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LBANKReview
Our Verdict
Founded in 2015, LBank is a global cryptocurrency exchange that operates in over 180 countries. It is one of the few remaining crypto exchanges that allows users to trade across spot, margin, and futures markets without requiring KYC checks or the submission of personal information. The platform offers more than 700 tokens for spot and margin trading and 230+ markets for derivatives trading with up to 125x leverage, all with competitive trading fees. Its comprehensive trading platform caters to both beginners and professional traders.
LBank also includes features like copy trading, bot trading, P2P trading, staking, loans, and even an LBank card for using crypto assets in daily transactions. With support for nearly 200 fiat currencies, it is highly accessible to users worldwide.
LBank Pros and Cons
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Is LBank Right for You?
Not all traders are the same. Some seek easy apps for trading on the go, while others look for advanced features like leverage or social trading. When reviewing exchanges, we cater to all types of traders, from occasional to frequent. We divided all traders into seven main target groups.
Our thorough yet straightforward method ensures a clear understanding of trading strategies and their requirements. By assessing, ranking, and recording key factors, we determine how well the exchange meets the needs of each target group. We use three types of rankings: perfect match, good choice, and not recommended. Here’s our verdict:
Casual Traders: Acceptable Choice
LBank is an acceptable choice for casual traders, offering a user-friendly platform that meets a variety of trading needs. With support for spot, margin, P2P, and bot trading, it caters well to beginners, while experienced traders can benefit from its derivatives platform and API access.
However, there are significant drawbacks to consider: no Proof of Reserves or security audits, an inconvenient direct fiat deposit process, and higher fiat withdrawal fees. Plus, LBank’s spot trading fees are higher than those of competitors, which could be a dealbreaker for some casual traders.
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Day Traders: Acceptable Choice
LBank is an acceptable choice for day traders, offering a broad range of trading instruments and an advanced platform. The exchange provides some of the highest leverage options in the industry, though it’s tempered by higher spot and margin trading fees compared to competitors.
In my experience, LBank caters well to both new and experienced traders, thanks to its range of trading instruments and advanced desktop platform that supports complex technical analysis and various trading strategies. However, a notable drawback is the limited selection of conditional order types and the inconvenient fiat deposit process, especially when compared to competitors like Bybit. Security concerns such as the lack of Proof of Reserves, security audits, and insurance coverage could also deter day traders from the exchange.
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Hodlers & Position Traders: Acceptable Choice
LBank is an acceptable choice for hodlers and position traders, offering features that help earn passive income on crypto holdings. The exchange provides both flexible and locked staking options, allowing users to choose between locking up funds for higher rewards or maintaining access to their assets while still earning passive income. Additionally, LLBank’s unique crypto debit card enables hodlers to spend their crypto in real life without converting it to fiat.
I found LBank to be a reliable exchange for holding crypto, with a wide range of supported cryptocurrencies and trading pairs, including niche tokens that may not be available on other platforms. The straightforward crypto deposit process, along with support for multiple networks, made it easy to transfer assets from other exchanges. Despite lacking Proof of Reserves, LBank’s long history since 2015 without security breaches offers some peace of mind regarding fund safety.
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Leverage & Derivative Traders: Perfect Match
LBank is a perfect match for leverage and derivatives traders, especially those focused on derivatives. The platform provides some of the highest leverage in the industry, with an advanced desktop interface equipped that support various trading strategies.
In my experience, trading derivatives on LBank was seamless, with instant trade execution. The option to trade with up to 200x leverage is appealing but should be approached with caution. The main drawback is the lack of a tiered fee structure, which means you won’t benefit from lower fees as your trading volume increases.
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Bot, Social & Copy Traders: Perfect Match
LBank is a perfect match for bot and copy traders, offering grid trading bots, a robust copy trading platform, and a wide range of assets available. However, it lacks social trading features.
The copy trading platform is impressive, with a large selection of traders to follow and better profit splits than PrimeXBT.
In my experience, LBank’s grid trading bots were effective, performing similarly to Binance’s options. The main downside is that LBank offers only one type of trading bot, unlike Binance, which provides more variety and a social trading platform.
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Algorithmic Traders: Not Recommended
LBank is not recommended for algorithmic traders. Although the exchange promotes API access with support for high-frequency trading, I contacted customer support and learned that the feature hadn’t gone live by the end of 2024. This means you currently can’t connect to the API to access market data or place trades.
Additionally, LBank’s average liquidity score is lower than competitors like Binance and Bybit, which offer higher liquidity and access to sandbox environments, making them more suitable for algorithmic trading.
