The platform aims to offer the easiest way to access money and assets worldwide. Latoken exchange provides its users with a wide range of services such as buying or selling cryptocurrency, investing, transferring money, fundraising or tokenizing.
At its start, the project’s team planned to enable real asset owners to gain instant liquidity by tokenizing and selling these assets to cryptoholders with minimal transaction costs. According to the Whitepaper, these assets can be equities, debts, real estate, and artworks. But at the time of writing, there is no information on the realization of this ambitious plan.
The platform is multilingual and it can be operated in 15 main European and Asian languages. Official Latoken mobile app is available in the Google Play and App Store.
There are over 200 trading pairs offered to users. Latoken exchange does not support any fiat currency trading, the coins can be paired with BTC, USDT, ETH, LA, TRX, and EOS. The exchange regularly lists new coins and reports new listings in its blog and social media accounts.
No wire transfer or PayPal deposits are permitted, but users can easily make deposits with a credit card. You can buy the following coins with a credit card: BTC, ETH, LTC, XRP, TRX, ATOM, LTC. At the time of writing, US citizens are restricted and cannot buy cryptocurrency. The commission of 7% is fixed and is included in the total amount. Minimum withdrawal amounts vary depending on a certain token.
Latoken spot trading fees are flexible and depend on 30-day volume. The more you trade, the less you pay. Takers pay a bit more than makers starting with 0.22% (makers) and 0.28% (takers) per less than 10k USD. If your 30-day volume of trading exceeds 20 million USD, you’ll pay 0% (makers) or 0.04% (takers). Futures trading fees are the same for both takers and makers and make up 0.06%.
There are no deposit fees for USDT and 1% is charged for other cryptocurrencies. The withdrawal fees depend on the certain token and are charged in the currency a user wants to withdraw. The table with the specific numbers is available on the official website. For those who want to speed up the withdrawal, the fees will be higher.
The platform is positioned as a #1 IEO launchpad in the world. It claims to have completed over 150 offerings which makes it one of the biggest launchpads out there. According to Inwara, a crypto market intelligence platform, this is the largest IEO market in the blockchain industry.
Anyone can introduce a project to the platform’s users. To do that, you only need to send your contact details (the project name, your email, and your mobile number) to get a free consultation from the Latoken managers. Each project gets its own roadmap and a personal manager who supports it at every stage of cooperation.
LA is a native currency of the project. This is a utility token based on the ERC-20 standard. The ICO started on August 22, 2017, and ended in October 2020. Over 57 million LA tokens were sold.
LA is designed to support transactions on the Latoken exchange and pay for Latoken services. At the time of writing, LA is traded on its native platform and on HitBTC. LA is paired with nearly all the tokens listed on the Latoken platform. The LA airdrops are conducted from time to time.
Another type of token is also described in the Whitepaper. These are asset tokens as the project team intended to deal with the real asset owners. Asset tokens can be created on the Latoken platform and linked to the prices of associated assets. However, at the time of writing, no evidence of such token existence can be found on the exchange.
There is no information that Latoken exchange has ever been hacked. Security options include an Advanced Encryption Standard (AES-256) algorithm, DDoS-protection system, Salted SHA-256.
Scam and fraud accusations
Most of the blockchain projects have negative reviews as well as positive ones. But negative reviews on Latoken prevail on various trust rating aggregators. Lots of users are dissatisfied and disappointed with the Latoken performance. They complain of the bad user support, regular errors during transactions, user and money blocking, problems with withdrawals. Another serious issue is that many discontented users accuse the platform of listing scam projects.
In September 2019, the platform was involved in the scandal as KICK ICO claimed Latoken fraud on its social media accounts. According to KICK ICO, the bounty hunters didn’t receive KICK tokens as Latoken decided to appropriate the assets.
The list of team members cannot be found on the official website but it is not difficult to view it via the company profile on LinkedIn.
Valentin Preobrazhenskiy is the founder and CEO of the project. Prior to Latoken, he also founded another company, Zalogo. This is a home equity marketplace and he was its CEO from 2014 to 2017. He also managed an equities portfolio at Avega Capital and Spectrum Partners, worked in CERA, VTB, and Sberbank.
Sonny (R) Mohanty is a Regional Director of Latoken Singapore. At the time of writing, she is also a Women Tech Ambassador at WomenTech Network and Director (Investor) at RYA AGRI & AQUA PRIVATE LIMITED.
Vladimir Kiselev is a Listing & Marketing Manager and Christina Popova is a Global Event Manager. On the whole, more than 140 LinkedIn members state they work in Latoken. Most of them live in Russia, some team members are residents of Singapore and Bangladesh.