LBank Cryptocurrency Exchange Review : Pros & Cons

About LBank

LBank is a Hong Kong-based centralized exchange (CEX) platform that was established in 2015, with offices in the British Virgin Islands, U.S., Australia and Canada. The platform allows users to buy and sell major crypto assets like Bitcoin (BTC) and Ethereum (ETH) in over 50 fiat currencies, with over 20 payment methods. The company has licenses from the National Futures Association, Australian Transaction Reports and Analysis Center and money services businesses in Canada.

The ecosystem was co-founded by Allen Wei and Eric He. Allen Wei was a former IT developer, and is currently the CEO of LBank. He was inspired to create his project by reading the white paper of Bitcoin and its blockchain. Other services include peer-to-peer (P2P) transactions, grid trading, and flexible and locked deposits.

Information Table

How To Register At LBank Exchange ?

To register on LBank, click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your LBank Cryptocurrency Account ?

There is no mandatory verification at LBank, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of 60, USD/Euro. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the LBank, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At LBank Crypto Exchange ?

There are two main options for topping up your balance on Kraken. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From LBank Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your LBank Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

LBank Fees

The exchange charges a flat 0.10% maker and taker fee, and withdrawal fees vary from crypto to crypto. There is no deposit fee.

Fee Rate

Margin Trading on LBank

Exchange customers can trade leveraged ETFs using the spot trading process. A leveraged ETF is a derivative instrument. No margin is required. LBank supports 3X long leverage (3L) and 3X short leverage (3S). Users can also trade crypto futures, including BTCUSDT, ETHUSDT, FILUSDT and more perpetual contracts with leverage of up to 125X. Cross margin and isolated margin are available.

Features Of LBank Crypto Exchange

Available At Android & IOS Store

LBank Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading.

Trading

LBank supports trading of a wide range of digital assets including cryptocurrencies, stablecoins, and tokenized assets.

Multi-language Support

The platform supports multiple languages, making it accessible to a wider audience.

Security

LBank has implemented robust security measures to protect its users’ assets, including multi-tier and multi-cluster system architecture, cold wallet storage, and real-time monitoring.

Mobile App

LBank offers a mobile app for both Android and iOS users, allowing them to access their accounts and trade on the go.

Advanced Trading Tools

The platform provides advanced trading tools such as margin trading, futures trading, and perpetual swaps to help traders make informed decisions.

Customer Support

LBank has a dedicated customer support team available 24/7 to assist its users with any questions or issues they may have.

24/7 Live Chat

If you’re awake, they are too. When you need help, your team of experts will work with you via 24/7 live chat to reach a quick and efficient resolution.

LBank Conclusion

LBank is a cryptocurrency exchange platform that offers digital asset trading services to its users. It supports multiple cryptocurrencies, including Bitcoin, Ethereum, and others, and provides a secure platform for buying, selling, and trading these assets. The platform offers various features, including low trading fees, multiple trading pairs, and a user-friendly interface. Overall, it is a reputable and trustworthy platform for trading cryptocurrencies, but as with any investment, users should always do their own research and exercise caution.