LBank Exchange ReviewCentralized
LBank is a C2C exchange, short for Customer-to-Customer exchange, that was launched in October 2017. This exchange or blockchain-based platform makes the direct exchange of digital assets between buyers and sellers possible. It is a model that is very close to the peer-to-peer model normally used at decentralized exchanges (DEXs). A LBank exchange review shows that this China-based C2C exchange serves the crypto community via no less than 98 markets.
LBank offers various advantages to traders and other users of this C2C exchange. A LBank exchange review reveals that they offer low cost trading, spot trading (crypto-to-crypto) and access to 40+ cryptocurrency trading pairs and a boat load of altcoins. In addition, it is possible to trade anonymously as long as no fiat currency is involved in the trades. LBank also offers a C2C Over-the-counter (OTC) trading platform where certified sellers can list their offerings for sale and transact with buyers in a peer-to-peer manner that is safe and convenient.
A LBank exchange review also reveals that they provide margin trading or leveraging to institutional players and allow for the transfer or depositing of money directly from bank accounts. Furthermore, a LBank mobile app seems to be available for mobile operating systems, including Android and iOS. They also offer a voting mechanism in terms of new tokens to be listed.
A huge drawback is that the English version of the website has limited info available. Their primary focus seems to be on the Asian markets, but the limited availability of info in English, may serve to scare away many potential customers.
According to LBank, there are more than 2.6m users registered to the website and approximately 300m USD is transacted per day. For security reasons, although LBank is not regulated, it still uses SSL encrypted servers, provides cold wallet storage of the funds, and two-factor authentication in which it asks for a valid ID.
Regarding the fees, LBank charges a flat 0.1% transaction fee which is pretty low compared to other exchanges. For each cryptocurrency, LBanks offers a different withdrawal fee and a minimum amount for withdrawal. For instance, there is a 0.01 ETH fee for ETH withdrawals and the minimum single amount is 0.01 ETH. Fiat currency transactions are supported, so the users can deposit or withdraw money via Chinese Yuan (CYN) or US dollars (USD) using their bank accounts. The exchange operates in 5 markets in which the coins are backed against LBCN, USDT, BTC, ETH, GEM.
Regarding the communication channels, although the website has a Twitter page and seems to be active in its posts, the number of followers and likes is pretty low compared to other exchanges. In fact, the exchange joined Twitter in September 2017, yet it still doesn’t seem to get much customer interaction.
According to the website, the team’s size is nearly 100 people. One of the co-founders is Eric He, and the other one is He Wei. The CEO is Zen Kim. Chief Operating Officer is Jonghun Hong. One of the names that came up is Claudia Olah, who is the director of global marketing of RadarWin Investment Management Co. Ltd. which is a company investing in LBank.
LBank Exchange Review, Trading Fees, Deposit and Markets
24h Trading Volume
LBank Total Trading Pairs
LBank Margin Trading
LBank Deposit fees
LBank Fiat Deposit
Accepted Payment Method
LBank Native token
Native token smart contract
LBank Trading Markets
LBank Stablecoins trading
Daily Withdrawal Limit
LBank Withdraw fees
ETH – 0.01 ETH
DASH – 0.002 DASH
LTC – 0.01 LTC
Full list of fees can be found here
LBank Withdraw fees discount
Proof of Reserves
LBank Exchange Rating Analysis
Last edit 24.07.2019
LBank is a Hong Kong based crypto currency exchange site. LBank offers a below average number of markets and a below average number of tradable pairs. LBank offers an industry average commission fee. Concerns for this project include a lack of public information on most of the team members, a lack of quality customer service, and a lack of insurance in the case of a future hack.
LBank IEO launchpad
|Stage||Start date||End date||Fundraising|
|Apr 11, 2019||-||Apr 11, 2019||$10M|
LBank Exchange Additional Information
LBank Establish date