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DCA Investors: Not Recommended
LBank does not have any native tools to assist DCA investors, and the fiat deposit process is cumbersome compared to its competitors. Therefore, we cannot recommend the exchange for these users.
Supported Countries and Regions
LBank is a globally accessible platform, accepting users from over 180 countries and regions, more than most competitors, which support fewer regions.
However, LBank does not accept users from:
- The United States
- Mainland China
- Iran
- Iraq
- Syria
- Sudan
- North Korea
- Cuba
Detailed information about geographical restrictions can be found in LBank’s Service Agreement.
LBank Bonuses and Special Offers
Welcome Offers & Sign-Up Bonus: LBank currently does not provide any welcome offers or sign-up bonuses.
Referral Program: LBank’s referral program allows users to earn a 30% commission on trading fees from users they refer, which is slightly higher than the 20% offered by competitors like Binance and Bybit.
Join Our Affiliate Program: Affiliates receive access to a dedicated dashboard to track referrals and earnings, and second-tier commissions.
LBank Background
Establishment: Founded in 2015, LBank operates globally, with its headquarters in Indonesia. The exchange is registered in several countries, including the USA, Canada, Australia, UAE, Lithuania, Indonesia, and the British Virgin Islands.
Leadership: LBank was established by Eric He, who continues to serve as Chairman. Although the exchange’s website doesn’t provide detailed information about its leadership structure, this information is easily accessible on LinkedIn. This level of transparency is reassuring, especially compared to platforms like PrimeXBT, which are less forthcoming. When trusting an exchange with your hard-earned money, knowing who is leading the platform is crucial.
Security & Transparency
LBank has implemented industry-standard security protocols to protect customer funds, and since its launch in 2015, the exchange has not experienced any security breaches or loss of customer assets.
The exchange is licensed and regulated by leading financial authorities in the USA, Canada, Italy, Australia, and Lithuania.
However, one major drawback is the absence of Proof of Reserves or audit data, which could be concerning for users, particularly since many major exchanges already offer these transparency measures.
LBank Security Overview | Details |
Proof of Reserves (PoR) | No Proof of Reserves information |
Insurance | No insurance on user deposits |
KYC Verification | KYC is optional (Mandatory for fiat services) |
Security Audits | No security audits |
Account Security | Support for 2FA (Google Authenticator) |
Account Security
LBank has implemented several robust security measures to protect user accounts. These include two-factor authentication (2FA), asset passwords, anti-phishing codes, and IP whitelisting to reduce the risk of unauthorized access. Additionally, the platform offers withdrawal whitelisting, allowing users to pre-approve specific addresses to prevent accidental transfers to incorrect addresses. On the mobile app, biometric authentication (FaceID or fingerprint scanning) adds an extra layer of security.
Personally, I always set up Google Authenticator and FaceID as soon as I joined an exchange, and LBank was no exception. I also configured asset passwords and a withdrawal whitelist to maximize my account’s security. However, I noticed that biometric authentication is missing on the desktop platform, a feature supported by competitors like Binance and Kraken.
General Reliability
Deposit Insurance: LBank does not offer insurance coverage on client deposits. While this might be a concern for some users, it’s important to note that insurance is rarely provided by exchanges, with only a few, like Binance, offering any form of asset protection.
Bug Bounty Program: LBank runs a bug bounty program that rewards users with up to 1,500 USDC for reporting bugs on the platform. This initiative encourages users to report vulnerabilities rather than exploit them. It is worth noting that LBank’s 1,500 USDC rewards are significantly lower than the industry average of $5,000.
Corporate Communication Structure and Transparency: LBank does not disclose information about its founders and leadership on its official website. However, this information is readily available on LinkedIn and Twitter. The company maintains active communication across major social media platforms, including Twitter, Telegram, Facebook, and LinkedIn.
Verified Trust Scores
LBank has received mixed reviews from leading independent exchange ranking websites. While the exchange scores highly for security and reliability, it falls short on transparency due to the lack of Proof of Reserves.
In our review, we refer to respected independent security auditors for cryptocurrency exchanges, each with its own ranking criteria. For instance, CoinMarketCap evaluates factors such as traffic, liquidity, and the legitimacy of reported trading volume. CertiK Skynet focuses on cybersecurity, volume, and tokens held by exchange wallets. CER.live assesses proof of reserves, bug bounty programs, and compliance with standards like ISO 27001. These auditors provide unique scores, ranging from 0 to 10 (as seen with CoinMarketCap and CoinGecko) or from AAA to D for others.
