- Low trading fees
- Wide selection of cryptocurrencies
- No forced KYC
- Well-designed exchange
- Professional team
LBank Exchange Summary
|Headquarters||Hong Kong, China|
|Supported Fiat Currencies||USD and Chinese Yuan|
|Withdrawal Fees||Varies in Different Cryptocurrency|
|Customer Support||Mail, FAQ, User Guide, Help Center, Submit Request Support|
Despite the restrictions, LBank is growing in popularity with its mobile app and minimal trading fees. Its education resources and staking capabilities are more reasons why it is globally appealing. Customers should go through LBank exchange reviews before hopping on the bandwagon. That is why here is an in-depth LBank exchange review, explaining its services, security, fees, and more.
What Is LBank Exchange?
LBank is a Hong Kong-based cryptocurrency exchange founded back in 2015. Superchains Network Technology Co. Ltd. owns and operates the platform. It offers crypto trading pairs for 97 tokens, making it a popular alternative. Due to its headquarters being located in China, it competes with names like KuCoin, Binance, and Bit-Z. Moreover, its location restricts the exchange from accepting users from some regions. However, it is still available in 200 countries, amassing 4.8 million users. Solutions like quick account creation, a mobile app, and educational resources make it ideal for beginners.
Additionally, it offers advanced trading tools like trading indicators and APIs for experienced customers. Furthermore, it allows users to apply two-factor authentication on log-in while also providing cold and hot storage wallets for fund security. The platform deserves its praise due to its minimal trading fees and withdrawal charges. However, it lacks when it comes to fiat currency compatibility, margin trading, and payment methods.
Nonetheless, surviving the cryptocurrency market for 5+ years without any major security breach shows the capability of LBank exchange.
How Does LBank Exchange Work?
While LBank operates in a highly competitive market, its operations do not differ drastically. As a crypto exchange, it provides a web-based trading platform. It comes with an intuitive interface, offering a simple experience to users.
It also uses technical analysis indicators to provide the best trading opportunities to users. The most notable indicators used by LBank are CCI, RSI, KDJ, and MACD. It leverages such solutions and enhances its performance. After creating an account on the platform, users merely need to deposit funds. After that, they can use the tools to buy and sell cryptocurrencies.
LBank Exchange Features
As with most LBank exchange reviews, here is a quick lowdown of the most notable features LBank cryptocurrency exchange offers:-
- Since it is a China-based platform, it is primarily aimed towards the Asian market. It provides quick account creation for new users and offers educational resources to help them get started. Its mobile app allows users to trade from anywhere at any time.
- It caters to beginners with its intuitive interface while assisting experienced customers with advanced indicators and trading windows. Its extensive cryptocurrency support and sufficient liquidity are why it is also popular in the Western market. The platform integrates features like two-factor authentication, SSL protection, and cold/hot storage wallets. Such tools allow it to maintain optimal security.
- LBank capitalizes on the foundation of these features and has minimal trading fees. Because of this, it is an ideal platform for both beginners and veterans.
Services Offered by LBank Exchange
No LBank exchange review can be complete without explaining its services, so here below we have listed services of LBank exchange:-
Multiple Trading Platforms
LBank also has multiple device compatibility. Users can access it on both desktops and mobile for quality trading services.
The platform has advanced indicators like CCI, RSI, KDJ, and MACD. In addition, seasoned users can also avail themselves of its premium trading window for an advanced trading experience.
With SSL and 2FA backing its website, LBank is a secure platform for everyone. Moreover, it uses cold and hot storage wallets to secure users’ assets.
Crypto trading is the main reason why LBank is growing in popularity. It allows users to buy and sell many popular digital currencies at minimal prices.
There are educational resources available on the exchange for newbies. It provides the information needed to get started as quickly and seamlessly as possible.
Wallets and Orders
Options like Spot, Quantitative, Finance, and Futures wallet are also available for veteran traders. Moreover, customers can use Grid, Futures, and Spot Orders.
Customers can also access trading APIs for earning opportunities at any time.
LBank Exchange Review: Pros and Cons
Many traders tend to read LBank exchange reviews to understand its pros and cons. So, here is a quick overview of the pros and cons to help you decide:
|Easy to use and understand||Inaccessible in many countries|
|Ideal for Asian traders||Slow customer support|
|Low trading fees and no withdrawal fees||Not feasible for English speaking nations|
|Mobile app available||No cTrader or MetTrader|
|Advanced trading tools||Limited payment methods|
|Quick account creation||Unregulated|
|2FA and cold-hot storage wallets|
|Supports 97 crypto tokens|
LBank Exchange Sign Up Process
- Reach LBank’s official site on any device.
- Browse to the top-right section and choose SignUp.
- Choose between the email and mobile number options.
- Complete the reCaptcha.
- Wait for the verification code and submit it.
- Create a password and confirm it.
- Provide any referral code, if available.
