As the crypto phenomenon continues to surge in popularity, a myriad of novel exchanges is cropping up to cater to the skyrocketing demand for purchasing, vending, and trading virtual assets. Out of the myriad of emergent exchanges, LBank has emerged as a conspicuous player in recent times.
Our aim in this review is to delve into the intricacies of LBank, scrutinize its salient features, and compare and contrast it with other peers in the crowded realm of crypto exchanges.
What is LBank?
LBank is a centralized Cryptocurrency exchange that is catering to international traders, commenced its operations in October 2016. Although it is worth noting that its LinkedIn page indicates that its work dates back to 2015. This platform initially focused its efforts on the Asian markets; however, in 2017, it unveiled its customer-to-customer service, allowing for direct digital asset trading without the involvement of intermediaries. LBank’s approach resembles a peer-to-peer model, and the methodology employed by decentralized exchanges is strikingly similar.
Where Is LBank Exchange Located?
LBank, has chosen Hong Kong as the site for its headquarters due to China’s strict regulations concerning digital currencies, initial coin offerings, and exchanges. Hong Kong, which has its own legal system as a semi-autonomous region of China, provides LBank with greater freedom to operate than it would have on the mainland.
Despite its base in Hong Kong, LBank is actually registered in the British Virgin Islands.
Who Created LBank?
LBank’s parent organization is Superchains Network Technology Co. Ltd. The exchange’s central aim is to provide a premium Cryptocurrency platform along with expert asset management services, ensuring users’ maximum security.
LBank offers numerous currency pairs, and the company pledges to provide the most considerable staking rewards compared to its competitors.
Who Owns LBank?
LBank is owned by a Chinese company known as Superchains Network Technology Co. Ltd.
How to Use LBank?
Here is a step-by-step guide that will help you to use LBank.
- Go to LBank’s Official Site: The first step to using LBank is to visit their official site from any device that has an internet connection.
- Click on SignUp: Once on the LBank homepage, navigate to the top-right corner of the page and click on the SignUp button.
- Choose Sign-up Method: Select your preferred sign-up method, either by email or mobile number.
- Complete reCaptcha: Complete the reCaptcha test to prove you’re not a robot.
- Verify Account: After completing the reCaptcha, LBank will send a verification code to the email or phone number provided. Enter the code on the appropriate page to verify your account.
- Create Password: Create a strong password and confirm it.
- Provide Referral Code (Optional): If you have a referral code, enter it in the appropriate box.
- Agree to Service Agreement: Read through the Service Agreement and tick the box to confirm your agreement.
- Submit Sign-Up Form: After completing all the required fields, click on the SignUp button to submit your application.
- Bind 2FA (Optional): You will be prompted to bind 2FA for extra security. Choose to skip if you prefer.
- Log In to Your LBank Account: After successful sign-up, you will be redirected to the home page. Click on the Account button in the top-right corner to access your LBank account.
How to Buy Crypto on LBank?
Buying Bitcoin on LBank is easier than you think. Firstly, one must register for an LBank exchange account and complete the necessary Know Your Customer (KYC) requirements. After meeting the prerequisites, customers may buy Cryptocurrency using their LBank accounts by clicking “Buy Crypto” and then “Credit/Debit Card.”
The next step is to enter the amount you want to spend and choose the Cryptocurrency you wish to buy. Finally, input your payment information and finish the purchase by following the on-screen instructions.
Moreover, LBank’s peer-to-peer OTC feature provides an additional option for buying Cryptocurrencies.
How to Withdraw from LBank?
To access your LBank account, navigate to either the “Wallet” or “Assets” page, and log in. Locate the corresponding “Withdraw” button alongside the digital currency you wish to withdraw. Input both the withdrawal address and the desired amount for withdrawal, taking care to meticulously double-check the withdrawal address to prevent erroneous fund transfers.
Proceed to verify the transaction, and subsequently enter any mandatory authentication codes. The duration of the processing period varies depending on the Cryptocurrency and the degree of network congestion. Be patient as you wait for the withdrawal to undergo processing.
How to Sell on LBank?
You must first open an account with the exchange in order to sell on LBank. Once you’ve opened an account and gone through the verification procedure, you may sell your Bitcoin by following these steps:
Access your LBank account. Go to the trading area and choose the Cryptocurrency you want to sell. Click the “Sell” button and input the desired quantity of Cryptocurrencies. Select the currency you want in exchange for your Cryptocurrency. Examine the transaction information and finalize the transaction.
Please keep in mind that LBank charges a 0.1% transaction fee. Withdrawal fees may apply as well, depending on the coin and the amount withdrawn.
How to Trade on LBank?
- To initiate trading on LBank exchange, registration of an account is mandatory.
- Following registration, install the LBank mobile application on your cellular device.
- Log in to your account through the mobile platform.
- Proceed to the “Trade” tab and select “Spot Trading.”
- Determine the Cryptocurrency pair that is to be traded – such as BTC/USDT or ETH/BTC.
- Choose whether to buy or sell the Cryptocurrency and select the corresponding tab.
- Select the order type to be utilized: Limit order, Market order, or Stop Limit order.