Ranking | Score |
CoinMarketCap Trust Score | 6.5 |
Skynet CertiK Security Score | BBB |
Cer.live Security Rating | BBB |
CoinGecko Trust Score | 7 |
CryptoCompare Grade | D |
An investigation by CER also found some suspicious historical activity on the exchange that suggests the exchange has been artificially boosting its trading volume. CER published its findings, which concluded that it was likely the exchange had been artificially adding trading volume since July 2018 to give the false impression of high liquidity. This manipulation of trading volume is concerning and could deter many traders.
Know Your Customer (KYC)
LBank is one of the few exchanges that has not yet enforced mandatory KYC. This allows users to open accounts, deposit crypto, and begin trading without needing to provide personal information. However, KYC verification is required if you want to access LBank’s fiat services. The verification process itself is fairly quick, taking just under 2 hours in my experience.
For users who value privacy and prefer not to share personal data, the optional KYC policy is appealing. However, this approach has its downsides, including an increased risk of the platform being used for illegal activities such as money laundering. KYC is a crucial measure to protect against such activities and to comply with Anti-Money Laundering (AML) regulations. Non-compliance with these regulations can expose the exchange to substantial fines from regulatory authorities.
Is LBank Safe to Trade With?
Based on our findings, LBank can be considered moderately trustworthy and stable. The exchange has implemented all the industry-standard security measures to protect user accounts and assets, with additional safeguards to prevent user errors that could result in the loss of funds.
However, the lack of Proof of Reserves, security audits, and insurance coverage on customer deposits raises concerns about the platform’s overall security and could result in the loss of many potential users. These are critical security standards that many users rely on when choosing a trading platform.
On the plus side, LBank’s optional KYC policy appeals to traders who prioritize privacy and wish to avoid sharing personal information with third parties.
Trading Experience
LBank is available on both mobile and desktop platforms. Both versions are designed to cater to active derivative traders and casual spot traders, though fees for the latter are significantly higher than competitors. While it lacks a Lite mode, the interface remains accessible and effective for those already familiar with crypto trading. With offerings like trading bots, copy trading, API access, and P2P trading, LBank is ideal for those looking to automate their strategies.
Trading Options & Additional Features | Availability |
Conditional orders |
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Derivatives Trading | Yes |
Lending & Borrowing | Yes |
Leverage Trading | Yes |
Options Trading | No |
Staking | Yes |
Copy Trading | Yes |
Social Trading | No |
tradingview.com Integration | Yes |
Auto Trading (Bots) | Yes |
API Access | Yes |
P2P Trading | Yes |
OTC Trading | Yes |
Demo Account | No |
Pro & Lite Versions | No |
Token Launchpad | Yes |
NFT Marketplace | Nov |
Trading Test
For our trading test, we thoroughly evaluated the LBank platform. Our process included signing up, completing the KYC (Know Your Customer) verification, logging in, depositing funds, and making withdrawals. We also tested the trading functionalities by exploring different trading pairs and conversions and assessed the associated fees for transfers and withdrawals. This comprehensive test allows us to provide an informed and reliable review of the exchange’s usability, features, and actual costs. Here’s our detailed analysis:
Step 1: Setting Up and Funding Your Account
LBank’s registration process is quick and straightforward. You can sign up using an email address or using your Google or Apple Account.
KYC is optional on LBank, but I verified my account to evaluate the process. You can verify your account using the following documents:
- Passport
- Drivers license
- Government-issued ID
- Residence permit
The exchange accepts a similar range of documents to competitors like Binance and Bybit, and the verification process is fairly quick: my account was verified in just under two hours.
Depositing crypto assets via crypto networks is also straightforward, with LBank supporting a range of assets and networks for deposits.
During my testing, I transferred LTC from Binance, which charged a 0.0001 LTC fee. LBank didn’t charge any wallet creation fees but required a minimum deposit of 0.0001 LTC. Deposits via the Litecoin network took around 25 minutes, requiring 10 confirmations, which is longer compared to Binance’s 3 confirmations.
While LBank supports EUR fiat deposits through SEPA, credit/debit cards, Apple/Google Pay, and Volet, I was unable to use these methods as they didn’t accept UK documents or EU residence permits — an issue I didn’t encounter on Binance, Bybit, or Kraken.
Step 2: Trading
LBank’s trading experience with LBank was positive, thanks to its intuitive, user-friendly platform. I was able to quickly place a limit order to sell LTC for USDT. This order was executed instantly and filled in full, costing me 0.055 USDT.
Opening new positions was just as easy. Having selected the LTC/USDT trading pair, I opened a position with a tight stop loss and take profit. As the market was trending upwards, the price hit my take profit, and my order was filled exactly at the trigger price without any overruns.
