Lbank Review 2024

Autor

Revisor

Last update: 9 months ago

Our veredict

LBank, as a cryptocurrency exchange, presents a blend of strengths and a few notable weaknesses. Its most significant strengths lie in its extensive range of cryptocurrencies, which includes a broad array of altcoins alongside major ones like Bitcoin and Ethereum. This diversity makes LBank appealing to users interested in exploring different cryptocurrency investments beyond the mainstream options. Additionally, the exchange’s low trading fees are a major draw, allowing users to execute transactions economically, which is particularly attractive for frequent traders.

However, LBank’s weaknesses cannot be overlooked. The platform’s customer support has been a point of contention among users, with reports of slow response times which could frustrate users needing prompt assistance. Moreover, while the exchange offers an intuitive interface for experienced traders, newcomers to cryptocurrency might find the platform’s features overwhelming without adequate educational resources. These aspects suggest that while LBank could be a strong choice for seasoned traders due to its diverse offerings and competitive fees, it might not be the best entry point for beginners seeking robust educational support and highly responsive customer service.

Pros

Cons

Investing risks losing your money

4,3

Threenvest Score

Fees

0,10%

U.S Legal

With the confidence of Threenvest

1. Security Methods LBank employs robust security measures to protect user assets, including cold storage for the majority of funds, two-factor authentication (2FA), and SSL encryption. These methods ensure that both your funds and personal information remain secure from unauthorized access and potential breaches.

2. Volume Managed LBank handles substantial trading volumes, which reflects its liquidity and ability to support large-scale transactions. High trading volume is a good indicator of the exchange’s reliability and user trust, making it a competitive choice in the market.

3. Reputation and Reviews LBank has built a solid reputation over the years, with generally positive feedback from its user base. While it has areas for improvement, such as customer support for English speakers, the overall sentiment from the community indicates a trustworthy and reliable platform.

4. Transparency The exchange maintains transparency in its operations, including clear communication of fees and terms of service. Users can find detailed information about trading costs, security measures, and platform policies, contributing to a sense of trust and confidence.

5. Trading Volume and Liquidity LBank’s high trading volume and liquidity are significant advantages, ensuring that users can execute trades efficiently and at competitive prices. This liquidity also minimizes slippage and provides a more stable trading environment for both new and experienced traders.

Best Crypto Exchanges

Why can you trust Threenvest?

At Threenvest, we are unwaveringly committed to providing you with unbiased ratings and information. Our editorial team operates independently, free from any advertising influence. We use meticulous, data-driven methodologies to evaluate financial products and companies, ensuring that all assessments are conducted on a level playing field.

To better understand our editorial guidelines and the investment methodology that supports our ratings, you can explore the information in our editorial policy.

About Lbank

Introduction

LBank is a well-established cryptocurrency exchange platform that provides a secure and convenient environment for trading digital assets. Since its inception in 2015, LBank has garnered a reputation for offering a wide range of cryptocurrencies and advanced trading tools, making it a popular choice among both novice and experienced traders.

What is LBank?

LBank is a digital asset exchange that facilitates the trading of various cryptocurrencies. The platform is designed to offer a seamless trading experience, featuring competitive fees, a user-friendly interface, and robust security measures. LBank supports a diverse selection of over 500 cryptocurrencies, making it one of the more versatile exchanges in the market .

Background and History

Founded in 2015 by Superchains Network Technology Co., Ltd., LBank is headquartered in Hong Kong. The exchange has grown significantly over the years, attracting over 5 million users worldwide. Despite being lesser-known compared to giants like Binance and Coinbase, LBank stands out due to its extensive list of supported altcoins and competitive trading fees. The platform operates mainly as a cryptocurrency-to-cryptocurrency exchange, offering numerous trading pairs and advanced trading options such as margin and futures trading .

Founders

LBank was founded by Allen Wei (CEO) and Eric He. Under their leadership, the platform has expanded its services globally, establishing offices in various countries, including Indonesia and Hong Kong. The founders have played a crucial role in navigating the company through the rapidly evolving crypto landscape, ensuring that LBank remains a competitive and secure platform for its users . LBank continues to evolve, offering new features and expanding its reach, aiming to provide a comprehensive and secure trading environment for its growing user base.

