LBank is yet a cryptocurrency exchange offering clients from around the world crypto to crypto trading pairs for a variety of digital assets. The exchange was founded in 2016 with the goal of providing users from around the globe with professional cryptocurrency asset management solutions. The exchange is owned and operated by Chinese company known as Superchains Network Technology Co. Ltd. Since China’s laws are rather harsh when it comes to cryptocurrencies, ICOs, and exchanges, the LBank exchange has based their headquarters out of Hong Kong and primarily serve the Asian and Chinese markets. However, the exchange does accept clients from all around the world and offers their services in both English and Mandarin Chinese.
6.5
Score6.5
Score Android
Score iPhone
LocationHong-Kong
Currencies
LanguagesEN, CN
Buy withBTC
Fees0.1%
AltcoinsYes
Margin tradingNo (Exchange does not support margin trading)
Trust scoreC
Beginner friendlyNo (Exchange is complex and difficult for beginners)
Stability3. Much (Exchange is stable, but it has a downtime in the high stakes)
FiatNo (The Exchange does not support Fiat currency like USD, EUR, etc ...)
APIYes (API is available for public to use)
Rest APIYes (The Exchange has Rest API support)
WebsocketNo (The Exchange does not have Websocket)
LendingNo (Exchange does not support lending)
Stop limitNo (Exchange does not support stop limit)
US licenceNo (Exchange don't have US licence for Money transmitter)
PGP supportNo (Exchange does not have PGP encryption)Since the LBank exchange is based out of Hong Kong, they do not fall under any reputable regulatory authorities and are not a licensed exchange. However, this does not mean the exchange is not competent and trustworthy, as most cryptocurrency exchanges operate without any formal regulation. With so many cryptocurrency exchanges to choose from, how do you know which one is right for you? Well, in the following review we delve deep into the aspects that make up this cryptocurrency exchange and see what sets LBank apart from the competition and whether or not they can be trusted.
Exchange Platform
Like many other cryptocurrency exchanges, LBank features their very own proprietary web-based trading platform. The exchange platform is very nice and simple with an intuitively designed interface that is easy to use and understand. Also, the platform incorporates some advanced tools and features such as the following technical analysis indicators; MACD, KDJ, RSI, CCI. Also, the exchange platform incorporated a market depth window below the chart and a volume window below the order windows. The placement of all features feels right and is well thought out. While the platform has some advanced tools, features, and technical indicators, there are not any tools for charting analysis such as drawing tools and other technical analysis methods. However, the exchange platform is fairly advanced overall, which is good for experienced traders and it’s simple enough for beginner traders as well.
LBank Advantages
- Low-cost trading - The costs of trading at LBank are rather low when compared to the offers by other exchanges. With a 0.10% flat fee on all trades, this exchange is one of the cheapest. As a comparison, major Chinese exchange OKCoin charges up to 0.20% per trade. Besides, deposits at LBank are free and withdrawals are charged with rather competitive fees: 0.01ETH, 0.1%QTUM.
- Fiat supported, bank transfers accepted - LBank accepts real money transfers, in Chinese Yuan (CYN) and US dollars (USD). Besides, users can use directly their bank accounts to deposit or withdraw, which is convenient for many crypto investors.
- Many altcoins available - At the time of writing of this review, there are over 40 cryptocurrency pairs traded at LBank, which is white an extensive product portfolio. At this exchange, you can trade in Bitcoin, Litecoin, Qtum, Bitcoin Cash, Zcash, NEO, Ethereum, Ethereum Classic, and some less popular coins like Nebulas, VeChain, Bodhi, YoYow and others. Currently, the most popular pair at LBank is QTUM/BTC, which constitutes almost 50% of its overall trading volume.
- Sufficient liquidity - Trading volumes on many of the cryptocurrency pairs offered at LBank seem to be comparatively high, which is a good thing, as it means that the exchange has sufficient liquidity.
- Nice trading platform - LBank’s web trading platform is nice and simple, but yet equipped with some advanced tools such as technical analysis indicators (MACD, KDJ, RSI, CCI) and a market depth window. Trading instruments are grouped into four categories: coins traded against BTC, ETH, QTUM, and BTS.
- Anonymous trading - You can trade anonymously at LBank, provided that there is no fiat currency involved and up to certain limits. This policy is rather common among crypto-exchanges.
LBank Disadvantages
- Lacking presentation - LBank does not mention a lot of details, when it comes to its trading conditions and company background, or they are available only in Chinese on the website. Methods of payment, bank wire fees as well as its company headquarters are not mentioned in an easily accessible place.
- No margin trading - Like most exchanges, LBank does not provide leverage. If you’d rather trade on margin, other exchanges, like Chinese OKEX, offer such. Besides, you can trade Bitcoin speculatively with forex brokers, all of which provide leveraged trading.
Security rating of Lbank
Since LBank’s establishment in 2016, they have never had any reported hackings or loss of funds. The exchange implements the latest security features such as SSL encrypted servers, two-factor-authentication for logins and transactions, and both cold and hot wallet storage of user funds. As well, each user is treated equally with the same services available to them. Also, users are not required to submit any identification information and can remain anonymous while trading on their platform. One thing we found to be unfair is that some aspects of the website are only available in Mandarin Chinese, even though they claim to support the English language.
Review of Lbank
LBank is an interesting cryptocurrency exchange that’s growing and gaining the interest of many clients in the Asian markets. They offer very competitive fees and a wide variety of cryptocurrencies and markets to trade in. However, the exchange is not well suited for English speaking traders as support is very limited. If support is not important for you, then LBank might be a good option. Their exchange platform is nice and easy to use and still offers some advanced tools and features.
Mobile apps review of Lbank
We consider the lack of mobile trading apps a weak side of an exchange, as an increasing number of investors prefer to use their smartphones for Bitcoin trading.