Step 3: Withdrawal and Review
For the final part of this test, I withdrew LTC over the Litecoin network and sent it back to Binance. Lbank charged a withdrawal fee of 0.005 LTC ($0.33), significantly more than Binance’s 0.0001 LTC ($0.07) withdrawal fee. LBank processed the withdrawal quickly, and it began confirming in my Binance wallet in less than 10 minutes.
Like the deposit process, LBank supports EUR fiat withdrawals through SEPA, credit/debit cards, Apple/Google Pay, and Volet. However, I couldn’t test fiat withdrawals as all third-party payment providers rejected my documents. I did notice that withdrawal fees through these providers were significantly higher than those on top-tier exchanges like Binance, Bybit, Kraken, or KuCoin.
Desktop Version
LBank’s desktop platform is user-friendly and intuitive. It offers a smooth experience while incorporating advanced features and tools through its TradingView integration. In my testing, the platform ran seamlessly on both Safari and Google Chrome; however, the customer support live chat only worked on Chrome.
Tools for Active Traders | Availability |
Order Book Depth | Yes |
Advanced Charting | Yes |
Technical Indicators | 19 (without TradingView integration) |
Drawing Tools | Yes |
Watchlist | Yes |
MetaTrader 4/5 Support | No |
The desktop platform is visually similar to most other exchanges, making it an easy transition for traders switching from other exchanges. The straightforward layout makes it suitable for beginners, yet it still provides the advanced features that experienced traders need.
The platform displays essential information like price charts, market depth, order book data, and live trades. However, one drawback is the inability to rearrange or resize elements on the interface, a feature commonly available on exchanges like Binance, Bybit, and Kraken.
You can easily switch between markets by clicking the trading pair in the top left to open a dropdown menu with all available markets. As with many other exchanges, you can quickly filter markets by categories such as DeFi, Memecoins, and BTC/SOL Ecosystem.
Placing Trades
Placing trades on LBank is straightforward, thanks to intuitive order forms that still allow for a high degree of customization. The order forms maintain the same layout across both desktop and mobile platforms, ensuring a seamless trading experience when switching between devices.
However, I noticed a limited selection of conditional order types, with many popular options like TWAP, Iceberg, Trailing Stop, and GTD missing. This could be a dealbreaker for some traders, as it restricts the ability to trade certain strategies, such as TWAP strategies.
My Key Takeaways After Testing LBank Desktop
My experience trading on the LBank desktop platform was overwhelmingly positive due to several factors:
- Advanced desktop platform & tools: enabling detailed technical analysis and supporting a variety of trading strategies.
- Simple order form: makes it easy to open positions whilst still offering a high level of order customization.
- Intuitive interface: making the platform accessible to both new and experienced traders.
However, there are a few areas with room for improvement, notably the limited number of conditional order types, which can restrict traders from trading certain strategies. Additionally, the desktop platform’s inability to rearrange modules doesn’t give traders the same flexibility as exchanges like Binance or Bybit.
Mobile App
The LBank mobile app, available on iOS and Android, lets traders manage and open new positions on the go. In my testing, the app performed reliably on both platforms, offering a seamless trading experience that effectively complements the desktop platform. The app’s intuitive design makes it easy for beginners to navigate, yet it still provides the full range of trading features and tools that experienced traders need for technical analysis and strategy execution.
Lbank Mobile App Functionality | Observation |
Coin Search | LBank’s coin search page highlights the latest trending tokens and allows users to quickly search for trading pairs across spot, leverage, and futures markets. |
Trading Features | The mobile app supports all the trading instruments available on the desktop platform, with identical order forms and customization options. The only difference is the absence of TradingView integration, along with its associated tools and indicators. |
Market Discover | The market discovery page displays all available markets on the exchange, allowing users to filter tokens by categories such as DeFi, AI, RWA, BTC eco, SOL eco, Grayscale holdings, and more. This feature helps traders easily navigate and explore tokens in specific categories of interest. |
Watchlist Management | LBank allows users to favorite frequently traded pairs across spot, margin, futures, and grid bots. These favorites are accessible via a dedicated tab on the market discovery page for quick access. |
Quick Trade Execution | The mobile app lets you quickly execute trades in just a few clicks. There is no confirmation screen which further speeds up the process of opening or closing positions. However, this does open up the risk of accidentally opening or closing positions, which could be a costly mistake. |
Price Alerts | LBank lets you set price alerts for specific criteria are met, including:
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Portfolio Clarity | The portfolio overview screen clearly displays your total account value, breaking it down across spot, futures, grid, and earn accounts. It shows the amount of each asset you own and its value in USD. The only drawback is the lack of a graph or chart to track changes in account value over time, a feature offered by Binance and Bybit. |
My Key Takeaways After Testing LBank on Mobile
LBank’s mobile app is a strong companion to the desktop platform, offering all the same features and functions. Throughout my testing, the app performed flawlessly, meeting all my trading needs without requiring significant compromises in technical analysis or strategy.
