LBank Review – Fees, Supported Coins & Countries, Payment Methods
Petar Jovanović
Cryptocurrency exchanges are the backbone of the digital currency world, and understanding their features and services is crucial for any crypto enthusiast.
In this comprehensive review, we delve into the depths of LBank, a Hong Kong-based cryptocurrency exchange that has been making waves in the crypto universe.
| 📝 Section | Summary |
|---|---|
| 🌐 Overview of LBank | LBank is a Hong Kong-based cryptocurrency exchange owned by Superchains Network Technology Co. Ltd. It offers professional cryptocurrency asset management features and solutions. |
| 🛠️ Services and Features | LBank provides a range of services including spot and grid trading, derivatives, finance (savings), and an NFT marketplace. |
| 💱 Supported Coins | The exchange supports a wide array of crypto assets such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Bitcoin Gold, Qtum, NEO, Ethereum Classic, Zcash, bitshares, siacoin, VeChain, bitcoin-diamond, and many others. |
| 💰 Deposits and Withdrawals | Deposits on LBank are free from any fees, while withdrawals incur a fee that varies from asset to asset. Deposit and withdrawal options include wire transfer and cryptocurrency. |
| 💸 Fees | LBank charges a flat 0.10% trading fee on every trade, significantly lower than the average market fees of 0.20-0.25%. |
| 🔒 Security and Legitimacy | LBank implements a mandatory KYC (Know Your Customer) verification system to ensure the safety of its users. However, there have been some scam accusations on Reddit. |
| 🎮 User Experience | The user experience on LBank is generally positive, with an easy registration process and a user-friendly interface. However, some users have reported slow withdrawal processing times and a lack of responsiveness from customer support. |
| ⚖️ Pros and Cons | Pros include support for over 200 countries, low trading fees, support for a wide variety of significant coins, and availability on all devices. Cons include scam accusations on Reddit, a confusing interface, and a poor FAQ section. |
| 📚 Conclusion | LBank is a comprehensive crypto exchange with a wide range of features and services. Its low trading fees and support for a wide variety of coins make it an attractive option for crypto traders. However, potential users should be aware of the scam accusations and do their own research before using LBank. |
What you'll learn 👉
LBank Overview
LBank, owned and operated by the Chinese company Superchains Network Technology Co. Ltd., is a cryptocurrency exchange platform that has been in operation since 2015.
Despite the stringent crypto laws in mainland China, LBank has managed to carve a niche for itself by offering professional cryptocurrency asset management features and solutions. Primarily serving the Chinese and Asian markets, LBank also accepts users from all around the globe, offering services in both English and Mandarin Chinese.
Services & Features
LBank offers a plethora of services and features to its users. These include options to buy crypto, spot and grid trading, derivatives, finance (savings), and an NFT marketplace.
Spot trading on LBank allows users to trade assets with other traders in real-time, while grid trading enables quantitative trading of digital assets. The derivatives section includes ETF, Futures, and options trading.
The finance tab consists of Apollo, a crypto launchpad for crypto traders to invest in newly launched cryptocurrencies, and flexible and fixed savings options. LBank also has its own NFT marketplace where users can buy, sell, and trade NFTs.
Buy crypto
Once you create an account on LBank, you will need to deposit funds to your account. After that, you have an option to buy and sell cryptocurrencies. On the top left part of the homepage, there is a “Buy crypto” section. Once you click on it, you will be directed to the page where you can buy crypto assets.
Currently, you can buy USDT (Tether), ETH (Ethereum), and BTC (Bitcoin). The payment methods you can choose to buy these crypto-assets are Visa, Mastercard, Apple Pay, Google Pay, and a credit card. The latter is probably the most popular way.
Trade
Another cool feature on the LBank platform is the possibility to trade your crypto assets. Again, on the top of the homepage, you will see the “Trade” section.
Keep in mind that LBank exchange charges a flat 0.10% trading fee on every trade, which is minimal compared to other exchanges. Furthermore, the average fees for the market remain at 0.25%, showing how affordable LBank is, especially if you are not a new player in the crypto trading world. I will talk more about LBank’s fees later in the article.
There are two types of crypto trading techniques available on LBank – spot and grid trading.
Spot trading
Spot trading is fast and smooth simple trading of different tokens. A successful spot trading must include a buyer, a seller, and an order book. On LBank you can trade assets with other traders in real-time. As the name suggests, transactions are done instantly, or “on the spot” as soon as the buying/selling order is filled.
