LBank is a Hong Kong based exchange that offers trading of cryptocurrency as well as margin trading. Here you can find all the necessary information which you should know before using LBank.
Our detailed review of the LBank Exchange will cover these things:
- LBank Overview
- LBank Fee Structure
- Supported Countries
- Supported Currencies
- Customer Support
- Is it Secure?
- Pros and Cons
LBank exchange is a cryptocurrency exchange that offers services for crypto trading to its customers and users throughout the world as it is a global platform for cryptocurrency trading. The headquarters of the LBank is located in Hong Kong, the administrative area of China. As it is present in Hong Kong, so we can say that the rules and regulations are not very strict but it does not mean that it affects the credibility of the exchange. In fact, it is one of the trustable places for cryptocurrencies trading according to the views of the users.
It came into the arena of the digital currency in 2016 and marked its name among the topmost exchanges of the world but still, it is not considered in the list of the leading digital currency exchanges. It is very important for your kind information that it is under the control of the giant company called Superchains Network Technology Co. Ltd. However, due to some strict regulations, it is not operated in some areas and the very target of them is the Asian and Chinese markets. As the population of the Asian countries comprised of billions of people, it means it is accessible to the uncountable masses of the world.
LBank Fee Structure
The maker and taker fees vary on the LBank and are considered very competitive when compared to the fees deducted on the services by the leading exchanges. The maker fee mentioned on the site is -0.05% and take fee is 0.2%. There are no charges at all on deposits but the fees of withdrawing changes with cryptocurrencies. For example, the withdrawing fee for Bitcoin is 0.0005% while the fee for Ethereum is fixed at 0.01%.
LBank has access to the traders and investors of almost 200 countries because it is a global platform. However, it is restricted in some countries due to the rules and regulations fixed for the crypto industry in countries.
There are very limited methods for payment on the site: one is through cryptocurrency and the other one is using the ‘Wire Transfer’.
As the defining line under the name of the title, ‘The World Class Digital Asset Exchange’, suggests that it is only for the digital currency and not for the fiat currency trading as there is not a single pair with fiat currency is present. There are nearly more than 40 different crypto pairs are available and almost six markets are in action including the topmost coins and stablecoin markets.
Most of the trading pairs are in action with Bitcoin and Ethereum. The market of stablecoin such as Tether is also active on the site and the numbers of crypto pairs paired with Tether are eight in number. The trading pairs of cryptocurrencies with Bitcoin and Ethereum are 22 and 36 respectively.
The customer support section of any company or firm must be very active and should respond to users on time. If there is a problem between the company and the users then definitely problems will arise and cause users to move on to other alternatives. LBank’s support is good for mandarin speaking users and the response from the team members is very fast and relevant.
At first, there arose a problem for English speaking users because there was no support for the English language on the FAQ and the ‘Contact US’ page. But with the passage of time, they have adopted the English version to respond to customers. But still, the customer care section is not up to the standard level and need some more improvements.
Most of the sites cause disturbance for beginners who are new to the trading or the exchange which leads to bad feelings among the users for the site. But on LBank, new-babies are very relaxed and do not face any exhausting problem. The interface is very much understandable for the new players as well as for professional ones.
They have devised their site in a very creative way that trading becomes more efficient and predictive as the most predicted technical indicators are available which assist traders and investors to see the markets’ situations and tells at what position or time one should put the money in the form of assets. The facility of technical analysis including the famous indicators such as RSI, MACD, KDJ, and CCI makes it a more efficient and versatile site for traders and investors.
Is it Secure?
This is a very important question which we should ask before using any exchange because if there is no security of your assets then there are more chances that your assets may lose. Let’s talk about the security offered on the LBank. On the basis of reviews of the users, 90% of users are satisfied with the security measure which means that it is a secure and credible platform for you to trade cryptocurrency.
LBank Pros & Cons
First of all, it is under the control of a giant company in China which gives us its credibility criteria. Besides simple crypto trading, margin trading is also present on the site. Similarly, the facility of OTC is serving the users. The adoption of a large number of non-scammy digital assets makes it a more versatile exchange along with the support for the maximum number of countries. But the support section is not very satisfactory. When comes to the question of security, you will be sure that it is the best platform for you.