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LBX Review - is it scam or safe?

LBX - is lbx.com scam or good cryptocurrency exchange?

RATING: 1.5 / 1 REVIEWS LBX
LBX is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:10 N/A

 

London Block Exchange (LBX) is a UK-based trading platform for cryptocurrencies, which is still not operational. It will be offering an online platform and a mobile trading application for iOS devices (Android coming soon). The users would be able to trade cryptocurrencies for fiat currencies. For now, the clients would be able to trade Bitcoin, Ether, Litecoin and Ripple for GBP. More cryptos are promised to be added on a regular basis.


LBX advantages


- Major coins. LBX is going to offer trading in some of the largest cryptocurrencies and plans to be adding more.


- Mobile app. In addition to a web-based trading platform, LBX is going to be available only as a mobile application. Users would be able to trade in cryptos, have access to real-time market data, deposit and withdraw funds and manage their portfolio and balances in real-time.


- Services for institutional traders/brokers. LBX will offer over-the-counter services for institutional traders and brokers. They would be able to trade cryptocurrencies under preferential conditions for high volume orders. LBX currently offers trading in Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple, paired with £, € and $. There is a requirement for a minimum trade size of £25,000 per cryptocurrency.


- Offers educational services. LBX has a “College of Crypto” - an educational section on the site that gives basic information about the important aspects of blockchain and cryptocurrencies – what they are, how they work and explains the basic terminology of the industry. There is also information about the largest cryptocurrencies, what is an ICO, etc., and regular market reports.


- Fast deposits and withdrawals. LBX will utilize UK’s Faster Payment Service (FPS) that will reduce the processing time of fiat deposit and withdrawals. Additionally, users of the FPS will be able to seamlessly exchange cryptocurrencies for fiat (GBP) and the other way around. However, the service will be available only for premium and pre-registered users. They will also benefit from no deposit fee and low withdrawal fees.



LBX disadvantages


- Not yet operational. It seems that LBX has been postponing the launch several times and some potential clients are already losing patience. According to its own site, LBX has gone through the private beta testing phase and is getting ready for a public release. However, at the time of writing of this review, there is no set date for this.


- No info on trading fees. We could not find information about LBX’s trading fees. Perhaps when the platform launches, the commission will be announced.


- No info on deposit/withdrawal fees. At the time of writing of this review, we could not find information about the deposit and withdrawal fees, either. We could not find information about the fiat currency deposit methods and whether or not credit and debit cards will be accepted. 

 

>> See crypto exchanges accepting credit cards <<


- Trading platform not yet ready. We could not have a look at LBX’s platform, because it is not ready yet.


Conclusion


LBX has big plans and will most likely offer a nice and convenient service. For now, however, we will have to wait and see what will come out of this.


At this stage, we mostly like the educational section and the plans to have a mobile trading application, even though the Android one is still in the works. Another very convenient feature would be the option to seamlessly swap cryptocurrencies for GBP via the FPS payment method.


Either way, we still cannot quite form a definitive opinion on LBX, until we see it in full working orders, with all the necessary information.


 

Latest news about LBX
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Traders` reviews for LBX

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LBX regulation

https://support.lbx.com/hc/en-gb/articles/360002536014-Regulation-and-The-London-Block-Exchange

Phillip Wright 08/22/2018
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