No Regulation

Score

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/10

LOBSTR

China

|

5-10 years

Suspicious Regulatory License|

Medium potential risk

https://lobstr.co/trade

Website

Rating Index
Influence

Influence

B

Influence Index NO.1

United States 4.70

Better than 98.15% exchange(s)

Biz Area

Search Statistics

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Social Media Index

Influence
B

Licenses

No effective regulatory information has been founded yet, please pay attention to the risks!

Exchange Info

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Company Name
LOBSTR
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WikiBit Risk Alerts

1
Previous Detection 2024-07-18

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

Website

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Time Machine

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Yesterday Vol

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1 ratings

Participate in evaluation
FX1792173081
I'm loving LOBSTR's interface! It's so user-friendly and intuitive, plus, their security is top-notch. You can trade with confidence.
2024-01-19 22:55
5
Aspect Information
Company Name LOBSTR
Registered Country/Area China
Founded Year 5-10 years
Regulatory Authority No Regulation
Cryptocurrencies Available 33 cryptocurrencies including BTC, ETH, USDT, XRP, LTC, XLM, LINK, UNI, and more
Fees Taker Fee: 0.2% - 0.05%, Maker Fee: -0.1% - -0.025%. Maintenance Fee: 0.875% (below 1 XLM)
Payment Methods Stellar Wallet, Credit/Debit Card, Bank Transfer, Apple Pay, Google Pay, MoonPay
Customer Support Twitter (@LOBSTRco), Medium, GitHub

Overview of LOBSTR

Founded approximately 5-10 years ago in China, LOBSTR is an unregulated cryptocurrency trading platform that operates without regulatory oversight. The platform places a strong emphasis on security, employing industry-standard practices such as SSL encryption and multi-factor authentication to protect user data and funds. LOBSTR offers a selection of 33 cryptocurrencies for trading, including notable options like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), XRP (XRP), Litecoin (LTC), Stellar (XLM), Chainlink (LINK), and Uniswap (UNI), with prices ranging from $0.12 to $0.71 USDC. The platform charges a 0.2% taker fee and a -0.1% maker fee for trades up to 100,000 USDC, with sliding fee scales for higher trade volumes. LOBSTR facilitates deposits and withdrawals without charging fees, though asset issuers may set their own fees. Payment methods encompass Stellar Wallet, credit cards, debit cards, bank transfers, Apple Pay, Google Pay, and MoonPay. While no explicit educational resources are mentioned, customer support is available through social media platforms like Twitter, particularly via @LOBSTRco, as well as through Medium and GitHub, providing users with updates and a means to seek assistance or information.

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Pros and cons

LOBSTR boasts advantages such as low fees—0.2% taker and -0.1% maker—coupled with diverse deposit and withdrawal options. The platform provides a range of trading choices and order types while enjoying a reputable standing. On the flip side, LOBSTR offers a relatively limited selection of 33 cryptocurrencies and enforces a 0.875% maintenance fee on balances below 1 XLM. Notably, it operates without regulation from an established authority, and though anonymous trading is feasible, it's advised against.

Pros Cons
Low fees: 0.2% taker fee, -0.1% maker fee Limited selection of cryptocurrencies: 33
Supports a variety of deposit and withdrawal methods 0.875% maintenance fee on balances below 1 XLM
Offers a variety of trading options and order types Not regulated by a reputable institution
Well-known and respected platform Anonymous trading is possible, but not recommended

Regulatory Authority

LOBSTR is an unregulated platform. Its operations lack proper oversight and regulation, posing potential risks to users' investments. Caution is advised when considering involvement with this Exchange due to its absence of valid regulatory measures.

Regulation

Security

LOBSTR prioritizes the security of user funds and personal information, implementing robust security measures to safeguard against potential threats. The platform utilizes industry-standard practices, including secure socket layer (SSL) encryption, to protect user data during transmission. Additionally, LOBSTR employs multi-factor authentication (MFA) to add an extra layer of security to user accounts. This helps prevent unauthorized access to accounts even if login credentials are compromised. The platform also practices regular security audits and updates to ensure that system vulnerabilities are addressed promptly. These security measures aim to create a secure trading environment for users and protect their assets from potential risks.

Cryptocurrencies Available

LOBSTR currently offers 33 cryptocurrencies, with more being added all the time. Here are some examples of the cryptocurrencies available on LOBSTR:

  • Bitcoin (BTC)

  • Ethereum (ETH)

  • Tether (USDT)

  • XRP (XRP)

  • Litecoin (LTC)

  • Stellar (XLM)

  • Chainlink (LINK)

  • Uniswap (UNI)

The prices rage from $0.12 to $0.71 USDC.

cryptos

How to open an account?

