Comparison of Lbank vs Bit [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Lbank vs Bit comparison!

Your expert: Alejandro Borja

lbank

Lbank

  • Threenvest valuation: 4,3/5
  • US legal: No
  • Security: High 4,9/5
  • Mobile App: Yes
Go exchange

Investing risks losing your money

Your expert: Xavier Tarrasó

bit

Bit

  • Threenvest valuation: 3,8/5
  • US legal: No
  • Security: High 4,6/5
  • Mobile App: Yes
Go exchange

Investing risks losing your money

Main points

Fees

0,10%

Earns

Yes

Customer service

3/5
0.07%/0.04%

Fees

Yes

Earns

3/5

Customer service


Recommended for

Beginners

No

Trading

Yes

Passive income

Yes

Buy and hold

Yes
No

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold


Comparison of fees

Rating

4.0 – Competitive fees with additional benefits for token holders.
3.6 – Reasonable fees but higher for certain advanced trading options.

Level

0,10%
0.07%/0.04%

Brief explanation

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 However, LBank does impose withdrawal fees, which vary depending on the specific cryptocurrency being withdrawn
Bit.com offers a competitive fee structure that’s attractive for both casual and serious traders. The exchange charges a 0.06% fee for takers and a 0.04% fee for makers, which is below the industry average. This low fee schedule is beneficial for high-volume traders as it allows them to maximize their profits on each trade. Additionally, Bit.com does not charge any deposit fees for cryptocurrencies, though there are fees associated with fiat withdrawals and deposits, which vary depending on the payment method and the currency involved. Overall, this fee arrangement supports an active trading environment at a reduced cost.

Lbank

lbank
Read lbank review
  • 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​​.
  • 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​​.
  • 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​​.
  • 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​​.
  • 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​​.
  • Pros
  • Wide variety of cryptocurrencies available.
  • Low trading fees.
  • User-friendly interface for experienced traders.
  • Cons
  • Slow customer support response times.
  • Limited educational resources for beginners.

Read lbank review

Bit

bit
Read lbank review
  • Security Methods: Bit.com employs advanced security protocols including multi-factor authentication, cold storage of assets, and continuous system monitoring, ensuring a high level of protection for user funds and personal data.
  • Reputation and Reviews: Since its inception, Bit.com has quickly built a strong reputation for reliability and professionalism within the crypto community. The positive reviews and testimonials from seasoned traders underline its credibility and trusted status in the market.
  • Trading Volume and Liquidity: Bit.com is known for its high trading volume and liquidity, which is crucial for executing large trades without significant price slippage. This makes it an ideal platform for institutional investors and professional traders who require quick order execution.
  • Transparency: The exchange is transparent about its fee structure, trading processes, and the security measures it implements. This openness is essential for building trust with users and is a core reason why many choose to trade on Bit.com.
  • Withdrawal and Deposit Policies: Bit.com offers clear and user-friendly policies regarding withdrawals and deposits. These policies are designed to provide convenience while also ensuring the security of transactions, which significantly enhances user trust and satisfaction with the platform.
  • Pros
  • Advanced trading features integrated.
  • High liquidity ensures efficient execution.
  • Competitive fee structure for traders.
  • Cons
  • Complex interface, steep learning curve.
  • No fiat currency support available.

