LBank

LBank Review

Pros 

• Simple Fee Structure
• Widely Available Around the World
• Lots of trading Options
• Well-Trusted

Cons 

• Not Officially Licensed

About LBank

This Hong Kong-based cryptocurrency platform offers customers from around the world the opportunity to trade, buy, and sell cryptos and other digital assets. Founded in October of 2017, This exchange has multiple trading options, NFT support, and a hot and cold wallet. It is a full-service crypto exchange with a trusted reputation.

Bonuses and Pluses 

In addition to offering an exchange platform, they also offer other opportunities to make money. If you visit their bonus section, you will find creative opportunities offered by LBank. Just complete some of the tasks they offer, and claim your reward. 

For example, the LBank Earning program allows customers to earn extra income from their idle funds. You can use your money to participate in the DeFi mining of Bitcoin, Ethereum and other cryptos. You can also use them for staking. 

What makes this special is that there is no locking period here. You can add your funds and begin to profit, and then withdraw your funds when you need them.  

Another example is that you can earn 5 USDT in Bitcoin when you make your first single crypto credit card purchase worth at least $100. Similarly, if you spot trade a cumulative $1000, LBank rewards you with a 20USDT cashback card. 

Fees

LBanks charges relatively low fees. Plus, their fee structure is rather simple, giving more confidence that there are no hidden costs here. They combine the maker and taker fees in a simple, standard 0.10% per trade. 

There is no deposit fee at LBank, but they do charge withdrawal fees. These will vary depending on the cryptocurrency. You can find these details on their website. For example, the withdrawal fee for Bitcoin is .0001BTC. For Polkadot, it is 0.1 DOT.  

Tokens Available

LBank provides plenty of trading markets. You can trade USD for over 500 different cryptocurrencies. They also support 149 different fiat currencies from around the world. This is an impressive array of trading options. 

They have big names and the more obscure tokens. This is handy when you want to be among the first ones to grab the hot new token. You can purchase tokens in spot trading or futures markets. There are few exchanges with this many tokens.

Who Can Sign Up Here?

Lbank accepts customers from over 200 countries. This list includes customers from the United States, India, Canada, Germany, and China. They cover nearly the entire planet. Residents of the following countries can sign up with LBank:

• Australia
• Cameroon
• Chad
• Dominica
• Canada
• Denmark
• France
• Greece
• Haiti
• Iceland
• Libya
• Mexico
• Nepal
• Belize
• Romania
• Cape Verde
• Senegal
• Sri Lank
• Eritrea
• The Gambia
• Indonesia
• Lebanon
• Angola
• Malta
• Bahamas
• Benin
• Chile
• Ghana
• Gibraltar
• Grenada
• Serbia
• Guinea-Bissau
• Syria
• Tonga
• Kenya
• Finland
• Namibia
• Oman
• Jamaica
• Palau
• Solomon Islands
• Kyrgyzstan
• Tunisia
• Montenegro
• Peru
• Sweden
• Trinidad and Tobago
• Yemen
• Bahrain
• Belarus
• Bulgaria
• Colombia
• Cuba
• Cyprus
• Algeria
• Burkina Faso
• Cambodia
• Kuwait
• Russian Federation
• Saint Lucia
• South Sudan
• Tanzania
• Turkey
• Virgin Islands, British
• Japan
• South Korea
• Malawi
• Maldives
• Netherlands
• Botswana
• Qatar
• Saint Kitts and Nevis
• Saint Vincent and the Grenadines
• Slovenia
• Sudan
• Taiwan
• Tuvalu
• Vatican City
• Uruguay
• Malaysia
• Moldova
• Nauru
• Papua New Guinea
• Zambia
• Andorra
• Bolivia
• Afghanistan
• Congo
• Cote d'Ivoire
• Laos
• Dominican Republic
• Mauritania
• Egypt
• Gabon
• Morocco
• Uganda
• Nigeria
• Swaziland
• Vietnam
• Austria
• Barbados
• Bosnia and Herzegovina
• Djibouti
• Equatorial Guinea
• Comoros
• Estonia
• Fiji
• Ethiopia
• Mali
• Hong Kong
• Ireland
• Italy
• Philippines
• Macedonia
• Poland
• Madagascar
• Sierra Leone
• Vanuatu
• Panama
• Portugal
• Samoa
• Saudia Araba
• Timor-Leste
• Albania
• Burundi
• Guinea
• Iran
• Armenia
• Bangladesh
• Belgium
• Kiribati
• Lithuania
• Bhutan
• Mongolia
• Cayman Islands
• Myanmar
• Niger
• Rwanda
• Sao Tome and Principe
• Slovakia
• Czech Republic
• Thailand
• United Arab Emirates
• Ecuador
• Germany
• India
• North Korea
• Liberia
• Liechtenstein
• Luxembourg
• Marshall Islands
• Monaco
• Mozambique
• New Zealand
• Pakistan
• Togo
• Uzbekistan
• Venezuela
• Zimbabwe
• Antigua and Barbuda
• Croatia
• Argentina
• Guyana
• Kazakhstan
• Lesotho
• Central African Republic
• Norway
• Paraguay
• San Marino
• Spain
• Suriname
• Switzerland
• Tajikistan
• Guatemala
• Honduras
• Iraq
• Mauritius
• Nicaragua
• Singapore
• Somalia
• Azerbaijan
• Brazil
• Brunei
• China
• Costa Rica
• El Salvador
• Georgia
• Hungary
• Israel
• Jordan
• Latvia
• Micronesia
• Seychelles
• South Africa
• Turkmenistan
• Ukraine
• Isle of Man
• Kosovo

Wallet

Like most exchanges, LBank also doubles as a crypto wallet. But LBank goes even further because they offer both a hot and cold wallet. The hot wallet is like a checking account, where you can store funds you want to have easier access to.

The cold wallet is more like a savings account. It is behind an extra layer of security. You can use Google Authenticator or SMS 2-factor authentication. 

NFT Support

LBank offers several NFT services. When you register with the exchange, you will have an NFT account too. You can submit your NFTs for review, and once they are approved, you can sell them via LBank. 

LBank currently supports NFTs in the following formats:

• PNG
• JPG
• JPGE

Users can also buy NFTs at LBank, though users cannot withdraw them for now. LBank promises to provide this service in the future. 

Security

LBank is a large and well-established exchange. Though like most exchanges, they are not officially licensed, LBank is still a well-trusted crypto platform with a great reputation. Here are some of the security features they offer. 

Identity protection

To keep you safe, LBank has great KYC protocols. You can set up two-factor authentication using either your phone number (they’ll send you an SMS) or the Google Authenticator App.

App vs Desktop experience

LBank is a great desktop site, and, in general, it is easier to make the most out of all the functions using the desktop site. With so many services on one site, this is a great option. But for traders who want to keep an eye on the markets and make faster trades, the LBAnk app is also available from their website, the Apple Store, and the Google Play Store.