- Set the quantity and price of the Cryptocurrency to be traded.
- Before executing the order, review and confirm the details.
- Keep an eye on your open orders and trading history to monitor the progress of the transaction.
How to Buy Saitama on LBank?
To buy Saitama on LBank, you can follow these steps:
- First, create an account on LBank using your email ID if you do not already have one.
- Next, purchase Ethereum or another major coin from any fiat-to-crypto exchange using fiat currency.
- After purchasing Ethereum or another major coin, transfer the funds to your LBank account.
- Navigate to the market section of LBank and locate the Saitama/USDT trading pair.
- Place an order for the desired amount of Saitama and confirm the transaction.
- Once the transaction is complete, Saitama coins will be credited to your LBank wallet.
You can also refer to the LBank website and the various videos available on YouTube to understand the process of buying Saitama on LBank.
How to Buy USDT on LBank?
Here are the steps to buy USDT on LBank:
- Visit the LBank website and sign in to your account.
- On the homepage, click on “OTC Trading” on the menu at the top of the screen.
- Choose “Buy” and select “USDT” from the list of available Cryptocurrencies.
- Select your preferred payment method (e.g. bank transfer or credit/debit card).
- Enter the amount of USDT you want to buy and confirm the transaction.
- Wait for the USDT to be credited to your LBank account.
How to Add Money to LBank?
To add money to LBank, you can follow these steps:
- Log in to your LBank account.
- Click on the “Wallet” tab.
- Select “Deposit” from the dropdown menu.
- Choose the Cryptocurrency you want to deposit.
- Generate a deposit address or scan the QR code provided.
- Send the desired amount of Cryptocurrency to the generated deposit address.
It’s important to note that LBank allows deposits in the form of Cryptocurrencies, MasterCard, and e-wallets. Withdrawals can be made by sending the desired Cryptocurrency to a personal wallet. And LBank does not support fiat currency deposits at this time.
How to Stake on LBank?
Staking on LBank is a terrific method to earn passive income while also gaining exposure to some of the market’s hottest digital assets. Staking on LBank enables users to earn incentives by staking their Bitcoin holdings. This reward scheme operates by users depositing their coins/tokens into platform-provided wallets and collecting interest when tokens are handed back to them over time.
The fundamental advantage of staking is that it delivers a return on investment without using any energy or resources, unlike mining or trading. Furthermore, staking contributes to the improvement of Blockchain networks by offering extra computational power and enhanced security.
You must first establish an account before you can start staking on LBank. After you’ve registered, you’ll need to deposit the amounts you want to stake. The rules and pay-outs may differ depending on the asset you are staking. Some assets require users to lock up their coins/tokens for a specified length of time before receiving benefits, whilst others provide instant pay-outs with no lock-up period.
When you deposit money, it is transformed into LBank tokens (LBT). This is the native token of LBank, and it is used to reward users that engage in the staking process. The number of LBT tokens you get is determined on the length and amount staked. Your winnings will be given back to your account in the form of LBT tokens after you have completed the staking procedure.
Finally, after they have acquired a specific quantity of LBank tokens, customers may withdraw their rewards at any moment. Withdrawing money is simple: go to your account page, pick the withdrawal option, and input the amount of LBT you want to withdraw.
Pros and Cons of LBank
Here are some of the pros and cons of using LBank:
Pros👍
- Simple to use
- Ideal for traders in Asia
- Low transaction costs and free withdrawals
- There is a mobile application available.
- modern trading instruments
- Quick account creation
- 2FA and wallets with cold-hot storage
- Has 97 crypto tokens supported
- Adequate liquidity
Cons👎
- Many countries do not have access to it.
- Customer service is slow.
- It is not feasible for English-speaking countries.
- There is no cTrader or MetaTrader, and payment options are limited.
- Unregulated
Bottom Line
In this LBank exchange review, generally, LBank offers the best possible tools for both novice traders and those with more experience. The statement is supported by the existence of educational resources and advanced indicators on its website. The exceptional safety it provides outshines the limited payment method support offered by LBank. The platform has reasonable prices, and there are few fees involved.
Therefore, any trader can use it to instantly buy or sell more than 120 different Cryptocurrencies.
FAQs
Is LBank Safe?
LBank, a Cryptocurrency exchange located in Hong Kong, presently ranks twelfth based on Coin Market Cap, boasting a trade volume of $237.5 million in a twenty-four hour period. According to several appraisals, LBank has maintained an unblemished record of zero hacking incidents and no forfeiture of funds. It has incorporated state-of-the-art protective features, including SSL encrypted servers, dual-factor authentication for both logins and transactions, and cold as well as hot wallet storage for user assets.
Is LBank Legit?
LBank, a digital currency exchange, purports to be a reputable and authentic entity in the industry. With over five years of experience, LBank has maintained an unblemished track record in terms of invincibility, user-friendliness, and customer support, which has solidified its reputation. The wide variety of payment methods that LBank facilitates, coupled with the extensive range of digital currencies available for trading, further enhances its position as a highly regarded and dependable platform for the procurement, disposition, and interchange of digital currencies. In simple terms, LBank is a legitimate platform.