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Product selection

Native token

Token LBK
No

Earns

Yes
Yes

NFT marketplace

No
No

Cripto/debit card

No
No

Company information

Full name

Superchains Network Technology Co., Ltd.
Unknown

Regulation

Not regulated
Regulation not specified

Year founded

2016
Unknown

Founder

He Wei
Unknown

Payment methods

Transfers

No
No

Mastercard

Yes
No

Wire transfer

No
No

Card

Yes
No

Comparative table

Lbank FEATURES Bit
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.
Minimum Trade
Allows small minimum trades, accessible for those looking to start with modest amounts.
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.
Trading and Transaction Fees
Competitive fees across trading types, appealing to high-volume traders due to lower costs.
LBank supports over 500 cryptocurrencies, providing a vast array of options for traders looking to diversify their portfolios.
Number of Cryptocurrencies
Offers a decent variety of cryptocurrencies, though not as extensive as the largest platforms.
The exchange offers a wide range of crypto-to-crypto trading pairs, enhancing trading flexibility and opportunities for users.
Crypto-to-Crypto Trading Pairs
Provides a wide range of crypto-to-crypto trading pairs, enabling diverse trading strategies.
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.
Website Transparency
The website provides clear and detailed information about fees, policies, and trading options.
LBank does not offer its own exchange card for customers to use for in-store purchases and receive benefits.
Credit/Debit Card
Bit.com lacks an exchange card, limiting additional spending flexibility and benefits for its users compared to some competitors that offer branded cards with rewards.
LBank uses a combination of hot and cold wallet storage, with most funds held in cold storage to ensure security against hacks.
Storage Offering
High-level security storage solutions including cold storage options to protect user assets.
LBank offers some staking options, but they are not as extensive or competitive as those available on some other major exchanges.
Staking and Rewards
Offers staking options but with limited rewards compared to leading competitors.
LBank provides a user-friendly mobile app and desktop platform, both of which offer comprehensive trading tools and features.
Mobile App and Desktop
Both mobile and desktop platforms are well-designed, offering full functionality and user-friendly interfaces.
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.
Customer Service
Customer service is available, but response times can vary, impacting user experience during peak times.
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.
Deposit and Withdraw
Efficient processes for depositing and withdrawing funds, though improvements could be made in speed.

Key features

Analysis tools

Basic charting tools
Basic charting tools

Mobile APP

No
No

Security

High 4,9/5
High 4,6/5

Additional features

Margin trading, futures trading, staking, LBank Earn
Spot trading, margin trading, lending services, OTC trading

Anonymity

Yes
Yes

Key points

Available cryptocurrencies

100+
30+

User-friendliness

LBank features an intuitive and user-friendly interface that is easy to navigate, making it suitable for beginners. The platform focuses on providing a seamless trading experience.
Bit offers a straightforward and intuitive platform that is easy for beginners to use. The interface is clean and provides essential features without overwhelming new users.

Value for money

Offers good value for money with competitive fees and a wide range of supported cryptocurrencies, making it an affordable option for traders.
Offers reasonable value for money with competitive fees and a straightforward trading experience, though it may lack some advanced features.

Countries of operation

Global, including United States, Canada, United Kingdom, Australia, Germany
United States, Canada, United Kingdom, Australia, Singapore

Best for

Suitable for traders seeking a platform with a wide range of cryptocurrencies and competitive fees.
Great for beginners and experienced traders looking for a straightforward trading experience with competitive fees.

Base currencies available

USD, BTC, USDT
JPY, USD, EUR, BTC

Account

Trading

LBank offers a wide range of cryptocurrencies and competitive fees. It provides advanced trading tools but has lower liquidity compared to larger exchanges.
BIT exchange offers robust security and a user-friendly interface. While it provides essential trading features, it lacks the advanced tools required by professional traders. The exchange also has moderate liquidity.

Deposit and withdrawal

LBank supports various deposit and withdrawal methods, including bank transfers and crypto. Withdrawals are processed efficiently, with low fees.
BIT exchange supports multiple deposit options such as bank transfers and cryptocurrencies. Withdrawals are processed efficiently, usually within a day. Fees are minimal, enhancing accessibility.

Account opening process

LBank provides a seamless account opening process. Users need to provide personal details and verify their identity. The process is fully digital and usually takes less than a day to complete.
BIT exchange provides an easy account registration process. Users need to provide personal details and verify their identity. The account is usually approved within a day, ensuring quick access to trading.

KYC required?

No
No

Customer Service

LBank provides customer support via email and live chat. The support team is responsive and helpful, but the lack of 24/7 support may be a limitation for some users.
BIT offers customer support through email and live chat. The support team is knowledgeable and responsive, but the absence of phone support and limited availability can be a disadvantage.

Security

LBank offers comprehensive security measures, including 2FA and cold storage. However, it lacks regulation from major financial authorities, which might be a concern for some investors.
BIT offers strong security features, including 2FA and encryption. Despite its robust security measures, the platform lacks regulation from major financial authorities, which could be a concern for some users.

Which of these exchanges is for you?

alejandro-borja-analista-de-brokers.webp

Alejandro Borja

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.
Xavier-tarraso-mascarell.jpg

Xavier Tarrasó

As an expert on our website, I recommend Bit.com for traders looking for a robust platform that excels in derivatives trading and offers high liquidity. Its advanced security and comprehensive trading tools make it a strong choice for experienced traders. However, new traders should be aware that the platform’s complexity and limited fiat support could pose initial hurdles. Overall, Bit.com is a standout exchange for those looking to leverage sophisticated trading strategies in the cryptocurrency market.

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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.

More comparatives Lbank and Bit