Key Features, Fees, and Security Explained

If you’ve been searching for an LBank review, look no further, as you’ve landed on the right page. LBank is a reputable cryptocurrency exchange, known for its diverse trading options, competitive fees, and vast memecoin selection. It also ranks first by proportion of 100x coins globally.

In this article, we’ll dig deeper into LBank’s main features, security measures, and trading fees. We’ll also walk you through the registration, trading, deposit, and withdrawal processes. 

LBank Exchange Review: Quick Summary

What is LBank Crypto Exchange?

LBank is a leading cryptocurrency exchange and a pioneer in the meme token market. It offers 300+ meme coins, including 50 dog-themed tokens. Recently, it inaugurated the LBMeme Launch platform that enables you to create and list your own meme tokens in a few clicks.

Since its inception in 2015, LBank has amassed over 20 million users across 160+ countries. It aims to provide a convenient trading experience and has been touted as an emerging meme exchange. It also regularly features among the world’s top 25 cryptocurrency exchanges. 

Moreover, it has signed an exclusive sponsorship deal with the Argentine Football Association. To celebrate this milestone, LBank launched the $100 million Bonus Pro program. By participating in this event, you can win free USDT and lucrative deposit bonuses upon completing the designated tasks. 

Pros & Cons of LBank

LBank Review: Trading And Staking Options

1. Spot and Margin Trading

LBank enables you to trade 976+ cryptocurrencies, including meme coins and real-world asset (RWA) tokens, in the spot market. It offers 1,174+ spot pairs. 

Moreover, LBank facilitates margin trading, allowing you to control larger positions with less capital. Furthermore, it offers cross and isolated margin modes. 

In cross mode, all positions share the margin in your futures account. Therefore, you may lose all positions and your entire margin in the event of a forced liquidation. Conversely, only a portion of the margin is allocated to each position in the isolated mode. If the position margin falls below the maintenance margin level, the position will be liquidated automatically. However, your other positions will remain open. 

In general, margin trading is risky as it amplifies your gains as well as losses. Therefore, you should refrain from using high leverage if you don’t have enough trading experience. 

2. Futures Trading

You can trade USDT-settled perpetual contracts on LBank. These contracts don’t have an expiration date, and hence, you can hold them indefinitely. Currently, the platform features 762+ futures pairs.  For select pairs, you can even get a leverage of up to 200x. 

3. Copy Trading

LBank’s copy trader platform helps you emulate the profitable strategies of experts. Moreover, you can also filter lead traders by various parameters like RoI, P&L, star performers, lowest drawdowns, etc. 

If you become a lead trader, you’re entitled to a 20% profit share from your copiers’ trades. You’ll also enjoy exclusive privileges like startup fund support, daily income settlement, and trading capital of up to 5,000 USDT. Besides, you’ll get 24/7 dedicated support, access to special campaigns, and resources to grow your personal brand.Additionally, LBank hosts copy trading events regularly. They have large prize pools and provide ample opportunities to help you win cash prizes, free USDT, and lucky draw entries.

4. P2P Trading

If you want to buy, sell, or trade USDT or USDC with other traders, LBank’s P2P marketplace is helpful. It supports over 115  fiat currencies and 300+ payment options, including bank transfers and third-party providers like Neteller and Skrill. 

5. LBank Earn

Through LBank Earn, you can receive passive income from your idle crypto assets. The exchange predominantly offers the following staking options:

• Flexible: You can deposit your cryptocurrencies for flexible durations and earn high APRs. An incredible aspect of this product is that it doesn’t require lock-ups. Therefore, you can withdraw your assets at any time. 
• Locked: This is a more secure option, yielding steady returns. However, you must lock up your assets for a specified period and can’t withdraw them before the redemption date. 
• Dual investment: If you want to harness “buy low” and “sell high” trading strategies to clock profits, dual investment is worth exploring. It is a non-principal-protected product that enables you to execute trades at pre-defined target prices on a specific date. It is also customizable and possesses a high-yield potential.

6. Leveraged Tokens (LTs)

These are financial products that provide users with a leveraged exposure to underlying cryptocurrencies. They enable you to magnify gains without taking the traditional margin trading route. Moreover, these tokens rely on blockchain smart contracts to manage leverage effects.

LBank offers LTs for many cryptocurrencies, such as BTC, ETH, and DASH. Most are designed with a 3x – 5x leverage. If the price of the underlying asset increases by 1%, the corresponding LT’s value will rise by 3% or 5%.

