According to CMC data, LBank ranks among the top 20 crypto exchanges globally. It might be worth considering if you’re searching for a trusted platform to buy and sell cryptocurrency. In this LBank review, we will delve into its features, fees, security, and more to help you make an informed decision.
Key Takeaways:
- LBank is a crypto exchange that offers various trading features, including spot trading, leverage trading, staking, grid trading, leveraged tokens, and more.
- The LBank exchange is registered in the US as an MSB (Money Services Business) under FinCEN and also complies with regulations in Canada (FINTRAC) and Italy.
- The platform supports trading over 700 cryptocurrencies, with competitive fees of 0.1% for both makers and takers.
LBank Review: What is It?
LBank is a global cryptocurrency exchange platform that was founded in 2015. It offers a secure and user-friendly environment to buy, sell, and trade over 700 cryptocurrencies. While initially focused on the Asian market, LBank’s popularity has extended to traders across the globe. The platform also supports over 200 fiat currencies.
Beyond basic spot trading, LBank offers various services, including derivatives trading (futures contracts), staking, automated grid trading, P2P trading, copy trading, and even an NFT marketplace.
At LBank, security is the priority. This trading platform uses measures like cold storage of assets and two-factor authentication to protect users’ funds. The exchange is also designed to offer a user-friendly trading experience, making it accessible even to those relatively new to the cryptocurrency market.
Pros of LBank
- Many coins and tokens, including new projects, are available for trading.
- Lbank lets you stake certain coins to earn rewards while you hold them.
- Advanced trading features like futures and grid trading are offered on LBank.
- A user-friendly mobile app is available for both Android and iOS devices.
- Competitive trading fees, with a maker/taker model.
Cons of LBank
- Low liquidity compared to other centralized exchanges like Binance, Bybit or MEXC.
- Not available for US users due to regulations
LBank’s Fees
Trading Fees
LBank has a straightforward trading fee structure. For spot trading, they charge a flat fee of 0.10% for both maker and taker orders. For futures trading, you will pay 0.02% maker and 0.06% taker fees.
Deposit & Withdrawal Fees
LBank doesn’t charge deposit fees, making it cost-effective to transfer your cryptocurrency assets to the exchange. However, withdrawal fees do apply and vary depending on the specific network and cryptocurrency you are withdrawing.
You can check the full fee structure here.
Deposit Methods
LBank currently supports both crypto and fiat deposit channels. You can use more than 20 payment methods for depositing fiat currencies, such as:
- Credit/Debit cards (MasterCard and Visa)
- Google Pay
- ApplePay
- Bank Transfer
LBank Reveiw: Key Features
Spot, Futures Trading and Grid Trading
Spot trading on LBank is the core way to buy and sell cryptocurrencies directly. You use your fiat currency (USD or EUR) or other cryptocurrencies you own to trade immediately at the current market price. Popular cryptocurrencies like Ethereum, Bitcoin, and 700+ others are available for spot trading. In the derivatives market, you can trade futures contracts with up to 125x leverage across 100+ cryptocurrencies.
Grid trading is a strategy designed to profit from sideways or ranging markets. The concept centres on setting up a series of buy and sell orders within a predetermined price range, forming a “grid” pattern. As the asset’s price oscillates within this range, the grid trading bot systematically executes buy orders at lower grid levels and sell orders at higher grid levels.
Copy Trading
Crypto copy trading allows you to copy the strategies of other experienced trades automatically. When you choose to participate in copy trading, you essentially select one or more available master traders to follow on the LBank’s copy trading portal.
Once you’ve linked yourself to a master trader, their buy and sell orders will automatically be replicated in your LBank account. It is available for both spot and futures trading.
Some of the benefits of LBank Copy Trading are:
- Transparency: LBank ensures that all masters’ trading records are visible. You can choose these traders based on their PnL%, last 3-week profit, or total followers.
- Flexibility: You can modify your copy trading settings at any time. You can change the amount you invest, switch trading pairs, or stop copying a trader whenever possible.