Why Choose Lbank?

Extensive Cryptocurrency Selection One of LBank’s strongest points is its extensive selection of over 500 cryptocurrencies. This broad range provides traders with numerous options for diversifying their portfolios and exploring new investment opportunities. Whether you’re interested in popular coins like Bitcoin and Ethereum or lesser-known altcoins, LBank has a comprehensive list that caters to all types of traders.

Competitive Trading Fees LBank offers some of the most competitive trading fees in the industry, set at 0.10% for both makers and takers. This low fee structure makes it an attractive option for both high-frequency traders and those making larger transactions. Additionally, the platform does not charge any deposit fees, which further enhances its cost-effectiveness for users.

User-Friendly Interface and Advanced Trading Tools LBank’s user-friendly interface is designed to cater to both beginners and experienced traders. The platform provides advanced trading tools, including margin trading and futures contracts, allowing users to employ various trading strategies. Its intuitive design ensures that even novice traders can navigate the platform with ease, while advanced features are available for more seasoned traders looking to optimize their investments.

Where it falls short

1. Customer Support One of the significant drawbacks of LBank is its customer support, particularly for non-Mandarin speakers. The response time can be slow, and the quality of support is often subpar. Many users have reported difficulties in getting timely and helpful responses to their queries, and the FAQ section is not comprehensive enough for more complex issues. Improvement Suggestion: LBank could enhance its customer support by offering multilingual support and improving the training of its support staff. Additionally, implementing a more robust and comprehensive FAQ section could help address common user issues more efficiently.

2. Regulation and Licensing LBank is not a regulated exchange, which can be a concern for users who prioritize regulatory compliance and security. The lack of regulation might deter potential users who are cautious about the safety of their funds and the overall legitimacy of the platform. Improvement Suggestion: To build greater trust and attract more users, LBank should seek regulatory approval in major jurisdictions. This would involve adhering to strict compliance standards and providing more transparency about its operations. Implementing Proof of Reserves and obtaining certifications from recognized bodies could also enhance its credibility.

Features	Explanation
Minimum Trade	The minimum trade amount on LBank is quite low, making it accessible for beginners who want to start trading without committing large amounts of money.
Trading and Transaction Fees	LBank charges a competitive flat fee of 0.10% for both maker and taker trades, which is attractive compared to many other exchanges that have higher fees.
Number of Cryptocurrencies	LBank supports over 500 cryptocurrencies, providing a vast array of options for traders looking to diversify their portfolios.
Crypto-to-Crypto Trading Pairs	The exchange offers a wide range of crypto-to-crypto trading pairs, enhancing trading flexibility and opportunities for users.
Website Transparency	While LBank provides detailed information on its fees and services, the site is primarily available in Mandarin, which can be a barrier for non-Mandarin speakers.
Credit/Debit Card	LBank does not offer its own exchange card for customers to use for in-store purchases and receive benefits.
Storage Offering	LBank uses a combination of hot and cold wallet storage, with most funds held in cold storage to ensure security against hacks.
Staking and Rewards	LBank offers some staking options, but they are not as extensive or competitive as those available on some other major exchanges.
Mobile App and Desktop	LBank provides a user-friendly mobile app and desktop platform, both of which offer comprehensive trading tools and features.
Customer Service	Customer service is available 24/7 via email and chat, but support quality varies significantly with slower and less effective responses for English-speaking users.
Deposit and Withdraw	LBank offers a variety of deposit and withdrawal methods, primarily in cryptocurrencies, with competitive fees. However, the absence of fiat deposit options can be a limitation.

Investing risks losing your money

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert on our website, I would like to provide a recommendation regarding LBank. LBank is an excellent choice for traders seeking a platform with a wide variety of cryptocurrencies and low trading fees. It supports over 500 cryptocurrencies, making it a versatile option for portfolio diversification. However, while the exchange excels in offering advanced trading tools and a user-friendly interface, it falls short in customer service and regulatory compliance. If you’re comfortable with these limitations, LBank can be a valuable tool in your cryptocurrency trading arsenal.

