LYOTRADE vs LYOWALLET: Which One Should You Use?
The LYOPAY ecosystem is continuously evolving, giving crypto enthusiasts like you more tools to utilize the true potential of cryptocurrency. LYOTRADE and LYOWALLET are just two of the many services that the ecosystem can offer. Learning their distinct features, benefits, and key differences will help you know which one is the best for you.
- LYOTRADE is a centralized cryptocurrency exchange that is protected by AML and KYC procedures.
- LYOWALLET is a non-custodial cryptocurrency wallet that allows users to access decentralized services and have complete control over their digital assets.
- Download LYOWALLET here.
- Start using LYOTRADE here.
What is LYOTRADE?
LYOTRADE is a centralized cryptocurrency exchange. Meaning, a third party or a “middleman” exists in every transaction that happens in the platform. Centralized exchanges like LYOTRADE also follow the global standard of Anti-Money Laundering (AML) and Know Your Customer (KYC) to keep hacks, illegal transactions, and other illicit activities at bay.
The exchange also flaunts high liquidity because of its connection to the top 300 exchanges in the world, not to mention the 30 risk control mechanisms that it uses.
If you are a fan of crypto trading, LYOTRADE is the perfect place for all the transactions you want to conduct. The platform provides spot trading, margin trading, and futures trading. Moreover, users are welcome to loan cryptocurrency instantly. You can choose from different 60 collateral options and receive your loan in USDT, BUSD, and USDC.
LYOTRADE supports 250 cryptocurrencies that you can easily purchase through debit card, credit card, SEPA, and SWIFT wherever you are in the world because the platform allows 53 fiat currencies.
What is LYOWALLET?
On the other hand, LYOWALLET is a non-custodial wallet. Which means that it takes out the “middleman” that LYOTRADE has. Here, the private key, which is the only way to access your cryptocurrency, is only given to you. No one else, not even the LYOPAY team, can gain control over your funds except you. And since its services are decentralized, sharing any of your personal information will never be a priority. Buying and selling cryptocurrencies and trading digital assets are entirely anonymous.
Apart from being a safe storage for your crypto and NFTs, LYOWALLET also allows you to purchase bitcoin, ETH, LYO Credit, and other cryptocurrencies. Tracking their updated prices is possible in the application as well. Moreover, you also hold a seed phrase for an additional layer of security. It is a string of randomly generated numbers and letters that serves as a master key to all of your crypto funds.
Do They Have Anything in Common?
Both LYOTRADE and LYOWALLET enable you to buy, sell, and trade cryptocurrencies and use them for safekeeping. Their key difference is the middleman, which LYOTRADE has to add another layer of security and trustworthiness to the exchange. Meanwhile, the absence of a middleman in LYOWALLET gives you complete privacy, anonymity, and complete control over your crypto.
Even though they provide different features, they are equally beneficial to you as a crypto user. They belong in one ecosystem — the LYOPAY ecosystem — making LYOTRADE and LYOWALLET crypto apps that you can trust.