LBank Review

Are you in search of an exchange that allows you to buy and sell crypto for fiat? Or possibly an exchange that lists numerous altcoins and regularly adds new ones to its selection? This LBank review may assist you in finding the right service for your needs, as it provides these capabilities and several more.

While LBank is not the most well-known exchange on the market (definitely not comparable with industry giants such as Binance and KuCoin - that's why LBank exchange rankings are difficult to find, as well), it has still established a solid user base over time, and its team is committed to adding and maintaining crucial features that traders frequently seek. These features include spot trading, futures, leveraged tokens, and even copy trading.

However, a question that arises for some is whether the LBank crypto exchange is legitimate. It is certainly an important concern, and will be one of the focus points in my LBank review. In the aftermath of FTX, it is more crucial than ever that traders exercise due diligence, making it necessary to scrutinize the LBank exchange and view it through a critical lens.

What is LBank?

Simply put, LBank is a crypto exchange comprised of a range of features and tools that you would expect from any centralized trading platform. It is designed for both novice and expert investors, with a comprehensive dashboard for spot trading, futures, copy trading, and leveraged tokens. In other words, the LBank crypto exchange is exactly what you would expect from this industry.

Additionally, it has several ways of earning passively by locking away your funds or staking them for a flexible period. Connected to this are methods of earning extra rewards by completing bonus tasks and joining limited-time events.

At first glance, the LBank crypto exchange appears simple, with a straightforward approach. But is this accurate, or is there more to this service that needs to be clarified in my LBank review? Let’s explore the tools and features it offers and see how a deep dive can help us answer the question, “Is LBank legit?”.

LBank Review: PROS

Let’s begin this LBank review by examining the pros it has to offer. Analyzing the positives is always a good starting point, as it makes sense to view a platform from its best angles first before uncovering any complications or unsavory aspects. This helps to frame LBank in a way that allows us to understand why its user base likes it and continues to use it.

Secure and Licensed

LBank seems to be a secure, trustworthy, and regulation-compliant cryptocurrency exchange. It holds licenses and registrations from prominent regulatory bodies across multiple global jurisdictions, including Canada (FINTRAC), Italy (OAM), Australia (AUSTRAC), and Lithuania.

The platform emphasizes transparency through the adoption of Merkle tree proof-of-reserves, providing publicly verifiable asset holdings. Additionally, LBank maintains a robust Anti-Market Manipulation Policy that actively safeguards the integrity of its marketplace by prohibiting deceptive practices like wash trading, spoofing, and pump-and-dump schemes.

Plus, you can set up 2FA and anti-phishing code to secure your account, as well as create a withdrawal whitelist so you will only be able to withdraw funds to these specific addresses.

By the way, while you can trade on LBank without passing KYC, you will not be able to access all of its features. For instance, you won't be able to perform fiat transactions, participate in certain events or promotions, and you'll have lower withdrawal limits.

A Range of Trading Options

LBank is versatile when it comes to trading options. It offers spot (with support for over 800 crypto assets, including various meme coins), futures (with up to 200x supported leverage), and leveraged token trading. All of these come with feature-rich dashboards that give you a good set of information to help you understand what is happening on the trading floor.

For instance, you can easily view the 24-hour high, low, change, and volume for any asset or pair. You can also browse through order books, and apply technical analysis tools to the integrated charts. Notably, all of LBank’s charts are provided by TradingView, which is beneficial for advanced investors who are accustomed to the precise range of measurements and metrics that this service offers.

It is beyond the scope of this article to list every feature that LBank offers through its TradingView integration, but to give an indication of the extent of them, I'll mention a few elements.

You can plot cipher patterns, Elliot impulse waves, and time cycles, apply fixed range volumes along with long and short positions, and view moving averages with easily adjustable parameters. Essentially, these are tools designed for highly skilled and knowledgeable traders.

Many exchanges on the market feature TradingView integration, including top platforms like Bybit, so this is not exactly unique, although it is always appreciated as it is a clear indicator of the types of users that a company is aiming for. It is fair to say that nobody will appreciate tools like this quite like a professional trader.