Fees

LBank offers a straightforward and competitive fee structure. The platform charges a flat trading fee of 0.10% for both makers and takers, which is lower than the industry average. There are no deposit fees on LBank, which makes it an attractive option for users looking to minimize costs when transferring funds into the platform. However, LBank does impose withdrawal fees, which vary depending on the specific cryptocurrency being withdrawn

Pros

Low Trading Fees: LBank charges a competitive flat fee of 0.10% for both makers and takers, which is lower than the industry average .
No Deposit Fees: Users can deposit funds without incurring any fees, making it cost-effective to start trading .
Simple Fee Structure: The straightforward fee structure helps traders easily understand the costs involved without worrying about hidden charges .

Cons

LBank Commission Analysis

LBank’s fee structure is designed to be both straightforward and competitive, appealing to a wide range of traders. The exchange charges a flat trading fee of 0.10% for both makers and takers, which is lower than the industry average of 0.20%-0.25%. This flat fee model ensures transparency and predictability, allowing traders to understand their costs without worrying about hidden charges.

Trading Fees LBank’s 0.10% fee for both makers and takers applies across all trading activities. This simple structure benefits high-frequency traders and those making larger transactions by keeping costs low. Additionally, there are no deposit fees, making it cost-effective for users to transfer funds into their accounts.
Withdrawal Fees While LBank does not charge deposit fees, it does impose withdrawal fees, which vary depending on the specific cryptocurrency. For example, the withdrawal fee for Bitcoin is 0.0001 BTC, and for Polkadot, it is 0.1 DOT. These fees are generally considered low, but the exact amount can fluctuate based on network conditions.
Hidden Fees LBank maintains transparency by avoiding hidden fees. The fee structure is explicitly outlined, and users can easily find information about withdrawal fees on the platform’s website. This clarity helps users make informed decisions without unexpected costs.
Leveraged ETF Fees For leveraged ETFs, LBank charges a flat 0.20% trading fee for both makers and takers, along with a 0.10% management fee. The management fee is charged only at 00:00 Hong Kong time, meaning no fee is charged if leveraged ETF products are not held at that time.
Overall Value LBank’s fee structure is competitive and straightforward, making it an attractive option for traders looking for cost-effective trading. The lack of deposit fees and the relatively low withdrawal fees further enhance its appeal. However, users should always check the latest withdrawal fees before initiating transfers to ensure they are aware of any changes.

In conclusion

LBank’s fee structure offers significant value through low trading fees and transparency, although varying withdrawal fees require users to stay informed.

Product selection

LBank offers a variety of services and products designed to meet the needs of cryptocurrency traders. The platform supports a wide range of major cryptocurrencies, providing users with numerous trading options. LBank’s interface is user-friendly and intuitive, making it easy for beginners to navigate and execute trades. For more experienced traders, LBank offers advanced trading features such as real-time market data, comprehensive charting tools, and various order types, including market and limit orders. Additionally, LBank provides several ancillary services that enhance the trading experience. These include staking options, where users can earn rewards on their crypto holdings, and an affiliate program that allows users to earn commissions by referring new traders to the platform. However, LBank’s educational resources are somewhat limited, which may be a drawback for users looking to deepen their knowledge of cryptocurrency trading. Expanding these resources could help LBank attract and retain a broader audience of traders.

