LBank

LBank Review – Introduction

Established in 2015, LBank has emerged as a big centralized exchange (CEX) platform, offering a diverse set of features for all kinds of traders and investors. With its user-friendly interface and extensive range of services, LBank has garnered a loyal following of over 15 million users across more than 200 regions.

Our LBank exchange review will focus on features, fees, trading options, security and safety concerns, and other relevant information. In a few minutes you’ll know everything you need to about this trading platform and whether it’s right for your needs.

Pros and Cons

There’s a lot to like about LBank, and here are a few main highlights plus some of the biggest downsides:

Is LBank Good For Beginners?

Beginners will find their way around the exchange, and there is nothing complex about using it. For simple investing and trading, LBank platform has plenty of options, but not so many to be as overwhelming like Bybit or Binance. First time buyers can use LBank’s many integrated 3rd party gateways to deposit their local currency onto the exchange. The exchange supports both web and mobile app trading.

Additional beginner-friendly features include copytrading, fiat withdrawals, and easy staking. On top of it all, we love that LBank fully supports dark color scheme, and overall the user interface is intuitive and easy to use.

Deposits – How to Deposit Local Currency to LBank?

Depositing fiat to LBank can be done through integrated 3rd party fiat gateway services. These gateways are listed above under the LBank fees section, and currently include Volet, MoonPay, Banxa, Mercuryo, Alchemy Pay, and others. Users definitely have a lot of choice on which service to use, but all of them have been operating for years and are considered safe to use.

Each gateway has different deposit methods. LBank supports over 150 fiat currencies, and depending on gateway you can use credit cards, debit cards, various bank transfers, Apple Pay, Google Pay, PayPal, Skrill, Neteller, Revolut, and others. Plus, dozens of other local payment methods are available depending on country.

Despite LBank’s no-KYC policy, using fiat deposit or withdraw services will require completing identity verification (submitting photo of your ID, and doing a quick automated liveness check with your camera).

Downside to gateways are definitely fees. ranging from 1% to 5% or even higher. Worth noting is that LBank itself charges no extra deposit fees, only the 3rd party payment gateways do. Ultimately, choosing the cheapest deposit method depends on your country, currency used, and most convenient payment method.

The actual buying process is made simple. In LBank’s main menu, simply use the “Buy Crypto” link to access One-Click Buy or Fiat Deposit. In One-Click Buy you can directly convert fiat to your chosen cryptocurrency – best option if you simply want to buy Bitcoin and nothing else. Alternatively, you can use the Fiat Deposit option to deposit local currency onto the platform, and use the money for a number of different altcoin purchases later.

How to Withdraw Crypto as Local Currency

To access fiat withdrawals, go the the “Fiat Deposit” section, and switch to the Fiat Withdrawal tab on top. Withdrawals can also only be done through aforementioned 3rd party fiat gateways, but with fewer options. Across all gateways, you will be able to withdraw via bank transfers, bank cards, and a number of local payment methods and e-wallets, depending on your country.

LBank doesn’t charge any extra fees for fiat withdrawals, but gateways do. Fees are typically around 3%, and will vary depending on your country and payment channel.

Depositing and Withdrawing Cryptocurrency

All crypto deposits are free of fees or charges. LBank has 800+ altcoins listed, and all of them can be deposited with zero fees. Withdrawal fees will depend on specific asset, network, and blockchain congestion.

For example, withdrawing USDT through ERC-20 (Ethereum) network will cost 6 USDT. Using all other supported networks (such as TRC20, Solana, Ton, Arbitrum, Polygon) will cost only 1 USDT. When it comes to crypto withdrawals, LBank is overall cheap.

Is LBank Good For Crypto Trading?

Traders can invest into more than 800 altcoins. All the mainstream assets are listed, plus a ton of mid to low market cap altcoins that provide plenty of portfolio diversification. LBank also has a ton of memecoins listed, making it one of the best platform for investing into them.

