. The main advantages are fast registration and support for multiple languages. The system has a referral program that allows you to earn extra money from people who have registered on the site using a link and are actively trading on the site.

Trading volume and popularity

The Livecoin exchange is not a very popular platform on a global scale, but it is very popular among Russian-speaking traders. In the CoinMarketCap rating, the service ranks 79th with a daily turnover of almost $14 million and a monthly trading volume of $381.5 million.

Livecoin in the general ranking of exchanges

Conclusion

Currently, the livecoin exchange only collects positive reviews. Simple functionality for trading, flexible commissions and the general customer-oriented nature of the site cannot leave you indifferent. Despite the relative youth of this site, the reputation of the Livecoin exchange is constantly strengthening. Trading volumes allow you to buy cryptocurrencies at the best prices and make both long-term investments and speculate on short-term changes in the value of cryptocurrencies. Comparing Livecoin with other popular and more popular platforms, you understand that Livecoin is at least in no way inferior to them. Whereas, in terms of the simplicity of its functionality and the size of commissions, it even wins.

Advantages and disadvantages of Livecoin

Overall, Livecoin is a great choice for both beginners and advanced traders. In addition to a decent set of tokens, the platform has other advantages:

• Convenient and accessible interface;
• Well-developed security system;
• Ability to set up two-factor authentication;
• Availability of fiat pairs on Livecoin;
• An expanded set of methods for depositing and withdrawing funds;
• There is no mandatory verification, also when withdrawing fiat money to cards or electronic payment systems;
• Possibility of automated trading;
• Beneficial referral program (50% of the trading commission from the transactions of each referral);
• Average trading commissions (as on most other exchanges), which decrease with increasing trading volume;
• Notification about important news in the life of the exchange;
• Good feedback through ticket system and forums, especially Bitcointalk (according to user reviews).

The Livecoin exchange has no disadvantages as such. It’s worth noting the need to pay a commission when changing the PIN code (0.01 BTC), the lack of a mobile application unlike other platforms, for example, Binance, and the lack of margin trading. Also, some users complain about frozen transactions.