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Lbank Review 2024: Fees & Features
Luis Clark
- URL: https://lbank.info
- Headquarter: Indonesia
- Year Founded: 2015
- Platform App: Web/Mobile/Desktop
- No. of Cryptos: 150+
- Fiats Available: USD, AED, GBP BRL, and 100+ more
- Withdraw Method: Cryptocurrency
- Payment Method: Digital assets, credit or debit card, Interac e-transfer, Bank transfer, PayID, Apple Pay, Faster Payments Service, PayPal, Prompt Pay, UPI, and more
Lbank Review Review: Our Opinion
The LBank exchange is best for intermediate and experienced traders looking for a large selection of digital assets, crypto pairs, payment methods, and advanced crypto trading products like spot trading, grid trading, margin trading, options, futures, technical analysis indicators, and ETFs. The LBank exchange is also an interesting cryptocurrency exchange platform as it offers a large selection of services not feasible with most cryptocurrency exchanges because of its third-party partnerships. That said, LBank will appear confusing to people new to cryptocurrency trading.
An Overview of Lbank Review
Headquartered in Indonesia and founded in 2015, the LBank exchange platform is a crypto exchange with licenses like most regulated cryptocurrency exchanges from the Australian AUSTRAC and Canadian MSB agencies to provide a global range of users with several products and services including NFTs, staking, crypto derivatives, and crypto trading.
LBank exchange also has offices in several nations including Australia, Canada, and the United States.
The LBank exchange supports over 50 fiat currencies, 100+ digital assets, and more than 20 payment methods. However, unlike how so many cryptocurrency exchanges operate, the LBank exchange platform incorporated a ton of third-party services to offer a large chunk of services offered.
LBank currently has over 6 million registered LBank customers and shows $1 billion in trade volume.
Pros
- Competitive fees
- Over 150 cryptocurrencies are available
- Supports over 20 payment methods including Moonpay, Apple Pay, Google Pay, etc
- It has an NFT marketplace
- It supports over 50 fiat currencies
Cons
- It requires a steep learning curve
- Limited withdrawal methods
- User navigation is complex
Key Features of Lbank
LBank Futures Calculator
The LBank Futures calculators allow LBank users to calculate profit & loss, liquidation price, initial margin, and return on equity (ROE) before placing any orders. This allows the users to predict exactly what their profit or loss will be for any trade they wish to execute.
The LBank futures calculator is easy to use and can also help users to maximize profit by identifying where to place a protective stop loss order/limit order. The default interface for the LBank Futures calculator is “PnL”. The calculator can also be used to calculate the Liquidation price and Entry price.
To use the calculator, do the following:
Click on the Calculator icon on the web page and select “Buy” or “Sell”.
Next, input the opening price, the amount of your order, and the exit price. You can move the cursor along the slider bar on your screen to choose the leverage level.
Once you have attributed all details, click on “Confirm”. You will be immediately shown the result for earnings, initial margin, and Return on Equity.
Cryptocurrencies Available on LBank
LBank crypto exchange platform supports over 150 cryptocurrencies. Supported cryptocurrencies include Bitcoin, Ethereum Ethereum Classic, Bitcoin Cash, Shiba Inu, Dogecoin, XRP, USD Coin, Polygon, Tron, Avalanche, Solana, Cardano, Binance USD, Binance Coin, Polkadot, Chainlink, Litecoin, Axie Infinity, etc.
Can You Buy and Sell NFTs on the LBank Exchange?
Yes, you can buy and sell NFTs on the LBank NFT platform. The NFT trading platform offers 2 sections: a Marketplace and Auction Market. The marketplace enables the LBank customer to buy an NFT art of their choosing at a particular price.
However, in the Auction Market users will have to bid for NFTs and have the opportunity to win 10% of the NFT’s price spread for rewards. In addition, the bidder’s payment for an auction will be held till a higher auction is given or the auction comes to an end. Unlike the crypto exchange, the NFT marketplace is suitable for beginner traders as it is straightforward to use.
Fees
The LBank exchange platform offers a simple fee structure that offers competitive fees. For trading fees, the LBank exchange uses the taker fees and maker fees model. It charges 0.1% for both maker and taker fees.
For leveraged ETFs, LBank charges a flat 0.20% in trading fees for both maker and taker fees as well as a 0.10% management fee. The management LBank fee is only charged at 0.00 Hong Kong time, so no fee is charged if you don’t hold Leveraged ETF products at that time.
All deposits to LBank are free. The LBank exchange platform does not charge withdrawal fees. However, third-party fees and network fees for crypto withdrawals are incurred and these can be dynamic.
Payment Methods
The LBank crypto exchange offers a host of payment methods due to its partnerships with several fiat currency channels including Mercuryo, Moonpay, Simplex, Banxa, Coinify, Xanpool, and Paxful.
These fiat currency channels altogether allow the cryptocurrency exchange to offer the following payment methods: Newsagent, Google Pay, Viettel Pay, DuitNow, UPI, iDEAL, SEPA, Sofort, Interac e-Transfer, GoJek, Credit Card, Debit Card, PayPal, Visa, MasterCard, Apple Pay, Bank Transfer, Australia Post, PayID, PayNow, FPS, Prompt Pay, InstaPay, and QuickPay.
