Are you looking for a cryptocurrency exchange where you may buy and sell for fiat money? Oran exchange that keeps a large list of altcoins and frequently updatesnew ones to its collection? With these features and many more, our LBank review could help you choose the best service for your specific needs.
Although LBank doesn’t seem as well-known as the other platforms on the market (certainly not comparablewith leading competitors like Binance and KuCoin,which explains why LBank exchange rankings are difficult tofind). It has steadily grown itsuser base over time, and the team is committed to adding and maintaining important functions that traders regularly request, including spot trading, futures, ETFs, and even NFT services.
Now, Let’s find out with Betomon the fundamental details about LBank in this article.
What is LBank?
LBank is a cryptocurrency exchange with all the features and tools you would anticipate from anycentralized trading platform. It is suitable for both newbiesand professionals, itincludes a full dashboard for spot trading, futures, and ETFs. In short, the LBank cryptocurrency exchange provides exactly what anyone expects from this industry.
Itfeatures an NFT marketplace and other semi-passive sources of income that you can access by either locking away your assets or lending them for a flexibleamount of time. The platform alsoassociateswith manytechniques for earningmoney by joining its affiliate project ordoing bonus tasks.
The LBankexchange looks easy to use and uncomplicated at first. But is this true, is LBank legit, or should weclarify anything else about this service? Let’s look at the tools and services it offers in detail to answer these questions.
LBank Review: Benefits
To begin with theLBank review, we’ll focus on the positive features first since it isimportant to look at a platform’s strengths before looking into its drawbacks. This helps us understand why LBank’s user base enjoys and continues to utilize it.
Wide selection of Trading Options
LBank offers a wide range of investment possibilities for its users so that theymay access ETF dashboards, futures, and spot trading. These are all feature-rich and provide you with thenecessary information to assist you in fully understandingwhat is going onin the trading platform.
For example, it is easy to check out the volume, change, high, and low for any asset or pair throughout a 24-hours. In addition, you may use technical analysis tools on the integrated charts and browse through orderbooks. Particularly, the charts of LBank are exclusively provided by TradingView, making it perfect for experienced investors who are familiar with precise measurements and information.
Although listing every function that LBank provides through its TradingView integration would be outside of the scope of this post, to provide an understanding of the extent of them, I’ll discuss a few features. You can apply fixed range volumesalong withlongandshort positions, plotcipher patterns,Elliot impulse waves, andtime cycles, andview moving averages with easily customizable settings. However, these are essentially instruments made for highly skilled and expert traders.
It is not really unique because TradingView integration is widely used among exchanges, including top platforms like ByBit. However, it is a valuable indicator of a company’s target user base. It’s fair to state that no one will value these kinds of tools as much as a professional trader.
Nevertheless, LBank offers afascinating featurethat is not regularly availableon other platforms, which isGrid trading, a popular trading technique typically foundin the Forex market.It involves placing buy and sell orders at regular intervals or athigher and lower than the currentmarket price. The basic principle of grid trading is tocreate a grid of orders that take advantage of the price fluctuations within a certain range.
The trader establishes predetermined intervals or price levels,known as grid lines or grid levels. These values serve as reference points for making buy/sell orders. LBank does not provide this for derivatives, however, it is available for spot trading. The system alsoincorporates a sophisticated AI that helps investorspredicta potential seven-day yield.
Crypto Lending Service
One of LBank’s outstanding features isitslendingservice. LBank offers a cryptocurrency lending option for those looking to expand their spot, margin, and futures trading activities. USDT or ETH can be used as collateral, while BTC or USDT can be used as borrowing options.
Though there aren’t as many options as platforms like Binance, where you may borrow from more than 100 different currencies and tokens, the service ishelpful for users who prefer to keep all of these transactions inside of LBank’secosystem. Its benefits include no transaction fees, flexible repayment terms for consumers, andinterest is calculated hourly.
There is a loan range of 7, 14, 30, 90, and 180 days (with the ability to switch between by auto-renew option). As a result, you are able to engage inshort- or medium-term loans, which is beneficial for day traders who occasionally require a little more buying power than they currently have.
There are no unnecessary steps for customers to takein order to apply for a loan may be the greatest benefit provided by LBank. The barrier to this option is very low. As long as you are registered with the company, you may submit a request.In contrast to traditional lending procedures, which are sometimes complicated, the openness of the cryptocurrency sector is one of its strongest features.
Please keep in mind the termsfor overdue repayments, even if you are confident in your ability to repay the loan within a predetermined timeline. LBank allows a 72-hour late period butcharges three times the hourly interest rate during this time. Additionally, the collateral will be liquidated if you don’t complete the repayments within this time frame.
