Lbank Exchange Review | Learn All About The Pros & Cons

Lbank Review Image
Jack Moreau
Feb 2024
7 min read
Fact checked

Introduction: Are you seeking insights into Lbank Exchange and how it stacks up against other crypto exchanges? You've come to the right place. Our comprehensive review of Lbank covers the most relevant information you need to make an informed decision. From its strengths to its weaknesses, we've got you covered. If you're considering signing up for Lbank exchange, read on to find out if you should!

Lbank

pros & cons

Pros

450+ cryptocurrencies
Futures fees (0.02-0.06%)
KYC not mandatory

Cons

Not great user experience
High credit/debit card fees
No fiat deposits/withdrawals
High crypto withdrawal fees

Lbank

vs alternatives

Lbank
OKX
Uphold
Founded
2015
2017
2013
Users
5M
20M
10M
Cryptos
+450
+350
+300
Spot Fees
0.2%
0.08%
0.9-1.2%
KYC
No
Yes
Yes
Countries N/A
-
US, CA
DE, NL, RU, TR, IN
Best for
Altcoins & Futures
Spot & Futures trading
Beginner Crypto Investors
Rating
Signup
Lbank
Your Capital is at risk.
OKX
Uphold

What is Lbank?

LBank is a cryptocurrency exchange that was founded in 2015 and is headquartered in Indonesia. With over 250 employees, LBank is available to users in over 200 countries.

Lbank Exchange
Lbank Exchange

The platform provides a range of digital assets including products such as spot, futures and ETF trading. LBank supports a wide range of over 450 cryptocurrencies including Bitcoin, Ethereum, Cosmos, Polkadot and many others.

The platform's user-friendly interface and advanced trading tools such as charting, order books, and market data make it easy for users to trade and manage their portfolios.

The exchange also offers it's services on mobile app for iOS and Android allowing traders to access the platform on-the-go. With over 5 million registered users, LBank has quickly become a popular choice for cryptocurrency investors and traders.

Lbank Android App
Lbank Android App

Does Lbank require KYC?

Are you interested in trading cryptocurrencies but hesitant about going through the KYC process? Well, that's not a concern that you need to have with Lbank.

Unlike other exchanges, KYC is not mandatory on Lbank. This means that you can deposit cryptocurrencies and start trading right away after logging in.

Lbank KYC verification
Lbank KYC verification

Signing up on Lbank is a simple and you can choose to register with either your email or phone number. However, if you do intend to complete KYC, you will need to upload a valid ID such as your passport or driver's license.

The verification process may take up to 1-2 business days to complete depending on the support team's availability.

Lbank Crypto Products

If you're looking for an exchange that offers a wide range of trading products and services, Lbank is somewhat in the middle.

In regards to trading services, Lbank offers spot trading, futures and ETFs. If you're a more experienced trader, you might enjoy the fact that Lbank offers leverage on futures up to 125X.

Spot trading on Lbank
Spot & futures trading on Lbank

And if you're looking for an exchange with deep liquidity, Lbank often exceeds volumes of $1 billion in daily spot trading.

They also offer grid trading and earn products with flexible or locked time periods for USDT, USDC and other coins. Lbank also offers the ability for it's users to buy NFTs via their NFT market place.

Lbank earn products
Lbank earn products

When it comes to user experience, Lbank is not the best on the market. The platform can be a bit slow and buggy at times, and some of the products are displayed but not usable or barely usable.

Overall, Lbank is a solid option for those looking for a decent range of trading options and that are comfortable navigating more technical interfaces. Total beginners will most likely need to familiarise themselves with the interface before getting started.

Lbank

products vs alternatives

Lbank
OKX
Uphold
Spot
Yes
Yes
Yes
Futures
Yes
Yes
-
Leverage
125X
125X
-
Copy trade
-
Yes
-
Lend & Borrow
Yes
Yes
-
Staking
Yes
Yes
Yes
NFTs
Yes
Yes
-
Signup
Lbank
Your Capital is at risk.
OKX
Uphold

How To Buy Crypto With Lbank

Lbank is a great platform for crypto enthusiasts who are looking for a wide range of cryptocurrencies to choose from.

Spot trading is available on Lbank with over 450 cryptocurrencies to choose from. Users can also buy crypto with a credit or debit card from a range of third-party providers such as Advcash, Coinify, Mercuryo, MoonPay, Simplex, Transak, Banxa, and AlchemyPay.

Buy crypto with card on Lbank
Buy crypto with card on Lbank

It’s important to note that buying $100 worth of USDT will cost at least 3% commission and up to 10% commission fee with the most expensive provider.

