Since its inception in 2015, LBank Exchange has carved out a significant niche for itself. As a platform, it offers a comprehensive suite of services that cater to the diverse needs of its global user base. This includes cryptocurrency trading, derivatives, staking, non-fungible tokens (NFTs), and investment opportunities through LBK Labs.
Originally founded by Superchains Network Technology in China, LBank has strategically positioned its headquarters in Hong Kong. This move allows the exchange to navigate the stringent regulatory landscape in China while extending its services globally. The exchange is not just limited to the Asian and Chinese markets; it welcomes clients from all corners of the globe, providing services in both English and Mandarin Chinese.
Despite not being the largest exchange by volume, LBank distinguishes itself with an extensive selection of altcoins and competitive trading fees. It supports over 50 fiat currencies and offers a variety of payment methods, including MasterCard, Visa, Google Play, ApplePay, Bank Transfer, etc. This positions the exchange as a versatile platform for both fiat and cryptocurrency transactions.
Key features
LBank Exchange offers a variety of features designed to cater to the needs of both novice and experienced traders in the cryptocurrency market.
Its native app further enhances accessibility and convenience, providing users with numerous investment options and educational resources for portfolio diversification. Here are some of the key features of the exchange:
- Spot Trading: LBank’s spot trading platform is user-friendly, making it easy for traders to buy and sell cryptocurrencies directly. The platform is equipped with live market data and a fast matching engine, ensuring a smooth trading experience. Traders can easily navigate to the markets tab, select their preferred trading pair, and execute trades at current market prices. Its interface also displays essential information like the last price, price changes, high and low prices, charts, order book, and market trades.
- Futures Trading: For those interested in speculating on future price movements, LBank provides a comprehensive futures trading platform. Traders can deposit $USDT as margin, choose their desired leverage, and select from various order types to tailor their trading strategy. This feature is designed to accommodate different risk tolerances and trading preferences.
- Grid Trading: LBank’s grid trading feature allows traders to automate their strategies, buying low and selling high within a predetermined price range. This is particularly useful in volatile markets, as it enables traders to capitalise on price fluctuations without constant market monitoring. The platform offers grid trading bots to facilitate this strategy. It automates buying at lows and selling at highs within a preset price channel.
- Peer-to-Peer (P2P) Market: The P2P market on LBank enables users to conduct transactions directly with one another, using fiat currencies to buy and sell digital assets. This feature provides an accessible entry and exit point into the crypto market, ensuring secure and controlled trades. The P2P market also ensures that trades are secure and that users have control over their transactions.
- Derivatives Trading: LBank caters to advanced traders with its derivatives trading options, including futures and options. These financial instruments allow traders to speculate on the future price movements of cryptocurrencies without the need to own the underlying assets. Supported derivative contracts include $BTC, $ETH, $LTC, $FIL, and more. Leverage on futures goes up to 125x. Options contracts are $USDT-margined. While offering the potential for significant returns, derivatives trading also carries a higher level of risk.
- ETF Trading: In addition to traditional crypto trading options, LBank offers exchange-traded fund (ETF) trading. Crypto ETFs enable investors to diversify their portfolios by investing in a basket of cryptocurrencies, thereby managing risk more effectively.
- NFT Marketplace: LBank operates its own NFT marketplace, where users can buy, sell, and trade non-fungible tokens. This platform supports creators by providing a space to list their crypto collectibles for sale, offering a diverse range of NFTs to interested buyers.
Is LBank safe?
Security is a top priority for LBank, which implements standard measures such as email/2FA verification, SSL encryption, DDoS protection, and cold wallet storage. The exchange also requires mandatory KYC verification to ensure account legitimacy.
LBank has been operational for over seven years without suffering any major security breaches. It has obtained licences from multiple regulatory bodies, further solidifying its reputation in the industry. These include the licences from the Financial Crimes Enforcement Network (FinCEN) as a money service business (MSB) in the United States, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in Canada, and the Virtual Asset Service Provider (VASP) in Italy.
The exchange also provides two wallet options for security: hot wallets for easy access to funds, similar to a checking account, and cold wallets for higher security, like a savings account. You can enhance cold wallet security with Google Authenticator or SMS two-factor authentication. Despite these robust security measures, it’s important to note that LBank has not yet provided proof of its reserves. This is a common practice among exchanges to verify the amount of cryptocurrency held.
