Lbank or Coinbase | The Many Upsides of Choosing Coinbase
Jack Moreau
Feb 2024
9 min read
Fact checked
Are you searching for the perfect cryptocurrency exchange but not sure how to choose between Lbank vs Coinbase? In this in-depth comparison, we'll explore the features, fees and user experience of both exchanges to help you make an informed decision. By the end, you'll have a clear idea of whether Lbank or Coinbase is the right fit for you!
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 Coinbase are both highly reputable cryptocurrency exchanges that have been in operation for several years.
Lbank was founded in 2015 and is headquartered in Indonesia and registered in the Virgin Islands. On the other hand, Coinbase, founded in 2012, is a US-based exchange and wallet service that is registered in the District of Columbia.
Lbank exchange
Lbank offers a range of digital assets including products such as spot, futures and ETF trading. The exchange supports a wide range of over 450 cryptocurrencies including Bitcoin, Ethereum, Solana, Cardano and many others.
Lbank has over 5 million registered users worldwide and is available to users in over 200 countries. The Lbank app has been downloaded over 1 million times and has an average rating of 3.2 based on 20,000 reviews.
Lbank app
Coinbase on the other hand is one of the biggest exchanges in the world with over 100 million users mainly based in the US and Europe. Coinbase offers a range of services such as spot trading, recurring buys, staking, and Coinbase Learn & Earn.
Coinbase exchange
The exchange caters to both retail and institutional investors with its advanced trading platform, Coinbase Pro. Coinbase offers a decent range of over 200 cryptocurrencies, including Bitcoin, Ethereum, and Cosmos.
The Coinbase app has been downloaded over 10 million times and has a 4.1 star rating based on over 750,000 reviews.
Coinbase app
Lbank vs Coinbase Signup & KYC
When it comes to signing up for a cryptocurrency exchange, there are a lot of factors to consider. One of the most important is the Know Your Customer (KYC) process which requires users to verify their identity before they can start trading.
Let's start with Lbank. One of the unique things about this exchange is that KYC is not mandatory for all users.
lbank KYC process
If you don't want to go through the verification process, you can still deposit cryptocurrencies and start trading right away.
However, if you want to withdraw your funds or access other features, you'll need to complete KYC. This involves uploading an ID card such as a passport or driver's license and the verification process can take up to 1-2 business days to complete.
Coinbase being a listed company in the United States requires KYC for all users.
This means that before you can begin buying and selling cryptocurrencies, you will need to provide your full name, email, phone number and a valid ID (Passport or drivers license).
The verification process typically takes a few minutes to complete but it can take longer if there are any issues with your documents.
Coinbase signup
In terms of the signup process, both exchanges are relatively straightforward. Signing up for Lbank takes less than a minute, and you can choose to register with either your email or phone number. Coinbase's signup process is also quick, taking about 1 minute to complete.
Lbank vs Coinbase Products & Services
Lbank offers a variety of features for their users such as trading services like spot trading, futures and ETFs.
It also offers grid trading, earn products with flexible or locked time periods for USDT, USDC and other coins and an NFT marketplace. The daily spot trading volume on LBank often exceeds volumes of $1 billion, and Lbank offers leverage on futures up to 125X.
Lbank spot trading
On the other hand, Coinbase offers a good range of features considering it's regulated in the US.
This feature set includes spot trading, lending and borrow, Coinbase web 3 wallet, coinbase card, NFTs, learn and earn and recurring buys. Liquidity on Coinbase is in top 5 category with daily spot trading volumes frequently exceeding $1 billion.
Coinbase product features
In terms of user experience, Lbank falls short with its slow and slightly buggy platform.
Coinbase, on the other hand, provides a great user experience with a beginner-friendly and easy-to-navigate website. The Coinbase website does, however, frequently have connection issues where users have to wait to login.
Coinbase earn
When it comes to the range of products and services, Coinbase is definitely more limited than Lbank.