The interface seems fine here and you should not have any issues settling in if you have at least some experience in trading.
Grid trading
Another type of trading on LBank is Grid trading where you can easily achieve quantitative trading of digital assets. Grid trading is a type of investment strategy that is employed by investors in a cryptocurrency exchange.
With grid trading, you will need to create a series of buying and selling activities that can occur on an automated basis, allowing the trader to take advantage of the constant and big changes that take place in the crypto market.
Derivatives
Yet another service available on LBank is the Derivates section which is shown next to the “Trading” one on the homepage. Derivates consist of ETF, Futures, and options trading, while Lbank currently does not support margin trading.
Futures
As the name suggests, Futures trading refers to a method of speculating on the price of assets, including cryptocurrencies in the future, without actually ning them. This type of trading is particularly popular among experienced crypto traders.
Once you click on the Futures trading on LBank, the following message appears (the warning kind of sums up the futures trading in general, so I decided to quote it):
“Futures trading is always with high-risk as its price is susceptible to dealers, speculators and government policies of various countries. Futures can be traded the whole day with no limit control on gains or losses. LBank does not support Futures trading in Iran, North Korea, Syria, Cuba, Crimea, the United States, and mainland China.”
ETF
Yet another exciting option on LBank is crypto ETF (Exchange Traded Funds). ETF tracks the value shifts of one or more crypto assets. In other words, ETH tracks the price movements of selected cryptocurrencies.
In order for crypto ETF to work properly, the company issuing and listing it on an exchange platform (LBank in this case) needs to bear custody of the underlying digital coin.
Similar to Futures trading, once you click on the “ETF’ button, a warning message pops up, which basically says that the risk of losses is on you, and not the platform.
Options trading
Crypto options tradings are a type of derivative trading that provides the purchaser with the right to buy or sell an asset at a determined price and date. A “call” option refers to the buying right, while a “put” option connotes the selling right. Options work in a similar manner to other derivatives.
Please note that options trading is a feature more suitable for experienced traders.
Finance
Next to the “Derivates” section there is another button simply called “Finance”. The finance tab consists of Apollo, Flexible and Fixed savings, and NFT. All of these are additional advanced features that the LBank offers to its users. So, let me break down each one.
Apollo (launchpad)
In the “Apollo” section you can find a lot of exciting and hot projects on sale. Apollo s a crypto launchpad for crypto traders to invest in newly launched cryptocurrencies.
In Apollo, there is a list of various cryptocurrencies available to buy. Each asset has an amount that is available for purchase as well as the date when the offer started. Some of the crypto assets offered in Apollo are Doge, Solana, Rose, Atom, Ada, Litecoin, Shiba Inu, Vega, Sushiswap, Uniswap, and many others.
Assets offered in the Apollo section are all from the top100 as per market cap.
Flexible savings
Yet another advanced option available on the LBank platform is the savings option. Savings can be flexible or fixed/locked.
A crypto interest account or crypto savings account operates pretty much the same way as a normal savings account. Instead of depositing cash to earn interest, you deposit crypto-assets and earn crypto interest in return. Sounds straightforward.
Term flexible is pretty much self-explanatory. You can either trade with your flexible savings or withdraw your funds. You make a profit by lending your crypto to LBank.
At this point, it is good to note that all opinions and suggestions written in this article are not considered financial advice.
Fixed savings
A fixed or locked savings account is pretty much self-explanatory as well. The coins are locked with the exchange and the exchange platform uses it to generate rewards for savers. Of course, you need to deposit crypto-assets and earn crypto interest in return.
NFTs
LBank has its own NFT marketplace. It is a centralized trading platform where LBank’s users can buy, sell, and trade NFTs. You can upload and trade your NFT work here, making art more valuable.
On the marketplace itself, there is a long list of items you can choose from. For the majority o items, the price is shown in LBK (LBank’s coin), so it seems you need to be an LBK holder to more freely purchase NFTs on LBank’s marketplace.
LBank supported coins
LBank supports various crypto assets such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Bitcoin Gold, Qtum, NEO, Ethereum Classic, Zcash, bitshares, siacoin, VeChain, bitcoin-diamond, and many others.
LBank deposits & withdrawals
LBank offers a few types of simple deposits and withdrawals. So, let me break it down.
