The following section of our 2023 LBank review summarizes the platform’s key features, strengths, and potential enhancements, which include:
- A sizable offering of more than 200 cryptocurrencies and tokens for trading.
- Array of financial products, such as spot and margin trading, futures and options, staking, and ETFs.
- Robust security measures, including KYC, 2FA, device management, and withdrawal address whitelisting.
- Competitive fee structure with a flat rate of 0.10% for both maker and taker transactions.
- Available for both iOS and Android devices, LBank’s mobile app offers full functionality for trading and account management.
What Is LBank?
LBank, based in Indonesia and established in 2015, has quickly emerged as a prominent player in the realm of digital asset exchanges. With its selection of over 200 digital currencies, LBank provides a significant range of options for traders and investors alike.
One defining feature of LBank is its versatile portfolio of financial products. Beyond the typical spot and margin trading found in most exchanges, LBank offers additional services such as crypto futures, staking, and ETF trading of crypto assets. This breadth of offerings provides users with a greater number of strategies and avenues to engage with the cryptocurrency market.
LBank’s technological infrastructure is also worth noting. Designed to handle high volume trades and market volatility, it ensures consistent performance and reliability. This becomes particularly critical during peak trading times when system stability can have a direct impact on trading outcomes.
Moreover, LBank crypto exhibits a strong commitment to security. It employs stringent measures to safeguard users’ digital assets, a vital aspect in an industry that has seen its share of security breaches.
How to Open an Account at LBank?
This process is straightforward and can be completed in a few simple steps:
- Begin by visiting the LBank website. Look for and select the “Register” button.
- Once you’re on the registration page, enter your email address, create a password for your account, and, if applicable, enter a referral ID. Make sure you’ve read and agreed to the terms of service before signing up.
- Complete a security verification. This is an important step in ensuring the security and authenticity of user accounts.
- You’ll receive a verification code from LBank’s system you need to enter in the next 30 minutes. If you can’t find the email in your inbox, check your other mail folders or use the “resend email” option.
- Once you’ve successfully entered the verification code, your LBank account is all set.
- Go to the “Security” section and enable two-factor authentication (2FA) to improve the security of your account. This includes phone verification and Google verification.
You can also create an account with your mobile phone number rather than your email address; the process is similar.
Is LBank Safe?
LBank has security procedures in place that are common among most cryptocurrency exchanges. These measures include email and mobile verification, Know Your Customer (KYC), two-factor authentication (2FA), anti-phishing codes, device management, and security activity and withdrawal address whitelisting.
LBank has received licenses from the Financial Crimes Enforcement Network (FinCEN) as a money service business (MSB) in the United States, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in Canada, and the Virtual Asset Service Provider (VASP) in Italy. These licenses, along with LBank’s longevity in the market, contribute to the bank’s reputable status in the industry.
In terms of LBank wallet security, this platform offers both hot and cold wallet options. The hot wallet functions similarly to a checking account, providing easier access to funds, while the cold wallet is akin to a savings account with an additional layer of security. Users can secure their cold wallets using Google Authenticator or SMS 2-factor authentication.
Despite these precautions, it’s important to note that, like many other exchanges, LBank has yet to provide proof of its reserves, which would verify the amount of cryptocurrency it holds. It’s worth noting that LBank has never had a security breach.
What Are LBank Features?
The platform caters to a wide range of investor preferences and risk profiles by offering many cryptocurrencies for trading, also available on its native LBank app. This diversity not only provides users with a plethora of investment options and educational resources, but it also allows for portfolio diversification. The following are just a few of the key features that this exchange provides.
LBank offers a robust spot trading platform that allows users to buy and sell cryptocurrency directly, which is a common practice on most exchanges. With its intuitive design, live market data, and lightning-fast matching engine, LBank makes spot trading simple for traders of all skill levels.
Grid trading, a strategy that allows for automated buying low and selling high in a specific price range, is also available on LBank’s platform. This feature is especially useful in volatile markets because it allows traders to profit from price fluctuations without having to monitor the market.
Peer-to-Peer (P2P) Market
The LBank P2P market enables direct transactions between users. According to our LBank exchange review, this feature enables the purchase and sale of digital assets using fiat currencies, allowing for an easy entry and exit point into the crypto market. Furthermore, the P2P market ensures that trades are secure and that users have control over their transactions.
LBank provides derivatives trading, including futures and options, to users looking to leverage their positions. These financial products enable traders to speculate on cryptocurrencies’ future price movements without owning the underlying assets. This has the potential for significant returns, but it also carries a higher risk.
In addition to the typical offerings of a crypto exchange, LBank also provides exchange-traded fund (ETF) trading. ETFs, like individual stocks, are investment funds that are traded on stock exchanges. Crypto ETFs enable users to invest in a basket of cryptocurrencies, allowing them to manage risk through diversification.
What Are LBank Fees?
LBank’s trading fee structure is among the most competitive in the industry, charging a flat rate of 0.10% for both maker and taker transactions. The exchange accepts over 20 payment methods, including credit/debit cards (Mastercard, Visa), Apple Play, Google Play, Bank Transfer, and others.
The exchange platform charges fees for withdrawals but not for deposits. Each cryptocurrency has its own fee, which can be found on the exchange’s website. Bitcoin, for example, has a 0.0005BTC LBank withdrawal fee.
LBank Customer Support - Which Options Does It Offer?
Users in need of assistance can reach out to the online service team via email at [email protected]. Moreover, an online chat option is available on the LBank official website for real-time support. It’s important to note that, due to the volume of queries, there might be some waiting time before your question is reviewed.
For those who prefer social platforms, the LBank crypto exchange has an official Telegram group where you can seek help and engage with the community.
Customer Reviews - What Do Customers Say About LBank?
On Trustpilot, LBank, also known as LBK Blockchain Co. Limited, has a TrustScore of 2.1 out of 5 based on 136 reviews, indicating a poor rating. The reviews portray a mixed bag of experiences, with several users expressing concerns about lost funds and withdrawal issues.
Despite these difficulties, the platform has received positive feedback on multiple fronts. LBank’s active response to the majority of the negative LBank reviews is noteworthy, indicating a commitment to addressing user issues and improving its service.
Final Thoughts: Is LBank Worth It?
To conclude our LBank exchange review, we can say it’s no surprise that LBank is regarded as one of the best crypto exchanges, with a diverse range of digital assets, diverse financial products, robust security measures, and competitive fees.
Despite some unfavorable user reviews and the lack of reserve proof, LBank is still a solid option for crypto trading. As always, any trading decision should be preceded by thorough research and risk analysis.
Is LBank legit?
LBank is a legitimate cryptocurrency exchange with licenses from regulatory bodies like FinCEN in the US, FINTRAC in Canada, and VASP in Italy.
Can I use LBank in the US?
Users from the United States can use LBank. The platform has a license from the Financial Crimes Enforcement Network (FinCEN) in the United States.
Is it safe to use LBank?
In addition to licenses from significant financial institutions, LBank takes a number of security precautions, such as email and mobile verification, KYC procedures, 2FA, anti-phishing codes, device management, and withdrawal address whitelisting. It hasn’t yet presented reserve proof, though, like many other exchanges.
Is LBank a US company?
LBank is not a company based in the United States. As our LBank review found, it’s based in Indonesia and has offices in several countries, but it serves users worldwide and is licensed by several entities, including the US.