LATOKEN Exchange Review

Last edit 17.07.2019

• LATOKEN is a cryptocurrency exchange aimed at those who prefer a very wide range of coins to trade from and boasts low fees among seemingly attractive features. It was launched in 2017 and in October of that year completed its ICO, raising $19.6M in Ether by selling its LA token. To this day, LATOKEN have not provided concrete evidence or documentation that presents viable token economics which justify the value of the token and its title of “utility token”, although they are constantly trying to convince users that it is in fact one.

  LATOKEN’s User Experience is quite good. No KYC is required (a bonus for some and concern for others) and the website quality is fair. Customer support are quick to reply and genuinely assist you in an attempt to solve your problem or answer your question.

  The platform’s performance is average at best: many outlets claim LATOKEN is reporting fake volume numbers which are coordinated by the exchange itself to boost its rankings. If true, it must mean that the representation of the platform’s performance is questionable – The trade matching engine might appear to withstand a heavy load, but if and when “real” volume comes along we have no way of determining if the infrastructure upon which the exchange is built is capable of handling such situations without hiccups.

  Features on LATOKEN are lacking; While there is a wide range of coins to trade, the vast majority of them are illiquid, and if the volume-faking reports are to be believed, then these pairs might even have no liquidity at all.
  The exchange offers no other trading options other than spot trading and no mobile app, and its only real extra feature is the ability to purchase crypto with a credit card.

  The LATOKEN team is large and reputable, with many of its members being alumnis of respected institutions such as McKinsey, and most are based in Moscow.

  LATOKEN manages to create an impressive social media presence, providing promotions to encourage trading, listing new coins frequently and maintaining several communication channels.

  Finally, our Trust in LATOKEN’s ability to safeguard user funds is questionable. While they were never hacked, the exchange’s regulatory status is not terrible but quite unclear: it is incorporated in Singapore, where crypto laws could be seen as a bit loose. They do keep some user funds in cold storage, although they don’t mention how much. Finally, there seems to be a significant amount of users who report that the exchange is making it hard for them to withdraw their money, with the withdrawal system wither not working or withholding user funds altogether, and no real help offered or given by the customer support team. While we do not believe there is a real attempt by the exchange to scam users out of their money, we do believe something in the “let-users-withdraw-their-own-money” workflow is broken or at least not functioning as well as it should, and so for us – LATOKEN is currently best avoided if a better alternative can be found.

  ---

  Last Updated:  June 20th, 2019