[SCAM Alert] LATOKEN Exchange ReviewCentralized
[SCAM Alert] LATOKEN Exchange Rating Analysis
WARNING - THIS IS A SCAM EXCHANGE
They are promoting scam IEOs.
They are promoting IEOs promising growth of 100% to 500%.
They are cheating and lying to founders and employees.
They are misleading founders to think they will have successful IEOs while it never happens.
They will not disclose who are the shareholders or directors of the company.
We urge you to stay away from LATOKEN and not entrust them with any of your funds!
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 one.
LATOKEN's User Experience is average. No KYC is required to start trading (a bonus for some and concern for others) and the website quality is fair. Customer support are quick to reply and 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 most are based in Moscow. However, we have received personal testimonies from former LATOKEN employees detailing the sad reality of working at the company: Daily scrutiny from higher ranking employees, a mafia-like behavior by top executives and unheard of business practices endorsed by the company. After cross-examining these type of reports from many different sources, we are sad to report that we believe the human factor at LATOKEN is unworthy of doing business with.
LATOKEN manages to create a considerable 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 extremely low. While they were never hacked, LATOKEN's regulatory status is 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. Additionally, 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 either not working or withholding user funds altogether, and no real help offered or given by the customer support team. 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 it also might even be a deliberate attempt by the exchange to take money out of users’ pockets.
Finally, we have directly received reports from projects who worked with LATOKEN alongside internal employee testimonies which describe the terrible state of affairs inside the company, the way they deliberately try to scam money out of projects and into their own pockets and so for us - LATOKEN is currently best avoided.
First hand testimony by a person that LATOKEN scammed for over $18K.
Trustpilot - A trust rating aggregator, on which 61% of LATOKEN reviews are negative, while the positive ones have been suggested to be orchestrated or funded by the exchange team.
Bitcointalk - One of many threads on the forum site with multiple accounts of users accusing the exchange of being a scam, stealing tokens from them, etc.
[SCAM Alert] LATOKEN Exchange Review, Trading Fees, Deposit and Markets
24h Trading Volume
[SCAM Alert] LATOKEN Total Trading Pairs
[SCAM Alert] LATOKEN Margin Trading
[SCAM Alert] LATOKEN Deposit fees
No Deposit Fees Applied
[SCAM Alert] LATOKEN Trading fees
0.05% for pairs in LA 0.1% for all other pairs.
[SCAM Alert] LATOKEN Fiat Deposit
Accepted Payment Method
Crypto to Crypto Only
[SCAM Alert] LATOKEN Native token
Native token smart contract
[SCAM Alert] LATOKEN Trading Markets
[SCAM Alert] LATOKEN Stablecoins trading
[SCAM Alert] LATOKEN Withdrawals
Daily Withdrawal Limit
[SCAM Alert] LATOKEN Withdraw fees
The withdrawal fee is going to be deducted from the transferred amount. The fee is displayed below the minimum amount.
[SCAM Alert] LATOKEN Withdraw fees discount
50% trading against LA
Proof of Reserves
[SCAM Alert] LATOKEN Overview
LATOKEN is a blockchain-based platform and protocol that enables the exchange or trade of cryptocurrencies. It also claims to enable tokenization of assets. A LATOKEN exchange review reveals that it has its own native ERC20 token, namely LAToken (LA) token. LA token has a max supply of 1 billion tokens and was launched on October 25, 2017 by Valentin Preobrazhenskiy during the 2017 crypto bull market. They serve the crypto community via 123 active markets as of this writing. A LATOKEN exchange review also reveals that they offer various cryptocurrency pairs, including various LA-related cryptocurrency pairs.
LATOKEN claims to encrypt user credentials and private keys using AES-256 – a security standard, algorithm or specification based on the Advanced Encryption Standard (AES). They also encrypt passwords in their database by using Salted SHA-256 (super secure “salted” password hashing via SHA-256 – a cryptographic hash algorithm). This while the bulk of user funds are kept offline in multi-sig wallets or wallets that require multiple or more than one signature - again, according to claims made by the exchange, which are impossible to verify without performing an external security audit (which was never done, as far as we know).