Fiat Buying and Selling Options
The availability of fiat buying and selling options is a crucial feature that this LBank exchange review will emphasize, which also is one of the greatest things about using a centralized exchange over a decentralized one that can only function with cryptocurrency assets.
The platform allows the purchasing and selling of USDT, ETH, and BTC. Even though this is a small list of items, these are desired cryptocurrencies that traders use on a regular basis. Moreover, it offers a much more impressive selection of fiat with gateways for USD, GBP, EUR, JPY, and many othercurrencies that are less well-known such as ILS, NGN, and BRL,…
Traders can purchase and sell fiat currency and cryptocurrency via bank transfers, Visa, and MasterCard. USD, GBP, JPY, and EUR accept all three payment methods, although other fiat currencies have fewer options. Overall, this demonstrates an impressive level of functionality, and the fact that LBank is able to perform such actions indicates a good signthat it might be a legitimate company while setting up on and off-ramps can be difficult because it requires a strong reputation and business relationships.
NFT Marketplace
A specific NFT marketplace is available to LBank members within the platform. Users can access a database of NFTs uploaded and maintained by the LBank community. Despite the fact that the majority of these NFTs are produced by unknown artists or artificial intelligence, these services are provided by LBank giving its customer base greater diversity and value.
In addition, it looks like some legitimate artworks are being tradedhere. Specifically, the marketplace has the painting of South Korean artist Soobok Lucas Park, which is refreshing to see because he is a traditional painter and not a digital artist. His art diversifiesthe platform. It also demonstrates that some individuals seriously do take the markets.
Although there is nothing preventing the addition of other NFT kinds, including tickets or blockchain domains like those provided by Unstoppable Domains, most of the NFTs uploaded here are picture-based. This makes them beneficial for traders searching for extra earning opportunities without leaving the platform.
All things considered, NFT markets are currently considered to be the standard for centralized exchanges. LBank doesn’t need to stand out from the crowd in this sector, you don’t have to look further thanthe Binance NFT Marketplaceto get it.
It’s a very interesting feature that will beconvenient for anyone who enjoys investing in non-fungible tokens or who wants to manage all of their digital assets and execute all of their trading activities on a single platform.
LBank Review: Drawbacks
Additionally,in orderto completely understand LBank, we must also discuss the less-than-stellar features of this exchange.
Without looking at the negative sideandthe aspects that raise suspicions or concerns, no evaluation is considered fair. Because I’m attempting to determine whether the service is legitimate, this is very crucial to the LBank review. Let’s examine the topics via our review.
Some Concerns Around the Legitimacy of LBank
Evaluating the authenticity of a trading exchangeis a crucial task. It’s usually not as straightforward as it would seem at the beginning. There are a lot of factors that have two aspects that need to beconsidered and you often have to delve quite far to get the whole story.
Since it’s a complicated topic, it wouldn’t be fair to say for sure if LBank is legitimate or not. It’s important to notethat some customers are not exactly persuaded by some particular features of the platform. This is evident from the online LBank reviews that users post.
A recent audit of LBank is largely to blame for the apparent unhappiness.
In particular, one of the top auditing firms in the blockchain and Web3 industries, Hacken.io, released a report on LBank revealed some concerning results. To begin with, in 2018 it discovered differences in its liquidity that revealed transaction volume and price inconsistencies across several pairings. Additionally, it discovered other discrepancies In trading activities, which Hacken indicated as “most likely randomized.”
Comparing LBank’s trading volume to its website traffic also seemed unusual. According to the Hacken research, its 30-day adjusted trading volume exceeded that of Kraken, KuCoin, and Gemini in 2018. This was made even more suspect when compared to the smaller amount of social media following of LBank, considering that all three of them are industry leaders in the industry.
LBank’s statistics still appear unusual at this time. It seems to trade at a larger volume than Bitfinex, Kraken, KuCoin, and Coinbase per 24 hours. This is strange in light of how well-known firms like Coinbase and Kraken are, and it is consistent with Hacken’s earlier research.
It is important to note that the study was written a few years ago, so some of the points it made are no longer appropriate. For example, it was difficult to locate the team behind LBank when the report was being created, while nowadays, several team members are listed on LinkedIn.
To be clear, this is not just some “fun fact” that you should know. Dependability is the most important factor when it comes to centralized exchanges (CEXs) thus anything that might make the platform seem more reliable will have a positive impact. Having team members doxed (at least at the LinkedIn level) adds faces to the services provided, which is important to be aware of.