However, there are a few areas where the app could improve to better compete with industry leaders like Binance:
- Enhanced Portfolio Overview: adding features like a graph to track changes in account value over time and pie charts for visualizing portfolio allocation would provide greater insight and usability.
- More Technical Indicators: Introducing additional technical indicators would enhance the app’s capabilities for detailed analysis, compensating for the lack of TradingView integration.
Fees
LBank’s spot and margin trading fees are high, with steep maintenance costs. However, futures trading fees are among the lowest in the industry, with funding fees comparable to Binance. While crypto withdrawals on LBank are free, the network fees are slightly higher than Binance. For frequent fiat withdrawals, LBank isn’t ideal due to the much higher fees charged by their third-party providers compared to other top-tier exchanges.
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Spot: 0.1-0.2% Maker/Taker (varies by asset)
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Leverage: 0.0-0.2% Maker/Taker (varies by asset)
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Futures: 0.02% Maker / 0.06% Taker
LBank Spot Maker/Taker Fees
In our review of spot fees, we examine spot fees across three distinct tiers. Our focus is on the fees for different trading volumes. We spotlight the basics and the possible savings through native tokens and other discount schemes. We developed this method to ensure a clear look at the fee structures and savings avenues for traders of all experiences. Additionally, we compare these fees to industry standards to show how each exchange ranks in terms of affordability.
Pricing Tier | Maker/Taker Fee | Industry Average |
Up to $10k | 0.1-0.2% | 0.41% / 0.51% |
Up to $100k | 0.1-0.2% | 0.33% / 0.37% |
Up to $500k | 0.1-0.2% | 0.25% / 0.29% |
LBank uses the Maker-Taker model for its trading fees but does not offer a tiered structure that rewards high-volume traders with lower fees, a feature commonly seen on platforms like Binance and Bybit.
Additionally, LBank’s spot trading fees vary depending on the asset. Large-cap tokens, like BTC and ETH, have a 0.1% trading fee, while smaller altcoins, such as JUP or WIF, have a higher 0.2% trading fee. This can be a disadvantage for altcoin traders, given exchanges like Binance maintain consistent spot trading fees across all tokens.
Deposit Fees
Payment Method | Deposit Fee |
Bank Transfer | Free |
Credit/Debit Card | N/A |
P2P Trading | Free |
Crypto | Free |
LBank offers free fiat and crypto deposits via bank transfer, P2P, and crypto networks. This is great to see, as even industry leaders like Binance and Bybit charge small fees for fiat deposits.
Withdrawal Fees
Payment Method | Fee for Withdrawing $10k |
Bank Transfer | $13.99 |
SEPA Transfer | €12 |
FPS Transfer | £11 |
Visa/Mastercard | $360-410 |
P2P | Vary by merchant |
Crypto | Free |
* Withdrawals are facilitated by third-party payment providers
LBank doesn’t handle fiat withdrawals directly; instead, these transactions are processed through third-party payment providers. This typically results in higher fees, as these providers often offer less favorable exchange rates and higher withdrawal charges compared to direct withdrawals from exchanges like Binance or Bybit.
Leverage and Futures Trading Fees
Margin Fees
LBank takes a different approach to leverage trading by providing leverage tokens instead of variable leverage on tokens, as seen on most exchanges. These leverage tokens function as derivatives rather than spot tokens and are perpetual products, which eliminates the risk of liquidation. However, they remain just as sensitive to price fluctuations as traditional margin trading.
In my experience, trading leverage tokens on LBank comes with higher fees than leverage trading on platforms like Binance or Bybit. LBank charges a 0.2% maker/taker fee, which is double that of industry leaders Binance and Bybit. Additionally, LBank charges a 0.1% daily fee, whereas margin trading BTC on Binance or Bybit incurs only a 0.003 – 0.004% daily fee.
Futures Fees
LBank’s futures trading fees are highly competitive, ranking among the lowest in the industry. For instance, trading $100 at 10x leverage cost me only $2 when using limit orders. The funding fees for trading BTC on LBank were comparable to those on Binance and significantly lower than what Bybit charges.
