LBANK Review 2020
LBank is yet a cryptocurrency exchange offering clients from around the world crypto to crypto trading pairs for a variety of digital assets. The exchange was founded in 2016 with the goal of providing users from around the globe with professional cryptocurrency asset management solutions. The exchange is owned and operated by a Chinese company known as Superchains Network Technology Co. Ltd.
Since China’s laws are rather harsh when it comes to cryptocurrencies, ICOs, and exchanges, the LBank exchange has based their headquarters out of Hong Kong and primarily serve the Asian and Chinese markets. However, the exchange does accept clients from all around the world and offers their services in both English and Mandarin Chinese.
Since the LBank exchange is based out of Hong Kong, they do not fall under any reputable regulatory authorities and are not a licensed exchange. However, this does not mean the exchange is not competent and trustworthy, as most cryptocurrency exchanges operate without any formal regulation. With so many cryptocurrency exchanges to choose from, how do you know which one is right for you? Well, in the following review we delve deep into the aspects that make up this cryptocurrency exchange and see what sets LBank apart from the competition and whether or not they can be trusted.
Like many other cryptocurrency exchanges, LBank features their very own proprietary web-based trading platform. The exchange platform is very nice and simple with an intuitively designed interface that is easy to use and understand. Also, the platform incorporates some advanced tools and features such as the following technical analysis indicators; MACD, KDJ, RSI, CCI. Also, the exchange platform incorporated a market depth window below the chart and a volume window below the order windows. The placement of all features feels right and is well thought out. While the platform has some advanced tools, features, and technical indicators, there are not any tools for charting analysis such as drawing tools and other technical analysis methods. However, the exchange platform is fairly advanced overall, which is good for experienced traders and it’s simple enough for beginner traders as well.
LBank is strictly a cryptocurrency exchange, meaning that they only support crypto to crypto trading pairs and no fiat currency is supported. The exchange supports and features more than 40 different cryptocurrencies to be traded in 6 different crypto markets. More and more cryptocurrencies are being added all the time, so this number is likely to change in the future. The available cryptocurrency markets and the number of trading pairs are:
- Tether (USDT): 8 cryptocurrency pairs
- Bitcoin (BTC): 22 cryptocurrency pairs
- Ethereum (ETH): 36 cryptocurrency pairs
- Qtum (QTUM): 7 cryptocurrency pairs
- Bitshares (BTS): 2 cryptocurrency pairs
- Neo (NEO): 3 cryptocurrency pairs
The costs of trading at LBank are relatively low, especially in comparison with other leading cryptocurrency exchanges. Both the maker and taker fees are grouped together in a flat fee of 0.10% per trade. The is very low considering most leading exchanges charge at least 0.20% – 0.25% per trade. As for deposits and withdrawals, deposits are free from any fees, but withdrawals incur a fee which varies from crypto to crypto. This withdrawal fee is not stated on the websites fee page but is said to be rather low from user reviews.
Security and Fairness
Since LBank’s establishment in 2016, they have never had any reported hackings or loss of funds. The exchange implements the latest security features such as SSL encrypted servers, two-factor-authentication for logins and transactions, and both cold and hot wallet storage of user funds. As well, each user is treated equally with the same services available to them. Also, users are not required to submit any identification information and can remain anonymous while trading on their platform. One thing we found to be unfair is that some aspects of the website are only available in Mandarin Chinese, even though they claim to support the English language.
LBank’s support is rather limited for English speaking users as their website does not support the English language on the FAQ page or contact us page. Also, when contacting support in English, the response by a representative is slow and in very simple and broken English. However, we believe that support for Mandarin speaking people is much better and more prompt. The FAQ page and other resources are eligible to them. Also, Mandarin speaking clients can contact support through WeChat as well. All in all, we were disappointed in the level of support for English speaking people.
Pros and Cons
- Extremely easy to use and navigate
- Competitive fees
- A wide variety of cryptocurrency assets
- Sufficient liquidity
- Slow customer service and limited options
- The English language is not a priority
- Not regulated
Here are some of the most common questions that are asked about LBank crypto trading service.
Is LBank regulated?
No. LBank is not a regulated cryptocurrency exchange.
Where is LBank based?
LBank is based out of Hong Kong.
How does LBank make money?
LBank charges market maker and taker fees for each trade transaction. As well, they charge withdrawal fees.
How do I deposit in LBank account?
LBank only accepts cryptocurrency deposits.
How do I withdraw money from LBank?
You can withdraw from LBank through sending your cryptocurrency to your personal wallet address.
Can I trade on LBank with my mobile device?
Yes, you can use your mobile device to trade on LBank through their downloadable mobile application.
Is LBank reliable?
LBank has proven to be a reliable and trusted exchange that has yet to be hacked.
Is LBank a scam?
No. LBank is a very legit exchange and is not a scam.
LBank is an interesting cryptocurrency exchange that’s growing and gaining the interest of many clients in the Asian markets. They offer very competitive fees and a wide variety of cryptocurrencies and markets to trade in. However, the exchange is not well suited for English speaking traders as support is very limited. If support is not important for you, then LBank might be a good option. Their exchange platform is nice and easy to use and still offers some advanced tools and features.
- 1Not allowing withdrawDoug
- 1Site is gone. Cannot connect to server.Tits
- 2LBank is Really BadBroddy
- 1LBank sucksEarl
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