What is LBank?
LBank is a type of digital asset trading platform that allows crypto traders to trade, buy and sell crypto. The service also allows for the exchange of crypto into fiat currency, or vice versa. Modest fees are charged on all successful transactions.
Owned by a company known as Superchains Network Technology Co. Ltd, and based in Hong Kong, China, LBank has been around since approximately 2016. The platform’s goal is to provide users with the very best professional crypto asset management features and solutions, all housed in a single world-class crypto exchange platform.
How We Reviewed LBank:
Cryptocurrency is getting more popular by the day, which is certainly good news for the market. However, the increase in popularity has also brought in a slew of new online exchanges. A potentially good development, but coming with a host of drawbacks.
How does a trader know which crypto exchange is the best, or even if the site isn’t an outright scam? These concerns are exactly why we’re committed to investigating on behalf of traders and provide insightful cryptocurrency guides to help. We bring years of expertise, visit as many exchanges as we can, then report everything we find right here. If an exchange doesn’t live up to our strict standards we’ll let you know. On the other hand, if an exchange is outstanding we’ll also let you know. Stick with us, read our reviews, and we’ll assist in getting you the best experience in the crypto trading market.
How Does LBank Work?
Cryptocurrency exchanges are online platforms, accessible through PC and mobile devices. The services allow for quick and easy access to the various cryptos currently available around the world.
After signing up a trader is granted access to the market, though how each trader chooses to engage is a matter of preference. As a premium crypto exchange, LBank provides all of the above services, as well as a host of other software tools and special features. Any trader interested can sign up immediately, make a deposit, and start trading in just a few moments.
What We Rated LBank:
Sign-Up Process: 4.8/5
A notable feature of LBank is that the platform does not require the Know Your Customer (KYC) process to be completed during registration. This means that a trader can sign up in less than a minute, needing only to provide a validated email address.
Deposits and Withdrawals: 4.7/5
LBank supports both fiat and crypto currencies, allowing trades and purchases with either. Making a deposit is easy, taking just a few moments. Withdrawal times vary depending on the currency being withdrawn, but are generally faster than some other platforms.
Available Assets and Ways to Trade: 4.2/5
LBank supports a comparably low number of cryptos. While some other platforms support hundreds, LBank has only 40. This low number will be a problem for some traders, though it should be kept in mind that all 40 supported cryptos have been chosen for their strong performance.
Customer Service: 4.9/5
LBank has a committed customer support team. Any problems encountered, with crypto trading or otherwise, can be referred to the team for a fast solution.
Security and Regulation: 4.0/5
LBank is not regulated and does not require the KYC process. Although this does provide complete freedom for trading it can also be seen as a security problem. As far as day to day security is concerned, however, the site is SSL certified.
|Type:||Crypto Trade Software|
|Profit Close Rate:||85%+|
|Registration:||Free (KYC not required)|
|Verification:||Under 1 minute (KYC not required)|
|Regulatory Body:||Not regulated|
|Withdrawal Time:||1 -3 business days|
|Order Execution Time:||Less than 1ms|
|User Data Encryption:||Yes (SHA 256-bit)|
Is LBank Legit or a Scam?
With a full bouquet of features and services, including high industry-level security, LBank has all the makings of a leading crypto exchange. Two factors are apparently holding it back, at least for those outside of China. One is the fact that its focus is mainly on the Chinese market, and customer support is not yet fully available in English. The other issue is that LBank is unregulated. Depending on who you speak to, lack of regulation may or may not be an issue. However, at the very least the lack of regulation may require a greater effort to gain the public’s trust in the long run.
LBank Features and Differentiators
LBank is a fairly standard platform in many regards, offering more or less what is expected. The platform does shine, however, in its commitment to trader freedom. That no KYC process is required means that complete anonymity is provided; a factor that many traders prize.
LBank is also committed to giving traders all the information they need. The LBank Academy is free to all traders, offering a quick crash course on everything crypto related. The optional Galaxy Club is also outstanding, providing those that join with a number of special benefits, including discounts on certain cryptos.
LBank certainly shines in the interface department. Regardless if a trader is using a PC or mobile device the site layout is superb. All sections of the exchange are clearly labelled, impressive artwork is on display, and the best performing cryptos are always front and centre.
Place Trades Simultaneously
LBank supports the integration of next level trading bots. With trading bots active most aspects of the platform can be automated, letting a trader enjoy all the benefits of the site with minimal hassle. Depending on which bots are used it is possible to even allow multiple trades to be validated at the same time.
With automated bots a trader is also given peace of mind. With parameters set a bot will automatically accept good deals, not paying attention to unwarranted emotions. Emotions have, as any smart trader knows, no place in the world of crypto trading.