LBank Futures Trading Fee Structure
30-Day Volume | Maker Fee | Taker Fee |
$0 – $100,000 | 0.02% | 0.06% |
$100,001 – $1,000,000 | 0.02% | 0.06% |
$1,000,001 – $5,000,000 | 0.02% | 0.06% |
$5,000,001 – $10,000,000 | 0.02% | 0.06% |
$10,000,001 – $20,000,000 | 0.02% | 0.06% |
$20,000,001 – $50,000,000 | 0.02% | 0.06% |
$50,000,001 – $100,000,000 | 0.02% | 0.06% |
> $100,000,001 | 0.02% | 0.06% |
Fee Discounts
LBank has a native token called LBK, but unlike Binance and KuCoin, it doesn’t offer any discounts on trading fees for users who hold it. This is disappointing, especially since LBank lacks a tiered fee structure, making a fee discount for LBK holders a missed opportunity to provide users with lower trading costs.
Are LBank Fees Competitive?
LBank’s fees are a mixed bag. While futures trading fees are competitive, spot and margin trading fees are higher than competitors like Binance and Bybit. Margin management and interest fees are also steeper. However, LBank offers free crypto and fiat deposits with various supported payment methods.
To reduce fees on LBank, use limit orders to take advantage of lower maker fees. If your trading strategy permits, trade futures instead of leverage tokens to cut down on trading and management fees, though this may not work for everyone.
Cryptocurrencies Available on LBank
LBank offers a vast selection of tradable assets, with over 670 cryptocurrencies for spot trading and over 225 markets for futures trading. The exchange offers large-cap tokens, like BTC and ETH, as well as niche altcoins like WIF, SLERF, and PEPE.
LBank’s Launchpad showcases upcoming projects carefully selected by the exchange, allowing users to become early investors in tokens with high-profit potential. Users can commit USDT before a token launch and receive airdrops of the new token immediately after its launch.
LBank has one of the largest selections of spot trading tokens, with more tradeable tokens than industry leaders Binance and Bybit. According to CoinMarketCap, LBank has a liquidity score of 588 (according to the last updated version of our review), which is lower than Binance and Bybit but comparable to exchanges like KuCoin and MEXC. During my experience with spot trading on LBank, I encountered no issues with order execution or fills across a variety of tokens.
LBank directly supports GBP, CHF, and AUD for fiat deposits, but through third-party payment providers, you can deposit over 100 different fiat currencies, including USD, EUR, GBP, CAD, NZD, and JPY. While fees may be slightly higher, this approach offers a wide range of payment options, such as credit/debit cards and Apple/Google Pay.
Deposits & Withdrawals
LBank does not handle fiat deposits directly; instead, it uses a third-party service (Legend Trading) integrated into its website. I found this process to be cumbersome, involving several lengthy steps. At the time of writing, USD and EUR deposits were unavailable. While bank cards and Apple/Google Pay offer easier transactions, using third-party providers means sharing bank or card details with external entities, which introduces risks.
Additionally, LBank’s payment providers didn’t accept UK documents or my EU residence permit, making the experience less convenient compared to competitors like Binance, Bybit, Kraken, and KuCoin.
LBank Deposit Options
Payment Method | Accepted Fiats | Fee | Processing Time |
Bank Transfer | GBP, CHF, AUD | Free | 30 mins to 24 hrs |
LBank Third Party Deposit Options
Payment Method | Accepted Fiats | Fee | Processing Time |
SEPA Transfer | EUR | 0.06% | Vary by provider |
FPS Transfer | GBP | 1% | Vary by provider |
Visa/Mastercard | USD/EUR/GBP | 2-3% | Instant |
Apple/Google Pay | USD/EUR/GBP | 2-3% | Instant |
Volet | USD |
2.5% for USD 4% for EUR |
Vary by provider |
* Fees and processing times may vary by provider, we have used the providers with the lowest fees as examples
Peer-to-Peer Trading: P2P trading provides an alternative to direct fiat deposits, supporting a broader range of fiat currencies and making the exchange more accessible to users in regions with limited fiat options.
It is worth noting that P2P can only be used to buy USDT, BTC, and ETH. You cannot use P2P to buy other cryptos or top up your fiat balance. Additionally, LBank has fewer merchants and lower success rates compared to platforms like Binance and Bybit. Certain currencies, like GBP, have no merchants, so you are unable to trade GBP despite it being advertised.
Fiat One-Click Buy: LBank’s Fiat Buy service is more convenient than its fiat deposit option, offering a wider range of supported currencies and payment methods. However, this service is also managed by third-party providers, which can be less convenient than exchanges like Binance or Bybit, where transactions are handled directly by the platform.
However, during my testing, I encountered issues with all available deposit methods, as none of the third-party payment providers accepted my UK documents or EU residence permit. This was both inconvenient and surprising, especially since these same documents were successfully verified on major exchanges like Binance, Bybit, Kraken, and KuCoin.
