Livecoin is a cryptocurrency exchange platform that provides the service of many currency pairs, including Monero trading. Other trades range in altcoins and multiple fiat currency. Livecoin.net founded in 2013, and its servers are in Metairie, Louisiana, in the United States. Livecoin.net exchange reviews suggest that the best Monero trading is XMR/BTC and XMR/USD which are both offered on this platform.
Getting Started Livecoin.net
- Open the new-tab in your browser and type Livecoin.net. Then press the enter key on your keyboard.
- Click on “open account” or “open trade account” for opening the Livecoin.net registration page.
- Now, enter your user-name, password you want to set, your email id where you will receive a confirmation code, and the referral code, which is optional.
- After agreeing to terms and conditions, press the continue button. Remember, the length of the user-name must be minimum 8, and the password length should be 12 characters minimally. The password must comprise of 1 small letter, one capital letter and one numeric character.
- In case your password length is less than 12 characters or the correct numeric format, your account will not create and a warning message will be displayed.
- After that, enter the confirmation code that you receive in your email-id that you entered on the registration page.
- Now press the confirm button. You will get successfully registered on Livecoin.net. Now you must move forward to the Livecoin.net login page to start trading.
- After logging into your account, you will be asked to generate the PIN to secure your transactions. Enter the four-digit PIN to do so.
Monero Account Verification – Security Measures
For handling the transaction of cryptocurrencies or digital transactions, your Livecoin account verification should be done as quickly as possible. The process comprises of two levels or tiers, which can be completed in the security menu.
- When you generate the PIN, your dashboard will display on the screen.
- Go to the Account Menu at the top-right corner of the website, and go to security sub-menu.
Level 1 – Basic Livecoin.net Account Verification
The Security panel of the account will get displayed. Level 1 comprises of basic security settings. To verify your account, go to “verification to restore access to your account” setting and click on “verify an account.” No matter what your account will notify you that it is yet to be verified.
Now, upload your image to continue with the verification process. Make sure to read the terms and conditions of this verification process. The resolution of the picture should not be less then 1920×1080 pixels. If you will try to upload the image less then given pixel density, it will automatically reject the image. After uploading the image, press the “Verify Account” button. Your application will get under review for further steps.
Level 2 – Livecoin.net Advanced Security Verification
It is the advanced level security that works with the Google Authenticator and QR code scanner. You will be given your secret code and the Token code also, which you will use to scan to generate one-time Google Authenticator code.
- Click the “Continue” button to install new token.
- Enter the confirmation code, which is sent to you already in your email with ID.
- Then enter the 4-digit PIN code that you created after logging your account.
- Enter the one-time password generated in the Google Authenticator App.
- Now, press the “Continue” button to continue with the Livecoin exchange verification process.
The Livecoin.net exchange verification process is necessary if you want to deposit your funds through bank transfer. But if you do not use bank transfer, then there’s no need of it.
There’s no explanation about the verification process on the website, but you can check it on Bitcointalk forum, uploaded by Livecoin customer service personnel. However, the Livecoin verification is required for the individuals planning to use bank transfers for placing deposits. It is not present publicly, and whenever the user tries to verify their account, they are redirected to contact page. Note that there’s no trading limit needed for verification.
In the Account Menu, click the “Notification” bar for selecting your notification preferences. You can select the type of notifications, which you want to receive.
Livecoin Referral Program
The site offers the opportunity for its users to generate income by getting new customers to join the Livecoin exchange platform. You will be given your referral link, code, and a banner achieve also. You can download banners of different sizes, and can also set up a customised widget for your website. Also, you must select the referral rate before enabling your referral link to work. The commission fees will get credit in your account until its time-period expires.
Livecoin.net offers some amazing bonuses for affiliates. The referral program can earn you as little as 10% permanently, to 20% and even 50% of what your referrals make on trades. A lot of money is to be made just by bringing people into the exchange.
How to Trade Monero – Start Trading XMR
Buying Monero (Buying XMR)
The trading platform of Livecoin.net is quite similar to other cryptocurrency exchanges. As compared to multi-asset trading platform, it does not offer too many features when it comes to analysis and charting tools. It is intuitive and easy to use and displays price chats, trading history, nice instrument list, and order book. You can see the graphical data for Livecoin Monero (XMR) in the following figure:
- For buying Monero, you need to click on “Buy/Sell” tab on the top-middle of the site. Then click on “trading” sub-menu.
- Select the XMR in the left portion of the page. You can display the graph of XMR/USD or XMR/BTC as per your choice. The selling and buying of Monero boxes will change according to your choice.
- In the “Buy XMR For BTC” or “Buy XMR for USD” box, fill the number of XMR you want to get for yourself. The price per XMR is already present in the box.
- For buying XMR, the fees charges go up to 0.18%, which can vary according to volume trade.
- The payable amount will be automatically displayed on the USD column, including fee percentage. The fees charge percentage is the same as that of BTC.
- You can deposit or withdraw BTC, as per your choice.
- The amount of USD or BTC you have will also get displayed in the bottom of the box.
Selling Monero (Selling XMR)
This will be the same process as above. However, you simply choose the selling option. The fees remain the same too. You will not be charged any differently when you sell versus buying.
You can deposit or withdraw XMR, as per your choice. If you want to deposit Monero, then click on “Deposit XMR” button and proceed with the payment. In case you don’t have the PaymentID, then your transaction will not proceed. The XMR deposit will go through 10 confirmations on the Monero blockchain.
Monero Fees – Withdrawal Fees / Deposit Fees
There are multiple payment options available on the site such as Wire transfer, Payoneer, OkPay, etc. The deposit and withdrawal of Livecoin.net cryptocurrencies are free of any charges. But for fiat currencies, you must pay minimal transaction and even foreign fees.
- BTC-E Vouchers:-5% in EUR, 2.5% in RUR and USD
- Payoneer- 7.5%
- SWIFT or Wire Transfer- 10 EUR or 50 USD
- OkPay- 1%
- SWIFT or Wire Transfer- 1.5%+9 US$ or 15 EUR
- OkPay- 2.25% with minimum 0.1US$
- net Card- 0.99 EUR or US$
- PerfectMoney- 1% with 1US$ (minimum)
- net- No Charge
- Payeer- 1%
It is an incredible exchange portal with massive support and very few competitive fees. Livecoin.net allows the exchange of multiple cryptocurrencies that you can trade with different payment methods. The site also allows you to do bank transfers.
Be careful about the maintenance break, which we discovered while writing this review. A 5-minutes warning will appear on your screen instructing you to finish or abort any and all trades that are open. If you do not close the trade, you will be kicked off the site and it will not process. Only people who follow twitter may have known in advance:
Dear clients, due to technical maintenance our exchange will not be available for 1-2 hours Friday, 22/12/2017
— livecoin (@livecoin_net) December 20, 2017
- The site offers support for Monero on two trading platforms, XMR/BTC and XMR/USD.
- Deposits and Withdrawals made easy.
- 2FA-authentification security and multiple confirmations in place to protect your funds.
- As compared to its competitors, LiveCoin.net displays limit order, pending orders and regular market orders.
- No withdrawal limits.
- Incredible referral program with 10/20/50% bonus options
- Social media options, including Livecoin.net Facebook and Twitter
- There are no mobile applications.
- The website does not provide any information about the company.
- The customer service is slow to respond to issues.
- Maintenance is not permanently scheduled and you can randomly be kicked off the site.