By the way, LBank also offers copy trading. As the name suggests, it allows you to copy the strategies of other traders. You can choose traders based on their past performance, profitability, and so on. Or, if you want to go on the other side, you can also become a lead trader yourself and earn extra income as traders copy you.

Fiat Buying and Selling Options

An important point to highlight in this LBank exchange review is that it offers both fiat buying and selling options. Having these on and off-ramps is very significant, and is one of the best aspects of using a centralized exchange, as opposed to a decentralized one that can only operate with crypto assets.

The platform supports the buying and selling of BTC, ETH, USDC and USDT. While this is a small selection, they are undoubtedly desirable cryptocurrencies that traders frequently engage with. The fiat options it supports are more impressive, with gateways for over 100 assets, including USD, GBP, EUR, JPY, ILS, NGN, BRL, and many more.

Traders can use over 200 payment methods, including VISA, Mastercard, PayPal, and bank transfers, to buy and sell crypto using fiat. Just note that while some fiat currencies support various payment methods, some others might have more limited options.

Nonetheless, this shows an impressive level of functionality and the ability to perform actions, which is a relatively good sign that LBank is legitimate. After all, setting up on and off-ramps can be challenging for some exchanges, as it requires having a solid reputation and good business connections.

By the way, you can also deposit fiat directly into your LBank account and then convert it to USDT. Deposits have no fees, while conversion fees are low, so this way you might save on expenses as opposed to buying crypto via the One-Click Buy tool.

LBank Earn

While LBank offers various trading tools, there are also several ways you can earn on the exchange. It provides users with two earning products: LBank Flexible and LBank Locked.

The Flexible earning tool allows users to earn daily interest on their crypto assets without any lock-up period. This product provides high liquidity, enabling deposits and withdrawals at any time. Users can manage idle assets efficiently and benefit from automatic daily interest distribution with competitive returns.

The potential APY depends on the asset in question, but it ranges from around 2% to over 290% (though you'll find more options on the lower end of this range). By the way, with the Flexible earning tool, the APY is compound, which means the interest you earn is regularly reinvested, allowing you to earn interest on both your original investment and the accumulated interest.

The Locked earning tool, on the other hand, offers even higher, stable returns in exchange for committing assets for a predetermined period. By locking funds, users can earn increased interest rates compared to flexible options. Also, the APY is not compound with this earning tool.

Besides those, Lbank also offers Launchpad and Launchpool. Both tools are designed to help users gain early access to new cryptocurrency projects. Launchpad allows direct investment in tokens before their public listing, while Launchpool offers a passive approach, rewarding users with tokens simply by holding certain crypto assets.

On top of that, there's the Bonus Center where you can earn various rewards for completing trading tasks, join exclusive limited-time events, or even participate in airdrops.

Did you know?

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LBank Review: CONS

Naturally, in order for you to develop a thorough understanding of LBank, we need to talk about the less-than-stellar aspects of this exchange, as well.

Some Concerns From the Past

Determining whether an exchange is genuine is a serious matter. Oftentimes, it's not a simple as it might appear at first glance - there are a lot of variables involved, many of which present themselves to be two-sided, and you usually need to dig really deep in order to get the full picture.

It wouldn't be fair to outright state whether LBank is legitimate or not, since it's a complex question. However, what's worth pointing out is that some users of the exchange aren't exactly convinced by certain specific aspects of the platform - this is something that can be visible in the LBank reviews those users leave online.

Specifically, Hacken, one of the leading auditing services in the blockchain and Web3 space, produced a report on LBank, where it made some concerning discoveries. For starters, it found discrepancies in its liquidity in 2018, revealing trade volume and price inconsistencies across different pairs. It also found further inconsistencies with trading activity, which Hacken ruled as "most likely randomized".

LBank's trading volume also appeared unusual when compared to its website traffic. The Hacken report states that, in 2018, its 30-day adjusted trading volume was higher than Kraken, KuCoin, and Gemini. Considering how all three are market leaders in the space, this was made more suspicious when juxtaposed with LBank's significantly lower social media following.

