Livecoin (livecoin.net) Exchange review – Is livecoin Safe or Scam?

Summary (tl;dr) :

No, We don’t recommend our reader to use Livecoin. It’s a garbage exchange due to following reason :





  • It took absurdly lots of confirmation time when you make BTC deposit (10 60 confirmations and my deposit still pending). Compared to poloniex, It only took 1 confirmation for BTC to get deposited. What kinds of garbage exchange needs >10 confirmations for BTC deposit!?
  • If you are an arbitrage trader, forget to use this coin as you will probably missed the target price for your arbitrage.
  • The exchange is slow and not updated in real time, We have to constantly refresh.
  • Support take a long time to reply your support ticket (Although this is applied for almost all exchange nowadays :twisted:)

 

 

My experience trading at livecoin.net

I’m mostly trade my cryptocurrency on poloniex.com and bittrex.com, With occasional visit to the ghetto exchange yobit.net

The recent cryptocurrency exchange that I used is called livecoin.net. I had to use this exchange because I need to buy PoSW Coin, and one of the exchange that list PoSW Coin is livecoin.net. So I register there. The sign up process is mostly the same with other exchanges, no issue here.

I get huge issue when I’m sending my bitcoin to my livecoin deposit address. So I expect it will only took 2-3 confirmations before it shows up on my account.

1 confirmation after 10 minutes…. Still not deposited

2 confirmation after 15 minutes…. Still not deposited

3 confirmation after 25 minutes…. Still not deposited

10 confirmation after 3 hours…. Still not deposited!!

52 confirmation after 8 hours…. Still not deposited!!

This is the longest time I’ve ever experienced in terms of bitcoin deposit to exchange! Even the ghetto yobit is faster! I contact support to ask why is it taking so long, but I haven’t receive any answer until now (12 hours later). This will be the last time I will ever use this garbage exchange. I should’ve used Cryptopia or even Yobit next time.

Will it be Scam!?? Is livecoin.net scam? Currently no scam indication, only lousy exchange services, but we will see in a couple of days/weeks. Either way they already lost one customer for sure (me). Even if my BTC does get deposited eventually, it’s already too late and PoSW price is already getting ridiculously high right now. 

With such unprofessional website, slow trading experience, deposit hassle and virtually no support at all, I wouldn’t be surprised if it’s going into Mt. Gox’s direction. I suggest everyone to withdraw all of your money immediately from this exchange. I wouldn’t risk my hard earned money to be stolen by some shady exchange like livecoin. Better safe than sorry!