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LBank Review 2022: Should You Use It?

Reading Time: 5 minutes

This LBank review will go over all the information new users need before creating an account with the platform. Ledger Bank Exchange, or LBank, was founded in 2015, but the platform first began trading the following year. LBank is a Chinese cryptocurrency exchange based in Hong Kong. The company is owned and operated by Superchains Network Technology.

The platform is relatively new in the space and doesn’t boast big customer numbers. Being a Chinese-based exchange, LBanks serves the Chinese and Asian markets. But that doesn’t mean English-speaking users cannot register for an account.

Our LBank exchange review will focus on the fundamental factors necessary to review cryptocurrency exchanges. We will go over factors, such as general information about the platform, deposit methods, markets, fees, security, customer support, and finish with a pros and cons section. Let’s start.

LBank Review: General Information About the Platform

Looking at it from the surface, LBank resembles a lot like another well-known Chinese competitor – Binance. The two platforms share a similar layout, design, and tools. Although Binance is the world’s most popular cryptocurrency exchange, it is also highly complex. LBank also shares this similarity. LBanks’ platform gives users access to simple and advanced trading tools and features. But the platform has little to no drawing tools for chart analysis compared to Binance. Overall, LBank is decently advanced and complex, with new users finding it difficult to navigate.

Our LBank review shows that the platform has nearly $1 billion daily trading volume and 6.5 million registered users. The cryptocurrency exchange is global, with the users coming from more than 210 countries. Looking at the daily active user statistics, LBank has more than 100,000 daily active users.

There is also a mobile app that users can download via the Google Play Store or the App Store. For Huawei smartphone users, the best way to get the app is by scanning the QR code on their website.

Lbank Review: Lbank Statistics
LBank Statistics

LBank Review: Deposit Methods & Markets

Being a Chinese-based cryptocurrency exchange, users can fund their accounts with fiat using Chinese payment methods, such as Alipay and WeChat pay. The platform also supports several deposit methods, such as credit/debit cards from Simplex, Moonpay, Banxa, Mercuryo, and Coinify. The platform also supports bank transfers. With that said, users can select from a wide range of fiat currencies and convert to USDT, BTC, and ETH.

Our LBank review showed that the platform has an extensive list of spot and futures markets. Users can buy from 5 marketers. Those are BTC, USDT, ETH, ETFs, game tokens, and altcoins. LBank supports more than 200 trading pairs and more than 100 cryptocurrencies and altcoins. The top markets with the most trading volume on LBank include BTC/USDT, ETH/USDT, XRP/USDT, TUSD/USDT, and TRX/USDT.

LBank Review: Fees

While doing our LBank exchange review research, we found that the platform has a very simple fee structure. Trading with LBank comes at a low cost for the user. The platform charges a flat 0.1% taker/maker fee. This is cheap compared to other leading platforms where taker/maker fees are nearly double. For example, Coinbase’s taker/maker fees start at 0.6/0.4%, while Gemini charges a 0.5% taker/maker fee. A stand-out feature is that LBank charges no fees on fiat deposits.

LBank Review: Taker/Maker Fee

As for withdrawals, the platform charges a different fee that varies from one cryptocurrency to another. To withdraw BTC, users will need to pay a flat fee of 0.0001 BTC. In the case of ETH, the withdrawal fee is 0.01 ETH for ERC20 and 0.001 for the BEP20 network. LBank has a comprehensive list that lays out each cryptocurrency’s withdrawal fees and limits.

LBank Review: Security

While doing our LBank review, we were impressed that the platform has no recorded hacking or loss of funds. Trading on LBank is exceptionally safe, as the platform requires two-factor authentication and C1 and C2 authentication. LBank also requires identification verification. Users can complete the process either through their mobile app or the website.

When on the subject of security, it’s important to mention that LBank employs the latest security measures to protect its users. The platform is SSL-certified and runs its own encrypted servers. Cold and hot wallet storages are a big bonus. The website says that it stores most of its user’s funds in cold storage. For those who don’t know what cold storage is, it’s one of the best security measures that protect users’ funds in the case of hacking since they aren’t connected to the internet. LBank offers cold wallets free of charge.

LBank Review: Customer Support

The platform has a comprehensive customer support center. The support center includes resources for both Mandarin and English speakers. Users can submit a ticket or browse the support center for articles and guides relating to their issue. The platform also has a service center where users can contact representatives for various issues. While doing our LBank review on its customer support, we found that Mandarin speakers get access to better support. Mandarin users can also contact customer support through WeChat, while English-speaking users can do so via social media and email.

LBank is working on expanding its customer support to include more English-speaking support agents. With that said, English-speaking users will likely not encounter any issues when contacting customer support.

Pros and Cons of LBank

Below is a table laying out the pros and cons of LBank exchange.

Pros Cons
Excellent trading toolsRelatively low daily trading volume compared to more established platforms
Low taker/maker fee of 0.1%Different withdrawal fees for different cryptocurrencies
No deposit fees, low withdrawal feesLimited customer support for English-speaking users
Plenty of deposit methodsUnregulated
Up to 200 trading pairs and more than 100 supported currenciesLow liquidity for most cryptocurrency pairs
No reported hacker attacks
Up-to-date security measures that include cold storage for users’ funds
Support center with FAQs, guides, articles, and live chat.
Expands on English-speaking customer support.
Supported in more than 200 countries
Pros & Cons of Using LBank

Our Verdict

Despite having excellent security and a low fee system, there are better alternatives than LBank. The exchange has more than five years of market experience and looks to grow steadily. But the issues of low liquidity and low trading volume are a big problem for market traders. Despite all that, the platform is well suited for the Asian markets and Asian users. It isn’t the best when it comes to English-speaking users. As such, the verdict of our LBank review depends on each user. For Chinese users, this platform is a good option, especially when it comes to using simple and advanced trading tools. But for English-speaking users, there are better alternatives out there.

FAQs

Is LBank secure?

LBank is one of the most secure cryptocurrency exchange platforms as it employs the latest security measures to protect users’ funds and data.

How does LBank work?

LBank works by allowing users to buy cryptocurrencies using fiat. Users can deposit through credit/debit cards, bank transfers, WeChat pay, Alipay, and more.

Is LBank a Legitimate company?

LBank is a legit company that is owned by Superchains Network Technology Co. Ltd.

Why should I use LBank?

You should use LBank if you want low trading costs, access to simple and advanced trading tools, no deposit fees, and trading with up to 200 pairs. The platform has impeccable security measures and is considered safe.

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