Deposit Options
- Wire Transfer
- Cryptocurrency
Withdrawal Options
- Wire transfer
- Cryptocurrency
There are fees you have to pay when withdrawing. However, more about them in the next section of the article.
Fees
As for deposits and withdrawals, deposits are free from any fees (which is great since it’s pretty rare that exchanges do not have fees for this), but withdrawals incur a fee that varies from asset to asset. This withdrawal fee is not stated on the website’s fee page but is said to be rather low from user reviews I found online.
LBank Trading Fees
LBank charges a flat 0.10% trading fee on every trade, significantly lower than the average market fees of 0.20-0.25%. This low fee structure makes LBank an affordable choice for crypto traders.
Does LBank have mandatory KYC?
Yes, LBank has a mandatory KYC (Know Your Customer) verification. But, don’t worry too much about it since it is quick and simple.
All you need to do is to click the account name in the upper right corner of the LBank homepage, enter the personal information page and click “Security Policy”-“Authentication” to verify your identity, which is known as KYC verification.
LBank supported countries
LBank supports more than 200 countries, so trust me it’s nearly impossible that you are a citizen of a country that is not on their list.
You can also set a preferred language on the platform (English, Russian, Chinese, Spanish, Portuguese, and a few others).
Are US investors allowed on LBank?
A significant part of the crypto exchanges does not allow US citizens to use their platform due to the SEC (the Securities Exchange Commission). However, LBank is available in the US, so this is a big plus for the exchange.
Does LBank have Fiat Deposit?
Yes, LBank has a fiat deposit. You can deposit fiat money via wire bank transfer to your account and then use it to buy crypto.
Does LBank have a Native Token?
Yes, LBank’s native token is LBK.
Is LBank legit and safe?
LBank takes security seriously, implementing a mandatory KYC (Know Your Customer) verification system to ensure the safety of its users. However, it’s worth noting that there have been some scam accusations on Reddit, which potential users should be aware of.
LBank scam accusations (on Reddit)
Yes, so I found some scam accusations on Reddit. I will quote one of those:
“Been over 48 hrs with a confirmed Solana explorer deposit and still nothing in Lbank wallet. The wallet address listed on my account shows my tokens are there on the explorer!! No cap.
Multiple emails inquire and no response was received. Literally, they jacked my money. So pissed. An absolute joke of an exchange.”
Make of it what you want, but it is definitely not a good sign to see these types of reviews of any exchange.
If you are not fond of LBank, Make sure to check out our guides on other cryptocurrency exchanges:
- Cex.io review
- BitMart Review
- Coinbene Review
- Gate.io Review
- Complete Gemini Exchange Review
- Coinbase review
- Kraken review
- Margex Review
- Bitpanda review
- Kucoin review
- FTX review
LBank is very slow in processing withdrawals as it appears they are manually reviewing each larger withdrawal. This makes a lot of people uneasy since the probability of a suspended withdrawal is pretty high. Also, LBank is known for wash trading and manipulating trading volumes on their platform (claimed volume is by orders of magnitudes higher than it actually is).
FAQs
Deze exchange licht je bij elke aankoop of verkoop van je crypto op! Bijvoorbeeld verkoop 100 miljoen saitama voor prijs van 0.000000052 druk op verkopen kijk daarna in de historie van mijn aan en verkopen staat er dat die 100 miljoen verkocht zijn voor 0.0000000518. Dus toen ging ik kijken of dat bij aankopen ook zo is en ja hoor . Als je koop zie je achteraf dat je ineens meer voor je crypto betaald hebt. Heb er screenshots van als bewijs. Echt schandalig deze oplichters…..
Be aware. Lbank exchange lock accounts without any reason. They have ridiculous Risk Control System as the chat support said and if you bought some coin low they will take your profit or lock your account forever.
they sell naked coins and do not take responsibility when there are more coins than there are coins in total, and people want to withdraw them coins. They block withdraw.
Ex: especially $wei token: they sold 267 million naked $wei and they don’t want to buy back those naked $wei tokens. normally, naked short must be covered (that is normally, redeemed by naked $wei must be done from the market, at the price dictated by the market). but they don’t want that, they don’t communicate or say any information (if you contact them directly on lbank), and if you talk to them on the lbank telegram group, they block you immediately, so that people don’t find out that they are doing illegal things).
don’t you think so? enter at lbank telegram Bank_en. and write $wei token and naked token and block directly