LBank Exchange provides safe, professional, and convenient cryptocurrency exchange services to trade, buy, and sell cryptos and other digital assets, derivatives services, grid strategy and decentralized finance mining for global users. To get a very straightforward explanation to "What is LBank? Is LBank safe?" we provided you with this article.
What Is LBank?
LBank offers advanced trading tools like trading indicators and APIs for experienced customers. Furthermore, it allows users to apply two-factor authentication on log-in while also providing cold and hot storage wallets for fund security. The platform deserves its praise due to its minimal trading fees and withdrawal charges. However, it lacks when comes to fiat currency compatibility, margin trading, and payment methods.
Nonetheless, surviving the cryptocurrency market for 5+ years without any major security breach shows the capability of the LBank exchange.
How many tokens are available on LBank?
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 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.
Fees on LBank
The costs of trading at LBank are relatively low, especially in comparison with other leading cryptocurrency exchanges. The maker and taker fees are grouped together in a flat fee of 0.10% per trade. This is very low considering most leading exchanges charge at least 0.20% – 0.25% per trade. As for deposits and withdrawals, deposits are free from any fees, but withdrawals incur a fee that varies from crypto to crypto. This withdrawal fee is not stated on the website's fee page but is said to be rather low from user reviews.
Is LBank safe? (Security and Fairness)
Since LBank's establishment in 2016, they have never had any reported hackings or loss of funds. The exchange implements the latest security features such as SSL encrypted servers, two-factor authentication for logins and transactions, and both cold and hot wallet storage of user funds .
Each user is also treated equally with the same services available to them. Also, users are not required to submit any identification information and can remain anonymous while trading on their platform. One thing we found to be unfair is that some aspects of the website are only available in Mandarin Chinese, even though they claim to support the English language.
Pros and Cons
Pros
- Extremely easy to use and navigate
- Competitive fees
- A wide variety of cryptocurrency assets
- Sufficient liquidity
Cons
- Slow customer service and limited options
- The English language is not a priority
- Not regulated
What is LBank? Is LBank safe? Hopefully, now you have understood what LBank is.