However, the reverse is also true, making LTs a highly risky instrument. Even slight market fluctuations can cause significant losses for investors. Besides, smart contracts also carry inherent risks. Therefore, LTs are more suitable for experienced traders.

LBank Review: Other Key Features

SpotX

LBank Airdrop

If you want to know about upcoming projects or earn new tokens for free, the LBank Airdrop page is worth exploring. To get early access to forthcoming projects’ new tokens, you’re required to register and complete specific tasks within a given timeframe. The eligibility conditions also differ across projects. Based on the distribution mechanism and the total coin supply, qualified investors will receive token airdrops. 

LBank Launchpad

It provides early access to tokens of promising projects before they’re officially listed on the exchange. LBank features well-researched and hand-picked projects with high profit potential on the Launchpad.

LBank Bootshub

Bootshub is a platform that enables project teams to develop and launch tokens. From pre-launch consultation to post-launch marketing support, customers will get end-to-end services. Through Bootshub, LBank aims to provide a fertile ground for project teams to showcase their unique vision and innovations. It also handles promotions and user acquisition, allowing teams to focus solely on project creation and testing.

As a trader, you can earn new project tokens by providing liquidity. To do so, you must stake designated tokens in Bootshub pools. 

How to participate in Bootshub?

• Log in to your LBank account and go to the Bootshub page.
• Choose the project you want to join.
• Click the “Register” or “Stake” button to participate in the corresponding pool.

LBank Labs

The LBank Labs maintains a $100 million venture capital fund to stimulate innovations in blockchain technology. It invests in pre-seed and early-growth stage startups that are building pathbreaking Web3 solutions. Moreover, these firms will also receive hands-on mentorship and global network access. 

Furthermore, LBank Labs’ portfolio comprises top venture capital companies like Huobi, Bitmain, Consensys, and Binance Labs. Generally, the platform backs projects that are developing foundational infrastructure for DeFi, GameFi, and NFTs. It has backed projects like Enjin, Lido, and TreasureDAO that have expanded blockchain’s use cases and redefined the crypto space. 

How to collaborate with LBank Labs?

• Share your idea and the innovative blockchain project you’re envisioning to build.
• LBank’s team of expert analysts will review your idea to evaluate its profit potential.
• Meet the team to understand how both parties can achieve mutual success by aligning their vision and mission.
• Obtain capital, expert guidance, and resources to accelerate your startup’s growth. 

LBank LBmeme Launch

If you’ve a penchant for creating meme coins, LBmeme Launch is your go-to platform. You don’t need any technical skill or programming knowledge and can generate a token in three simple steps:

• Token creation: Click the “Create token” tab. Enter the name, symbol, launch information, and other details. Pay the creation fee. 
• Boost mode: Once you enter the boost mode, you must break the launch target within 24 hours to level up your token. If you fail to surpass the target, LBank will return your boost funds, and your token won’t graduate.
• Token Listing: If your token graduates, it’ll go live within 20 minutes. Before the token is officially listed for trading in the Meme Land, it’ll be sent to your spot account. 

Apart from helping users create their own meme coins, LBMeme Launch enables them to buy/sell the already listed tokens. Moreover, it follows a fair distribution mechanism with no reserves or manipulators. 

LBank Edge

If you’re looking for 100x gems, LBank Edge features expert-curated listings. These high-potential coins are identified using AI, on-chain intelligence, and expert signals. Additionally, it provides USDT pools with high liquidity for high-volume traders. 

To enable users to trade fearlessly, the platform offers an auto-compensation of up to 100 USDT. You can also magnify your gains by trading futures contracts on the top-ranked EDGE tokens within days of listing. 

LBank Academy

The LBank Academy publishes a plethora of educational resources tailored to both novice and experienced investors. It helps you hone your skills and gain mastery over crypto trading. Moreover, it features market updates, news, and in-depth research reports, enabling you to make informed choices. Its extensive glossary serves as a ready reckoner for various crypto-related terminologies. 

A notable section of the LBank Academy is the Cryptopedia. It gives you an overview of various meme coins, including popular and lesser-known tokens. Overall, it is a gold mine of information for meme token lovers.

LBank Referral Program

The LBank referral program enables both referrers and referees to earn up to 30% commission per transaction. To start receiving commissions, you must complete the following steps:

• Share referral code or link: Your friends must sign up on LBank using your unique invite code or referral link.
• Friends trade: Your invitees need to execute spot or futures trades.
• Earn commission: Both you and your referees will earn a specific ratio of the fees paid on completed trades as commission. The ratio is fixed at the time of registration. Commissions are issued in the cryptocurrency used by invitees to pay trading charges. 

