Liquid Experience 2021: The Crypto Exchange Test
10 Stars
After the merger of Quoinex, Liquid and Qryptos, all customers can now experience Liquid. The three websites have merged into one big exchange, giving customers various advantages.
One can exchange cryptocurrencies through Liquid's trading platform. However, the exchange now also offers to buy coins via various FIAT currencies. So you can trade via Liquid without owning any digital currencies beforehand.
This certainly makes the offer attractive for beginners. But what can you do via the Liquid website and which cryptocurrencies are offered for trading?
In the following Liquid test, the different areas are examined and the reader is presented with a simple guide from registration to trading.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Liquid advantages and disadvantages
Liquid's platform is not available, which makes it more difficult for users. There is also no e-mail or telephone number for direct contact. However, detailed descriptions of the individual procedures can be found in the FAQs.
In addition, the user is provided with various step-by-step instructions so that even beginners can find their way around the site. Furthermore, the offer is versatile. Although it is a pure crypto exchange, the purchase of certain coins is also permitted via FIAT currencies.
This makes it easier for newcomers to gain a foothold in the cryptocurrency market. Deposits and withdrawals also work effortlessly. This speeds up the process of preparing to trade.
The website is otherwise very clearly designed and it is easy to find your way around. The trading platform is also well thought out and you are guided through the various points after registration.
However, there is no special app for trading on the move. You therefore always have to log in via the browser, which can sometimes be very inconvenient.
Liquid Review - the offer
It is written large and wide on the website that it is a crypto-to-crypto exchange. This means that you can exchange different digital currencies with each other. Normally, physical currencies are not accepted on such platforms, but Liquid has made an exception here.
You can purchase certain coins via credit card or bank transfer, even with euros or American dollars, for example. Of course, you have to pay an additional fee for this, but you can start trading afterwards.
However, if someone was looking for another exchange for the acquisition of cryptocurrencies, they can turn to Coinbase or the crypto exchange Binance. Both platforms now accept FIAT currencies and you can buy different cryptos.
There is already a guide to buying Bitcoin via PayPal. However, it should be noted that digital currencies are subject to strong fluctuations and the commodity is therefore considered very speculative.
If you are interested in trading cryptocurrencies, you would be well advised to take a look at our buying guides. In addition to Bitcoin, many other cryptocurrencies are available for you to buy and trade - including IOTA, Ripple, Litecoin and many others.
Cryptocurrencies
BTC | ZEC | UBTC | ONT | HERO | USDC |
|---|
The operators state that more cryptocurrencies will be added in the near future. This should give the user even more options. However, it was not said at what point the project will be implemented.
Liquid experiences: Fees & Charges
As with any other trading platform, Liquid also has various fees to pay. On the one hand, there is a transaction fee of 0.10% and a liquidation trading fee of 0.20%. In addition, various amounts are charged for the debiting of a FIAT currency. There is a charge of 35.23 American dollars plus five USD, SGD, EUR or AUD.
The costs here depend on the currency paid out. Sometimes certain credit institutions also charge a fixed amount for the transfer to the customer's Liquid account, but you can ask your credit institution about the costs beforehand.
Also for loan purchases, 50% of the loan has to be paid back as a fee. Overall, the Liquid platform has higher fees than other crypto-to-crypto exchanges.
Fee type | costs |
|---|---|
Transaction fee | 0.10% |
Liquidation Trading Fee | 0.20% |
Loan Interest Fee | 50% of the loan |
FIAT withdrawal fees | 5 USD, SGD, EUR, AUD |
FIAT deposit fees | Costs of the respective banks |
Charges for the debiting process | $ 35.25 |
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Liquid experiences: Payment methods
There are only two different payment methods at Liquid. Either you use a cryptocurrency or you buy coins via credit card or bank transfer. PayPal, Sofortüberweisung, Skrill, Neteller, Paysafecard and bank transfer are not supported.
Furthermore, it is not possible to deposit FIAT currency into the customer account, but only to purchase digital currencies. This means that trading is only possible via blockchain technology.