- Check the Service Agreement box.
- Tap on the SignUp option.
- It will open a window like this.
- Now, choose whether to bind the 2FA option. Select Skip, if not.
- It will redirect customers to the home page with the account option on the top-right section.
How to Start Trading With the LBank Exchange?
LBank provides a smooth trading process that starts with creating an account. Users can create it on both the website and app with minimal information. After creating an account, customers need to choose a suitable deposit method. Customers have the option of a bank wire transfer, e-wallets, MasterCard, and digital assets. The deposit process is quick.
After the deposit, customers can trade over 95+ cryptocurrencies. The process is simple as users merely need to access its website. There is a buying option on the homepage with multiple fiat currency options. After entering the amount in a suitable currency, customers can simply tap on the Buy Now option. Now, customers select the payment option if the account does not hold any funds. It will instantly initiate the transaction, and customers will get a confirmation after it is executed.
LBank Exchange Fees
Most cryptocurrency exchanges charge three types of fees from users:-
- Trading Fees
- Deposit Fees
- Withdrawal Fees
However, the LBank crypto exchange also charges maker and taker fees due to its additional functionalities. Nonetheless, its charges are among the most competitive options in the market.
LBank Exchange charges a flat 0.10% trading fee on every trade, which is minimal compared to other exchanges. Moreover, the average fees for the market remain at 0.25%, showing LBank’s affordability.
There are no deposit fees on the platform. Users can choose from cryptocurrencies, eWallets, MasterCard, and bank wire transfers to deposit funds.
While there are no direct withdrawal fees on LBank exchange, it incurs charges imposed by networks. For example, there is a 0.1% fee for Ethereum withdrawals.
Maker and Taker Fees
There is a flat 0.10% fee for both executing a limit and market order. The charges fit well with the industry average. However, check this link to know full details of the LBank fee schedule.
LBank Accepted Payment Methods
Payment methods are not LBank’s strong suit since it only supports a handful of options. Nonetheless, it provides popular alternatives like MasterCard, regional eWallets, bank wire transfer, and cryptocurrencies.
LBank Supported Countries Currencies
While crypto compatibility is a relatively stronger spot for LBank, it lacks in terms of country support. Since it is based in China, there may be legal restrictions in certain locations.
However, it still provides quality services in many countries like:-
- North Korea
- New Zealand
“LBank Exchange US” is a popular search among traders, given crypto’s massive demand across the nation.
LBank provides 97 digital assets and cryptocurrencies to customers, with the most notable ones being:-
- Bitcoin Gold
- Bitcoin Cash
- Ethereum Classic
LBank Trading Platform
LBank crypto exchange has a user-friendly trading platform. Its simplistic approach caters to every user regardless of market experience. It comes with live charts and buying windows. Additionally, it integrates advanced indicators and market analysis tools. However, there is a lack of drawing tools and charting analysis. Customers do not need to go through several steps to execute a trade, which is always a good sign. Overall, it presents esteemed solutions catering to every trading class without hassle.
LBank Mobile App
Like the majority of popular exchanges, LBank provides a responsive app. Users can download the app through Google Play Store and Apple Store. Its availability for both Android and iOS users makes it a popular choice among traders. The app performs well, provides necessary functionalities, and comes with a user-friendly UI.
LBank Security and Privacy
The exchange prospers in terms of security with technologies like SSL backing its website. It integrates the C1 and C2 authentication systems alongside the two-factor verification mechanism for users. Moreover, the platform uses cold and hot storage wallets to secure user assets and that makes LBank the most secure cryptocurrency exchange. Users ask questions like “Is LBank exchange safe” because it is still unregulated. However, customers should note that most exchanges operate without regulatory licenses. Plus, LBank has 5+ years of market experience with a breach-free track record.
LBank Customer Support
The platform offers multiple support options to customers. Users can reach support executives via live chat or social media platforms. Email support is also available for traders facing any issue. Beginners can also avail themselves of educational resources like blogs, news announcements, guides, and FAQs.
Our Verdict: Is LBank Exchange Worth It?
Overall, LBank provides optimal tools for both beginners and experienced traders. Its educational resources and advanced indicators are testaments to the statement. Its outstanding security outshines LBank’s limited payment method support. The platform is affordable with minimal charges. Thus, any trader can access it to buy/sell 120+ cryptocurrencies instantly.
Is LBank Exchange Legit?
Yes, LBank is a legit exchange with 5+ years of industry experience.
How Does LBank Make Money?
LBank makes money through maker and taker fees. In addition, it charges withdrawal fees imposed by networks.
How Do I Deposit/Withdraw Money From LBank?
Users can deposit through MasterCard, eWallets, and cryptocurrencies. To withdraw from LBank, users can send cryptocurrencies to any personal wallet.
Is LBank Reliable?
Yes, LBank has been a reliable platform serving global users since 2015.