What is LBank?

LBank Exchange (Ledger Bank) is said to be headquartered in Hong Kong and claims to service over 4 million registered users from more than 200 countries across the globe. LBank.info is the domain for the digital asset trading platform that is operated and managed by LBK Blockchain Co., Limited. LBank does average daily trading volumes of around a billion US dollars. The platform can be accessed on desktop and mobile (iOS and Android). 

Benefits of Using LBank Exchange

Offers spot, futures, lending & borrowing services and an NFT marketplace.

• Supports fiat currencies including USD via third party independent trading platforms for fiat currencies and cryptocurrencies such as Legend Trading.

• Users of LBank can purchase different cryptocurrencies such as Bitcoin and Ethereum using credit or debit cards, Apple Pay, Google Pay, etc. 

• LBank also has a P2P marketplace and OTC services which provide payment method flexibility e.g. PayPal, Chipper Cash, Bank Transfer, MTN Money, SEPA, WhatsApp Pay, Zelle, Skrill, Apple Pay, Transfer Wise and so many other options. There’s also support for fiat currencies including USD, EUR, CAD, INR, ZAR, etc. 

• Transaction fees are 0.1% for both Makers and Takers. Withdrawal fees do vary depending on the type of digital asset and the network utilised. 

• LBank offers support via mail and they have a useful FAQ section on the website and a User Guide. A support request can also be logged via the help centre.

• Considered a good platform as it is in the top 20 global crypto exchanges by trading volume and it’s quite popular in the Asia region. 

• User interface is fairly friendly. 

• The platform offers advanced tools for traders and investors including indicators such as CCI, RSI, KDJ, and MACD. LBank also has a premium trading window for an advanced trading experience.

• Users of LBank can also access trading APIs at any time.

• The referral program offered to LBank users is also attractive as users can earn up to 50% commission on fees charged to referees. 

• KYC is not mandatory but trading limits will likely be imposed on accounts that aren’t fully verified.  

• LBank offers leveraged ETF products which are a kind of financial derivative trading product that tracks the increase or decrease amount of the underlying asset e.g. BTC. 

Disadvantages of Using LBank Exchange 

• LBank does not offer demo accounts or training programs for beginner traders as with other platforms such as OKX, Huobi, KuCoin, and others. 

• Support channels are limited.

• Doesn’t have the best liquidity when it comes to some token pairs compared to other platforms such as Bittrex, Bybit, etc. 

• Does not enjoy the top-tier brand recognition and reputation as some other exchanges such as FTX and Binance. 

• The management team is not public and there is little known information about the entity that controls the exchange platform and where it is regulated. 

Is LBank A Good Exchange?

LBank is an exchange that has been around for sometime and continues to be operational. It offers a diverse range of crypto products and services and a trading platform that is simple to use. The fees are reasonable and competitive. It has thus far managed to avoid major scandals such as hacks where user funds are lost. It has decent reviews on independent review sites and the apps on both iOS and Android have fairly good reviews. 

Overall, LBank seems to be a reliable exchange, however, users should always be extra careful when using centralised exchanges such as LBank that do not have a lot of publicly available information. Due diligence and in-depth assessment of the legitimacy of the team behind it is crucial. It is also an unregulated exchange which means that users do not have basic protections and therefore need to exercise caution when using a platform such as LBank. 

Originally posted on Decentralised News 

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