LBank Affiliate Program

LBank has designed an affiliate program exclusively for key opinion leaders. KOLs include content creators, influencers, media companies, community owners, institutions, advertisers, and crypto tools sites. 

If you’re onboarded as an affiliate, you’ll earn industry-leading commissions from your referees and their sub-partners. As a top-level partner, you can also set the commission ratios for your sub-partners flexibly. Additionally, you’ll enjoy 24/7 dedicated support and a visual dashboard, displaying your detailed referral earnings and partner benefits. Furthermore, you can create your own affiliate link. 

Lastly, you can receive extra commission by referring sub-partners to the affiliate program. For example, if you refer a KOL and they make $25,000 monthly, you’ll earn $2,500 in referral fees. Since there are no caps on referral rewards, the more sub-partners you refer, the more you’ll earn.

LBank Security: Is LBank Safe?

Security measures

• Compensation fund: LBank has established a $100 futures risk protection fund to minimize risks and promote trading fairness. It compensates traders who incur losses due to price spikes triggered by platform-related issues. You’ll receive 1.2 times your loss and an additional 10,000 USDT airdrop as compensation. If the price movement results in forced liquidation, you’ll get 120% of your loss amount.

• Two-factor authentication (2FA): For added security, LBank requires users to enable 2FA via Google Authenticator. 

• Passkeys: The exchange facilitates passwordless login through biometric authentication (fingerprint or face ID) or PIN verification. The LBank passkey generates a key pair. While the private key is stored in your device, the public key is held by the crypto exchange. It eliminates the need for passwords and enhances security. 

• Proof-of-reserves: LBank maintains a Merkle-tree proof-of-reserves to ensure user assets are fully backed 1:1. It discloses its reserves publicly, ensuring 100% transparency.

• Cold storage: LBank stores customer assets offline in multi-signature cold wallets. Therefore, even if a security breach occurs, bad actors can’t steal user assets.

• DDoS protection: LBank has implemented robust firewalls and DDoS protection to safeguard the exchange’s infrastructure from malicious traffic overload. It also prevents denial-of-service attacks from causing service disruptions for legitimate users. 

• Advanced security protocols: LBank has implemented additional measures, including multi-factor authentication, anti-phishing codes, and withdrawal whitelisting. It also conducts regular audits to identify potential vulnerabilities and take corrective action.

• Bug bounty program: To strengthen user trust and reward security researchers, LBank has launched a bug bounty program. This crowdsourcing initiative helps the exchange identify and fix bugs and other safety issues promptly. Based on the criticality of the bug/vulnerability you detected, you can earn bounties of up to 10,000 USDC.

LBank Fees Review

Trading Fees

• Spot trading fees: LBank imposes a 0.1% spot fee for both makers and takers. For some cryptocurrencies, it charges 0.2% fees. 
• Futures trading fees: The exchange levies a 0.02% maker fee and 0.06% taker fee for futures transactions. 
• Leveraged token fees: LT trading on LBank entails a flat fee of 0.2% for both makers and takers. 

Deposit and Withdrawal Fees

If you’re depositing crypto or making internal transfers, you don’t have to pay any deposit fee. Withdrawal fees vary based on the chosen cryptocurrency and blockchain. However, if the selected network is experiencing congestion, the withdrawal charges will increase. You can view the real-time rates on the withdrawal page. 

How to Use LBank?

How to Open a LBank Account?

Step 1: Start the registration process

Visit the official website of LBank or download its mobile app. Click the “Sign up” button in the upper right corner of the homepage. You’ll be directed to the registration page to initiate the sign-up process. 

Step 2: Register on the exchange.

Enter your e-mail or phone number. You can also create an account using your Apple ID, Google ID, Telegram, Metamask, or Phantom. Set a secure password, containing 8-60 characters. It should consist of a number, a lowercase letter, an uppercase letter, and a special character. If you’ve any promo code, enter it in the “Referral Code” field. Once done, click the “Sign up” button.

Step 3: Verify e-mail or phone number

You’ll receive a verification code on your e-mail or phone number. Enter the code to finish the registration process. You must complete this one-time step to confirm that your credentials are legitimate. 

Step 4: Complete KYC verification

To unlock higher withdrawal limits and LBank’s full suite of features, you must complete identity verification. Click your profile icon on the top right corner of the homepage and tap on “Identity not verified”. You can even select “Security” from the dropdown menu to navigate to the KYC verification page.

Enter your location and ID type. You need to upload a government-issued identity proof, like a passport or driver’s license. 