A LATOKEN exchange review also reveals that all data transmitted via their website is done using TLS connections such as HTTPS. They also require Two-Factor Authentication (2FA) in terms of changes to account settings and withdrawals. They also offer a LATOKEN exchange widget that makes it possible for the owners of websites to sell cryptocurrencies or digital assets via their websites and earn up to half of the exchange fees.
The exchange aims to function as more than just a cryptocurrency trading platform, as an exchange review reveals that the exchange “plans to launch trading in asset tokens”. This hints that LATOKEN is aiming to expand the areas in which their users come in contact with cryptocurrency.
Fiat trading is not available on this platform, which could deter new cryptocurrency investors as they will need to utilize other platforms in order to trade on LATOKEN. Trading fees are also not provided to the user on the website, or any other platform online, which could be a risk for any potential new users.
The company behind LATOKEN is LAT Foundation PTE, which is mentioned on their website. The exchange is overseen by CEO Valentin Preobrazhensky, who has little previous entrepreneurial experience in the cryptocurrency world. Such information is available on their website, as well as on other online platforms.
[SCAM Alert] LATOKEN Exchange KYC and AML
[SCAM Alert] LATOKEN AML policy
[SCAM Alert] LATOKEN IEO launchpad
|IEO||Start date||End date||Fundraising|
Green Funding Coin
|Apr 02, 2019||-||Apr 30, 2019||N/A|
|Mar 28, 2019||-||Apr 30, 2019||£20M|
|May 17, 2019||-||Jun 17, 2019||n/a|
|Mar 20, 2019||-||Jul 03, 2019||$100M|
Tron Game Global
|Jun 13, 2019||-||Jun 14, 2019||$60M|
|Apr 15, 2019||-||May 31, 2019||$5.5M|
|May 01, 2019||-||May 31, 2019||$2M|
|Jan 01, 2019||-||Mar 20, 2019||$20K|
|Jun 07, 2019||-||Jul 05, 2019||ETH10K|
|Jun 07, 2019||-||Jun 30, 2019||$50M|
|Jun 01, 2019||-||Aug 31, 2019||$11M|
|May 29, 2019||-||Aug 23, 2019||$250M|
|May 21, 2019||-||Jun 15, 2019||$6M|
|Jan 31, 2019||-||Jun 07, 2019|
|Jun 18, 2019||-||Jul 18, 2019||7.7K ETH|
|Jul 29, 2019||-||Aug 19, 2019||$25M|
|Apr 01, 2019||-||Jul 03, 2019||$3M|
|Jun 18, 2019||-||Jul 31, 2019||$13.13M USD|
|Apr 09, 2019||-||Jul 26, 2019||$48M|
|Aug 08, 2019||-||Sep 09, 2019||$1.175M|
|May 14, 2019||-||Jun 13, 2019||$450K|
|May 02, 2019||-||Jun 20, 2019||$80M|
Coin Island Air
|May 25, 2019||-||Jun 24, 2019||$7M|
|Jul 05, 2019||-||Aug 05, 2019||$25M|
|Jul 01, 2019||-||Dec 01, 2019||$21M|
|Jul 08, 2019||-||Aug 04, 2019||$28.713M|
|Jun 23, 2019||-||Sep 24, 2019||$20M|
|May 25, 2019||-||Aug 20, 2019||50K ETH|
|Jun 11, 2019||-||Aug 31, 2019||$20M USD|
|Jun 10, 2019||-||Dec 17, 2019|
|May 16, 2019||-||Jul 29, 2019||$40M|
|Apr 01, 2019||-||Sep 30, 2019||$21.6M|
|Mar 01, 2019||-||Sep 30, 2019||$10M|
|Jan 14, 2019||-||Sep 30, 2019||$20M|
|Mar 01, 2019||-||Dec 01, 2019||$55M|
|Apr 12, 2019||-||Aug 20, 2019||$30M|
|Apr 16, 2019||-||May 22, 2019||$15M|
Smart Trade Coin
|Dec 15, 2018||-||Oct 15, 2019||$99M|
|Jun 22, 2019||-||Jul 08, 2019||$24M|