LBank is a versatile, centralized crypto exchange with 6 user levels [Basic, A, B, C, D, E]. This platform offers various services, such as staking, grid trading, and copy trading.
Several security measurements, including regular audits, 2-factor authentication, address whitelisting, and more are taken by the exchange. CoinGecko website has given a 7/10 score to LBank.
LBank; Company Information + Regulation
LBank, established in 2015, has quickly risen to prominence in the cryptocurrency exchange landscape. The company has licenses from NFA, VASP, MSB, and Canada MSB. It has set up offices in 7 different regions of the world:
- Indonesia: PT LBK TEKNOLOGY INDONESIA
- BVI: LBK BLOCKCHAIN CO. LIMITED
- US: LBK EXCHANGE LIMITED
- Canada: LBK EXCHANGE LIMITED
- Australia: LBK.INFO PTY. LTD
- Lithuania: UAB LBANK EXCHANGE
- UAE: LBK BLOCKCHAIN CO FZCO
The operating office of the company is located in Indonesia.
LBank Features Summary
Each exchange has some common specifics, with different parameters. Here's a summary of the key features available on the LBank exchange:
Exchange | Lbank |
Launch Date | 2015 |
Levels | Basic, A, B, C, D, E |
Trading Fees | 0.1% For Spot, Lower For Futures |
Restricted Countries | USA, Cuba, Sudan, North Korea, Syria, Iraq, Mainland China |
Supported Coins | +700 |
Futures Trading | Yes |
Minimum Deposit | Not Stated |
Deposit Methods | Crypto, Bank Transfer, Electronic Payment Systems, Credit/Debit Cards |
Withdrawal Methods | Crypto, Bank Transfer, Electronic Payment Systems, Credit/Debit Cards |
Maximum Leverage | Up To 125x |
Minimum Trade Amount | From 0 |
Security Factors | 2FA, Proof Of Reserve, Cold Storage, Security Audits, Address Whitelist |
Services | Staking, Grid Trading, Copy Trading |
Customer Support Ways | Ticket, Live Chat, Email |
Customer Support Hours | 24/7 |
Fiat Deposit | Yes |
Affiliate Program | Yes |
Orders Execution | Market, Limit, Stop-Limit, Stop-Order |
Native Token | No |
LBank User Levels Specifications
This exchange employs a tiered user level for withdrawal limits, which is determined on the level of account verification. User Levels on LBank:
User Level | Daily Withdrawal Limit (USDT) |
Basic | 10,000 |
A: Binding Phone Number | 20,000 |
B: Completing 2FA (Google Authenticator) Binding | 27,000 |
C: Setting Up Asset Password | 200,000 |
D: Completing KYC | 400,000 |
E: Completing Facial Authentication In KYC | 600,000 |
Fees and Commissions on LBank
LBank offers a competitive and straightforward fee structure designed to attract traders of all levels. In the table below, we discuss the trading costs on LBank:
- | Maker | Taker |
Spot Trading | 0.1% | 0.1% |
LTs Trading | 0.2% | 0.2% |
Futures Trading | 0.02% | 0.06% |
Regarding deposit fees, the exchange does not charge clients with any costs for deposits. However, there are withdrawal commissions, varying based on the network and crypto.
LBank Coins and Tokens: What Can You Trade On It?
LBank boasts an impressive selection of digital assets. This variety helps meeting the needs for a wide range of investors. Key points include:
- Over 700 cryptocurrencies and digital tokens available;
- Support for popular coins like Bitcoin [BTC], Ethereum [ETH], and Litecoin [LTC];
- Trading pairs with nearly 200 fiat currencies;
- Derivative products offering on 100+ cryptocurrencies;
- NFT marketplace for digital collectibles.
Futures and Margin Trading on LBank Exchange: Main Specifics
The exchange offers futures trading options, providing traders with opportunities to amplify their potential profits. Futures Main Specifics on LBank:
- Leverage up to 125x available;
- Uses maintenance margin as collateral;
- 5 USDT minimum notional value for each order;
- Allows for long and short positions.
Unfortunately, this platform does not currently offer any services for margin trading.
Registration and Verification on LBank: Complete Guide
To start trading on this exchange, follow these steps for registration and verification:
- Visit the official website and click on "Register";
- Enter your email address and create a strong password. Alternatively, you can use your phone number, or sign up with a Google or Apple account;
- Complete the captcha and agree to the terms of service;
- Verify your email address by entering the code sent to your inbox.
Now, your account is created! To unlock full trading features, complete the KYC (Know Your Customer) process through the "Security" section on the website.
You'll need to bind your phone number and submit documents regarding your identity and/or residence.
LBank Security & Safety Measures
This exchange provides proof of reserves documents to help users build trust with it. Other security factors include:
- Two-factor authentication (2FA) for account logins;
- SSL encryption for all data transmissions;
- Usage of both hot and cold storage for user funds;
- Regular security audits and penetration testing;
- Withdrawal address whitelisting for specific wallets;
- Device management for account access control.
What Options and Tools Do You Have for Payments?
LBank supports various payment methods for buying/selling assets, and deposits/withdrawals. Payment Options on LBank:
- Cryptocurrency deposits and withdrawals;
- Bank transfers for fiat currencies and purchases (limited availability);
- Credit/debit card (VISA, MasterCard) for buying/selling crypto;
- Digital wallets such as Apple Pay, Google Pay, and Samsung Pay.
Overall, there are more than 200 methods for payments on the platform.
LBank Trust Scores and Evaluations by Users and Experts
Scores and ratings on reputable websites such as CoinGecko could affect our decisions in selecting an exchange. Scores of LBank on relevant websites are both positive and negative. Trust Scores:
- Trustpilot: 1,7 out of 5, more than 150 user reviews
- CoinGecko: 7 out of 10, based on the website's rating algorithm
It appears that users don't trust this exchange, but reviewers consider it a reliable one.
Does LBank Offer Copy Trading Services and Investment Options?
Copy trading allows a user to replicate a professional trader's strategies and signals automatically. The mentioned exchange offers a service for this purpose, available on both spot and futures trading.
Also, it offers a platform for staking assets and earning passive income over time. This option is available in "Flexible" and "Locked" forms.
In flexible, withdrawing assets is possible at any time without any penalties.
In locked, the crypto is locked for a fixed time, but with a significantly higher interest rate than flexible staking.
Writer's opinion and conclusion
LBank is a global crypto exchange operating for 10 years in the industry, with attractive features such as futures trading, leverage up to 125x, and the availability of over 700 cryptocurrencies.
However, people from some countries are prohibited from its services. Also, the trust score on Trustpilot is 1.7 out of 5, based on +150 reviews.
