Lbank

Lbank Exchange Review

Lbank Exchange is a cryptocurrency exchange platform that was founded in 2015. The platform is based in Hong Kong and offers trading pairs in a vast range of cryptocurrencies including BTC, ETH, LTC, BCH, and many more. All together you can trade more than 500 cryptocurrencies. The platform has been able to achieve an average daily trading volume of just under one billion dollars, which is impressive by any standard.

In this Lbank review we will take a look look at different aspects relating to the platform such as bonuses, safety and regulation, trading fees, deposits and withdrawals, and much more.

Lbank Bonuses - win up to 255 USDT

Lbank Exchange offers its users different kinds of bonuses such as referral programs, trading competitions, and many more. The platform encourages users to invite new users using their referral link and earn a percentage of the transaction fees incurred by such new users.

There are also rewards for users who take part in the trade competition, Bitcoin giveaways and more.

As for Lbank welcome bonus - new users can currently win up to 255 USDT. New users can get that bonus money in form of cashback cards by completing tasks withing 30 days of registration.

Tasks include trading at least $1000 in spot markets, using Lbank Earning feature, buying crypto using your credit card as well as participating in grid trading.

Lbank Safety and Regulation

Is Lbank Exchange safe to Use?

Lbank is generally considered to be a safe and secure platform. The exchange has not had any significant security breaches that would result in the loss of user funds or personal data.

However, like every other crypto exchange out there, the platform is not immune to attacks. This means that it is essential to take steps to secure your account through the various security features available on the platform.

Lbank Exchange Licenses

Lbank is based in Hong Kong, but it does have various regulatory licenses and registrations around the world as well.

They are registered in Italy as a Virtual Asset Service Provider, and in Canada and United States as a money service business.

Lbank Account Security Options

Lbank provides different security options such as two-factor authentication (2FA) and email verification for users who want to secure their accounts. Users are STRONGLY encouraged to enable these security features to ensure the safety of their accounts.

Deposits and Withdrawals on Lbank Exchange Platform

How to Deposit Money into Lbank Exchange?

To deposit money into Lbank Exchange, you must first sign into your account, click on the “Deposit” button under Wallet submenu, select a depositing method, and follow the instructions provided.

How to Withdraw from Lbank Exchange?

To withdraw money from Lbank Exchange, click on the “Withdraw” button under Wallet -> Spot, select a withdrawal method, and follow the instructions.

You can also buy crypto using fiat money using Lbank third-party payment providers.

To do that, click on "Buy Crypto" in the top menu and choose whether you want to buy crypto using your credit  card, bank transfer, or you want to use the P2P option.

Does Lbank Have a Withdrawal Limit?

Yes, Lbank has withdrawal limits that vary for each cryptocurrency. You need to check the withdrawal limits for each cryptocurrency before attempting to make any withdrawals.

Lbank Exchange Fees

Lbank Exchange charges trading fees, deposit fees, and withdrawal fees.

Deposit Fees

Lbank Exchange does not charge any crypto deposit fees. However, if you use any third-party payment provider to buy crypto, there might be some fees.

Withdrawal Fees

Withdrawal fees vary based on the cryptocurrency being withdrawn. We encourage you to check the withdrawal fee schedule before attempting to make any withdrawal. First check the fees to make sure you're not paying more in fees than you want to withdraw. This is especially important if you want to withdraw smaller amounts.

For example, Bitcoin withdrawal fee is 0.0005 BTC while Tether withdrawal fee can be as low as 1 USDT (up to 20 USDT, depending on which network you use).

Trading Fees

Trading fees on Lbank Exchange are based on the trading volume, but by default both Taker and Maker fee is 0.1%.

Trading on Lbank Platform

Lbank provides users with an easy-to-use platform that offers different kinds of orders, including limit orders, market orders, and stop-loss orders. Users are also provided with trading charts, allowing them to analyze the market and make informed decisions.

How High Leverage Does Lbank Exchange Offer?

Lbank offers leverage of up to 125x for perpetual contracts.

Lbank Exchange KYC

Do You Have to Verify Your Account on Lbank Exchange?

KYC is definitely required if you want to use any third-party payment options to fund your account. However, for depositing and withdrawing cryptocurrencies, KYC is not mandatory (as far as it looks right now).

How to Verify Your Lbank Exchange Account?

To verify an account, click on your Profile button in the top menu and choose Security. Then click Verification button on the KYC line.

Then enter the required information - name, ID number, upload your ID document, a photo of yourself, and submit the data.

Your data will then be reviewed by the Lbank team and if everything is fine, you'll be notified.

After that you will also have the option to go through Advanced verification.

Why and When Should You Verify Your Lbank Exchange Account?

We encourage you to verify your account as soon as possible to avoid any restrictions on your account. Verification adds another layer of security should you forget your password for example. ID verification will also increase your withdrawal limits.

Lbank Exchange App

Lbank offers a mobile app for both Apple and Android phone owners. The app has multiple features including up-to-date price data, deposit/withdrawal and trading options and much more.

Lbank Exchange Earn

Lbank Exchange provides users with the option to earn interest with certain cryptos through both flexible and locked staking options. Offered APY for some cryptos is pretty good.

At the time of writing this Lbank review, you could find flexible staking options with APY up to 100% and locked staking options with APY up to 200%.

Lbank Exchange Customer Support

Lbank Exchange has a customer support team that is available 24/7 via email (service@lbank.info), live chat, and ticketing systems.

Pros and Cons of Using Lbank Exchange

Is Lbank Exchange Simple to Use?

Yes, Lbank Exchange is an intuitive platform that is easy to navigate for both novice and experienced traders.

What Do Traders Think About Lbank Exchange Based on Reviews and Comments on other sites?

Based on reviews and comments, Lbank seems to be a reliable platform that offers secure trading and high liquidity. However, as always, some users have expressed concerns about the lack of regulatory licenses and the slow customer support. Some trades have also mentioned they have had problems with deposits and withdrawals.

Final Thoughts

Lbank is a crypto platform that offers a vast range of cryptocurrencies and low trading fees. Currently no fiat deposit/withdrawal options are offered, but you can use crypto directly using fiat money on your card or bank account.

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Author: Siim Einfeldt
I became interested in cryptocurrencies only a bit more than two years ago. Since then I have been in investing in cryptos using different exchanges. And I also launched Cryptolorium.com when I started trading, just to share my crypto journey and my results.