There are numerous exchanges and trading platforms in the cryptocurrency universe today. The job of crypto investors is to find the ones that best suit their needs and goals. But even if the number of exchanges is high, some exchanges stand out from the crowd and offer exciting features. In this article, I will take a closer look at one of these platforms – the LBank crypto exchange.
LBank is a Hong Kong-based cryptocurrency exchange. I found some different information about when the platform was officially launched, one source says 2015 and another 2016. But in any case, it has been around for several years, so LBank is not a new player in the crypto market. The exchange is owned and operated by a Chinese company called Superchains Network Technology Co. Ltd.
The main goal (and probably the biggest benefit) of the platform is to provide its users with professional cryptocurrency wealth management features and solutions.
With China’s crypto laws being quite strict lately, LBank has kept its headquarters in Hong Kong and mainly operates in the Chinese and Asian markets. Apart from that, LBank accepts users worldwide and offers its services in both English and Mandarin Chinese.
So let’s jump into the details to understand better how the platform works and what they offer their users.
LBank crypto exchange Services & Features
In the upper right corner of the LBank crypto exchange start page, you can set a preferred language and currency. Some of LBank’s best services and features are options to buy crypto, trading, derivatives, finance (savings), and the NFT marketplace. I’ll try to explain each one, so let’s jump in.
Of course, before you can use any of the features mentioned, you need to create an account. The process is not as simple as it first seems. You can sign up through Google or Apple, or create an account by simply entering your email address and password.
You have to go through the “I’m not a robot” confirmation and then confirm your email with the code they sent you. And that’s it, you’re done with the registration in minutes.
However, once you have registered, you will need to carry out an identity check with some of your valid documents such as a passport, driver’s license, or ID card.
Buy crypto in LBank crypto exchange
Once you have created an account with LBank, you will need to fund your account. After that, you will have the opportunity to buy and sell cryptocurrencies. At the top left of the homepage is a Buy Crypto section. Once you click on it, you will be redirected to the page where you can buy crypto assets.
Now, users can buy USDT (Tether), ETH (Ethereum), and BTC (Bitcoin). The payment methods you can choose to purchase these crypto-assets are Visa, Mastercard, Apple Pay, Google Pay, and a credit card. The second method is probably the most popular way.
Trade on LBank crypto exchange
Another cool feature on the LBank crypto exchange is the ability to trade your crypto assets. Again, at the top of the home page, you will see the “Trade” section.
Keep in mind that the LBank exchange charges a flat trading fee of 0.10% for each trade, which is minimal compared to other exchanges. Additionally, the average fees for the market remain at 0.25%, showing how affordable LBank is, especially if you are not a new player in the world of crypto trading. I will go into more detail on LBank fees later in this article.
There are two types of trading techniques available on the LBank crypto exchange – spot and grid trading.
LBank crypto exchange Spot trading
Spot trading is a fast and smooth simple trading of different tokens. A successful spot trade must involve a buyer, a seller, and an order book. On the LBank crypto exchange, you can trade assets with other traders in real-time. As the name suggests, transactions are performed instantly or “on the spot” once the buy/sell order is executed.
The interface seems fine here and you shouldn’t have any trouble getting used to it if you have at least some trading experience.
LBank Net trade
Another way of trading on the LBank crypto exchange is grid trading, where you can easily achieve quantitative trading of digital assets. Grid trading is a type of investment strategy used by investors on a cryptocurrency exchange.
With grid trading, you need to create a series of buying and selling activities that can take place on an automated basis so that the trader can benefit from the constant and major changes taking place in the crypto market.
Another LBank service is the derivatives area, which is displayed on the homepage next to the “Trading” area. Derivatives consist of ETF, futures, and options trading. So let’s look at each one.
LBank crypto exchange Futures
As the name suggests, futures trading refers to a method of speculating on the price of assets, including cryptocurrencies, in the future without actually funding them. This type of trading is especially popular among experienced crypto traders.
As soon as you click on futures trading on LBank crypto exchange, the following message appears (the warning summarizes futures trading in general, so I decided to quote it):
“Futures always carry a high level of risk because their price is vulnerable to traders, speculators, and government policies of different countries. Futures can be traded all day with no cap on profits or losses. LBank crypto exchange does not support futures trading in countries including Iran, North Korea, Syria, Cuba, Crimea, the United States, and mainland China.”
Another exciting option from LBank is the crypto ETF (Exchange Traded Funds). ETF tracks changes in the value of one or more crypto assets. In other words, ETH tracks the price of selected digital currencies.
For the crypto ETF to function properly, the company that issues it and lists it on an exchange (in this case, LBank) must hold the underlying digital coin.
Similar to futures trading, after clicking the “ETF” button, a warning pops up, basically stating that the risk of loss is on you, not the platform.
Options trading on LBank
Crypto options trading is a type of derivatives trading that gives the buyer the right to buy or sell an asset at a specific price and date. A “call” option refers to the right to buy, while a “put” option refers to the right to sell. Options work similarly to other derivatives.
