LBank Review 2024

LBank

LBank is a leading cryptocurrency exchange and trading platform. They support 458 coins across 487 markets.

LBank

In this review, we'll cover everything you need to know before signing up. All the main features, pros and cons, included.

Summary

Pros

  • Supports over 700 cryptocurrencies for trading, providing a wide range of options for traders
  • Low trading fees at 0.10% for both makers and takers, which is below the industry average
  • Offers various earning programs, including flexible and locked staking, crypto loans, and a launchpad for new projects
  • High liquidity and efficient order execution, with a trading engine capable of handling 1.4 million transactions per second
  • User-friendly interface and mobile app for both iOS and Android, making it accessible for all trader levels
  • Robust security features including 2FA, cold storage, SSL encryption, and DDoS protection
  • Provides a variety of advanced trading tools such as Grid Trading, trailing stops, and bracket orders
  • Comprehensive customer support available 24/7 through live chat and email
  • Supports multiple fiat currencies for deposits and withdrawals
  • Offers a dedicated NFT marketplace for buying, selling, and trading NFTs

Cons

  • Not available in many countries, limiting access for some users
  • Customer support has received mixed reviews regarding responsiveness and effectiveness
  • No support for fiat withdrawals, which may be inconvenient for some users
  • Limited advanced charting and order management features compared to other platforms
  • Verification process for higher withdrawal limits can be time-consuming
  • Lack of fee discounts for high-volume traders or frequent users
  • Reports of confusing interface and poor FAQ section

Features

Spot Trading

LBank allows you to trade, buy, and sell, crypto on spot markets. Meaning you're trading the real thing. You can deposit and withdraw this crypto.

Futures Trading

LBank supports futures trading. Derivative contracts that you can trade on leverage without providing margin.

P2P Trading

LBank support P2P trading. Where you trade directly with other people through specific payment methods or giftcards.

NFT Marketplace

LBank has an NFT marketplace, where you can buy/sell NFTs and collectibles.

Trading Bots

LBank has trading bots that you can use to automate your trading strategies.

Staking

LBank allows you to stake your crypto and earn passive income.

Money

Fees

Like all centralized exchanges, LBank charges fees. This is how they generate revenue, and keep their operation running.

  • Deposit fees. Fortunately, most centralized exchanges don't charge deposit fees when you deposit with crypto. Though, they charge for fiat deposits, which vary dependant on the payment processor and fiat option that you're using.
  • Withdrawal fees. LBank charges withdrawal fees. They vary based on what you are withdrawing and the payment method that you're using. Crypto withdrawals will also incur network transaction fees, they are not paid for by LBank.
  • LBank's maker fees: 0.1%*
  • LBank's Taker fees: 0.1%*

Maker/taker fees are tiered. As you trade more and generate volume, they often fall.

Payment Methods

LBank supports 2 payment method(s). You can use the following the deposit/withdraw to/from the exchange.

  • Credit/Debit Card
  • Bank Transfer

Be aware that they may be withdrawal/deposit limits imposed, and the payment methods may also vary based on your location.

LBank supports 6 fiat currencies.

Security

Keeping your funds safe

LBank offers 2 additional layer(s) of security. Aside from the obvious -- email and password.

  • 2FA
  • SMS

KYC

LBank requires KYC to use their services. KYC usually involves sharing your personal details, some form of ID, a mobile phone number, and in some cases, proof of address.