Spot Trading

Regular spot trading is accessible through the “Trade” option in the menu, and lets you invest into Bitcoin, Ethereum, or hundreds of other assets. The user interface is practically identical to most other crypto exchanges. You can choose from Basic or TradingView chart. Various other panels such as order book, recent trades, positions, and trade orders are all easily accessible.

You can place regular limit or market orders, but also trigger and OCO orders. More advanced order types such as TWAP or Iceberg are currently not available. Despite the user interface being easy to use, very demanding traders might be disappointed by the lack of customization options. Panels can be resized, but you will not be able to move or remove them. However, there are Standard and Professional layouts available to provide some level of customization.

Leveraged Tokens

LBank does not have margin trading. However, you can trade leveraged tokens on the platform. Hundreds of altcoins can be traded with either 3X or 5X leverage, depending on asset. Trading leveraged tokens is not without its risks, but it can provide you with increased capital efficiency and potentially greater profits, all without the risk of liquidation.

Futures Trading

Futures is where most of the action is! Day traders can open longs or short in either cross or isolated margin modes. To increase position sizes, you can apply up to 200X leverage on Bitcoin and Ethereum. Most altcoins allow max 75X leverage, though.

The Futures user interface is almost identical to spot. Except, you can more easily place Take-Profit and Stop-Loss orders even before opening a position. In addition, you can use a few other options such as time in force or post-only orders. For majority of experienced traders, the options will be more than sufficient for successful trade execution.

Copy Trading

Copytrading is a massively popular feature on many exchanges our team reviewed. Despite risks, there are traders who manage to make money with it. In any case, the fact is that LBank seems to be one of the best copytrading platforms available.

You can easily browse lead traders by performance metrics such as highest ROI, highest USDT profit, lowest drawdown, or highest copiers profit. By selecting an individual lead trader, you can see their 7, 14 or 30 day performance, including profit and loss, profitable and losing trades ratio, win rate, assets under management, volume, etc.

Furthermore, you can view all open positions and full order history of each trader. You can really dig deep into each lead trader and their historical performance to ensure a greater chance of succeeding. However, always keep in mind that letting others manage your investments is risky. Nevertheless, LBank will give you all the data and tools you need for informed investing.

Crypto Trading Fees

Spot trading fees are between 0.10% and 0.20%, depending on asset. Most exchanges have identical fees no matter which coin you are trading. Exact fees can be viewed transparently per each asset on LBank’s website here. But in summary, top-tier assets have 0.10% fee (both maker and taker), whereas medium and low cap assets have 0.20% fee per transaction. All leveraged token trading fees are 0.2% per trade.

On Futures trading, maker (minimum) fee is 0.02%, with Taker (highest) fee at 0.06% per transaction. Unlike on Spot, Futures trade fees are same for all assets.

It’s definitely worth mentioning that you can get a 15% trading fee discount simply by using Cexfinder’s special referral code during account registration. This works similarly to a coupon code, where it applies an account-wide fee discount with zero downside.

To apply the fee discount, just register on LBank through our link, or use the code “3ICD2“ during account registration. It truly is that simple to use, and the fee discount can lead to massive savings in the long run. Again, zero downside for you!

LBank’s Top Features

Aside from trading, LBank offers several extra services to their customers. Here are the main highlights:

• Airdrops & Launchpools: Users who frequently invest into newly launched tokens will find LBank’s airdrops a perfect fit. These airdrops have a 1,000 USDT account balance requirement, plus users need to complete at least one spot or futures trade during the period. However, the atypical requirements also means less customers are participating, leading to greater rewards for those who do.
• Gift Cards: For easy spending of crypto without actually having to withdraw it, you can also buy gift cards on LBank. You can purchase Amazon, Apple Store / iTunes, Playstation, Xbox, Walmart, or Google Play gift cards or store credits with your USDT.
• Staking: Flexible duration staking is available for more than 20 assets. Most of the mainstream coins are available such as USDT, BTC, ETH, SUI, and more. In addition, LBank often has a ton of obscure and low-market cap coins for staking, some of which have very lucrative yields of more than 100%. If you trade fringe altcoins or receive frequent airdrops, LBank’s staking can help you get more value out of your holdings.
• Internal Transfers: Customers can also quickly and easily send or receive money from other LBank users via the internal transfers feature. To send crypto to your friends, simply input their UID, and they will receive the money instantly.