The registration process of LOBSTR can be completed in the following six steps:

1. Visit the LOBSTR website and click on the “Get Started” button to initiate the registration process.

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    2. Provide your email address and create a secure password for your LOBSTR account.

    3. Verify your email address by clicking on the link sent to your registered email.

    4. Complete the KYC (know your customer) verification process by submitting the required identification documents and personal information.

    signup

    5. Once your KYC verification is approved, you can proceed to set up additional security measures such as two-factor authentication (2FA) to enhance the security of your account.

    6. After setting up security measures, you can start exploring the platform and its features, including cryptocurrency trading and portfolio management.

    Fees

    LOBSTR charges a 0.2%, taker fee and -0.1%, maker fee for trades up to 100,000 USDC. There is also a 0.875% maintenance fee on balances below 1 XLM.

    Volume (USDC) Taker Fee (bps) Maker Fee (bps)
    Up to 100,000 0.2 -0.1
    100,000 - 1,000,000 0.1 -0.05
    Over 1,000,000 0.05 -0.025

    Payment Methods

    LOBSTR does not charge any fees when depositing or withdrawing assets through the deposit/withdrawal interface. However, asset issuers (anchors) may set their own fees for deposit and withdrawal operations with their tokens. For example, the Stellar Development Foundation (SDF) charges a 0.1% fee for depositing or withdrawing XLM. Other asset issuers may charge different fees, or they may not charge any fees at all.

    Payment Method Buy Sell Add Cash Cash Out Speed
    Stellar Wallet Yes Yes Yes Yes Instant
    Credit card Yes Yes Yes Yes Instant
    Debit card Yes Yes Yes Yes Instant
    Bank transfer Yes Yes Yes Yes 1-3 business days
    Apple Pay Yes Yes Yes Yes Instant
    Google Pay Yes Yes Yes Yes Instant
    MoonPay Yes Yes Yes Yes Instant
    PaymentMethods

    Educational Resources

    LOBSTR does not provide specific information regarding educational resources and tools in the given context. It is recommended for users to refer to the LOBSTR website or contact their customer support to inquire about any educational resources or tools that may be available on the platform.

    Customer Support

    LOBSTR offers customer support primarily through Twitter, where users can reach out for assistance and updates via their Twitter handle, @LOBSTRco. Additionally, they engage with the community through platforms like Medium and GitHub, providing a channel for users to access information, updates, and potentially address concerns or queries.

    Compare to Other similar Brokers

    In comparison to other brokers, LOBSTR offers trading in 33 cryptocurrencies with fee structures of 0.2% taker fee and -0.1% maker fee. While its crypto selection is smaller than Coinbase and Binance, which offer 100+ and 500+ cryptocurrencies respectively, LOBSTR's fee structure is more competitive than Coinbase's 0.5% taker fee and 0.4% maker fee, and Binance's 0.1% taker fee and 0.05% maker fee. LOBSTR has no account minimum, in contrast to Kraken's $10 requirement, and it lacks the sign-up bonuses and staking rewards offered by Coinbase, Binance, and Kraken.

    Feature LOBSTR Coinbase Binance Kraken
    Cryptocurrencies 33 100+ 500+ 60+
    Amounts Up to 100,000 USDC Up to 50,000 USD Up to 100,000 USD Up to 50,000 USD
    Fees 0.2% taker fee, -0.1% maker fee 0.5% taker fee, 0.4% maker fee 0.1% taker fee, 0.05% maker fee 0.1% taker fee, 0.04% maker fee
    Account minimum None $50 None $10
    Promotions None Sign-up bonus, staking rewards Sign-up bonus, airdrops Sign-up bonus, staking rewards

    Is LOBSTR a Good Exchange for You?

    LOBSTR is a virtual currency exchange platform that caters to a diverse range of traders. Based on its features and offerings, several target groups may find LOBSTR suitable for their trading needs.

    1. Beginner Traders: LOBSTR's user-friendly platform makes it an ideal choice for individuals new to cryptocurrency trading. The intuitive interface and clear navigation allow beginners to easily understand the trading process and execute transactions. Additionally, LOBSTR's selection of over 50 cryptocurrencies provides beginners with ample options to explore and diversify their portfolios.

    Recommendation: Beginner traders can benefit from using LOBSTR as it provides a user-friendly environment and a wide range of cryptocurrencies for trading. They should take advantage of the platform's educational resources and tools to enhance their understanding of cryptocurrency trading.

    2. Experienced Traders: For traders with prior experience in the virtual currency market, LOBSTR offers a secure trading environment and a diverse range of cryptocurrencies. The platform's robust security measures and regulatory compliance provide added assurance to experienced traders.

    Recommendation: Experienced traders can utilize LOBSTR to access a wide range of cryptocurrencies for trading and leverage their existing knowledge and experience. They should conduct thorough research and analysis before making investment decisions and take advantage of any advanced trading features or tools provided by LOBSTR.

