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LBank Review - is it scam or safe?

LBank Review - is lbank.info scam or good cryptocurrency exchange?

RATING: 3.5 / 6 REVIEWS LBank

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage Trading fee Withdrawal Fee
Standard N/A 0.1% 0.01ETH, 0.1%QTUM*

 

*As regards BTC withdrawals, they are charged according to the situation of the block.

 

LBank is a digital asset trading platform with a focus on Asian markets. It offers mostly crypto-to-crypto spot trading, but also works with fiat. At this exchange, you can find a lot of altcoins for trade, and they are relatively low-cost.

 

By the time of writing this review, LBank is ranked 26th by trading volume on CoinMarketCap.

 

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.

 

Here is a snapshot of LBank’s web platform:

 

 

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.

 

>>Margin trading in Bitcoin <<

 

No mobile apps

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.

 

Conclusion

 

LBank is a cryptocurrency exchange with a focus mainly on the Chinese market. It offers low-cost trading in wide range of digital currencies and its platform is nice and easy to use. Besides, this exchange supports fiat currencies, anonymous trading and appears to have sufficient liquidity on most pairs.

 

While China is not strictly against Bitcoin and cryptrocurrencies altogether, the ban on ICOs has forced cryptocurrency exchanges to turn more globally and to (re)register outside the country. That being said, BTCC shut down its local division, while Huobi re-registered in the Seychelles and cut a lot of its functionality. LBank, on the other hand, seems to operate out of Hong Kong, as the company that owns and operates its website, Superchains Network Technology Co., Ltd., is registered there. Like most cryptoexchanges, it is not regulated by any authority, which brings in additional risk. If you’d rather trade with a licensed entity, you may be better off trading in Bitcoin with a regulated forex broker.

 

>>Bitcoin trading with a regulated forex brokers <<

 

 Pros

 Cons

 Low-cost trading

 Lacking presentation

 Many altcoins available

 No leverage (currently)

 Advanced trading platform available

 No mobile trading apps

 Fiat currencies and bank wire transfers supported

 Not regulated

 Sufficient liquidity

 

 

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Traders` reviews for LBank

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Big Scam

Just don't use it.

Toni 08/03/2019

LBank is a scam to me. and others.

They insist on 2FA to cash out any amount. Binance and Bitterix and many others have, like, a 1 or 2 BTC amount y can cash out b4 y have to use 2fa. I have tried many times to do the 2fa. All they say is "Wrong google authent code"
Seems to be a scam against U.S and perhaps other countries.
Then they ask for the deposit hashes when I deposited. And no F'n 2fa was required for depositing!!! Still no help! I suggested they put in a min. b4 2fa amount so they can actually appear to be a top rated exchange they claim instead of the piece of crap they are to me and others!!
Then they are off line a lo. For days at a time. I vote 0 stars and scam!
Those that rate them higher than O really did not try all the actions there I say! Please downgrade them in light of scamming as reported by me and others here.

Doug Cutler 07/09/2019

No Verification Code Emailed for Withdrawl

I'm trying to withdraw VTHO from LBank and you have to submit a verification code which they are supposed to email to you. Of course, this is to the same email address for which my account was originally set up, in which they had no problem emailing me the verification code to set up my account. But, when it comes to withdrawing VTHO from their exchange, noooo.. no verification code email at all, ever. That is, even after sending them multiple screen shots of previous emails to verifiy my identity. My next step is to sell VTHO to another coin and hope that I can move that out of this stupid exchange, then buy VTHO somewhere else.

Tom 03/10/2019

Dont use LBank

I was in need of some VTHO tokens, but ofc when I set up my account at LBank and bought some VTHO, they had supsended and blocked out all withdraws of VTHO tokens! And what do you think happens afterwards, while I waited to withdraw my VET and sell it, guess what, it dropped a lot! like 25%! So my withdrawal plans went to hell, because of fucking LBank! Don't use LBank, or any Chinese exchange at all, they sometimes suspend withdrawal of your funds without even telling you anything! There was no information on why they suspended the withdraw functions, only thing I got in reponse by email was: Coin is not ready... Why do they sell coins if they are not ready!? I recommend everyone to stay away from LBank.

Earl 08/01/2018

stay away

NEVER EVER USE THIS SITE, Terrible translation and poor interface and this site basically steals your crytocurrency, same thing has happened for me with the guy below. It is asking for some weird setting google code that was never set and you prompt to withdraw, something they never asked when I was making a deposit and doing verification through android OTP. now I have to just ditch my Ink tokens in that site

Withdrawal 01/07/2018

Withdrawal

I deposited coin to my Lbank wallet. I want to withdrawal from the wallet to my ether wallet but it's asking for me to verify withdrawal details. I go to verify the withdrawal verification only to find out I need a setting google code which I have not set up nor understand what code they are asking for. I've tried my google authentication(OTP) code but that doesn't work either. Anyone know what this setting google code is?

MJ 01/05/2018
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