Lbank vs Binance | We Compared Both & One Is Better
Jack Moreau
Feb 2024
8 min read
Fact checked
Are you wondering which cryptocurrency exchange to use between Lbank vs Binance? We've done the research and compared their features, trading fees and user experience. Read our comprehensive comparison and get the information you need to make the best decision!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Lbank and Binance are two popular cryptocurrency exchanges that offer a wide range of trading options and support for 100s of cryptocurrencies.
Lbank was founded in 2015 and is headquartered in Indonesia where it has over 250 employees. The exchange is available to users in over 200 countries and 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 exchange has over 5 million registered users and offers a mobile app for iOS and Android with over 1 million app downloads.
Lbank exchange
Binance on the other hand was founded in 2017 by Changpeng Zhao and is registered in the Cayman Islands as Binance Holdings Ltd. The exchange supports over 350 cryptocurrencies and numerous trading pairs.
Binance is one of the largest and most popular trading platforms offering a comprehensive suite of services, including spot trading, futures trading, staking, and DeFi products.
Binance has over 150 million users worldwide and the Binance Android app has been downloaded over 50 million times with a rating of 4.4 based on over 1 million reviews.
Binance app
Lbank vs Binance Signup & KYC
When it comes to signing up for cryptocurrency exchanges, one of the most important things to know is their KYC requirements.
Let's start with Binance. This exchange requires users to verify their identity through a KYC process before they can start trading. Creating a Binance account is quick and easy taking just seconds to complete.
Binance KYC vs Lbank KYC
However, in order to unlock full account privileges, users must go through the verification process. This involves submitting all required documents and information and takes a maximum of 5-10 minutes.
Once the documents are submitted, the verification process can take anywhere from 15 minutes to 2-3 business days to complete.
Lbank, unlike Binance, does not have mandatory KYC verification for all of it's users. Users can thus deposit and trade cryptocurrencies without having to upload ID documents. Signing up for Lbank is also quick and easy and takes less than a minute to complete.
Lbank KYC process
However, if users want to access a wider range of services on the Lbank exchange, they will need to complete the KYC process.
This means uploading an ID card such as a passport or driver's license. The verification process can take 1-2 business days to complete depending on how busy the support team is.
Lbank vs Binance Products & Services
When it comes to services offered, Lbank and Binance are two exchanges with their own unique offerings.
Lbank offers a variety of trading services such as spot trading, futures, and ETFs. Along with these services, Lbank also provides earn products with flexible or locked time periods for USDT, USDC, and other coins, and an NFT marketplace.
Earn on Lbank
Lbank's daily spot trading volume frequently exceeds $1 billion, making it a popular choice for traders looking for liquidity.
However, the user experience on Lbank is not as great as some other exchanges, with the platform being a bit slow and slightly buggy to use from time to time.
Overall, Lbank satisfies the needs of both professional traders and beginners with a decent range of products and services.
Binance offers a wide range of trading services such as spot, futures, margin, perps, and options trading.
Binance spot trading
Binance also provides additional features such as copy trading, trading bots, and leveraged tokens. Users looking to earn on their assets can also do so via staking, lending and borrowing, and a variety of vaults.
Binance earn
Binance's daily spot trading volume is the by far the biggest of any exchange and frequently exceeds $10 billion.
Futures on Binance
The user experience on Binance is quite good considering the wide range of products on offer, with the platform managing to offer this wide range without overwhelming the user.
In terms of derivatives, Binance offers perpetual or quarterly contracts settled in USDT, BUSD, and cryptocurrencies.
Binance also offers a max leverage of up to 125X on futures, while margin trading is available with up to 5X leverage with USDT, BUSD, BNB, BT, Alts, and fiat as underlying collateral.
Spot trading on Binance
The exchange also offers additional features such as a NFT marketplace and a Web 3 wallet in Trust Wallet and for institutional clients, Binance offers an OTC desk and custody solutions.
While both Lbank and Binance offer a range of trading services and features, Binance's wider range of products and better user experience make it a more popular choice among traders.
Let's continue by comparing the different trading fees of Lbank and Binance. If we begin with Binance, the exchange charges a competitive spot maker and taker fee of 0.10%. For futures trading, Binance charges a maker and taker fee of 0.02% and 0.04% respectively.
Binance fees vs Lbank fees
Meanwhile, Lbank charges a slightly higher spot trading fee of 0.2% for makers and takers. However, when it comes to futures trading, Lbank offers a similar fee of 0.02% for makers and a slightly higher 0.06% fee for takers.
When it comes to depositing fiat currencies, Lbank is not the best option. They only allow users to deposit cryptocurrencies or buy crypto with their fiat currencies through third-party providers.
On the other hand, Binance offers support for 26 fiat currencies, such as EUR, AUD, GBP, and PLN, among others. The exchange provides a plethora of deposit methods, including Bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP).
Binance fiat deposits
Binance even offer fiat deposits via Visa, Mastercard, PayID, and Advacash, making it easy for users to fund their account. However, be mindful of the deposit fees.
While some methods, such as bank transfers via SEPA, are free or charge a low fee of 1 Euro, others can be more expensive, such as deposits made with Visa or Mastercard, which incur a 1.8% fee.
Overall, Binance's deposit methods for fiat currencies are diverse and cater to a wide range of users, making it a great option for those who want to fund their account with ease.
When it comes to withdrawing your assets from Lbank or Binance, it's important to understand the options available and at what cost.
Lbank only allows for cryptocurrency withdrawals which come with varying fees depending on the blockchain. Withdrawing Bitcoin, for example, comes with a 0.0005 BTC fee while withdrawing ERC-20 USDT costs a very high $20 USDT fee.
Binance offers multiple methods for people to withdraw their fiat currencies. USD can be withdrawn via SWIFT, EUR via SEPA and GBP via Faster Payments (FSP).
Binance fiat withdrawal
However, Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard. The good news is that there's a 1 EUR withdrawal fee with SEPA and free bank withdrawals with many other fiat currencies.
When it comes to withdrawing cryptocurrencies, Lbank and Binance have varying fees as well.
Withdrawing Bitcoin from Lbank has a 0.0003 BTC fee while Binance charges a 0.0002 BTC fee. Withdrawing ETH from Lbank has a 0.001 ETH fee while Binance charges an even lower 0.000768 ETH fee.
When it comes to choosing between Lbank and Binance, it's quite hard to compete against Binance.
While Lbank offers a decent range of products and services, including spot, futures, and ETF trading, Binance offers all of these products and more including spot, futures, margin, perps, and options trading, as well as staking, lending, and borrowing options.
Binance also supports numerous fiat currencies and offers a variety of deposit methods, making it easy for users to fund their accounts.
Additionally, Binance has a better user experience compared to Lbank, with a user-friendly platform that doesn't overwhelm the user.
In terms of fees, Lbank has lower futures trading fees, while Binance offers the lowest spot trading fees among the two.
However, Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard, while Lbank charges varying fees for cryptocurrency withdrawals.
Overall, Binance is the better option for users looking for a wider range of products, better user experience, lower fees and more deposit options.
The one area where Lbank has an advantage to Binance is that it offers trading without the need to KYC.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
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.