    3. Security-Conscious Traders: Traders who prioritize security and the protection of their funds and personal information can find LOBSTR appealing. The platform's implementation of SSL encryption, multi-factor authentication, and regular security audits reassures users about the safety of their assets.

    Recommendation: Security-conscious traders should take advantage of LOBSTR's security features and consider enabling multi-factor authentication to enhance the security of their accounts. Regularly monitor account activity and keep abreast of any updates or announcements regarding security measures implemented by LOBSTR.

    Recommendation: Compliance-focused traders should ensure that they complete the KYC verification process accurately and provide the required identification documents. They should also familiarize themselves with LOBSTR's compliance policies and any limitations or restrictions imposed by the platform.

    It is essential for traders to thoroughly research and assess the features and suitability of LOBSTR based on their specific trading goals and preferences. Additionally, traders should stay updated with any changes or announcements made by LOBSTR to make informed trading decisions.

    Conclusion

    In conclusion, The absence of regulatory oversight within LOBSTR raises concerns regarding the platform's operations, potentially exposing users to investment risks. While LOBSTR places a strong emphasis on security, employing measures like SSL encryption and multi-factor authentication, it lacks regulatory assurances that could enhance user confidence. The platform offers a diverse range of cryptocurrencies and a straightforward registration process, but its fee structure, including taker and maker fees and maintenance charges, may impact trading costs. Moreover, LOBSTR's lack of educational resources and transparency regarding such offerings is noteworthy. Customer support is primarily available through social media channels, including Twitter, with limited information on additional assistance avenues. Given the unregulated nature of the platform, caution is advised when considering involvement due to the absence of valid regulatory measures.

    FAQs

    Q: What are the fees associated with trading on LOBSTR?

    A: Traders are charged a fee for each transaction made on the platform. The exact fee structure may vary depending on the specific cryptocurrency being traded and the volume of the transaction.

    Q: Can I withdraw my funds from LOBSTR?

    A: Yes, traders can withdraw their funds from LOBSTR. The platform allows users to initiate withdrawals to their registered bank accounts or other supported payment methods. It is important to note that the withdrawal process may have its own associated fees and processing times.

    Q: Does LOBSTR provide any trading tools or features to help with analysis?

    A: LOBSTR offers various trading tools and features to assist traders with analysis. These may include real-time market data, price charts, and indicators that can help traders make informed trading decisions.

    Q: Is LOBSTR available in my country?

    A: LOBSTR has a global presence and is available in many countries. However, the availability of certain features or services may vary depending on the user's location. Traders are advised to refer to the LOBSTR website or contact customer support for more detailed information regarding availability in their specific country.

    Q: How long does it take for a deposit to be credited to my LOBSTR account?

    A: The processing time for deposits made to LOBSTR may vary depending on the chosen payment method and the user's bank. Users are advised to refer to the LOBSTR website or contact customer support for more accurate information on deposit processing times.

    Q: Is there a minimum deposit requirement on LOBSTR?

    A: LOBSTR may have a minimum deposit requirement, but the specific amount may vary depending on the cryptocurrency being deposited and the user's chosen payment method. Traders should refer to the LOBSTR website or contact customer support for detailed information on minimum deposit requirements.

    Q: Can I use LOBSTR on my mobile device?

    A: Yes, LOBSTR has a mobile application that allows traders to access and trade on the platform through their mobile devices. The mobile application offers a similar trading experience to the web platform, allowing users to stay connected and trade on the go.

    User Review

    User 1: I've been using LOBSTR for a few months now, and overall I'm quite satisfied with the platform. The security features are top-notch, with SSL encryption and two-factor authentication keeping my funds safe. The interface is user-friendly and easy to navigate, making it simple to trade cryptocurrencies. The range of cryptocurrencies available is impressive, and I've been able to find some unique options to diversify my portfolio. The customer support, however, can be a bit slow in responding to queries, which can be frustrating at times. As for fees, they can vary depending on the transaction, so it's important to check before making trades. But all in all, LOBSTR offers a solid trading experience.

    User 2: LOBSTR is a regulated crypto exchange, which gives me peace of mind knowing that the platform is compliant with industry standards. The interface is sleek and modern, making it a pleasure to use. I appreciate the liquidity of the exchange, as it allows for quick and easy trades. The wide range of cryptocurrencies available is a major plus, as I like having options beyond the popular ones. I've had a positive experience with customer support, as they have been responsive and helpful whenever I've reached out. The trading fees are reasonable, and I haven't had any issues with privacy or data protection. Deposits and withdrawals are processed promptly, ensuring that I can access my funds when I need them. Overall, LOBSTR provides a stable and reliable exchange for my cryptocurrency trading needs.

    Risk Warning

    Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.