LBank is a fairly well-known cryptocurrency trading platform with a strong focus on the Asian market. Founded in October 2016, LBank is a versatile banking system that allows for fiat-crypto trading, as well as fiat-crypto trading.
Probably the most impressive fact about LBank is its versatility when it comes to enabling its users to make transfer among different cryptocurrencies.
When it comes to altcoins, traders should know that LBank provides them with the possibility of trading well over 40 digital coins including Bitcoin, Litecoin, Ethereum, Ethereum Classic, Neo, Bitcoin Cash, and Zcash. A full list of active markets and trading pairs can be found on CoinMarketCap.
Various traders will find that the exchange’s fiat system is even better, as LBank is one of the few platforms that support real money transactions. The accepted currencies are the US dollar and the Chinese Yuan. Traders are provided with the options of directly withdrawing or depositing money in their bank accounts. According to CoinMarketCap, the trading volume is $237,718,166.
Trading on LBank
LBank grants its traders one of the most affordable trading fees. The exchange boasts very low fees, especially when compared to other exchanges. The exchange charges 0,10% flat fee on all trades. Deposits on the exchange are free while withdrawals are charged at very competitive prices (for example, 0,1% for both ETH and QTUM).
One of the main benefits of LBank is the user-friendly trading platform. The web-based interface is perfectly designed to cater to most users’ needs, regardless of their experience with similar tools.
Traders are provided with a series of specialized indicators which are bound to break down the market by offering a clear-cut view. In terms of security, the platform provides two levels of verifications: C1 and C2.
The C1 Authentication feature is designed for prepay and transaction processes. This is a real-name verification, and it requires users to fill out a form with all the necessary details. The C2 Authentication is designed to improve cash-out operations. The C2 verification can be attained only after the C1 verification has been granted.
Getting started with LBank is not very difficult, as users simply have to sign up to create an account, upload their funds (through credit cards, PayPal, and bank transfers), and choose the preferred cryptocurrency and invest in the said coin.
Besides the massive collection of supported cryptocurrencies and fiat currencies, LBank boasts various other advantages such as anonymous trading and high liquidity. The high liquidity and the low fees should, at least in theory, ensure great chances of making a profit.
As long as users are not using any fiat currencies, the platform allows them to trade anonymously. Trading anonymously can be done only under a certain limit.
Pros and cons
LBank boasts numerous advantages such as affordable costs, massive support for cryptocurrencies, and decent support for fiat currencies. The platform also has great liquidity as well as various other useful features meant to make the trading experience as good as possible.
For all its pros, LBank does have some disadvantages worth considering. Possibly the biggest disadvantage is the lack of support for margin trading. While most crypto exchanges don’t offer margin trading, Chinese OKEx, for example, one of LBank’s competitors, does.
What was another disadvantage seems to be partially remedied by now, namely the lack of mobile apps. Currently, the platform offers its traders the possibility of installing mobile apps for iOS and Android, but they are not available on the App Store and Google Play Store.
To download the app, users need to access the dedicated section on the official website and follow the described procedure. However, since the description is only available in Chinese, this is bound to prevent some crypto investors from using them.
Even though LBank exchange is mainly focused on the Chinese market, it’s a very good example of how a versatile trading platform should be. It attracts users and traders with its low fees, as well as thanks to its massive assortment of digital currencies. The platform is also very user-friendly which is always a good thing when considering that some crypto exchanges out there are very complex and usually intimidate new users.
We hope this guide helped you get a better idea about LBank as a service and whether it is for you or not.