Zero Licensing Cost
LBank has no licensing costs. A fixed rate of 0.10% is charged on all successful trades. The low fees are an impressive feat, especially given that the market average stands at 0.25%.
The crypto market is volatile, meaning that trade is risky. On the other hand traders can get an advantage by using cost effective, feature rich trading platforms. LBank has low fees and excellent tools, potentially providing everything needed for acquiring good profits.
Trade Multiple Cryptocurrencies
Some traders prefer access to as many cryptos as possible. For this reason LBank can seem disappointing, with the platform providing access to only 40 cryptos. But let it never be forgotten that quantity and quality are different things. Although only 40 cryptos are offered they have all specifically been chosen due to their outstanding performance.
Secure Socket Certification (SSL) is absolutely essential for any site engaging in monetary transactions. Traditional banks are SSL certified, and so is LBank. This means that the platform encrypts every transaction, ensuring that traders and their money are kept safe.
Given that LBank supports both fiat and crypto currencies withdrawals times vary. Crypto withdrawals are faster, taking just a few hours. Fiat currency withdrawals are processed by a traditional bank, meaning that they can take up to 5 days.
Customer Support Department
The LBank customer support department has been tested, and has been found to be reliable. The support team is available by email or live chat, is professional, and responds quickly.
Demo Trading Account
LBank does not offer a demo account feature, which is disappointing. However the LBank Academy is available instead. LBank Academy provides extensive tutorials on everything related to the crypto market.
How to Register with LBank
Given that the KYC process is not required signing up at the platform takes less than a minute.
1. Registration Form
The first step for new trader registration is the standard form. The form requires just a few simple details, after which a validated email address must be provided. The entire process takes just a few moments.
2. Make Your First Deposit
After registration completes a first deposit should be made. Both fiat and crypto can be deposited at LBank, though the interfaces are slightly different. Fiat currency is deposited in the usual manner, with credit card, debt card, bank transfer and Google Pay accepted. To deposit crypto the type of currency will have to be specified, whether it be Bitcoin, Dogecoin or any other crypto coin, after which an address will be generated. The address is then used at the appropriate wallet to finalise the transfer.
3. Demo or Live Trade
After the deposit clears traders can then proceed to live trading. Those that wish can alternatively get better acquainted with crypto trading via LBank Academy. No demo account feature is provided.
Tips for Making the Most of LBank
We have gathered a few simple crypto trading tips for newcomers.
Utilise Your Account Broker
There are no account broker features available at LBank.
Invest the Minimum at First
Crypto trading is no joke. Traders new to the market should start by only investing the minimum possible amount.
Keep Track of Your Cryptos
After a crypto has been purchased it is essential to keep track of that crypto’s value. The value may fall or climb, depending on the market.
Spend 20 Minutes on Your Account Daily
New traders should also consider spending a minimum of 20 minutes on their account daily.
Crypto trading should always be approached with all due respect. Real money is in play which means that no investments should be made lightly.
Keep Track of Your Transactions
It is essential that all transactions, no matter how small, be carefully logged.
The Brief History of Crypto and LBank
LBank was founded in 2016 by a Hong Kong based company called Superchains Network Technology. The original purpose of the platform, as stated by Superchains, was to provide world class crypto exchange services at the lowest possible costs. The platform was also intended to provide services to the Asian market, utilising a peer to peer model. It wasn’t long before LBank gained attention and grew its customer base in Asia.
More recently LBank has made an effort to expand. Although there are many still regions in which LBank is not present, the platform is now available in far more markets than when initially launched. The customer base is largely still Chinese, but it seems like only a matter of time until the broader global market is attracted.
Alternatives to LBank:
Alternatives exchange services to LBank include eToro, Coinbase, Binance, Kraken, Coinbase, Crypto.com and others.
Frequently Asked Questions About LBank:
What is LBank and How Does It Work?
LBank is an online crypto exchange that allows traders to access trading markets. In order to start trading a free account is required.
How Much Profit Can I Make with LBank?
Smart crypto traders can make a great deal of profit. However, even seemingly smart investments can land up losing, given how volatile the market is.
Is LBank Free to Use?
Although registration at LBank is free there are fees attached when transactions and trades are made.
LBank App - is One Available?
LBank has a dedicated app that is available for free download.
Where is LBank Available?
LBank is available in numerous countries around the world, though is primarily still focused in the Asian market. Due to lack of regulation the platform is still restricted in the United States.
Overall, and despite its drawbacks, LBank offers impressive service and is steadily gaining a foothold in the global arena. With a growing user-base from over 200 countries across the globe, the US is still restricted, LBank is certainly worth a closer look.