Next, you need to complete the liveliness check. Get your camera ready. Find a well-lit place and position your face properly within the circular frame. You shouldn’t be wearing hats, glasses, or masks. Once you finish scanning your face successfully, the KYC verification process is over. 

How to Trade on LBank?

Step 1: Make your first deposit.

Before you start buying or selling crypto, you must fund your account. If you’ve cryptocurrencies in an external wallet, click on the “Deposit” tab on the top right of your profile homepage. In case you need to purchase crypto, you can do so via the P2P marketplace or utilize the “One-click Buy” feature. You can even deposit fiat currencies. The platform supports 200+ payment options, including bank transfers, credit/debit cards, and third-party channels like Revolut. 

Step 2: Execute your first trade

After making the first deposit, click the “Markets” tab on the homepage. On the “Markets” page, you’ll find the last price, 24-hour high, 24-hour low, and 24-hour volume stats for each token. Now, select a spot or futures pair. You can also choose based on the token type (e.g., MEME, RWA, AI, and GameFi). Once you select the desired token or pair, click the “Trade” button. 

Step 3: Set parameters

Once you navigate to the trading interface, adjust parameters such as margin mode, leverage ratio, and desired quantity. You can also set the following order types:

• Limit order: It is a buy/sell order automatically executed by the system when a cryptocurrency’s price reaches a specific or better price. 
• Market order: It is immediately matched to the best available market price.
• Trigger order: It allows you to set target prices in advance. A limit or market order will be triggered only if the asset price reaches the pre-defined level.
• Post-only orders: If these orders immediately execute in the market, they’ll be cancelled.
• One-cancels-the-other (OCO): It is a type of combined order that enables you to place two orders simultaneously. If one order is executed or triggered, the other one will be automatically cancelled.

Based on your preferences and market conditions, you can open a long or short position in the spot or derivatives market. Accordingly, click the “Buy” or “Sell” tab to complete the trade.

How to Deposit at LBank?

Step 1: Choose a token and a network. 

Select the desired cryptocurrency and blockchain network. Copy the deposit address or scan the QR code to initiate a transfer from your external or third-party wallet. If you don’t have cryptocurrencies, purchase them via the P2P marketplace or use the “One-click Buy” feature.

Step 2: Review deposit history

After you make the withdrawal on the third-party platform, click on the “Assets Overview” tab on your profile dashboard. Select “Funding History” from the dropdown menu to view your deposit records for spot, futures, margin, and Earn transactions. You can also view your latest deposit here. 

How to Withdraw at LBank?

Step 1: Choose the target token.

Log in to your account. Click on the “Assets Overview” tab and choose the “Withdraw” option. Manually enter your target token or click on one of the tokens suggested by the exchange.

Step 2: Enter details

Choose “On-Chain” and paste the withdrawal address (deposit address of the receiving exchange or wallet). Also, select the corresponding blockchain network. Next, input the withdrawal amount. Enter or copy the MEMO tag. It serves as an additional identifier to ensure cryptocurrencies are credited to the correct recipient address.

Step 3: Confirm the withdrawal

Review the entered details carefully to ensure there are no errors. Before confirming the withdrawal, LBank requires you to input the verification code received via e-mail, SMS, or Google Authenticator. Hit the “Confirm” button. If approved, your assets will be transferred to the specified recipient address. 

LBank Review: Mobile App and User Experience

The LBank mobile app is compatible with iOS and Android devices. It has a smooth, clean, and intuitive interface, enabling you to trade on the go seamlessly. The app enjoys a 3.7/5 rating on the Apple store and 4.3/5 on Google Play. While most customers seem satisfied with the app, a few reported asset losses, withdrawal issues, and long load times. Some also found the interface less user-friendly.

LBank Review: Regulatory Compliance

LBank adheres to the highest standards of security and compliance. It possesses the following regulatory licenses:

• Registered as a money services business (MSB) with FINTRAC (Canada) and FinCen (USA).
• Recognized as a Remittance Service Provider and Digital Currency Exchange Provider by AUSTRAC (Australia).
• Listed in Italy’s Special Register for Virtual Currency and Digital Wallet Service Providers. 

Moreover, LBank.com is operated by LBK Blockchain Co. Limited, which is registered in the British Virgin Islands.

LBank supported countries

While LBank serves 20+ million customers across 210 countries, it offers restricted services in certain jurisdictions. For example, in a few regions, such as Egypt, Nigeria, and Germany, the exchange has suspended SMS functionality. Moreover, due to regulatory challenges, LBank doesn’t offer services in some locations, including the US, Canada, and Mainland China.