However, it is worth mentioning that the report is now more than a few years old, and some aspects raised are no longer 100% relevant. For instance, during the creation of the report, it was hard to find the team behind LBank, whereas nowadays, several team members are listed on LinkedIn.

With centralized exchanges, reliability is at the top of the priority chart, and anything that can help the platform appear more reliable is going to make a difference. Having team members doxed (at least at the LinkedIn level) adds faces to the services offered, which is certainly a big deal to be aware of.

Lack of Innovation

Now, straight from the get-go, let me address something - a perceived lack of an innovative edge isn't necessarily a con, in and of itself. However, when you have so many exchanges to choose from nowadays, it might be.

This is because LBank offers very little that cannot be found on other popular exchanges. Remember that we are not talking about traditional trading, where new ideas are shunned or viewed as reinventing the wheel. The crypto industry is rich, varied, and constantly evolving. There are many novel, unique, and groundbreaking things that an exchange can offer, as the industry is consistently changing.

For instance, Binance offers unique features like a mining pool, a fan token platform, and even its own blockchain. Coinbase offers a dApp catalog, cloud tools, and private client services. Understandably, these are top exchanges in this space, so you might expect them to push boundaries.

However, keep in mind that there are other ways to be innovative than just competing with the leaders in crypto. Many platforms choose to carve out a niche for themselves by focusing on one specific sub-sector within the space, such as derivatives, liquidity farming, or loans.

What I've noticed when taking a look at LBank is that opossed to how it was in the past, it seems to be putting a stronger focus on meme coin trading. Maybe this is the niche it's currently aiming for?

That said, as I've hinted at the beginning of this chapter, this is as much of a con as you'll make it out to be, really. For some traders, this might be noteworthy. For others, especially those who are simply looking for crypto-exchanging functionality and not much else, it's likely to be less important or impactful.

No US Support

Unfortunately for Americans, there is no LBank USA exchange support. This means that US citizens cannot gain access to any features on the platform.

This is a bit disappointing as the US boasts a multitude of crypto fans and enthusiasts, and a lack of full accessibility means the company is cutting itself off from a wide range of traders and potential users. Not to mention, a lack of US support typically hurts trading volume.

That being said, in the past, Americans were able to use LBank to some extent. They could deposit crypto and conduct some crypto-to-crypto trades, but overall, it was a limiting and frustrating situation for traders. For those just dipping their toes in the water, it might have been fine, but professional US traders were not satisfied.

LBank Fees

Fees on LBank depend on the trading type and the trading pair in question. Here's a short summary of its trading fees:

Table: LBank trading fees

As for deposit and withdrawal fees, the former is usually free (just like internal transfers), while the latter depends on on the asset in question. Also, there are set minimum deposit and withdrawal limits for each cryptocurrency.

How to Sign Up to LBank

I have dedicated this section of my LBank review to demonstrating how to sign up on the exchange. This is a relatively simple activity, which will not cover the verification process, meaning that it will be relevant to all traders from around the globe.

After this, you will have successfully signed up on LBank. If you are in a country that LBank supports, then the next logical step would be to get yourself fully verified.

But do not worry if you do not, as you can still explore the platform and try out some of the tools available. Naturally, a lack of verification will lead to a stunted experience, but it can teach you enough about the service for you to decide whether you like it.

Legacy Features

As platforms improve overtime, it's quite often that they stop offering the services they offered in the past. That said, if you're interested, let's take a look at LBank's legacy features.

Crypto Lending Service

For some reading this LBank review, one of its standout features used to be its lending service. LBank had a crypto loan tool designed for people who want to borrow extra money to further engage in spot and futures trading. The borrowing options were either BTC or USDT, and the collateral was in either ETH or USDT.

Admittedly, these were limited choices compared to platforms like Binance, which lets you borrow from over 100 different coins and tokens, but the service was still useful for people who preferred to keep all of these activities within LBank’s modest ecosystem. Among its advantages, there was no transaction fee for this process, users could repay at any time, and interest was calculated hourly.

