With so many options and alternatives constantly coming up in the cryptocurrency industry, it’s easy to lose track of many interesting propositions that may not have the same exposure as others. In this case, let’s get into detail about Lykke’s unique, differentiating features and recently launched products.
Indexes and Tokens
It all starts with LyCI index, which tracks the Top 25 crypto currencies by market cap and spawns several service tokens, including its very own LyCI, Pay LyCI, Smart LyCI, and just recently, Short LyCI. These instruments — PLyCI and SLyCI in particular — give the investor the option and freedom to choose among certain niches, while blockchain technology is still under fervent development. Short LyCI, as we discussed in previous articles, acts as a perfect instrument to bet against the whole cryptocurrency market (either in the short or long term) in a quick and convenient manner.
It’s important to remember that while these products carry a certain degree of “third party” risk (the company being ultimately the trusted entity providing the core service), as they are ERC20 tokens in the Ethereum public blockchain, it also opens many interesting possibilities, like extra liquidity sources, custody and so on.
The path between the old financial world and the new one appears to be full of obstacles and dangers around every corner. While in some jurisdictions there are a few exchanges with good reputation and track record, in many others, especially outside the US and Eurozone, the options are not so clear or trustworthy. Being a fully regulated and compliant platform was always a strong part of Lykke philosophy, it’s not a surprise that the company has been praised in the past for its transparency and reported trading volume.
We can all agree this is something that at first glance should be trivial and common practice, but sadly, time after time has been proven to be an ongoing complex and muddy issue for the cryptocurrency industry. Many exchanges around the world continue to provide dubious information and products, while systematically disregarding current KYC/AML regulations, with wash trading and other similar maneuvers as the weapon of choice used to gain notoriety and relevancy.
Lykke, established in Switzerland, a country at the top of blockchain innovation and with a strong financial culture, clearly emerges as one of the best alternatives for those looking for peace of mind trading and investing.
Global, Zero-Fee Trading
It’s important to mention that most exchanges fees are usually low enough to encourage trading, but certainly not negligible enough to be fully dismissed. Trading fees end up representing a big portion of the total cost, alongside taxes and other expenses, affecting average and professional traders alike.
Lykke zero-fee policy has been a core identity of the company since its early days running a decentralized model. Guaranteeing free, global access and fast onboarding is a crucial part of this process. Coupled with low spreads and the Lykke app available on both iOS and Android versions plus web trading platform and its fast and unanimously praised customer support, provides a wide range of options for both the casual and day trader.
The goal to have most, if not all, instrument classes and assets under one umbrella, from commodities, STOs and stocks to cryptocurrencies and bonds which continues to be a top priority. As the global financial structure remains stagnant and faces new, unpredictable hurdles, Lykke remains deeply committed to the ongoing development of next generation products and services leveraging blockchain technology.