Pros

Cons

Read more about product selection in Lbank

Comprehensive Review of LBank Services and Products

Spot Trading LBank offers extensive spot trading options, supporting over 500 cryptocurrencies including major coins like Bitcoin (BTC), Ethereum (ETH), and many altcoins. The platform provides deep liquidity, which is essential for minimizing slippage and ensuring fast order execution. This makes it an ideal choice for both high-frequency traders and those looking to make larger transactions.
Derivatives Trading LBank caters to advanced traders by offering a variety of derivatives including futures, options, and leveraged tokens. Users can leverage up to 125x on futures contracts, which allows for significant profit potential but also comes with increased risk. This feature is best suited for experienced traders who understand the complexities and risks involved in derivatives trading.
Grid Trading The platform includes grid trading bots that automate the buying at low prices and selling at high prices within a predefined price range. This quantitative trading strategy is particularly useful in volatile markets and helps traders capitalize on market fluctuations without constant monitoring.
Crypto Lending LBank offers a lending service where users can earn interest on their idle crypto assets. There are no lock-up periods, providing flexibility for users to withdraw their funds as needed. This service allows users to put their cryptocurrencies to work and generate passive income.
Staking For proof-of-stake (PoS) cryptocurrencies, LBank supports staking, enabling users to earn rewards based on their holdings. This is a straightforward way for users to generate passive income without actively trading.
Crypto ETFs LBank provides crypto exchange-traded funds (ETFs), which allow users to invest in a basket of cryptocurrencies through a single fund. This simplifies portfolio diversification and offers exposure to multiple assets with one investment.
P2P Trading The peer-to-peer (P2P) trading platform on LBank allows users to trade directly with each other. This feature provides easy on- and off-ramps between fiat and cryptocurrency, although it might not be as advanced as other dedicated P2P platforms.
NFT Marketplace LBank operates its own NFT marketplace where users can buy, sell, and trade non-fungible tokens (NFTs). Creators can list their digital artworks for sale, and users can purchase NFTs through a straightforward process. The marketplace includes both direct purchases and auction-based sales.
Wallet LBank offers both hot and cold wallets for storing cryptocurrencies. The hot wallet is accessible for everyday transactions, while the cold wallet provides extra security by storing funds offline. Users can enhance their security further with two-factor authentication (2FA) using Google Authenticator or SMS.
Mobile App and Desktop Platform LBank’s trading platform is accessible via both desktop and mobile applications, available for iOS and Android. The user-friendly interface includes advanced charting tools and technical indicators, making it suitable for traders of all levels. However, beginners might find the array of tools overwhelming at first.
Security Features LBank implements standard security measures such as SSL encryption, DDoS protection, and both hot and cold wallet storage. The platform requires mandatory KYC (Know Your Customer) verification for enhanced security and compliance. It has maintained a good security track record since its launch, with no major breaches reported.

LBank’s diverse range of products and services makes it a comprehensive platform for cryptocurrency trading, lending, staking, and more. While its advanced features cater well to experienced traders, beginners might find the platform’s complexity challenging. Improvements in language support and user interface could enhance its accessibility for all users.

Account opening

Opening an account on LBank is a straightforward process that involves a few simple steps. Users need to visit the LBank website, click on the “Register” button, and provide their email address or mobile phone number to receive a verification code. After entering the code, users create a password and complete the registration. For enhanced security and access to all features, users are required to complete the Know Your Customer (KYC) verification by submitting identification documents and a photo. The entire process is designed to be user-friendly, ensuring new users can quickly start trading.

Pros

Cons

Read more about account opening in Lbank

Detailed Guide to Opening an Account on LBank

How to Sign Up on LBank

Visit the LBank Website
- Navigate to LBank.info using your web browser.
Click “Register”
- Locate the “Register” button in the upper right corner of the homepage and click it.
Enter Your Email or Mobile Number
- Choose either your email address or mobile phone number to receive a verification code.
- Enter the chosen information and click “Obtain Verification Code.”
Complete the Verification
- Retrieve the verification code sent to your email or mobile phone.
- Enter the code in the provided field and complete the captcha.
Create a Password
- Set a strong password for your account.
- Confirm the password by entering it again.
Agree to Terms
- Review the terms of service and privacy policy, then click “Agree and Sign Up.”
Verify Your Account
- Once registered, log in to your account and click your account name in the upper right corner.
- Go to the “Security Policy” and “Authentication” sections to complete KYC verification.
- Follow the on-screen prompts to enter your personal information and upload a photo ID.

Opening an Account

After following the registration steps, your account will be created. LBank processes verification requests within 24 hours, enabling you to start trading quickly.

Buying Your First Cryptocurrency

Deposit Funds
- Navigate to the “Deposit” section.
- Choose your preferred cryptocurrency and generate a deposit address.
- Transfer funds from your external wallet to the provided LBank address.
Access the Trading Platform
- Click the “Trade” button on the main menu.
- Set your wallet to “Spot” and select the desired trading pair (e.g., BTC/USDT).
Place an Order
- Use the available order types: market order, limit order, stop-market order, or stop-limit order.
- Enter the amount and confirm your trade.

Account Types

LBank offers a standard account type that supports a variety of trading activities, including spot trading, margin trading, and futures trading.