Payment method | yes/no |
|---|---|
Credit cards | yes |
Paypal | no |
Instant bank transfer | no |
Skrill | no |
Neteller | no |
Paysafecard | no |
Bank Transfer | no |
Cryptocurrencies | yes |
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Liquid experiences: Licence and security
The operators of Liquid describe the trading platform as particularly secure. Almost all Exchanges do this, but what is the difference to the rest? At Liquid, all client funds are stored externally and separately from the company funds. This is supposed to make it particularly difficult for hackers to access traders' savings.
In addition, this gives you the opportunity to retrieve your funds in the event of a crisis at the company. Furthermore, you can put your own APIs on a "white list" and block unknown APIs. This means that a payout of Liquid is only authorised to the listed wallets.
Last but not least, you need a 2-FA method for all deposits and withdrawals. This is a programme that generates a TAN for each transaction. Without the numerical code, the action will not be verified and will be rejected by the operators of Liquid. This increases your own security many times over, as a fraudster cannot do any damage with just the access data. For this, he still needs the smartphone connected to the account.
How do I set up 2-factor authentication?
To do this, click on the button with the human symbol and select the menu item "Security". On the next page, press the button "Enable 2-Factor-Authentication". You will then see a QR code on the screen. You should scan it with the help of the previously downloaded application.
Immediately afterwards, the programme will produce a six-digit code which you have to enter into Quoinex. Finally, click on "Enable 2-Factor-Authentication" again and the application has been successfully connected to the customer account.
Liquid Experience: Customer Service, Contact & Support
Liquid does not have a hotline for a direct conversation. Furthermore, there is no e-mail address on the entire website that can be used to help a user. Live chat and a contact form are also not available. But how can you contact the operators if you have a problem?
On the website there are only FAQs, which are, however, very well designed. There is an extra sub-page on almost every topic with lots of important information. Even for new users there is a guide through the registration process up to trading. For this reason, the first thing you should do before opening a customer account is to take a look at this section.
Here there are numerous step-by-step instructions, which are illustrated with photos and screenshots. In addition, you will also find a detailed list of fees and examples of how they can be calculated.
The platform operators still seem to have room for improvement in customer service and support. Perhaps a telephone number and an e-mail address will be offered at a later date, but there is no exact information on this yet. So far, no customers have complained in forums about the lack of support.
You can also ask the Liquid Community if you have any problems. Here, other users can ask questions or get help. However, you should be patient, because you will not get an answer immediately and it can sometimes even take weeks.
Contact way | yes/no |
|---|---|
phone | no |
no | |
Live chat | no |
contact form | no |
FAQs | yes |
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Liquid experience: Registration and trading
The following step-by-step guide explains how to open an account, verify, deposit, trade and withdraw via Liquid's platform. Since the offer of Quoinex, Qryptos and Liquid is now the same, all customers of the three sites are redirected to Liquid's trading platform. The offer is therefore the same.
The registration
In order to be able to exchange the different cryptocurrencies with each other, one has to register on the Liquid platform. For this, the platform requires some personal data. Other pure crypto exchanges do not require any information about the trader, but the platform must protect itself against money laundering.
Since you can also buy various coins by credit card or have the money credited back to your account, the operators have to take such precautions by law. If you prefer to be unknown on the net, you can register with the exchange Stellarport. All you need there is an e-mail address and a password of your choice.
To use the Liquid trading platform, the operators require the first name, the last name, an electronic mailbox and a password. The latter must be at least eight characters long and contain an upper case letter, a lower case letter and a number.
Finally, you have to accept the General Terms and Conditions so that the Exchange can use the data. A few minutes later, you will receive an e-mail at the address you entered, which you must use to verify your mailbox.
Deposits
In order to start trading, you first need a credit balance of cryptocurrencies. The best way to buy them is via your credit card at Liquid. However, if you would like to buy Bitcoin via PayPal, you should follow the instructions.
However, a separate TAN is created for each deposit via the 2-factor authentication, which you have to enter on the page. Only after setting up the security measure can you transfer your crypto money to your own account.
There are 120 different cryptocurrencies and ten different FIAT currencies to choose from. Among them you will find:
EUR
USD
SGD
HKD
AUD
INR
JPY
PHP
IDR
There are two different ways to transfer money into your account:
With cryptocurrencies
A new wallet address is generated for each deposit and there is a separate API for each cryptocurrency used. You may only transfer Ethereum to an Ethereum address, as the other digital currencies use different software. However, if you make the mistake, the coins can usually not be retrieved and are lost forever.
