Lbank Review 2024
LBank exchange is a regulated cryptocurrency trading platform created in 2015. The exchange provides access to the spot market, futures, ETFs, grid trading and offers additional services for passive earnings on crypto.
Users can buy and sell cryptocurrencies using a credit or debit card with 200+ fiat currencies available, including the US dollar and euro. The exchange also supports bank transfers, Google Play, ApplePay and other services.
I made a detailed review of all trading capabilities of the LBank cryptocurrency exchange. In this article you will also find step-by-step instructions on registration, replenishing your account, trading, and withdrawing funds from platform.
Sign up and verification
The registration process on the LBank exchange includes the following steps:
- Go to the exchange and click on the Register button;
Registration - Specify your preferred registration method: via email or phone number;
- Enter the information and create a password;
- To complete the registration process, click on the Log in/Register button;
Registration form - A code to confirm registration will be sent to the specified email or phone number. Copy it and paste into the registration window → click Confirm.
Verification code
The LBank exchange does not require mandatory user identification – you can trade immediately after completing the registration process. However, for users without KYC there will be a withdrawal limit of 0.5 BTC/day. Verified accounts receive benefits in the form of enhanced security measures and increased withdrawal limits (up to 5.5 BTC per day).
To pass verification, follow the instructions:
- Click on the profile icon;
- Go to the Security tab;
Account Security - Click Verification in the KYC line;
KYC verification - Select the country of residence and the type of identity document;
- Download the document and click Next;
Downloading document - Fill in the line with the document number, click Next;
Document number - Upload a selfie and click Submit to submit the data for review.
Data loading
After successful verification, the withdrawal limit will be expanded from 0.5 to 5.5 BTC/day.
Account security
Security settings are available in the Security tab.
Lbank Exchange offers the following account protection methods:
- KYC;
- Email verification;
- Binding a phone number;
- Two-factor authentication (2FA);
- Setting a login and password for assets;
- Adding payment methods;
- Anti-phishing code;
- White list of IP addresses and withdrawal addresses.
The account is created. What’s next?
Once your account on the exchange has been created and secured, you can replenish your deposit (possible only in cryptocurrency).
For example, you want to buy BTC (or Ethereum): to do this, check the Bitcoin pairs available on the exchange and top up your deposit with the cryptocurrency with which BTC is traded. We will use the BTC/USDT pair as an example.
To deposit USDT on the exchange:
- Select the Wallet tab in the main menu – Spot;
Wallet - Click Deposit on the wallet page;
Deposit - Select cryptocurrency (USDT) and network (for example, ERC20);
- Copy the address or use the QR code;
Deposit replenishment data - Insert the received data into the wallet from which the funds will be transferred;
- Complete the transaction. Return to the exchange and check the receipt of funds in your account.
Deposit and withdrawal methods
The platform supports more than 20 payment methods, including VISA/Master Card, bank transfers, Apple Pay, Google Pay, Advcash, Cash App. You can also top up your exchange account by transferring cryptocurrency from an external crypto wallet.
Lbank trading conditions and tools
Let’s consider all the trading opportunities that the exchange offers to users.
Spot market
Spot trading is about buying and selling cryptocurrency at market. Transactions are executed instantly, allowing traders to quickly respond to market fluctuations.
The LBank exchange supports more than 600 cryptocurrency pairs. In addition, the exchange provides convenient tools for market analysis, including various types of charts and indicators.
To access spot trading terminal, go to the Trade → Spot Trading tab.
Futures
Futures trading allows traders to speculate on future prices of cryptocurrencies without owning the coins themselves. The customer can use leverage, what is allowing to maximize potential returns by managing a larger volume of assets. Lbank offers futures trading with leverage up to X125 with USDT settlement.
To access futures trading terminal, go to the Derivatives → Futures tab.
ETF
By using exchange-traded funds (ETFs), traders can interact with a variety of assets without need to directly purchase them. There are 300+ different ETFs available on LBank. A detailed description of the index components is available in the trading terminal.
To access the ETF market, go to the Derivatives → ETF tab.
Grid trading
The terminal for grid trading on the LBank exchange allows you to place pending orders to buy and sell cryptocurrency within specified price limits. After completing the setup, the system automatically makes transactions when the set prices are reached.
To access grid trading, select the Trade → Grid Trading tab.
Fees and limits
There is no commission for transferring cryptocurrency to the exchange wallet (deposits are only possible in cryptocurrency).
The withdrawal fee depends on the coin. For example, the echange charge 0.0008 BTC for Bitcoin withdrawal, 0.001 ETH for Ethereum, and for Tether it changes depending on the selected network (10 USDT – for ERC20, 1 USDT – for TRC20, 0.5 USDT – for BEP20, etc.).