Bank deposits are not available on the Lbank platform, but P2P trading is available for one fiat currency.

In the case of Lbank, to avoid paying high credit card fees, we would recommend simply depositing cryptocurrencies such as USDT or USDC and then use those to buy other cryptos or trade derivatives on Lbank.

Lbank

fees vs alternatives

Lbank
OKX
Uphold
Spot fee (mkr)
0.2%
0.08%
0.9-1.2%
Spot fee (tkr)
0.2%
0.10%
0.9-1.2%
Futures (mkr)
0.02%
0.02%
-
Futures (tkr)
0.06%
0.05%
-
Signup
Lbank
Your Capital is at risk.
OKX
Uphold

Lbank Trading Fees

Lbank charges a spot trading fee of 0.2% for both makers and takers, and futures trading fees of 0.02% for makers and 0.06% for takers.

Lbanks spot trading fees are inline with exchanges such as Gate.io and Gemini but twice as expensive than the likes of OKX and Binance. When it comes to Lbanks futures fee, those are very competitive similar to Bybit's.

Lbank Deposit Methods

Lbank is an exchange that doesn't offer fiat deposits for its users. If you want to trade cheaply on Lbank, you will need to use cryptocurrencies as a method of deposit.

Alternatively, if you don't have cryptocurrencies, you can buy crypto with credit and debit cards through their third-party providers like Simplex, Banxa, Coinify, and others.

These providers support over 149 fiat currencies, which is quite impressive. But as we mentioned previously, that comes at a steep cost that we would advise users to avoid if possible.

Lbank Withdrawal Fees

Lbank is a cryptocurrency exchange that does not offer fiat currency withdrawals, only cryptocurrency withdrawals are possible. The fees for withdrawing different cryptocurrencies vary on Lbank.

If you're withdrawing Bitcoin, you'll incur a 0.0005 BTC fee. Withdrawing ETH comes with a 0.001 ETH fee, while withdrawing SOL incurs a higher fee of 0.02 SOL. Withdrawals of ERC-20 USDT tokens come with an eye-watering $20 USDT fee.

It's important to note that the fees on Lbank may change over time, so it's always a good idea to check the most up-to-date information before making any withdrawal decisions.

Is Lbank Safe?

Not too much information can be found on Lbank's website about the security measures taken by the exchange.

In terms account-level security, Lbank offers the same set of features found on most exchanges such as email or mobile verification, KYC, two-factor authentication, anti-phishing codes, device management, and security activity and withdrawal whitelists.

In terms of licenses and regulations, Lbank ha obtained licenses with MSB in the US by FinCEN, MSB in Canada licensed by FINTRAC, and VASP in Italy.

Although Lbank has announced that they will share proof of reserves, they have yet to do so. it's also important to note that like many other exchanges, Lbank has not been hacked.

Having said this, we always recommended that users keep as few assets as possible on exchanges and instead use non-custodial wallets to secure their assets.

This is best practice to ensure that most of your assets are held in non-custodial wallets or in cold storage wallets that are not connected to the internet.

Lbank

security vs alternatives

Lbank
OKX
Uphold
Hacked
Never
No
No
Proof of reserves
-
Yes
Yes
Licenses
FinCEN (US), FINTRAC (CA), VASP (IT)
VA in Dubai
FinCEN (US), FCA (UK)
Signup
Lbank
Your Capital is at risk.
OKX
Uphold

Is Lbank Legit?

In conclusion, LBank offers a variety of products and services for both experienced and novice traders.

The platform supports a wide range of over 450 cryptocurrencies including Bitcoin, Ethereum, Cosmos, Polkadot and many others.

With over 5 million registered users, LBank has quickly become a popular choice for cryptocurrency traders around the world.

While the platform may not have the most seamless user experience, it still offers a solid range of trading products such as spot trading, futures and ETFs.

LBank does not require mandatory KYC making it an excellent option for traders looking for a private way to buy and sell cryptocurrencies.

It's worth noting that LBank charges a spot trading fee of 0.2% for both makers and takers, and futures trading fees of 0.02% for makers and 0.06% for takers.

Deposits and withdrawals are limited to cryptocurrencies only, but users can purchase cryptocurrencies through third-party providers such as Simplex, Banxa, and Coinify using credit and debit cards.

Lbank has obtained licenses with MSB in the US by FinCEN, MSB in Canada licensed by FINTRAC, and VASP in Italy which makes it available to users in North America and Europe.

While Lbank is a lesser known exchange, it's definitely a legit and up and coming exchange to look out for.

Lbank

450+ cryptocurrencies

Futures fees (0.02-0.06%)

KYC not mandatory

Visit Lbank
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Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.

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