LBank Withdrawal Methods
Payment Method | Accepted Fiats | Fee | Processing Time |
Bank Transfer | USD | $3.99 + 10 USDT LBank withdrawal fee | Vary by provider |
SEPA Transfer | EUR | €3 + 10 USDT LBank withdrawal fee | Vary by provider |
FPS Transfer | GBP | £3 + 10 USDT LBank withdrawal fee | Vary by provider |
Visa/Mastercard | USD/EUR/GBP | 3.5-4% + 10 USDT LBank withdrawal fee | Instant |
Apple/Google Pay | N/A | N/A | N/A |
Volet | N/A | N/A | N/A |
* Fees and processing times may vary by provider, we have used the providers with the lowest fees as examples
LBank does not offer direct fiat withdrawals. Instead, you must use P2P trading or the One-Click Fiat Sell option, both of which are handled by merchants or third-party payment providers. While these options support various currencies and payment methods, they come with significantly higher fees.
For example, using One-Click Sell incurs a withdrawal fee of 10 USDT (or equivalent) charged by LBank. Additionally, you’ll need to cover third-party payment provider fees, which can range from 2% to 8%, depending on the currency and payment method. This makes fiat withdrawals on LBank considerably more expensive compared to exchanges like Binance or Bybit.
LBank Daily Withdrawal Limits
Method | Availability | Daily Withdrawal Limit (Crypto) | Daily Withdrawal Limit (Fiat) |
Crypto (USDT) | Yes |
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Cash/Fiat (USD, EUR, etc.) | Only via third-party payment provider | Depends on the payment provider used | Depends on the payment provider used |
Third-Party Fiat Withdrawals | Yes | 23,750 USDT for fully verified users only | $23,750 for fully verified users only |
ACH Cash | N/A | N/A | N/A |
Daily withdrawal limits on LBank depend on the level of KYC verification you have completed. Accounts with full verification (ID, proof of address, and facial verification) have the highest limits. However, these limits are still lower than those offered by Binance and Bybit, where limits reach into the millions. For fiat withdrawals, the limits vary based on currency and payment provider, but for reference USD withdrawals to bank accounts have a limit of $25k.
Customer Service
LBank provides 24/7 customer support in seven languages through live chat and email. LBank’s live chat features a button that directly connects you to a customer service agent, bypassing the hassle of dealing with a chatbot. The support center also includes a comprehensive FAQ section that covers a wide range of topics. However, I found email responses can take a long time, and the FAQ search function is a bit confusing, as it often returns several irrelevant results for your queries.
Live Chat | Phone | Languages | |
24/7 | N/A |
24/7 service@lbank.com |
7 – English, Traditional Chinese, Korean, Turkish, Arabic, Bahasa, Japanese |
LBank Customer Service Test
To evaluate the quality of customer services for diverse user needs, we created a unique trading test. We personally contact support using all available methods and present hypothetical problems that users might face. Our evaluation concentrates on how quickly they respond, the quality of the help provided, and whether we can talk to a real person rather than a bot. This method effectively measures the capability of customer support to assist both active traders and casual investors.
My experience with LBank’s customer support was generally positive. While the FAQ section can be a bit confusing, the live chat makes up for this. Whenever I used live chat, I was instantly connected to a support agent, who responded quickly and addressed my questions effectively. On the other hand, when I tried email support, I had to wait over 24 hours for a response.
Although the agents were able to resolve all my queries, their responses weren’t as detailed as those I’ve received from exchanges like Binance. Additionally, I noticed that the live chat feature didn’t appear on the desktop platform when using Safari, but it worked perfectly fine with Chrome.
All in all, I’d rank LBank’s customer service fairly highly compared to competing exchanges. LBank delivers an instant connection to customer support agents, who provide a reasonable level of clarity and detail, providing an experience that is on par with exchanges like Binance and Kraken.
FAQ
Is LBank trustworthy / Can LBank be trusted?
Based on our research, LBank has not experienced any issues or loss of customer funds throughout its operational history. However, the lack of Proof of Reserves is a major drawback, especially given most competing exchanges already offer PoR data.
It’s important to note that most cryptocurrency exchanges are still largely unregulated, so no exchange can be considered completely risk-free.
Can US Citizens use LBank?
LBank does not accept residents of the United States.
Has LBank ever been hacked?
The exchange has never been hacked or suffered a loss of customer funds.
Does LBank require KYC?
LBank does not require KYC to deposit crypto and start trading. However, if you wish to use LBank’s fiat services, you will need to pass KYC verification.
