LBank Review 2022: Exchange Features, Security & Fees

LBank Introduction

LBank exchange is one of the popular trading platforms designed in 2015 by experts with a wealth of experience in the cryptocurrency industry. LBank has been in the space for the past 7 years and has built a reputation for listing good Metaverse, GameFi, NFT, and DeFi tokens before they become available on any other major cryptocurrency exchanges.

Since its launch, the centralised trading platform has grown exponentially to rank among the world’s renowned places to buy, sell, and store cryptocurrencies. It currently supports over 800 different trading pairs and is constantly adding new coins.

In a space plagued by hacks, scams, and rug pulls, the exchange has managed to retain its reputation, becoming one of the crypto trading platforms in the world that has never been hacked.

This article will give you an overview of the LBank platform and its differences since its launch approximately seven years ago. We’ll keep you up-to-date on LBank’s most recent upgrades, partnerships, products, and more.

LBank Cryptocurrency Exchange Overview

LBank is one of the top cryptocurrency asset trading platforms offering global users secure, professional, and convenient products and services including, Cryptocurrency trading, derivatives, currency quantification, currency interest creation, and other services.

LBank currently has licences with NFA, MSB, Canada MSB, and Australian AUSTRAC with more in the works.

The exchange also launched an NFT Marketplace for users to trade NFTs more conveniently from the world’s leading digital artists. The NFT trading platform has two sections including the Marketplace and the Auction Market. Users can upload their own NFT works which currently support PNG, JPG, and JEGE format NFT.

LBank has been able to keep up with the ever-evolving markets with its constant attention to the needs of its more than 7 million community of users. Invariably, LBank Exchange has also undergone a significant amount of changes, system improvements, and new features in the past year.

LBank has listed a good number of tokens, most of which are exchanged against Bitcoin and Ethereum. Users can earn through flexible and locked staking options with the highest Annual Percentage Yield (APY).

LBank Major Features

Spot Market

LBank simplified its trading Spot market section in a way that even new traders can navigate it without seeking assistance. Spot trading, which is one of the most popular trading preferences for investors, is categorised into Altcoins (ALT), USD, GameFi, ETF, BTC trading pairs, and ETH trading pairs on the platform.

No doubt, this helps every trader to decide the asset class they want to invest in with much ease. The GameFi section seems to be the latest project crypto investors are putting a chunk of their funds into at the moment.

Grid Trading

On the LBank platform, grid trading can be easily automated, or set manually. The trading bot works 24 hours a day without missing any market information.

Anyone can fully access the grid trading bot since it requires no subscription. It is user-friendly and easy to get hands-on without the need to predict the market trends.

You can get started by reading through the Grid Trading Tutorial as it is risky and can bring not only profit but also losses.

Derivatives

LBank offers institutional-grade crypto derivatives trading experience. It enables traders and investors to buy and sell futures and perpetual on varieties of crypto assets. Users can diversify their portfolio with Leveraged ETF and Futures trading on the platform.

Leveraged ETF

LBank users can trade Leveraged ETFs on the platform using the spot trading process. LBank supports 3X long leverage (3L) and 3X short leverage (3S). Leveraged ETF products do not require margin, and there is no risk of forced liquidation. Compared to leveraged spot trading funds, the holding rate of leveraged ETF products is lower.

Users’ trading fees in Leveraged ETF Board (Trading fees will be deducted from the assets received) are calculated independently as follows: taker is 0.2% while the maker is also 0.2%. A daily management fee of 0.1% is charged at 00:00 Hong Kong time per day. However, it may be adjusted based on the market performance.

Futures Contracts

Users can trade crypto futures, including BTCUSDT, ETHUSDT, and FILUSDT on the exchange. LBank offers perpetual contracts with up to 125 x leverage — Cross margin and isolated margin are available. Users can adjust their own leverage, which is from the lowest 1x to the highest 125x.

There are four types of orders available on LBank Futures: limit order, market order, stop-limit order and stop-market order. Similarly, there are two types of Position Mode, which include One-Way Mode and Hedge Mode.

In one-way mode, users can only hold positions in one direction under one contract. Meanwhile, in hedge mode, users can hold both long and short positions at the same time under the same contract.

Perpetual contracts on LBank Futures have clear pricing rules and are settled in USDT.

Futures can be traded the whole day with no limit control on gains or losses. However, LBank does not support Futures trading in the United States, Mainland China, Syria, Cuba, Crimea, North Korea, and Iran.

