Comparison of Lbank vs Coinspot [ 2024 ]

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

coinspot

Coinspot

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

Investing risks losing your money

Main points

Fees

0,10%

Earns

Yes

Customer service

3/5
0,10%/1%

Fees

No

Earns

4/5

Customer service


Recommended for

Beginners

No

Trading

Yes

Passive income

Yes

Buy and hold

Yes
Yes

Beginners

No

Trading

No

Passive income

Yes

Buy and hold


Comparison of fees

Rating

4.0 – Competitive fees with additional benefits for token holders.
3.9 – Reasonable fees with strong local support in Australia.

Level

0,10%
0,10%/1%

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 However, LBank does impose withdrawal fees, which vary depending on the specific cryptocurrency being withdrawn
Coinspot employs a straightforward fee structure that varies depending on the type of transaction. For market trades, the platform charges a competitive 0.1% fee, which is below the industry average. Instant buy, sell, and swap orders incur a higher fee of 1%, reflecting the convenience of immediate transactions. Over-the-counter (OTC) trades also attract a 0.1% fee, making them cost-effective for large volume transactions. Deposits via POLi, PayID, and Direct Deposits are free, while BPAY and cash deposits have fees of 0.9% and 2.5% respectively. Withdrawals in Australian dollars are free, but cryptocurrency withdrawals are subject to standard network fees​​.

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

Coinspot

coinspot
Read lbank review
  • Year Founded Coinspot was founded in 2013, making it one of the oldest cryptocurrency exchanges in Australia. Its longevity in the market provides a level of reliability and trust that newer exchanges might not have established yet.
  • Number of Users Coinspot has built a substantial user base over the years, serving hundreds of thousands of users. This large user base indicates a strong level of trust and satisfaction among its customers.
  • Security Methods Coinspot employs robust security measures, including two-factor authentication (2FA), SSL encryption, and cold storage for the majority of its digital assets. These measures ensure that user funds are kept secure from potential cyber threats.
  • Reputation and Reviews Coinspot has garnered positive reviews from its users and is generally regarded as a reputable exchange. Its commitment to providing a user-friendly platform and responsive customer support has contributed to its favorable reputation in the cryptocurrency community.
  • Customer Service Coinspot offers comprehensive customer service, including live chat support and a detailed FAQ section to assist users with their queries. This level of support helps ensure that users can resolve issues promptly and efficiently, further building trust in the platform.
  • Pros
  • Extensive cryptocurrency selection.
  • User-friendly trading platform.
  • Robust multi-layer security features.
  • Cons
  • Higher fees than competitors.
  • Limited advanced trading features.

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Product selection

Native token

Token LBK
No

Earns

Yes
No

NFT marketplace

No
No

Cripto/debit card

No
No

Company information

Full name

Superchains Network Technology Co., Ltd.
Casey Block Services Pty Ltd

Regulation

Not regulated
Regulated in Australia

Year founded

2016
2013

Founder

He Wei
Russell Wilson

Payment methods

Transfers

No
Yes

Mastercard

Yes
Yes

Wire transfer

No
No

Card

Yes
Yes

Comparative table

Lbank FEATURES Coinspot
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
Low minimum trade amount ensures accessibility.
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
0.1% for market trades, 1% for instant trades​​.
LBank supports over 500 cryptocurrencies, providing a vast array of options for traders looking to diversify their portfolios.
Number of Cryptocurrencies
Supports over 400 cryptocurrencies​​.
The exchange offers a wide range of crypto-to-crypto trading pairs, enhancing trading flexibility and opportunities for users.
Crypto-to-Crypto Trading Pairs
Extensive crypto-to-crypto trading pairs available.
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
Clear and detailed information, but some fees are high.
LBank does not offer its own exchange card for customers to use for in-store purchases and receive benefits.
Credit/Debit Card
CoinSpot offers a digital Mastercard that allows users to spend their cryptocurrencies for in-store and online purchases, with support for over 380 cryptocurrencies. It provides real-time AUD conversion and integration with Apple Pay and Google Pay for easy transactions.
LBank uses a combination of hot and cold wallet storage, with most funds held in cold storage to ensure security against hacks.
Storage Offering
Secure wallet services with multi-chain support​​.
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 for 23+ coins with competitive APYs​​.
LBank provides a user-friendly mobile app and desktop platform, both of which offer comprehensive trading tools and features.
Mobile App and Desktop
User-friendly mobile app available for iOS and Android​​.
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
24/7 customer support via live chat and email​​.
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
Free AUD withdrawals; small fees for certain deposit methods​​.

Key features

Analysis tools

Basic charting tools
Basic charting tools

Mobile APP

No
No

Security

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

Additional features

Margin trading, futures trading, staking, LBank Earn
Instant buy/sell, staking, Coinspot Bundles, SMSF services

Anonymity

Yes
No

Key points

Available cryptocurrencies

100+
300+

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.
Coinspot offers a user-friendly platform that is easy to navigate, making it suitable for beginners. The interface is designed to facilitate a smooth trading experience with all necessary features easily accessible.

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 good value for money with competitive fees and a user-friendly platform, making it a good choice for Australian users.

Countries of operation

Global, including United States, Canada, United Kingdom, Australia, Germany
Australia, New Zealand

Best for

Suitable for traders seeking a platform with a wide range of cryptocurrencies and competitive fees.
Best for Australian investors looking for a user-friendly platform with competitive fees and strong local support.

Base currencies available

USD, BTC, USDT
AUD, 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.
CoinSpot is an Australian exchange known for its user-friendly platform and wide range of cryptocurrencies. It offers competitive fees but lacks some advanced trading tools.

Deposit and withdrawal

LBank supports various deposit and withdrawal methods, including bank transfers and crypto. Withdrawals are processed efficiently, with low fees.
CoinSpot is an Australian exchange known for its easy fiat and cryptocurrency deposit methods. Withdrawals are processed efficiently, typically within a day, with competitive fees.

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.
CoinSpot offers a simple and fully digital account opening process. Users need to provide personal information and verify their identity. The process is quick, typically taking less than a day to complete.

KYC required?

No
Yes

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.
CoinSpot offers extensive customer support through email, live chat, and phone. The support team is responsive and available 24/7, ensuring users get timely assistance.

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.
CoinSpot ensures security through 2FA, encryption, and cold storage. It is regulated by Australian authorities, providing a secure environment for investors.

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 Coinspot for anyone entering the cryptocurrency market. Its intuitive interface and robust security measures make it an ideal platform for beginners. The variety of supported cryptocurrencies ensures ample opportunities for diversification, while its responsive customer service provides excellent support. Although the transaction fees are a bit higher, the platform’s reliability and ease of use make it a strong contender for your crypto trading needs.

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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.

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