Can I use leverage or margin trading on LBank?
Yes, LBank offers up to 200x leverage for futures trading and 5x leveraged tokens.
Is my money safe on a cryptocurrency exchange?
While LBank maintains a high level of security, the lack of Proof of Reserves, regular audits, or any form of insurance on customer deposits could raise safety concerns for some users.
Is the exchange regulated?
LBank is registered with regulatory bodies in the USA, Canada, Italy, Australia, and Lithuania. However, it operates without a license in all other supported jurisdictions.
Does LBank offer any bonuses, welcome offers, or referral rewards to its users?
LBank does not currently offer any bonuses or welcome offers; however, it does have a referral and affiliate program with commissions that are higher than those of competitors like Binance and Bybit.
LBANKFeatures
- Bitcoin
- Ethereum
- Bitcoin Cash
- Litecoin
- Bitcoin Gold
- Qtum
- NEO
- Ethereum Classic
- Zcash
- bitshares
- siacoin
- VeChain
- bitcoin-diamond
- Australia
- Cameroon
- Chad
- Dominica
- Canada
- Denmark
- France
- Greece
- Haiti
- Iceland
- Libya
- Mexico
- Nepal
- Belize
- Romania
- Cape Verde
- Senegal
- Sri Lanka
- United Kingdom
- Eritrea
- Gambia
- Indonesia
- Lebanon
- Angola
- Malta
- Bahamas
- Benin
- Chile
- Ghana
- Gibraltar
- Grenada
- Serbia
- Guinea-Bissau
- Syria
- Tonga
- Kenya
- Finland
- Namibia
- Oman
- Jamaica
- Palau
- Solomon Islands
- Kyrgyzstan
- Tunisia
- Montenegro
- Peru
- Sweden
- Trinidad and Tobago
- Yemen
- Bahrain
- Belarus
- Bulgaria
- Colombia
- Cuba
- Cyprus
- Algeria
- Burkina Faso
- Cambodia
- Kuwait
- Russian Federation
- Saint Lucia
- South Sudan
- Tanzania
- Turkey
- Virgin Islands, British
- Japan
- South Korea
- Malawi
- Maldives
- Netherlands
- Botswana
- Qatar
- Saint Kitts and Nevis
- Saint Vincent and the Grenadines
- Slovenia
- Sudan
- Taiwan
- Tuvalu
- Vatican City
- Uruguay
- Malaysia
- Moldova
- Nauru
- Papua New Guinea
- Zambia
- Andorra
- Bolivia
- Afghanistan
- Congo
- Cote d'Ivoire
- Laos
- Dominican Republic
- Mauritania
- Egypt
- Gabon
- Morocco
- Uganda
- Nigeria
- Swaziland
- Vietnam
- Austria
- Barbados
- Bosnia and Herzegovina
- Djibouti
- Equatorial Guinea
- Comoros
- Estonia
- Fiji
- Ethiopia
- Mali
- Hong Kong
- Ireland
- Italy
- Philippines
- Macedonia
- Poland
- Madagascar
- Sierra Leone
- Vanuatu
- Panama
- Portugal
- Samoa
- Saudi Arabia
- Timor-Leste
- Albania
- Burundi
- Guinea
- Iran
- Armenia
- Bangladesh
- Belgium
- Kiribati
- Lithuania
- Bhutan
- Mongolia
- Cayman Islands
- Myanmar
- Niger
- Rwanda
- Sao Tome and Principe
- Slovakia
- Czech Republic
- Thailand
- United Arab Emirates
- Ecuador
- Germany
- India
- North Korea
- Liberia
- Liechtenstein
- Luxembourg
- Marshall Islands
- Monaco
- Mozambique
- New Zealand
- Pakistan
- Togo
- Uzbekistan
- Venezuela
- Zimbabwe
- Antigua and Barbuda
- Croatia
- Argentina
- Guyana
- Kazakhstan
- Lesotho
- Central African Republic
- Norway
- Paraguay
- San Marino
- Spain
- Suriname
- Switzerland
- Tajikistan
- Guatemala
- Honduras
- Iraq
- Mauritius
- Nicaragua
- Singapore
- Somalia
- Azerbaijan
- Brazil
- Brunei
- China
- Costa Rica
- El Salvador
- Georgia
- Hungary
- Israel
- Jordan
- Latvia
- Micronesia
- Seychelles
- South Africa
- Turkmenistan
- Ukraine
- Isle of Man
- Kosovo
Payment Method
Exchange Details | Info |
---|---|
Headquarters Country | Hong Kong |
Foundation Year | 2016 |
Type | exchange |
Trading Allowed | Yes |
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