Please note that options trading is a feature more suited to experienced traders.
LBank crypto exchange Finance
Next to the Derivatives section, there is another button called Finance. The Finance tab consists of Apollo, flexible and fixed savings, and NFT. All of these are additional advanced features that LBank offers its users. So let me break down each one.
Apollo (launch page)
In the “Apollo” section you can find many exciting and hot projects for sale. Apollo is a cryptographic platform for cryptocurrencies to invest in newly launched digital currencies.
At Apollo, there is a list of different digital currencies to buy. Each asset has a quantity available for purchase as well as a bid start date. Some of the cryptographic assets offered at Apollo include Doge, Solana, Rose, Atom, ADA, Litecoin, Shiba Inu, Vega, Sushiswap, Uniswap, and many more.
The assets offered in the Apollo section are all of the top 100 assets by market value.
Another advanced option on the LBank crypto exchange is the savings option. Savings can be flexible or fixed/lockable.
A crypto interest account or crypto savings account works much like a regular savings account. Instead of depositing cash for profit, you deposit encrypted assets and earn crypto profits in return. Sounds simple.
The term flexible is almost self-explanatory. You can trade with your flexible savings or withdraw your funds. You can make a profit by lending your crypto to the LBank crypto exchange.
At this point, it is good to note that not all comments and suggestions written in this article are financial advice.
LBank Fixed savings
A fixed or locked savings account is also fully explanatory. Coins are locked by exchange and the exchange uses them to create rewards for savers. Of course, you have to deposit the encrypted assets and earn cryptocurrency in return.
LBank has its own NFT market. It is a centralized trading platform where LBank crypto exchange users can buy, sell and trade NFTs. You can upload and exchange your NFT work here and make art more valuable.
In the market itself, there is a long list of items to choose from. For most items, the price is shown as LBK (LBank Coin), so it looks like you should be an LBK holder to buy NFT freely in the LBank market.
LBank supports various cryptographic assets such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Bitcoin Gold, Qtum, NEO, Ethereum Classic, Zcash, bitshares, Siacoin, VeChain, bitcoin-diamond, and many more.
LBank deposit and withdrawal
The LBank offers several types of deposits and simple withdrawals. So, let me break it down.
- Wire transfer
- Digital currency
- Wired transmission
- Digital currency
There are some fees you have to pay when withdrawing from the LBank crypto exchange.
In the case of deposits and withdrawals, deposits are free of charge (which is great because it is very rare for exchange offices to charge a fee), but withdrawals require a fee that varies from asset to asset. This withdrawal fee is not mentioned on the website fee page, but it is said to be very low compared to the user reviews I found online.
LBank Trading Fees
LBank crypto exchange receives a transaction fee of 0.10% per transaction, which is a minimum compared to other exchanges. Major digital currency exchanges charge 0.20 to 0.25 percent per transaction. They made this change in August 2021. However, there is no information on the website about how much it cost before the change.
Does LBank have mandatory KYC?
Yes, LBank has mandatory KYC (Know Your Customer) verification. But don’t worry about it too much as it’s quick and easy.
You just have to click on the account name in the upper right corner of the LBank crypto exchange homepage, go to the personal information page, and click on “Security Policy” – “Authentication” To verify your identity, known as KYC authentication.
LBank supported countries
LBank supports more than 200 countries, so believe me, it is almost impossible that you are a citizen of a country that is not on their list.
You can also set a preferred language on the platform (English, Russian, Chinese, Spanish, Portuguese, and some others).
Are US investors allowed at the LBank?
A significant portion of crypto exchanges does not allow US citizens to use their platform due to the SEC (the Securities Exchange Commission). However, LBank crypto exchange is available in the United States, so this is a big plus for the exchange.
Does LBank have Fiat Deposit?
Yes, the LBank crypto exchange has a fiat deposit. You can deposit fiat money into your account via bank transfer and then use it to buy crypto.
Does the LBank have a native token?
Yes, LBank’s native token is LBK. At the time of writing (November 2021), the value of the token is $0.02397 and ranked 3848 globally according to Coinmarketcap.
Is the LBank legit and safe?
LBank is a legit exchange that ensures security is at the highest possible level. The KYC (Know Your Customer) verification system helps to avoid scammers coming to the platform.
LBank crypto exchange is an all-around crypto exchange with various features available to its users. I think it’s worth trying, especially if you’re tired of the higher fees other exchanges charge.
Another great advantage of LBank is a wallet that it supports more than 200 countries around the world. In other words, the chances that you won’t be able to use the platform because of your location are very slim. LBank also attaches great importance to security as it has a solid KYC system.
However, I wouldn’t say I’m 100% confident in the exchange, mostly due to these scam allegations on Reddit. As mentioned above, such ratings are never a good sign. So please do your research before you use the LBank.
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