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What is LBbank?
LBank is one of the online platforms, which specializes in managing digital asset trading. In simple terms, it is an online banking system that allows you to trade and get digital-money transactions done. The company was founded in October 2016 and has enjoyed a fair growth rate to date. It is one of the companies that supports a wide range of cryptocurrencies including BTC, QTUM, ZEC, ETH, and VEN. Let us leap forward and look at the kind of services and products the L Bank exchange platform brings on the table.
Key products offered by LBank
- Cryptocurrency trading:
The service offers a lot of options in terms of enabling you to make transfers among different cryptocurrencies. We will have a detailed look at the sort of cryptocurrencies offered by this platform later in the article.
- The fiat system:
LBank is one of the online platforms that support real money transactions. However, the accepted currencies are US dollars and the Chinese Yuan. Furthermore, you are able to make transactions directly with your bank account. That is, you can directly withdraw or deposit money in your bank account in conjunction with the platform. This feature has proved to be handy when it comes to investors who often involve fast transactions.
In terms of eligible countries, though the website doesn’t come explicit, it seems the company focuses on the Asian market especially in China. The trading volume boasts of a hooping $121,224,471 US dollars.
Trading on LBank
There is basically a myriad of cryptocurrencies on the platform. It’s like having one package that efficiently manages the US dollar, Euro, Chinese Yen and then all the other powerful currencies and accepts bank transfers. The cryptocurrencies include Bitcoin, Litecoin, Qtum, Bitcoin Cash, Zcash, NEO, Ethereum, Ethereum Classic, and some less popular coins such as Nebulas, VeChain, Bodhi, YoYow. Research shows the QTUM edges the rest of the cryptocurrencies with a 50% contribution to the whole trading volume. LBank allowing its user to trade anonymously if they want to trade one cryptocurrency with another one.
When you make the decision to go for LBank services, expect a 0.1% flat fee for all the trades you may be involved in. When it comes to deposits, you will meet an expected free charge whereas withdrawals come with some fees. For instance, Etherium comes with a 0.01% charge on the withdrawal while as QTUM comes with 0.1%.
The website provides two main levels of verification namely, C1 and C2 real name authentication. Additionally, the security setup includes the ‘bind the e-mail’ and ‘Bind your telephone’ features to enhance the websites verification profile.
– C1 Authentication: The C1 Authentication feature was made for prepay and transaction processes. With the C1 Authentication process, you can execute prepayment and trading operations. Having the C1 real name verification requires you to fill a form which allows the system to obtain information that allows it to verify you.
– C2 Authentication: This feature was made to enhance the quality of cash-out operations. In this context, the account is limited to cash-out operations. This feature can only be accessed upon attaining C1 verification.
Is LBank safe?
Overall, the company busks in a rather average rating which correlates with concerns related to the websites interface and some withdrawal problems. A user rating of 3.5 isn’t exactly impressive and ranks 26th according to coin market cap.
The company’s website displays proficiency for user experience enhancement through the ‘send a request option on the home page’. However, review websites seem packed with complains over the responsiveness of the customer support service commonly linked to problems with the process of withdrawal. More than three customers complained of a google code which was required for them to conduct a withdrawal transaction of which they had no knowledge of. It apparently seems some customers need a google code during the process of withdrawal which they were supposed to be provided with when signing up for the website.
Despite the customer care issues, the trading platform seems to be relatively efficient when it comes to handling transactions of any kind. In other words, the platform doesn’t really disappoint its users in terms of the speed.
How to use LBank?
Like most platforms, LBank lets you choose, accepts and disperses cryptocurrency in accordance to your needs. Here is a step by step review on how to use the LBank platform:
- Sign up to create an account.
- Upload your funds. This can be done through a number of prominent online banking services including credit cards, PayPal, and bank transfers.
- Choose your preferred cryptocurrency and invest the needed coin. Alternatively, you can buy cryptocurrency from a physical agent in real life.
LBank appears to be a cryptocurrency exchange which puts the spotlight in the Chinese market most of the time. The platform offers relatively low-cost trading, along with a wide verity of digital tokens to choose from. Besides, this exchange supports fiat currencies, anonymous trading and appears to have sufficient liquidity on most pairs.
LBank Review Summary
Pros of LBank
- Affordable costs
If you make the effort to compare LBank with other cryptocurrency trading platforms, it isn’t a lot of hard work to notice that the prices are on the lower side. The one percent flat fee isn’t by any means expensive. In fact, it is one of the cheapest charges you can find on the market today. A good comparison is with the Chinese exchange called OKcoin which skyrockets the price to around 0.3% per trade.
- Supports fiat currencies
Trading in terms of crypto-crypto currency is exciting enough but adding the ability to incorporate real money transfers is an extra mile traveled by any cryptocurrency agency. For those who use USD and the Chinese Yuan, this is a wonderful opportunity to enhance their digital banking experience.
- A big amount of altcoins to utilize
The LBank supports a lot of cryptocurrencies at your disposal. It allows you to use multiple cryptocurrencies including Bitcoin, Litecoin, Qtum, Bitcoin Cash, Zcash, NEO, Ethereum, Ethereum Classic, and some less popular altcoins like Nebulas, VeChain, Bodhi, YoYow, and others. At the moment, the most common pair of cryptocurrencies for trading appears to be QTUM/BTC. This dominates the 50% of the whole volume of trading.
- Great liquidity
Consider the trading options and you will realize that the prices at LBank are relatively high. This generally implies that the exchange provides a highly liquid or flexible exchange option.
- The platform features a few advanced features
Easy and simple as it may look, the trading platform offers some cutting-edge tools which are a pure delight to the enthusiast. The platform supports several technical analysis depicters such as CCI, RSI, MACD, and KDJ, which are the 4 categories of the trading instruments. Coins are traded with respect to the following categories: BTC, ETH, QTUM, BTS.
Cons of LBANK
- There are presentation issues on the website.
Take a look at the website and you will soon find out that a lot of details are missing, and no user likes to work in the dark. A lot of details are missing and you will have to be extra curious to get a grip on some really important information. A serious information download tends to downgrade the quality of the website, especially in a substantial way.
- Absence of margin trading
Typical of most exchanges, the LBank doesn’t really provide leverage to the valued customer. If your preference is a margin trade, other exchange options like the Chinese OKEX provide a worthwhile option. On the other hand, it is possible to make a speculative trade with forex brokers. All of these provide advantageous trading options.
- The lack of mobile applications
Mobile apps are taking humanity by storm and cryptocurrency, as a modern way of dealing with the shortfalls of banks and governments, should embrace mobile options as a way of embracing the present and the future. LBank lacks any mobile options and this is worrisome.
LBank is one cryptocurrency exchange platform whose market concentrates on the Chinese market. The low cost along with an assortment of digital currencies make it a worthwhile platform to consider. Fiat currency is a huge plus for this service, and enough liquidity is afforded by the trading which embraces anonymity.
We hope this article gave a better idea of LBank. Thank you for reading and make sure to check out our website more often for more up to date and reliable content.