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LATOKEN Review - is it scam or safe?

LATOKEN Review - is latoken.com scam or good cryptocurrency exchange?

RATING: 2.5 / 7 REVIEWS LATOKEN

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts & Conditions

 

Account type

Leverage

Trading Fee

Withdrawal Fee

Standard

1:1

Undisclosed

Undisclosed

 

Intended as a multi-asset decentralized trading platform, LATOKEN currently allows trading in a number of crypto pairs and ICO tokens. The platform is based on DAG technology (directed acyclic graph) intended to process high trading volumes in mere seconds.

 

The base currency at the exchange is LAToken (LA), which is a blockchain protocol used on the platform for creating and trading asset tokens.

 

 

LATOKEN Advantages

 

A unique & ambitious project

LATOKEN is intended as a multi-asset trading platform, not only a cryptocurrency exchange. It plans to launch trading in asset tokens (such as real estate, stocks and even fine art in the near future). Tokenizing real-world assets and bringing that onto the blockchain would allow cyptocurrency holders to diversify their trading. The team has already tested trades of shares of blue chips (e.g. Apple, Amazon, Tesla) and commodities (oil, gold, silver). 

 

Many coins listed

Apart from its own token, LA, this exchange offers trading in wide range of cryptocurrencies. The list includes Ethereum, Bitcoin, EOS, VeChain, Tron, Augur, USDT, TenX, as well as a number of less popular coins. By the time of writing this review, the most actively traded pairs on the LATOKEN platform are LA/ETH, REP/LA, and EOS/ETH.

 

Some info on the company

While many crypto-exchanges do not share any corporate information with their (potential clients), LATOKEN presents the actual legal entity behind it, LAT Foundation PTE, as well as the team. The LATOKEN Project is led by CEO Valentin Preobrazhensky, who first started the started the home equity marketplace Zalogo.

 

Nice trading platform

As we mentioned in the beginning, the web-based platform provided by LATOKEN is based on DAG technology. Its design is quite simple and the listed coins are classified into 4 groups: cryptocurrencies traded against LA, ETH, BTC and USDT. Here is a snapshot:

 

 

Security

The team behind this exchange claims it has built a 4-layer transactions security system. It also uses Two-Factor Authentication (2FA), which allows you to verify logins with a mobile app.

 

 

LATOKEN Disadvantages

 

No info on fees

We could not find clear information about the trading fees. It seems that such are applied on trades and withdrawals. Nonetheless, there is a 50% discount for trades with LA.

 

Registered offshore

Although it is obviously a Russian start-up, LATOKEN seems to be registered offshore (as according to their Terms of use, the governing law is that of the on the Cayman Islands). Companies registered offshore generally do not inspire a lot of trust. Nonetheless, LATOKEN has announced plans to get licensed. To quote the company's website: “Now we’re working on acquiring all necessary licenses for a full-scale trading of asset tokens.”

 

No leverage available

This exchange does not provide leveraged trading in cryptocurrencies, which is the case with most similar venues. Those who wish to speculate on their prices, without owning them, can open an account with a forex broker instead. Almost all brokers who offer trading in crypto CFDs provide leverage, and the levels are usually higher than the ones offered by some exchanges.

 

 

>> Trade cryptos with leverage <<

 

 

Fiat not supported

Fiat currency deposits are not supported LATOKEN, only the slightly controversial Tether tokens (USDT – a cryptocurrency supposedly backed by US dollars). So, this exchange is not very suitable for novice crypto traders.

 

Popular altcoins and crypto trading pairs not available

Although LATOKEN has listed a solid number of coins, one cannot exchange Ethereum for Bitcoin, for example (both being listed). What is more, some popular altcoins are not available at the exchange – Ripple, Monero, Litecoin, Bitcoin cash, and more.

 

 

Conclusion

 

An ambitious project with a good theoretical basis, LATOKEN is a quite unique cryptocurrency exchange still in development. We like its simple platform, the fact that it has listed a lot of coins (mainly ERC-20 tokens) and that it seems to focus on the security of the system.

 

However, there are too many unanswered questions. There is no info on the fees charged by LATOKEN, for example, which is a major disadvantage. Also, LATOKEN plans a whole lot of enhancements, such as asset tokenization, licensing, lightning-speed trading in a decentralized manner via DAG technology and so on.  These promises sound great, but proving them is another matter.

 

That being said, we’d like to remind you that you can also trade in Bitcoin and other digital assets with forex brokers, some of which offers a safer trading environment, as they are regulated.



>>Regulated forex brokers, offering Bitcoin<<



Here are the strong and weak sides of LaToken:


Pros

Cons

A unique & ambitious project

No info on fees

Some info on the company

Fiat not supported

Nice trading platform

Popular coins and pairs not available

 Security

Registered offshore

 

No margin trading

     

 

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Traders` reviews for LATOKEN

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SUSPENDED so long

Well, LAToken suspended my account. DO NOT USE LATOKEN. LISTEN TO THE BAD REVIEWS AND STAY AWAY. THEY WILL NOT HELP YOU IF YOU HAVE PROBLEMS. I can't log in to latoken.zendesk.com. They don't answer and I don't know what i must to do!!!

VOLODYMYR YATSYKOV 07/05/2019

I've had a support ticket open since Feb 5th! - LATOKEN IS A SCAM

I've had a support ticket open since Feb 5th. I deposited 18.19686 ETH that mysteriously went to someone else's LAToken address. Even though I immediately reported the problem, LAToken hasn't done anything to resolve it. 3 months is unacceptable and the only explanation is it's a complicated situation. They should refund my ETH and figure out the bug instead of holding it.

If they read this and care to escalate and resolve my ticket is #13434. Otherwise I have to warn as many people as possible about depositing to LAToken.

UPDATE 6/20/2019:
Well, LAToken officially stole my ETH, then blocked me from Telegram, then suspended my account. DO NOT USE LATOKEN. LISTEN TO THE BAD REVIEWS AND STAY AWAY. THEY WILL NOT HELP YOU IF YOU HAVE PROBLEMS.

TK 06/20/2019

problem!

i am waiting from 2 months and they still didnt send me my ETH. They have problem and stay away from them!

Burak Serdar 02/16/2019

Latoken scam

Latoken scam. i am wait withdrawal 3 days and not receive(

den 01/08/2019

LATOKEN Security check

Warning! Do not trade on LATOKEN. I've tried to withdraw Coins and they are 'performing an extra security check' I've already contacted them saying it's really me withdrawing my Coins (used email and phone)

They said it can take up to 12h for their security to manually check... it's been way more than 24h and I still don't have my coins. They are scamming customers and hold your coins hostage

Sky 12/25/2018

Latoken scams people

They introduced security checking to stop people from withdraw their assets. They steel your money...don't trade here. It's a scam exchange with fake volume!

bossolino 11/02/2018

Account suspended

A lot of trouble to get my money witdrawn. After waiting for 3 days tech solved 2 tickets and a day after that they suspended my account due to suspicious activity. I only used the Buy and Sell button. Maybe they cant handle my 20x profit on 1 day. Now its day 6 of being a hostage and the Stockholm cycndrom could kick in any moment. Heeeeeelllllllllppppppp

Peter Eisinga 10/13/2018
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