Unlike most CEXs that just keep adding new features, LBank recently streamlined their platform by removing some services such as loans, p2p trading, trading bots, ATM cards, and NFT market. If you need these specific features, you will now have to find alternative exchanges.

Is LBank a Safe Exchange?

• History and usage: LBank has been established in 2015 (operational since 2017), and has over 15 million registered users. Main operational office is located in Indonesia.
• Previous hacks: No hacks or lost customer funds have been recorded.
• Independent scores: CoinGecko, a reputable coin tracking website, scores LBank with a 7/10, and rates it as world’s number 49 exchange.
• Trading volume: On CoinMarketCap and CoinGecko, LBank is usually in top 20 by spot and derivatives volume.
• Security audits: Cer.live, a crypto-exchange certification platform, rated LBank with BBB (77/100 score). Factors compared and assessed included server security, user security, penetration tests, bug bounties, and other metrics.
• Account security: 2FA is mandatory with either phone (SMS), email, or Google Authenticator app. Platform also helps keep accounts secure with anti-phishing codes and withdrawal address whitelists. Additional Asset Password can be set to confirm transactions, and an IP whitelist can prevent account access from unverified locations. My Devices is available in account backend where you can also review a list of all current logins, and force sign outs in case of suspicious access.
• Proof of reserves: The platform promised auditable and transparent Merkle Tree proof of reserves reports in early 2024, but has yet to implement them.
• Regulatory licenses and registrations: International licenses include Money Services Business (MSB) licenses in Canada and United States, remittance service provider and digital currency exchange provider licenses in Australia, Virtual Asset Service Provider (VASP) in Italy, and VASP license in Lithuania.
• Corporate structure: Local regional offices are established in Indonesia (main operations office), British Virgin Islands (company HQ), United States, Canada, Australia, Lithuania, and United Arab Emirates.
• Corporate transparency: There’s practically no information available about LBank ownership, executive teams, or other similar information. The company does not operate transparently.
• Customer support: Live help is available 24/7 through the live chat option on the website. Telegram channels in 10 different languages are also available for quick help. User Guide in the Support Center has 50+ guides and articles on how to use the exchange’s features.

Is Buying and Holding Crypto on LBank Safe?

Compared to most other no-kyc exchanges, LBank has more regulatory approvals. However, the exchange doesn’t operate transparently at all, leaving us with very little information on its day to day operations. We also don’t know much about funds security and safety, hot vs cold wallet usage, or other methods to secure deposits.

Because very little is known about LBank’s operations, security or ownership, we do not recommend keeping any large amounts of funds on the platform. Keep in mind you can trade with high leverage on Futures, therefore you can easily keep a smaller amount of funds on the exchange, while keeping the rest of your portfolio in secure self-custody storage.

In the future, we would definitely love to see more transparency from this company. However, throughout its history LBank hasn’t given us any reason to think it’s a scam exchange or stealing or misusing user funds. The platform is used by millions of traders, has relatively high trading volume and liquidity, and can generally be considered reasonably safe.

FAQs

For more questions or answers, contact Cexfinder’s team at any time!

Final Verdict – Is LBank a Good Exchange?

Features Score: 60 / 100

3.2

Total Rating: Good

For beginners or experienced traders, LBank can be a decent choice. First-time investors can easily find cheaper fiat deposits in our list of beginner-friendly exchanges. On the other hand, day traders can also find more reliable exchanges for trading, with higher volume, more altcoins, or better interface customization. However, LBank still does a solid job of providing a good user experience to both newbies and seasoned investors.

For a no-KYC exchange, the lack of regulatory approvals and low transparency is somewhat expected. But to establish more trust into this platform, we would still like to see additional tools, features and information in the future.

Meanwhile, LBank remains a solid mid-sized alternative exchange that can be used for reliable crypto trading, especially for customers who value the privacy-centric no-kyc policy.