How to Use LBank

Navigation: The platform is accessible via web and mobile apps, both of which feature a user-friendly interface suitable for traders of all levels.
Trading Tools: Utilize advanced charting tools and technical indicators available on the platform to analyze market trends and execute trades.
Security: Enhance account security with two-factor authentication (2FA) and regular account monitoring.

Registration and KYC

Completing the KYC (Know Your Customer) process is essential for full access to LBank’s features. This involves submitting identification documents and a photo, ensuring compliance with regulatory standards and enhancing account security.

For details on depositing money, please refer to the deposit and withdrawal section, which will be covered next.

Security

LBank prioritizes security to ensure the safety of its users’ assets and personal information. The platform employs industry-standard security measures, including two-factor authentication (2FA), to prevent unauthorized access to user accounts. Additionally, LBank uses cold storage for the majority of its funds, significantly reducing the risk of hacks and cyber attacks. These cold wallets are not connected to the internet, providing an extra layer of protection against online threats. However, LBank’s security measures are not without limitations. The platform is not regulated by top-tier financial authorities, which might concern some users looking for the highest level of regulatory oversight and protection. While LBank has a relatively strong track record regarding security incidents, the lack of comprehensive regulatory backing means that users must exercise due diligence and adopt best practices in securing their accounts and funds. Improving transparency about security practices and obtaining more robust regulatory approvals could enhance user confidence in LBank’s overall safety.

Pros

Cons

Is LBank Legit?

Yes, LBank is considered a legitimate and safe cryptocurrency exchange. Established in 2016 and headquartered in Hong Kong, LBank has earned a reputation for being a reliable platform in the cryptocurrency market. The exchange is owned by Superchains Network Technology Co. Ltd., a Chinese company, and has operated without any major security incidents since its inception .

Regulation

LBank is not a regulated cryptocurrency exchange. It does not hold any formal licenses from major financial regulators like those in the US or Europe. This lack of regulation means that while the exchange is popular and trusted by many users, it does not have the same level of oversight and protection as some other exchanges that operate under stricter regulatory frameworks .

Licensing

LBank does not possess official licenses from any regulatory authorities, which is a common characteristic among many cryptocurrency exchanges operating in less regulated environments. Despite this, LBank has built a strong reputation through its security measures and reliable service, attracting users globally .

Is LBank Safe?

LBank employs several robust security measures to ensure the safety of its users’ funds and personal information. These include:

Cold and Hot Wallet Storage: LBank stores user funds in a combination of cold and hot wallets, with the majority held in cold storage to protect against hacking and unauthorized access.
Two-Factor Authentication (2FA): LBank requires 2FA for logins and transactions, adding an extra layer of security.
SSL Encryption: The platform uses SSL encryption to secure all data transmitted between users and the exchange.
DDoS Protection: Measures are in place to protect the platform from distributed denial-of-service (DDoS) attacks.
Mandatory KYC: Know Your Customer (KYC) protocols are mandatory, ensuring that all accounts are legitimate and reducing the risk of fraudulent activity .

Security Methods

LBank’s security infrastructure includes:

Cold Wallet Storage: Most user funds are stored offline in cold wallets, significantly reducing the risk of hacking.
Two-Factor Authentication (2FA): For both logins and transactions, ensuring additional security.
SSL Encryption: Protects data during transmission.
DDoS Protection: Guards against attacks aimed at disrupting service.
Mandatory KYC Verification: Ensures all users are verified, adding a layer of trust and security .

History

Since its establishment in 2016, LBank has grown to support a wide range of cryptocurrencies and trading pairs. The exchange offers various trading options, including margin trading, spot trading, and advanced trading tools. It has become a popular choice for traders looking for a reliable platform with competitive fees and extensive cryptocurrency support .

Is it a Secure Crypto Exchange?

LBank has maintained a strong security record since its launch, with no major breaches or hacks reported. The combination of cold storage, 2FA, and SSL encryption, along with mandatory KYC checks, ensures a high level of security for users. While it is not regulated, its robust security measures and consistent performance make it a trustworthy option for cryptocurrency trading .