Trading fees: spot market – 0.1% for makers and takers, futures – 0.02% for makers and 0.06% for takers. As for ETFs, the fees on the website are indicated ambiguously: it is 0.2% for makers and takers on the main page, but by clicking on the Details button on the fees page one can see another number – 0.1 %for makers and takers.
The minimum amount of funds that can be deposited on the exchange is determined by the type of currency. For example, for Bitcoin it is 0.0001 BTC, for Ethereum – 0.0001 ETH (in Arbitrum and Optimism), 0.00001 – for BSC (for ERC20). When entering Tether, the minimum limit also changes depending on the selected network (2 USDT – for ERC20, 0.0001 USDT – for BSC, 0.1 USDT – for TRC20, etc.).
How to trade on the Lbank cryptocurrency exchange
Let’s look щт sequence of steps for buying Bitcoins for USDT on the Lbank spot market. Follow the instructions:
- Go to your profile and select the Trade section, then Spot;
Spot trading - Select a trading pair (in our case it is BTC/USDT);
- Fill in the order creation form: choose the type of order (for example, Market) and the amount of USDT you want to spend on buying BTC;
- Click Buy.
Buying BTC
To sell bitcoins, you need to follow the same steps, but fill in the Sell form and select the Sell option.
Other Lbank services
In addition to trading operations, LBank offers alternative opportunities for earning money on the crypto market: flexible and fixed period deposits, crypto loans, NFTs, bonuses, affiliate program. Let’s look at them in more detail.
Earn
LBank Earn is a passive income service offering flexible and fixed deposits.
Flexible deposit main feature is the absence of funds “freezing” period, so, they can be unblocked at any time. Annual Percentage Yield (APY) varies by coin (from 1.0047% for SUI to 100.8365% for R3T). Fixed deposit implies a certain time interval during which assets cannot be unlocked. The APY for such product is higher: from 3 to 177% depending on coin.
Crypto loans
Exchange users can borrow cryptocurrency for further trading on the spot, margin, futures markets or to participate in staking with a high annual percentage. At the moment, this service supports loans in several currencies, including BTC and USDT; you can use BTC, ETH, etc. as collateral. Loan terms range from 7 to 180 days (with the possibility of repayment at any time).
NFT
The NFT service on LBank provides possiblity to purchase, sell and exchange non-fungible tokens. Users can also participate in NFT auctions, track new collections and popular NFT trends.
Bonuses
LBank Bonus Center is a platform that offers users various ways to receive bonuses. For example, you can earn 20 USDT for total spot trading volume ≥ $1000, or 200 USDT for making a deposit ≥ $200 and holding it on the exchange for 30 days.
Affiliate program
The LBank affiliate program offers the opportunity to earn additional income for users who actively attract new traders to the platform. Lbank partners can earn up to 60% of exchange fees from transactions made by attracted users. The size of fees payments depends on the activity and total trading volume of attracted traders.
Lbank app
The Lbank application provides quick access to the main functions of the exchange, allowing you to manage your assets anytime and anywhere. The application supports iOS, Android, Windows and MacOS.
Lbank reviews
There are few reviews about the Lbank exchange on Trustpilot. Users note the following advantages of the platform:
- Simple and intuitive interface;
- No need for mandatory verification;
- Large list of supported currencies;
- Possibility of purchasing cryptocurrency with a card;
- Lbank Earn.
In negative reviews, users point out the following aspects associated with the exchange:
- Delays in trading orders execution;
- Account blocking;
- Slow support service.
Lbank pros and cons
FAQ
- Go to the official LBank website and click the Register button in the upper right corner;
- Select a registration method: by email or phone number;
- Enter your email address or phone number and create a password;
- Click Log in/Register;
- The system will send a confirmation code to the specified email or phone number: enter it in the field on the registration page;
- Registration is complete.
- Login to your LBank account;
- Select Wallet from the top menu and click Spot from the drop-down menu;
- Select the cryptocurrency you want to deposit to the exchange (for example, USDT), and click Deposit;
- Copy your USDT wallet address or scan the QR code;
- Go to your wallet or other service from where you want to transfer funds, and transfer coins to the copied address;
- Return to the exchange and wait until the coins are credited to your account.
Conclusion
LBank is a regulated trading platform that provides trading services on the spot, futures, ETFs markets and grid trading. You can purchase cryptocurrency using a Visa/MasterCard bank card, bank transfers, Google Play, ApplePay and other services. Currently, the exchange supports deposit replenishment with 200+ fiat currencies, including USD, EUR, GBP, JPY.
Users of the site also have access to passive income opportunities (deposits, crypto loans, affiliate program), bonuses for activity on the exchange and NFT marketplace.