With FIAT currencies
You can buy the cryptocurrencies you need via FIAT currency. For this, one is redirected to another page. It is possible to buy the coins via credit cards and debit cards. Bank transfers are also allowed, but the waiting time is much longer.
You simply follow the instructions and within a few days the credit should be in your account. It should be noted that sometimes the credit institutions charge an extra fee, but you can ask about this beforehand.
In addition, you have to pay a high fee for FIAT withdrawals.
The trade
As soon as the money has been received in the customer account, you can start trading. Exchanging different cryptos with each other is no problem and you only have to pay the transaction fees of the network.
However, there are two different order variants. The stop order and the trailing stop order. But what are the differences between the two options?
The Stop Order
This option allows the investor to set the maximum loss from the beginning. One sets the option on the value of an asset. This type of investment is particularly useful for traders who cannot sit in front of the computer all the time. This way, a possibly significantly higher loss is absorbed.
However, if you are an experienced investor, the price breaks and momentum of the price can give you an additional advantage. At the beginning, one determines the minimum loss at which the asset should be sold in any case. However, if the price should rise, the fixed value does not change - in comparison to the trailing-stop order.
Trailing-stop order
This is a normal stop order that tracks the market price. You can therefore place a trailing-stop order on a held asset. To do this, you have to specify a lower price of, for example, 10 dollars below the market value. As soon as the price rises, however, the gap remains the same.
The previously set lower limit moves with the price increase. However, as soon as the price falls by more than 10 dollars, the trailing stop order is executed as a normal market order. The settings for the trade are identical to those for the stop order. All you have to do is select the "Trailing Stop" point on the right-hand side of the screen.
Payouts
As soon as you want to cash out your winnings, you have to follow certain rules at Liquid. First of all, you have to identify yourself and transactions are only carried out on APIs that are on the "white list". For FIAT currencies, you also have to identify yourself to prevent money laundering attempts.
All FIAT currencies received by 3am UTC will be processed by the bank within 3 days. However, transfers may take a little longer.
There are also four different withdrawal stages: Pending, Processing, Processed, Cancelled and Reverted. For further advice, you should read the FAQs on the Liquid website and follow the steps carefully. This will help you avoid mistakes and minimise losses.
The Liquid App
At the moment, there does not seem to be a special app for trading on the go. It is possible that this will be added to the repertoire in the near future, but there is no sign of this on the platform itself or in the FAQs.
Conclusion - the Liquid rating
Liquid's programmes are the same as those of Quoinex and Qryptos. After the merger of the companies, there is a much larger community to ask questions to. This is especially important because there is no hotline or email address. Otherwise, it is a well-designed platform that is intuitive and easy to use.
There are numerous instructions and tips for new traders. In addition, anyone can buy cryptocurrencies and then exchange them with each other. For this reason, Liquid is suitable for new and experienced traders. However, the fees are somewhat higher than on other platforms. Furthermore, the website is not available, which could make it difficult for users.
Overall, it is a good platform for trading cryptocurrencies with each other, but you also have to disclose some personal data. In addition, the fees are higher than for example with the exchange ShapeShift. However, the security is also better. The fact that you have to use a 2-FA method for deposits and withdrawals is exemplary and protects the customer's assets.
All in all, one can turn to the licensed platform Liquid not only for exchanging but also for buying cryptocurrencies. Liquid is a complete package that brings digital currencies closer to its users. However, in a direct comparison, our test winner eToro is a better complete package.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
FAQ
The provider is a crypto exchange where cryptocurrencies can be bought and sold.
Liquid was convincing in our test. The diverse trading options and the excellent customer support attract many customers, most of whom are very satisfied with the provider.
The amount you invest should depend on your own liquidity, the cryptocurrency you choose and your own risk tolerance. In general, you should never invest money that you actually need elsewhere, as profits can never be guaranteed.
Here, too, the platform is convincing. Payouts are processed very quickly and are in your account within a few minutes to 2 working days, depending on the selected payout method.
You should always know what you are investing in. Cryptocurrencies are highly volatile, so you should first familiarise yourself with the selected coin in detail. If you have the necessary know-how, as well as the occasional bit of luck, then nothing stands in the way of early profits.