- Safety: LBank reviews all trading masters to ensure their reliability. Their trading data is updated in real time, so you have up-to-date information.
- Rewards: It often offers promotions and bonuses for copy trading. New users can also receive loss coverage up to 50 USDT and other incentives.
NFT Marketplace
LBank offers a dedicated NFT marketplace for artists. The process of creating and selling an NFT is designed to be user-friendly.
Artists can upload their work in various formats (PNG, JPG, and JPEG), set a price (paid in LBK or USDT), and provide a detailed description. Once approved, the NFT will be listed on the marketplace or available for auction.
In this auction process, NFTs go up for bidding. Users compete by placing increasingly higher bids. The highest bidder at the end of the auction wins the NFT.
Note that LBank charges a 20% margin when you successfully sell an NFT.
Earn Program
There are many LBank earn programs on this trading platform that offer crypto users passive income. These include flexible staking, locked staking, crypto loans, and a launchpad for new projects.
- Flexible Staking: You can withdraw your staked assets at any time without facing penalties or lock-up periods. LBank supports flexible staking for various cryptocurrencies, including popular stablecoins like USDT. Interest rates are variable and generally quite competitive.
- Locked Staking: In locked staking, you agree to lock your cryptocurrency for a fixed period, often ranging from 15 to 90 days. In exchange for this commitment, LBank rewards you with significantly higher interest rates than flexible staking.
- Crypto Loans: This feature allows you to use your digital assets as collateral to borrow other cryptocurrencies. The interest is calculated hourly, and you can repay the loan anytime.
- Launchpad: Participating in Launchpad allows you to buy new tokens early, often at discounted prices. This will enable you to get in before they reach the broader market.
LBank Wallet
When you create an LBank exchange account, you also create a wallet on the exchange. This LBank wallet lets you store the cryptocurrencies you buy. You can also transfer cryptocurrencies from other wallets to your LBank Wallet for trading.
This LBank wallet stores all your assets for spot, futures, grid, and staking rewards. It provides a comprehensive overview of your portfolio, including funding and commission history. The wallet also provides strong security features to protect your assets, including encryption and multi-factor authentication.
LBank Supported Cryptocurrencies
LBank offers an impressive selection of over 700 cryptocurrencies in its spot market. This provides traders with a diverse range of options, from well-established coins to newer, emerging projects.
The futures market offers a slightly smaller selection, with over 100 cryptocurrencies supported. Here are the top supported coins and tokens:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Binance Coin (BNB)
- Ripple (XRP)
- Cardano (ADA)
- Solana (SOL)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Polygon (MATIC)
LBank Customer Service
LBank offers several ways to get help with your questions or issues. Their primary support channel is the Support Center. In the Support Center, you’ll find a collection of frequently asked questions (FAQs), user guides, and announcements that might provide the solution you need without contacting a representative directly.
If you can’t find the answer you expect, you can contact them by email (service@lbank.com). For immediate assistance, LBank offers 24/7 online customer service. This implies a live chat feature on their website or app where you can connect with a customer service representative in real time.
LBank Security: Is It Safe?
Here are some of the security measures employed by the LBank crypto exchange:
- Two-factor authentication (2FA) goes beyond your password, requiring an additional code (usually from an authenticator app or SMS). This adds a much-needed extra layer of protection when you log in or withdraw funds.
- Withdrawal Whitelists: This lets you pre-approve specific wallet addresses for withdrawals. If someone tries to send your funds elsewhere, the system will block it.
- Hot and Cold Wallets: LBank uses both hot wallets (connected to the internet for quick transactions) and cold wallets (offline storage) for fund storage.
- Proof of Funds: The platform releases “Proof of Reserves (exchange solvency data)” information about their holdings, allowing users to verify that their assets are backed up.
Licenses and Registrations
- Virtual Asset Service Provider (VASP) Registration in Italy: LBank has secured a VASP registration from the Organismo Agenti e Mediatori (OAM) to provide crypto custody services.