Lack of Innovation and Originality
Being seen as having a “lack of originality” isn’t always a bad thing. Nevertheless, it turns into one when the platform (or service) prominently displays an advertisem*nt at the top of the webpage promoting its “innovative” qualities.
Many traders notice that the LBank cryptocurrency exchange has a similar aesthetic to many other exchanges available on the market. Besides, its landing page has a lot of similarities to Binance’s previous design in 2021. Although such aesthetics are not uncommon in the cryptocurrency industry, they certainly feel strange.
The perception is strengthened by the fact that LBank doesn’t provide many features that aren’t available on other well-known exchanges. Keep in mind that we are not discussing traditional trade, where creative ideas are either rejected or seen as “reinventing the wheel”. The cryptocurrency market is rich, diverse, and constantly evolving, providing a lot of new, special, and ground-breaking concepts.
For example, Binance provides its own blockchain, liquidity farming, and DeFi staking. On the other hand, Coinbase offers cloud tools, a private client service and a dApp catalog. Since they are leading exchanges in the industry, it makes sense that they should continually push the envelope. Therefore, if a platform identifies innovation as its core characteristic, it is reasonable to expect an attempt at something new.
Remember that being creative doesn’t have to mean competing with the top cryptocurrency players. Many platforms decide to specialize in one particular sub-sector within the market, such loans, derivatives or liquidity farming in order to figure out a niche for themselves.
It should be clarified that you do not need to be creative in order to succeed in this field, this is only an option. For instance, KuCoin is a well-known exchange in the sector but not necessarily unique. The problem is that LBank provides an impression of being creative without providing any evidence to support it. Traders are looking for fresh and unique techniques for trading therefore the phrase “innovation” should not be taken lightly.
However, we are unable to truly observe what is going on behind the scenes or what new features and/or services LBank may be developing. As I mentioned at the beginning of the section, this isn’t as bad of a scam as you’ll think.
For traders who are simply looking for crypto-exchanging functionality, it’s likely to be less important or impactful. However, this may be important to some traders.
Unfortunately, LBank does not offer exchange support for Americans. It means that US citizens are not eligible for increased deposit limits or access to extra benefits upon verification. This is disappointing since there are a lot of cryptocurrency enthusiasts and supporters in the US. Lack of full accessibility means the firm is missing a large group of traders and potential customers. Furthermore, trading volume is usually negatively impacted by a lack of US support.
However, Americans may use LBank to a certain level. Although they can deposit cryptocurrency and perform crypto-to-crypto trades, this situation for traders will probably be a restricted and distracting experience. It might be suitable for beginners but experienced US traders might consider this to be a waste of time.
It is unpleasant that the website does not make it obvious they do not support any LBank USA exchange. You may argue that since the US is hardly the center of the world (or the global cryptocurrency market), there is no essential need to do this, but overall, the company should be more transparent.
It would be fairly simple to handle this, for example, by allowing users to select their nation of origin when registering, informing them that the service isn’t for them if they don’t see it. If LBank still wants customers to use the platform without verification, they could display a warning sign or message.
The simplest method to accomplish it would be to display it to everyone who attempts to register using a phone number. Numeric +1 (USA) codes are accepted. They are permitted to remain, but if someone uses one, the website might simply be set up to display a warning about its limited utility for people in this country. It simply seems somewhat ambiguous.
How to Register to LBank?
In this part of my LBank review, I will guide you through the process of becoming an exchange user. Since the verification procedure will not be required, all traders worldwide will find it useful.
Step 1: Press the “Register” button at the top of the LBank homepage.
Step 2: On the next screen, enter your email address or phone number and create a password. Remember that you may still input a +1 phone number even if LBank does not offer complete USA exchange support. This implies that any phone number from anywhere in the world could be accepted.
Step 3: After that, you’ll have to complete a typical verification challenge. This is just a piece of jigsaw puzzle that you have to slip into position to demonstrate that you are human and not a bot trying to take over the LBank network.
Step 4: A button to send a verification code to your phone number or email address will be shown to you to click. Enter the number as soon as you get it. This is a one-time action to verify that you own and can access your phone number or email address.
Once completed, you have successfully enrolled in LBank. Getting completely verified would be the next step if you are from a nation that LBank supports. You can still continue to explore the platform and test out some of the features if you ignore them, so don’t panic. Although a lack of verification may result in a limited experience, it can provide enough information about the service to determine its suitability.
Conclusions
If you’re looking to learn more about LBank, its benefits and its disadvantages, this review is an outstanding place to start. There are many noticeable advantages like its trading tools and fiat buying and selling possibilities but there are also some apparent problems that cannot be ignored. Betomon hopes that this article can provide you with many helpful information.
