Liqui.io – Scam or not?
Worth your Time or Not?
Liqui.io is an exchange wherein you can pair BTC with more than a dozen supported cryptocurrencies. If you want to buy/sell Ethereum or one of the supported cryptocurrencies for Bitcoins then you might want to look into this.
What sets them apart from other exchange? You can invest your Bitcoin or Ethereum and earn 24% APR or 0.066% per day!
Yes, that is correct. You can open a savings account with Liqui.io and earn passive income! This is the main selling point of the team behind this interesting campaign.
A picture of the team members from Kiev office.
Their headquarters is located in Kieve, Ukraine and their first announcement was back in July 2016 and was posted in this forum. Though I haven’t found any information on who the CEO is for this exchange which is a red flag in my book. Do you guys have any idea about the CEO of Liqui? If you do, please write it in the comments section below.
How to register with Liqui.io
Creating a new account with them is easy as 1-2-3. Go to their website and click on “Sign In/Up” on the upper right-hand corner of the homepage. Click “Sign Up” and a separate box will pop-up. Fill in the details and wait for the confirmation email that will be sent to the email address provided. Once you get the confirmation email, click on it and you’re done! Pretty standard registration process and no verification level required to start trading.
They do not support any FIAT currencies. This means that you are unable to trade FIAT and connect your Visa/Mastercard or PayPal to your account or trade them. You need to have an existing wallet outside of this exchange market and transfer funds to your account.
Here are a few supported cryptocurrencies found online:
- Tether USD
And more than a dozen more cryptocurrencies you can choose from!
Since there are no verification levels involved, you can start buying/selling crypto currencies just as easy as you registered. You can either choose to put up your own pricing or just scroll down the exchange window and choose from the existing Sell/Buy Orders. If you find something interesting, just click it and this will auto-populate your order. A technology that already exists in other exchange websites.
Margin trading is still not available in Liqui.io but it looks like they are planning to add it in the future. You can keep an eye out for this link.
Trading fees for Liqui.io are divided into two categories. The “Maker” fee and the “Taker” fee. You pay an order with three means, BTC, ETH or USDT.
The same fee applies for the three markets. Maker fee would be at 0.1% and the Taker fee would be 0.25%.
What are Makers and Takers? Basically, in a trade, there are two parties involved. The maker who creates the trade and lists in on the order book. The take would be the one who takes that order. They are called “Makers” as their orders are the ones liquefying the market. “Takers” on the other hand are the ones purchasing listed offers. No withdrawal fees are listed online.
Liqui is setting a trend from the monotonous exchange websites today by making a bold move in adding the “Interest” tab. This is where you can turn your regular account into a “savings account” with them. You can choose to invest Bitcoins or Ethereum for no fee and withdraw them at any given point in time to use for trading.
On the screenshot provided, you can see that the “Available limit” for Bitcoin is 0.00 of 300. This means that the Bitcoin savings account is full and you are unable to invest. I clicked on the Ethereum tab and saw that the limit was still at 60.89 of 1000.
By clicking “Learn more about this limit” on you can read more about how they can grow your investment.
The website just screams out trading! They do not have any facade or a fancy picture, they have charts and numbers just all over the place. That would be your first impression when you visit their website for the first time, but it comes with functionality. Having no facade would make it faster for you to check their trades without having to click on anything.
Security with Liqui.io
Here are the offered security features for Liqui:
- 2FA – This can be added after you have created your account and by clicking “Profile”
- API keys
They admit that security is something that you cannot perfect. This is why they posted an event to find bugs in their security platform and website which can be found in hackerone.com.
For customer support, you can reach them through the channels provided below:
- Freshdesk – Direct link
- Twitter – @Liqui_Exchange
- You can also email business inquiries at firstname.lastname@example.org
- No verification needed
- Interest tab
- Multiple trading marking to choose from (BTC, ETH, and USDT)
- No founder/address information
- High trading fees
- No Margin trading (yet)
Liqui.io Review Conclusion
Remove the fact that they do not have any listing on their website regarding their physical office or the name of the people behind the campaign and this would be a very awesome place to exchange. But with this information being withheld it brings down the website’s credibility. I might have missed something but I tried my very best to dig out this information from the internet, but no luck.
The idea of having the “Savings Account” scheme is something new and got me interested. New innovations like this are what fuels people into investing in the cryptocurrency exchange. So is it worth your time? The idea is great, just so much mystery on the location and the people behind it is what really threw me off. As always, do your own research and tread with extreme caution in dealing with this website.