Unlike other exchanges that do not use third-party services to process fiat currencies, the LBank exchange platform supports more than 100 traditional currencies including AED, USD, GBP, USD, AFN, ALL, AMD, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BMD, BND, BOB, BRL, BSD, BTN, BWP, BYN, BZD, CAD, CDF, CHF, CLF, CLP, COP, CRC, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, FKP, GBP, GEL, GGP, GHS, GIP, GMD, GNF, GTQ, GYD, And much more.
For crypto payments, the cryptocurrency exchange supports BTC, ETH, and USDT.
Lbank Security
The LBank cryptocurrency exchange compiles with and enforces the Anti-Money Laundering and Terrorist Fund Raising Financial Institutions Regulations. It keeps a record of transaction data as well as large or suspicious transactions.
LBank exchange stores users’ funds in a combination of cold and hot wallet storage. It also secures users’ funds with security features like SSL-encrypted servers and two-factor authentication for logins. Two-factor authentication is also required for transactions on the platform. Also, users do not remain anonymous while trading on the platform as the exchange requires identification information.
Lbank Staking Rewards
The LBank exchange offers 2 staking programs via its Earn service: Flexible and Locked. The staking products provided in these programs offer up to 175% APY.
Supported Countries
LBank accepts clients from over 200 countries. Supported countries include: Indonesia, Hong Kong, Uruguay, Sao Tome and Principe, Slovakia, Czech Republic, Bosnia and Herzegovina, Djibouti, Equatorial Guinea, Comoros, Estonia, Fiji, Ethiopia, Uzbekistan, Venezuela, Zimbabwe, Antigua, Montenegro, Sweden, Bahrain, Yemen, Saudi Arabia, Peru, Russia, Zambia, Mali, Bosnia, Trinidad and Tobago, Comoros, Estonia, Fiji, Equatorial Guinea, Australia, Canada, China, etc.
Opening an LBank Account
To open an account on the LBank exchange platform via the web go to the official website of the LBank exchange – LBank.info.
Next, click the Register button located at the upper right corner of your screen. This will take you to the registration interface where you can pick one of the 2 sign-up methods: your mobile phone number or email address.
Input the requested data as required on the registration page like this: Enter your mobile number or email address. Next, click obtain verification code then complete man-machine verification.
Once that’s done, you’ll need to choose your login password and hit sign up to finalize account registration.
That’s it, you’ve created your account. Now you’ll need to verify your identity. To do so, sign in to your account and then click the account name located at the upper right corner of your website.
Input your information page and click through Security Policy and Authentication to carry out KYC verification.
Follow all on-screen prompts in the KYC screen to enter your data and upload your photo. Then hit Submit.
LBank cryptocurrency exchange processes verification requests within 24 hours.
Trading Experience on Lbank
LBank supports mobile and web devices for trading.
To get a first-hand experience of what it’s like trading on the LBank cryptocurrency exchange, let’s have a walkthrough on how to execute a simple spot trade on the platform.
Log in to your LBank profile and click the Trade button on the menu located at the top of the homepage.
Once you click on the Trade button a fresh page will open up. Next, you’ll need to set your crypto wallet to Spot by choosing Spot in the drop-down menu.
A new page will open that’ll allow you to view all available assets for trading. There’s also the option of running a search to find a particular crypto asset.
Search for or find the cryptocurrency you want to trade and put your pointer on Trade then choose the crypto trading pairs you intend to trade. For example, if you put the pointer on BTC you may see that the available crypto trading pairs are BTC/USDT or BTC/LBK.
A new page will come up, and on it, you’ll be able to view charts, manipulate time frames, carry out analysis, select other crypto assets, and place the trade.
LBank offers the following order types, limit order, stop-market order, stop-limit order, and market order. It also offers a stop price and percentage bar, which allows you to place orders based on the percentage of your balance.
After placing your trade you’ll be able to view trades in the open orders tab.
Lbank Customer Support
LBank crypto exchange offers customer support via email at service@lbank.info. There is also an online chat feature on the LBank official website. The support team can also be reached via Telegram.
Customers can also find helpful information and answers to Frequently Asked Questions about the platform from the Help Center.
Customer Satisfaction
The platform is difficult for newbies to navigate and it is hard to find certain information as users have complained about its ease of use. On Trustpilot, the exchange has a poor score of 2.4 stars with a majority of the complaints being about the trading experience.
Does LBank Exchange Offer Education?
Unlike most cryptocurrency exchanges LBank does not offer a dedicated education center. Rather, it has various crypto resources scattered on different channels like YouTube, Knowledge Base, etc.
Is LBank Exchange Right for You?
LBank is best for expert cryptocurrency trading as it offers advanced tools and a complex user navigation interface.
Final Thoughts
LBank is built for advanced cryptocurrency trading. Beginner traders will find the crypto exchange difficult to use as it features expert tools and products. The LBank exchange is also a bit confusing to navigate for newbies. That said, the platform caters excellently well to professional traders who want multiple crypto trading pairs, technical analysis indicators, order types, OTC, ample financial products, charting analysis, etc.
FAQ
Most frequent questions and answers
No, LBank is a global exchange headquartered in Indonesia. However, the exchange has an office in the United States.
Yes, LBank is a centralized exchange. It holds licenses from AUSTRAC and Canada MSB.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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