LBank Exchange Review
LBank is a centralized exchange that occupies #27 on Guru InvestingExchange Tracker. LBank has trading volume US$1,335,762,553 in the last 24 hours and US$473,922,501,714 in the last 7 days.
LBank currently has 637 cryptocurrencies, 10 paper currencies and 851 markets (cryptocurrency trading pairs). The most popular trading pair on LBank: BTC/USDT.
Compare LBank next to other exchanges here: Exchange comparison tool.
LBank is a centralized cryptocurrency exchange (CEX). Based in the British Virgin Islands, it offers spot market with more than 500 assets. In addition, LBank supports peer-to-peer (P2P) transactions through its customer-to-customer (C2C) trading service. Services are available on desktop and mobile devices.
LBank is KYC compliant. Due to regulations, some or all of LBank’s cryptocurrency exchange services may be restricted in some countries. The platform is not available to US customers.
Markets
The platform hosts its own token, LBCN. It is a stablecoin, which means that the price of LBank’s cryptocurrency is pegged to the value of the Chinese Yuan (CNY). Customers can purchase LBCN, as well as other cryptocurrencies, using credit or debit cards.
LBank spot market this is the main service. Margin trading is not included. However, grid trading and derivatives markets available to clients. The platform supports both crypto-to-fiat and crypto-to-crypto trading. In total, the list contains more than 1000 LBank trading pairs.
Clients can access trading bot when they engage in online trading. All orders are placed automatically, and the bot can work around the clock. Additionally, traders can manually configure their preferred grid settings.
LBank exchange fees are fixed and do not have a tiered structure. They are based on the producer-receiver model. However, both maker and taker fees are 0.1%. LBank’s 30-day trading volume does not affect service costs.
There is no deposit fee for assets. LBank’s cryptocurrency withdrawal fees, as well as the minimum required amount, vary by asset. For example, minimum Bitcoin (BTC) The withdrawal limit is 0.0002, and the price of the LBank cryptocurrency is 0.0001 BTC.
From 2020, institutional clients of the LBank cryptocurrency exchange will be able to access trading ETFs using leverage. Leverage can be used in derivatives markets. When trading futures, LBank exchange fees are set at 0.04% for takers and 0.02% for makers.
LBank offers client-client over-the-counter (OTC) trading. All transactions in the OTC market are conducted peer-to-peer, without the intervention of any intermediaries. The buyer pays the seller directly for the asset. Once the seller confirms the payment, the asset will be listed on the over-the-counter platform of the LBank cryptocurrency exchange.
other services
LBank Earn This is the platform’s rewards program. Clients participating in LBank Earn can place their assets on the platform and earn passive income. The awarded price of LBank cryptocurrency for 30 days of investment can be $200.
The LBank crypto exchange launched in 2022. LBank NFTmarket for non-fungible tokens. It offers both a traditional marketplace where users can mint, buy, sell and trade their NFTs, as well as an auction marketplace that allows customers to bid on specific items. Auction participants can earn 10% of the auction price spread.
About company
The LBank cryptocurrency exchange was founded Allen Wei and Eric He. The project started in Hong Kong in 2015. The official launch took place two years later, in September 2017. The company’s headquarters are currently located in Tortola, British Virgin Islands.
According to Eric He, the company consciously decided to focus its efforts on selecting and auditing projects rather than spending money on media marketing campaigns. In less than a year, the LBank crypto exchange team has grown more than sevenfold. In October 2018, LBank was reported to have over 3 million users.
In 2019, the LBank cryptocurrency exchange entered into a partnership agreement with the TEEX secure computing platform. In the second half of 2019, the company began releasing bi-weekly performance reports, informing users of any current or upcoming changes and statistics.
In 2022, it was reported that the LBank crypto exchange had accumulated over 6.4 million users worldwide. In March of the same year, the company began operations in Nigeria with plans for further expansion in Africa.
Allen Way is the CEO of LBank. In addition to running the company, Wei is an experienced investor. In recent years, he has commented on the company’s potential expansion into the tech space of the metaverse.
Eric He is the Chairman of LBank. There is little information available about He’s career before LBank. However, he is one of the company’s biggest social media ambassadors.
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A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