Customer service

LBank offers 24/7 customer support through various channels, including email, online chat, and Telegram. However, the support experience varies significantly depending on the language spoken by the user. While Mandarin speakers report faster and more effective responses, English-speaking users often find the support slow and less helpful. The platform also has an FAQ section that covers a wide range of topics, but it is primarily available in Mandarin, which limits its usefulness for non-Mandarin speakers.

Pros

24/7 Availability: Support is available around the clock, ensuring users can get help anytime.
Multiple Support Channels: Assistance is provided through email, online chat, and Telegram, offering flexibility in how users can seek help.
Extensive FAQ Section: The FAQ covers a wide range of common issues and queries, providing a valuable self-help resource.

Cons

Read more about customer service in Lbank

LBank Customer Service and Support

Customer Support

LBank offers 24/7 customer support to its users, providing assistance through email, online chat, and Telegram. The exchange also has a comprehensive FAQ section on its website, which covers a wide range of topics related to trading, security, and account management . However, the quality of support varies significantly depending on the language of the user. Mandarin-speaking users generally receive prompt and effective support, including additional options such as contacting support through WeChat . For English-speaking users, the support can be slow, and responses are often provided in basic English, which can be frustrating .

Reputation and Customer Feedback

LBank has garnered a mixed reputation among its users. On platforms like Trustpilot, the exchange holds a poor rating of 2.4 stars. Common complaints include difficulties navigating the platform and inadequate customer support for English speakers . Despite these issues, LBank is still regarded as a secure and reliable exchange for many traders, especially those who are Mandarin-speaking or more experienced in navigating complex trading platforms .

Contact Methods and Response Time

Users can contact LBank support via multiple channels:

Email: service@lbank.info
Online Chat: Available on the official LBank website
Telegram: For community support and inquiries

The response times for these methods can vary. Email responses might take several hours to a day, while the online chat feature typically provides quicker, though not always helpful, responses. The Telegram channel can be useful for community-based support, though it lacks the formality of direct customer service channels .

Additional Considerations

For non-Mandarin speakers, navigating LBank’s customer support can be challenging due to language barriers. The FAQ and contact pages are primarily available in Mandarin, which limits the accessibility of information for English-speaking users . Moreover, the exchange does not offer phone support, which can be a drawback for users who prefer speaking directly with a customer service representative . In conclusion, while LBank provides multiple avenues for customer support, the effectiveness and responsiveness of these services can be inconsistent, particularly for users who do not speak Mandarin. For those who require frequent and reliable support, this could be a significant consideration when choosing an exchange.

Is lbank Right for You?

You Are Comfortable Navigating Complex Platforms: LBank offers a wide range of trading options and features, making it suitable for users who are experienced with cryptocurrency trading. If you enjoy using advanced trading tools and strategies, LBank provides the necessary functionality to support your activities.
You Speak Mandarin or Can Navigate Language Barriers: LBank’s customer support is most effective for Mandarin-speaking users. If you speak Mandarin or are comfortable navigating through some language challenges, you will likely find the support and resources more accessible and helpful.
You Prioritize Security Over Regulation: While LBank is not regulated by major financial authorities, it has a strong security record with no major breaches reported. If you prioritize robust security measures and can accept the trade-off of using an unregulated exchange, LBank’s security features and reliable performance may suit your needs.

Lbank compared to other crypto exchanges

Threenvest score

4,3

Fees

0,10%

US Legal

Security

High 4,9/5

Investing risks losing your money

Threenvest score

4,9

Fees

0,40%/0,60%

US Legal

Yes

Security

High 4,9/5

Investing risks losing your money

Coinbase

Threenvest score

4,9

Fees

US Legal

Yes

Security

High 4,9/5

Investing risks losing your money

Available cryptocurrencies and countries available

Available Cryptocurrencies and Supported Countries on LBank

Cryptocurrencies

LBank supports over 500 cryptocurrencies, making it one of the exchanges with the widest selection of digital assets. Major cryptocurrencies available on LBank include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP, and Dogecoin (DOGE), among many others. This extensive range allows users to trade both popular and lesser-known altcoins, providing ample opportunities for diversification and investment in emerging tokens .

Supported Countries

LBank accepts users from over 200 countries, providing global access to its platform. This includes countries such as the United States, Canada, Australia, and most European nations. However, there are some significant exceptions. LBank is not available to users in countries like Japan, South Korea, Singapore, and various nations under economic sanctions, such as North Korea and Iran .