Options

A few months ago LBank announced a temporary suspension of its Option products for optimization. At the moment, no further announcements have been made concerning when it will be resumed.

Payment Methods: Buy Cryptos on LBank With a Single Click

LBank makes it easy to buy and sell cryptocurrencies through its range of payment options. With your VISA, MasterCard, Apple Pay, Google Pay, Maestro Card, or Bank transfer, your transactions on the exchange are guaranteed to be swift and in record time.

Likewise, you can choose a payment channel from the platform’s accredited merchants including; MoonPay, Coinify, Transak, Advcash, Transak, AlchemyPay and Mercuryo. Meanwhile, Banxa is presently offering users a zero card fee when they buy cryptos through them.

Overall, you can pay using a debit or credit card, a P2P payment method, a bank transfer, or by pressing the ‘Fast Trade’ button, which allows the system to match you with the best merchants and the most popular payment method based on your country and location.

LBank APIs

LBank provides robust APIs for users to integrate into their applications. They’re separated into three groups: account, trading, and market trends.

Authentication using an API key is required for the account and trading APIs, which allow you to create orders, cancel orders, query orders, and view account information.

The market data API is open to the public and contains information such as historical trading pair prices. Most of all, both RSA and HmacSHA256 signatures are supported by LBank.

Similarly, LBank offers REST and WebSocket APIs, which support market data, trading and withdrawals. You can create an API key using this link API Key to gain access to the API.

Partnerships

The world-leading Crypto exchange has partnered with numerous projects for various campaigns across its markets. The exchange has also shown keen interest in the metaverse as it recently launched its own virtual office.

The trading platform partnered with venture studio Adanian Labs to fuel startup growth in Africa, launching a 3-month “Crypto Accelerator Program” for blockchain developers in South Africa, Kenya, Nigeria and many other regions.

LBank also partnered with Encryptus, an institutional-grade crypto trading company, to offer its institutional users and high net worth individuals (HNWIs) access to a wider range of crypto-fiat pairs at a very competitive fee.

LBank is still seeking collaborators for fresh initiatives. Meanwhile, they have been engaged in many educational campaigns across the globe to push more crypto adoption.

In Summary

Website – https://www.lbank.info
Supported fiat currencies – USD, USDT, EUR, GBP, CAD, CNY, AED, AUD, KRW, INR, IDR, RUB, BRL, TRY, PLN, PHP, etc.
Supported trading pairs – 800+
Supported fiat currencies – 149+
Native token – LBK Token
Ranking – Top 15
Daily Trading Volume – 1.5 Billion Dollars
Registered Users – 7 million
Available on mobile – Yes (Android and iOS)

LBank Pros:

Deep liquidity pools
Beginner-friendly
Early access to good crypto projects
Competitive fees
Fast deposit/withdrawal times
Two-factor account authentication
Exchange owned token (LBK)
Promotional offers and discounts for traders
Multi-language support
Never been hacked since inception
Live chat and good customer support
Fast ID verification process

LBank Cons

Lack of fiat off-ramp
P2P market is not very busy
Not available in the US and Mainland China
Does not support lending

Final Score

Services offered: 4.0/5
Reputation 4.4/5
Crypto support: 4.3/5
Fees: 4.3/5
Security: 4.9/5

Review Score: Score: 4.4/5

Start Trading Now: lbank.info

Contact Details

You can join any of the Telegram communities to get updated information about the exchange by joining the following:

Main group (English) – https://t.me/LBank_en
Telegram Support Group – https://t.me/LBankSupportt

FAQ

What devices are compatible with LBank?

iOS, Android, Windows,and Mac

How do I create an LBank account?

Download the LBank app and start the signup process. Either register with your Email address or your phone number. Afterwards, a verification code will be sent to your preferred signup account. Tap on the payment method box and connect a payment method.

Does LBank have a referral reward program?

There are a lot of rewards for referring people to open an account with LBank. It is compulsory to join the LBank communities to be eligible for giveaways and also to stay updated for more goodies.

What makes LBank exchange unique?

LBank is popular for listing good Metaverse, GameFi, NFT, DeFi tokens before they become available on any other major cryptocurrency exchanges.

Is LBank crypto exchange trusted?

LBank has been in the cryptocurrency space for the past seven years. Since its inception, the exchange has never been hacked as its team of experts works round clock to ensure all users have a safe nest to experience the best in cryptocurrency.

Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M

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