LBank Review: Customer Support and User Feedback

LBank offers 24/7 multilingual support via e-mail and live chat. If you want to raise a ticket, contact the support team through e-mail. Live chat is better if you want to connect with a human representative. Moreover, LBank has a dedicated support centre, featuring detailed FAQs, user guides, and platform updates.

However, LBank has received low customer ratings of 1.7/5 on Trustpilot. Most customers have reported issues with withdrawals, welcome bonuses, and hidden fees. Many have also complained that the exchange tends to restrict or suspend customer accounts without prior notice for no apparent reason. 

Best Alternatives For LBank

Crypto exchange	Binance	MEXC
Launch year	2017	2018
Trading features	Spot trading, derivatives trading, leverage trading, P2P trading, demo trading, social trading, and automated bots.	Spot trading, futures trading, P2P trading, demo trading, grid trading, and social trading.
Staking services offered	Fixed and flexible products, dual investment, smart arbitrage, discount buy, on-chain yields, and crypto loans.	Fixed savings, flexible savings, hold and earn, futures earn, and crypto loans.
Supported cryptocurrencies	9,000+	4,254+
Trading pairs	1,600+ spot pairs and 655+ futures pairs	2,308+ spot pairs and 1,124 futures pairs
Global presence	100+ countries	170+ countries
Registered users	280+ million	40+ million
Daily average trading volumes	$65 billion	$51.6 billion
Security features	Secure Asset Fund for Users, data encryption, two-factor authentication (2FA), withdrawal whitelisting, anti-phishing code, proof-of-reserves, and hot and cold wallets.	$100 million guardian fund, proof-of-reserves, futures insurance fund, cold storage, 2FA, withdrawal whitelisting, SSL encryption, and anti-phishing code.
Accepted payment methods	800+ payment methods, including bank transfer, credit/debit card, UPI, and third-party providers like PayPal, Skrill, and Neteller.	100+ payment methods, including Google/Apple Pay, credit/debit cards, wire transfers, and third-party channels like Payeer and Wise.
Native token	BNB	MX
Fiat currencies supported	100+	50+
Trading fees	Spot: 0.1% maker, 0.1% taker Futures: 0.02% maker, 0.05% taker Options: 0.03% maker, 0.03% taker	Spot: 0% maker, 0.05% taker Futures: 0% maker, 0.02% taker
Mobile app ratings	Google Play: 4.5/5 Apple: 4.8/5	Google Play: 4.7/5 Apple: 4.8/5

Conclusion: Is LBank a good exchange?

In the constantly evolving crypto world, LBank continues to be a competitive player with its expanding range of 100x gems. It has also been adjudged as a top meme exchange. However, it is less feature-rich than the industry leaders such as Binance and Bybit. It also lacks pivotal functionalities such as a demo account, automated bots, and a dedicated NFT marketplace. Additionally, it doesn’t offer services in all jurisdictions due to international sanctions or regulatory challenges. 

Last but not least, you must exercise caution and do thorough research before registering, even though LBank is overall secure. 

FAQs

Is LBank legitimate?

It possesses regulatory licenses in multiple countries, including the US, Canada, Australia, and Italy. It also upholds the highest standards of global security, compliance, and accountability. It also strictly adheres to GDPR, KYC, and AML policies. Additionally, customer information is used solely for identity verification and shared only with authorized institutions to comply with regulatory requirements. Thus, LBank is trustworthy.

Is LBank available in the US?

LBank is registered as an MSB with the Financial Crimes Enforcement Network (FinCEN). However, it doesn’t have a money transmitter license in the US. It is also unable to meet the stringent SEC and CFTC regulations. As LBank lacks the necessary regulatory approvals, it doesn’t provide services to US citizens. 

Is LBank a beginner-friendly cryptocurrency exchange?

For new traders, LBank offers various beginner-friendly features like copy trading, one-click buy, and spot trading. It also has a simple and clean user interface. Moreover, the LBank Academy offers extensive learning resources to help you attain proficiency in cryptocurrency trading. 

What potential risks exist on the LBank exchange platform?

When compared to industry behemoths such as Binance and Bybit, LBank’s trading volumes and liquidity are lower. It hasn’t disclosed its bug bounty program on its official website. A few years back, an auditing firm, Hacken, discovered discrepancies in its trading activities. Moreover, many users have reported issues with withdrawals, newcomer bonuses, and deposit freezes on review sites like Trustpilot and Reddit.