Unavailable Cryptocurrencies and Restricted Countries

Despite its extensive range of available cryptocurrencies, some notable exceptions include smaller, niche tokens that might be available on other platforms. Additionally, users from countries like Japan, Singapore, and several European countries cannot open accounts on LBank due to regulatory restrictions .

Main cryptocurrencies available

Bitcoin (BTC)
Ethereum (ETH)
Binance Coin (BNB)
Tether (USDT)
Cardano (ADA)
Solana (SOL)
XRP (XRP)
Polkadot (DOT)
Dogecoin (DOGE)
Avalanche (AVAX)
Shiba Inu (SHIB)
Polygon (MATIC)
Chainlink (LINK)
Litecoin (LTC)
Bitcoin Cash (BCH)
Stellar (XLM)
Algorand (ALGO)
VeChain (VET)
Filecoin (FIL)
Terra (LUNA)

Main countries where you can open an account

United States
Canada
Australia
Germany
France
United Kingdom
China
India
Russia
Brazil
Argentina
South Africa
Singapore
Japan
South Korea
Indonesia
Italy
Spain
Mexico
Turkey

FAQs

1. What is LBank?

LBank is a digital asset exchange platform that provides users with a secure and convenient way to trade cryptocurrencies. Established in 2015, it offers a wide range of trading pairs, advanced trading tools, and competitive fees, making it suitable for both experienced and novice traders.

2. How can I deposit funds into my LBank account?

LBank only accepts cryptocurrency deposits. To deposit funds, log into your LBank account, go to the “Deposit” section, select the cryptocurrency you wish to deposit, and follow the instructions to transfer funds from your external wallet.

3. What are the fees on LBank?

LBank charges a flat fee of 0.10% for both maker and taker trades, which is competitive compared to other leading exchanges. There are no deposit fees, but withdrawal fees vary depending on the cryptocurrency.

4. Is LBank safe to use?

Yes, LBank employs multiple security measures including SSL encryption, two-factor authentication (2FA), cold and hot wallet storage, and mandatory KYC checks. Since its inception, LBank has not experienced any major security breaches .

5. Can US citizens use LBank?

No, LBank does not permit US citizens to open accounts due to regulatory restrictions. The exchange is also not available to users from several other countries, including Japan, Singapore, and Iran .

6. How do I withdraw money from LBank?

To withdraw funds from LBank, go to the “Withdraw” section in your account, select the cryptocurrency you wish to withdraw, enter your wallet address, and confirm the transaction. Be sure to check the withdrawal fees and ensure your wallet address is correct.

7. Does LBank offer customer support?

Yes, LBank provides 24/7 customer support via email and online chat. They also have an extensive FAQ section on their website. However, support in English can be slow, and Mandarin-speaking users receive more prompt and effective assistance .

Final opinion on Lbank

LBank offers a robust platform for cryptocurrency trading, with over 500 digital assets available, making it one of the most comprehensive exchanges in terms of cryptocurrency selection. Its competitive flat trading fee of 0.10%, coupled with advanced trading tools, makes it an attractive option for both seasoned traders and newcomers. Security is a significant strength of LBank, employing multiple layers of protection, including cold storage and two-factor authentication, ensuring user funds and data remain safe. Additionally, the platform’s global accessibility to users from over 200 countries highlights its widespread appeal and versatility.

However, LBank is not without its shortcomings. The lack of regulatory oversight and licensing might be a concern for users seeking a more regulated trading environment. Furthermore, the exchange’s customer support, particularly for English-speaking users, has room for improvement, with slower response times and limited resources compared to other top-tier exchanges. The exclusion of users from the US, Japan, and other significant markets also limits its user base. Despite these challenges, LBank remains a solid choice for cryptocurrency trading, especially for those who prioritize security and a wide selection of cryptocurrencies. At Threenvest, we recognize LBank’s strengths and areas for improvement, offering a balanced perspective for potential users.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Do not invest unless you are fully prepared to lose the entire amount of your investment. This is a high-risk activity, and you should not rely on any guarantees of protection if something goes wrong.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.

Investing risks losing your money