- Money Services Business (MSB) Registration in the United States: It is registered as an MSB with the Financial Crimes Enforcement Network (FinCEN).
- Money Services Business (MSB) Registration in Canada: The exchange also holds an MSB registration with the Financial Transaction & Reports Analysis Centre of Canada (FINTRAC).
LBank Review Summary
| Type | Crypto trading platform |
| Establishment | 2015 |
| Supported cryptos | 700+ in spot market and 100+ in futures market |
| Features | Spot, futures, copy trading, grid bots, staking, etc. |
| Fees | 0.1% maker-taker for spot0.02% maker and 0.06% taker for futures |
| Payment Methods | Credit and Debit cards, Google Pay, bank transfer, and 20+ more |
| Mobile App | Android and iOS |
| Supported Countries | 200+ |
| Restricted Countries | Mainland China, the United States, Iran, Iraq, Syria, Sudan, North Korea, or Cuba |
| Customer support | Email and live chat |
How to Sign Up on LBank?
Step 1: Create an Account
Visit the official LBank website. You’ll find a “Register” button in the top right corner of the page. Firstly, you need to provide a valid email address and create a strong password. After that, check your email inbox for a verification message. Then, confirm your email address and fully activate your account.
Step 2: Verify Identity
On the LBank homepage, navigate to your profile section. Click “Security” and then “KYC.” Follow LBank’s instructions to complete the verification. This usually involves submitting a government-issued ID (like a driver’s license or passport) and a proof of address document. This verification process might take a few hours to a few days. You’ll likely receive an email notification when your verification is complete.
Step 3: Deposit Funds
Go to the “Buy Crypto” section in the menu bar. Look for a section labelled “Credit/Debit card“. Choose the fiat currency or cryptocurrency you want to deposit from the list of supported currencies. Select your preferred payment method like Visa, Google Pay, Apple Pay, etc. Now, click on “Confirm to Buy“.
Step 4: Trade Crypto
Navigate to the “Trade,” and “Spot,” sections of the LBank platform. Search for the trading pair you’re interested in. Trading pairs consist of two cryptocurrencies, for instance, BTC/USDT. This means you’d be trading Bitcoin (BTC) for Tether (USDT).
You’ll see a chart and an order book. Familiarize yourself with these before placing a trade. Decide whether you want to place a market order or a limit order. Enter the amount of cryptocurrency you want to buy and set your desired price. Review your order details and click “Buy” to place the order.
Conclusion
Our LBank review breaks down that it offers a ton of different coins for trading, which is great for traders who want access to smaller projects or newer cryptocurrencies. It also has competitive trading fees (only 0.1 %), and you can buy and sell crypto with over 200 fiat currencies. It also has features like staking, grid trading, and leveraged tokens for experienced traders. However, the exchange has low liquidity, resulting in price slippage for high trading volume orders.
LBank Exchange Review: FAQs
Is the LBank app legit?
Yes, the LBank app is a legitimate cryptocurrency exchange app. It is licensed in Italy, Canada, and the United States and has more than 9 million users in over 200 countries.
Is LBank legal in Canada?
Yes, LBank is legal in Canada. More importantly, it is registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) as a Money Services Business (MSB). However, it is only available for crypto-to-crypto trading, and there is no fiat-on-ramp in CAD for Canadian users.
How to withdraw from LBank to a bank account?
LBank doesn’t directly withdraw crypto to your bank account. You need to perform peer-to-peer (P2P) trading. Look for the “Buy Crypto” section and go to “P2P trading” on LBank. Now, find a buyer willing to purchase your cryptocurrency and pay you directly to your bank account. Enter the amount and click on “Sell“. Once you’ve received the money in your bank account, release the cryptocurrency to the buyer on LBank.
Is LBank legal in the US?
Despite its MSB registration, LBank explicitly states that it does not provide services to US-based users. This is likely due to the complex regulatory landscape for cryptocurrency exchanges within the United States.
