Lbank Exchange Review | Learn All About The Pros & Cons

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.

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 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 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 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.

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.

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.