Through the course of this article, we will understand all about the LBank Exchange and its review.
Despite the fact that the crypto market has a plethora of trading platforms, some stand out. LBank is an example of a platform that exceeds the competition on a number of levels. Since 2015, the Hong Kong-based cryptocurrency exchange has been in operation.
Hong Kong is known as the “Mecca of crypto trading,” and it has a number of effective alternatives. With 97 tokens, including Bitcoin, Ethereum, Litecoin, and Zcash, the LBank crypto market offers a wide range of trading options.
Users can access the platform from anywhere in the world, but LBank tends to avoid jurisdictions with stringent regulations.
Despite the limitations, LBank Exchange is gaining popularity due to its mobile app and low trading fees. Its educational resources and stake capabilities are two more reasons why it appeals to people all around the world.
Before jumping on the bandwagon, customers should read LBank exchange reviews. As a result, we’ve put together an in-depth LBank exchange review that covers everything from services to security to fees.
What Is LBank Exchange?
LBank Exchange is a cryptocurrency exchange situated in Hong Kong that was created in 2015. The platform is owned and operated by Superchains Network Technology Co. Ltd. It is a popular option because it offers crypto trading pairs for 97 tokens.
It rivals with names like KuCoin, Binance, and Bit-Z since its headquarters are in China. Furthermore, the exchange’s location prevents it from recognizing users from some locations. It is, however, still accessible in 200 countries, with 4.8 million users.
It’s perfect for newcomers because of features including easy account creation, a mobile app, and educational resources.
For experienced traders, it also provides advanced trading tools such as trading indicators and APIs. It also allows users to log in with two-factor authentication and provides cold and hot storage wallets for fund security.
The platform is deserving of appreciation because of its low trading and withdrawal fees. However, it falls short when it comes to fiat currency interoperability, margin trading, and payment methods.
However, LBank’s ability to survive the cryptocurrency market for more than five years without a serious security incident demonstrates its strength.
How Does LBank Exchange Work?
Despite the fact that LBank Exchange competes in a highly competitive sector, its operations are quite similar. It offers a web-based trading platform as a cryptocurrency exchange, and it has an easy-to-use UI that gives users a direct experience.
It also employs technical analysis indicators in order to present customers with the most outstanding trading chances. CCI, RSI, KDJ, and MACD are the most notable indicators employed by LBank.
It makes use of such solutions to improve its performance. Users only need to deposit monies after registering an account on the platform. The tools can then be used to buy and trade cryptocurrency.
LBank’s trading fees are cheap, especially when compared to those of other major cryptocurrency exchanges. The maker and taker costs are combined into a single 0.10 percent fee for every trade. Given that most major exchanges charge at least 0.20 percent to 0.25 percent each trade, this is a fairly low fee. Deposits are free when it comes to deposits and withdrawals, but withdrawals have a fee that varies with each cryptocurrency.
This withdrawal cost is not specified on the website’s fee page. However, user evaluations indicate that it is relatively cheap.
Since LBank’s inception in 2016, there have been no recorded hackings or fund losses. The exchange uses SSL-encrypted servers, two-factor authentication for logins and payments, and both cold and hot wallet storage for user cash.
In addition, each user is treated the same way and has access to the same services. Users are also not forced to provide any personal information and can trade anonymously on their marketplace.
Even though they claim to support the English language, some sections of the website are only available in Mandarin Chinese, which we consider to be unfair.
LBank’s assistance for English-speaking users is restricted, as their website’s FAQ page and contact page do not support the English language. When contacting assistance in English, a representative responds slowly and in extremely basic and poor English.
We believe, however, that help for Mandarin speakers is far better and more timely. They can use the FAQ page and other resources.
Customers who speak Mandarin can now contact assistance via WeChat. Overall, we were dissatisfied with the level of help for English speakers.
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Services by LBank Exchange
These are some of the major services rendered by the LBank exchange:
Security and Protection
LBank’s website is secure for everyone, thanks to SSL and two-factor authentication. It also employs cold and hot storage wallets to protect users’ funds.
Multiple Platforms for Trading
LBank is also compatible with a variety of devices. It is available on both computers and mobile devices, allowing users to access high-quality trading services.
Exchange of Cryptocurrencies
LBank’s popularity is primarily due to cryptocurrency trading. It enables users to buy and trade a variety of popular digital currencies at reasonable costs.
Advanced indicators such as CCI, RSI, KDJ, and MACD are available on the platform. In addition, experienced traders can use the premium trading window for a more advanced trading experience.
Orders and Wallets
For experienced traders, wallet options such as Spot, Quantitative, Finance, and Futures are also available. Grid, Futures, and Spot Orders are also available to consumers.
Pros and Cons of LBank Exchange
Here’s a quick rundown of the benefits and drawbacks to help you decide:
- There are low withdrawal costs, and there are no trading fees.
- Supports up to 97 cryptocurrencies
- Mobile App availability
- Wallets with two-factor authentication and cold-hot storage
- Various educational resources
- Adequate Liquidity
- Not strongly regulated
- Slow Customer Service
- Payment options are limited.
- For English-speaking countries, this is not practicable.
- MetaTrader and cTrader is not available.
LBank Exchange is a fascinating cryptocurrency exchange that is rapidly expanding and attracting a large number of clients in Asian markets. They provide low costs and a large selection of cryptocurrencies and markets to trade in.
However, because service is minimal, the exchange is not well fitted for English-speaking traders. LBank Exchange could be an excellent alternative if you don’t care about support. Their trading platform is user-friendly and includes various advanced tools and capabilities.