The loan range to choose from was between 7, 14, 30, 90, and 180 days (with an auto-renew option to toggle between). This means you could have engaged in short-term or medium-length loans, which were beneficial for day traders who needed a little more buying power than they currently had for some trades.

Perhaps the biggest perk LBank offered was that users did not need to jump through any unnecessary hoops to request a loan. The barrier for this was extremely low, as the company stated that as long as you were registered with it, you could make a request. This openness is one of the ways the crypto world shines, contrasting with traditional loan processes, which are often stringent.

Though, there were some terms for overdue repayments to consider, even if you were certain you could repay a loan in a reasonable timeframe. LBank stated that they allowed an overdue duration of 72 hours, during which you were charged three times the hourly interest rate. And if you failed to make the repayments within this period, then the collateral would be liquidated.

That said, it seems that the loaning service is not available on LBank anymore.

NFT Marketplace

LBank users also used to have access to a dedicated NFT marketplace built within the platform. They were able to browse a database of NFTs, uploaded and maintained by members of the LBank community.

While most of these NFTs were made by unknown artists (or created by AI), what is important is that the service was offered by LBank, adding more variety and value to its user base.

That being said, there appeared to be some legitimate artworks being sold and traded there. In particular, you were able to find the work of South Korean artist Soobok Lucas Park, which was refreshing to see, as he is a traditional painter rather than a digital artist, and his work added richness to the platform. It also showed that there were some people taking the marketplace seriously.

Most of the NFTs uploaded there were pictorial, but there was nothing stopping other types of NFTs, such as tickets or blockchain domains like those offered by Unstoppable Domains, from being added. This made them excellent for traders looking for more options and opportunities to earn assets without leaving the platform.

In a more general sense, NFT marketplaces have become a sort of norm nowadays, as far as centralized exchanges are concerned. LBank didn't necessarily stand out from the crowd in this regard - you needn't look further than the Binance NFT Marketplace to understand that.

Still, it was a rather cool feature that was certainly useful for anyone interested in non-fungible tokens, or those who wanted to perform all of their trading activities (as well as manage all of their digital assets) on a single platform. Unfortunately, though, it seems there's no LBank NFT marketplace anymore.

Grid Trading

In the past, there was also one more interesting aspect to trading on LBank that is not readily available in many other places. The service offered grid trading, which is a popular trading strategy typically found in the Forex sector. It involves placing buy and sell orders at regular intervals or price levels above and below the current market price. The basic concept of grid trading is to establish a grid of orders that capitalizes on price fluctuations within a certain range.

The trader sets predefined price levels or intervals, commonly referred to as grid lines or grid levels. These levels act as reference points for placing buy and sell orders. On LBank, this was not available for its derivatives, but it was present for its spot trading. It even included a specialized AI that helps determine a potential seven-day yield in relation to this.

Pros

• Secure and reliable
• Accepts fiat currencies
• Lots of trading options

Main Features

• Reputable exchange
• Accepts fiat currencies
• Offers various trading options

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Pros

• Fiat currencies - accepted
• Simple to use
• Accepts only the most trustworthy cryptocurrencies

Main Features

• A leading cryptocurrency exchange platform
• Best for beginner investors
• Accepts fiat currencies

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Over 300 supported cryptos

Main Features

• Over 300 cryptocurrencies
• Secure & transparent
• Fully reserved

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Conclusions

This LBank review is a good starting place for anybody who is interested in learning more about the service, its features, and its drawbacks. While there are many positive elements to highlight, such as its variety of trading tools, fiat buying and selling options, as well as various earning tools, there are also some drawbacks to consider, including the lack of US trader support or the accusations of volume and traffic manipulation in the past.

For some, these might seem like negligible issues, while others might not really care about them too much. But for those who might be looking for another platform to check out after reading this LBank review, Binance, KuCoin, and Coinbase are surely great alternatives. These are all leaders in their own right, with a good range of tools and features, and dedicated user bases.

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