Coinbase, being regulated in the US, is limited to only spot trading and a few other services while Lbank being based offshore also offers futures and ETFs.
Lbank and Coinbase also cater to different sets of users. Lbank is more suitable for advanced traders who want a wider range of trading products and services.
Coinbase on the other hand is more suitable for beginners who want to buy and sell cryptocurrencies in a regulated environment with a great user experience.
When it comes to trading fees, Lbank and Coinbase are two different animals.
On one hand, Lbank offers some decent trading fees compared to the market average. For spot trading, both makers and takers pay a 0.2% fee on Lbank, while for futures trading, makers are charged 0.02% and takers are charged 0.06%.
Coinbase has some of the highest fees in the market with spot trading fees charging makers at 0.40% and takers 0.60%.
Lbank Fees vs Coinbase Fees
Unfortunately, Coinbase doesn't offer futures or margin trading, which means that users looking for these trading options will need to look elsewhere.
Overall, it's clear that Lbank has the lower fees between these two exchanges. Whether you're a spot or futures trader, Lbank offers quite competitive fees.
When it comes to depositing fiat currencies, Lbank unfortunately does not support any type of fiat currency deposits.
This means that users will have to deposit cryptocurrencies to start trading. However, if they wish to buy cryptocurrencies using their fiat currency, they can do so through third-party providers such as Simplex, Banxa, and Coinify.
Buy crypto with card on Lbank
These third-party providers support over 149 fiat currencies, making it easy for users to buy cryptocurrencies using their preferred currency.
Coinbase on the other hand supports three fiat currencies including USD, EUR, and GBP. Users can deposit funds using ACH (for USD), SEPA (for EUR), Wire (for USD), or Swift (for GBP). This gives users a wide range of deposit methods to choose from depending on their location and banking preferences.
Coinbase fiat deposits
ACH deposits on Coinbase are free, while wire deposits cost $10 USD. SEPA deposits incur a fee of 0.15 EUR, and Swift deposits are free.
Overall, while Lbank may not support fiat currency deposits, Coinbase offers a range of deposit methods that make it easy for users to deposit funds in their preferred currency. Whether you prefer to deposit via ACH or wire transfer, Coinbase has got you covered.
Starting with Lbank, users are only able to withdraw cryptocurrencies and not fiat currencies.
The fees for withdrawing Bitcoin comes with a 0.0005 BTC fee, Ethereum comes with a 0.001 ETH fee, Solana has a 0.02 SOL fee and ERC-20 USDT comes with a very high $20 USDT fee.
Coinbase provides more options for its users to withdraw their funds. Fiat withdrawals are available via ACH, Wire, SEPA, and Swift. ACH withdrawals are free, Wire withdrawals come with a $25 USD fee, SEPA withdrawals come with a 0.15 EUR fee and Swift withdrawals come with a 1GBP fee.
Coinbase fiat withdrawal fees
For cryptocurrencies, Coinbase charges a 0.0001 BTC withdrawal fee for Bitcoin, free ETH withdrawals, a 0.005 SOL fee for Solana withdrawals, and a $3 fee when withdrawing USDT.
In conclusion, Lbank is more suited for advanced traders who want a wider range of cryptocurrency products and services, while Coinbase is more suitable for beginners who want to buy and sell cryptocurrencies in a regulated environment with a great user experience.
When it comes to trading fees, Lbank offers a competitive 0.2% spot fee for makers and takers while Coinbase charges twice as high with 0.4% for makers and 0.6% for takers.
Lbank does not support fiat currency deposits or withdrawal but they offer a range of third-party providers that support over 149 fiat currencies.
Coinbase, on the other hand, supports three fiat currencies and offers a range of deposit methods to choose from depending on the user's location and banking preferences.
In terms of withdrawal options, Coinbase offers a wider range of fiat withdrawal options and lower crypto withdrawal fees than Lbank.
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.
