A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of LBank consists of four parts: general information, fees, deposit methods and security.
LBank is a cryptocurrency exchange registered in Hong Kong. There are loads of coin exchanges from Hong Kong. Hong Kong is in a way the Mecca of cryptocurrency trading. A non-exhaustive list of competitors to this exchange on its home turf is Binance, Bit-Z and KuCoin.
The exchange does not list US-investors as prohibited from trading, but US-investors should do their own independent assessment of any problems arising from their residency or citizenship.
If you prefer to be able to check your portfolio or make trades while on your smart phone, you’ll be pleased to learn that Lbank is also available as an application. Irrespective of whether you’re using an Android or an iPhone, the app is available to download.
This exchange is one of the absolute giants in the industry. On 17 July 2019, the 24 hour trading volume was USD 2.16 billion. This made it the fifth biggest exchange in the world based on 24 hour trading volume, only surpassed by OKEx, Binance, Huobi and BW.com. On the date of last updating this review (23 March 2020, right in the middle of the crisis with COVID-19), the trading volume had decreased somewhat, both in absolute numbers but more clearly in relation to other exchanges. The 24 hour trading volume was then USD 1.92 billion (still very good), but this only gave it place no. 16 on the list.
LBank Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at LBank:
LBank Trading fees
This trading venue doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. They offer a flat trading fee of 0.10%. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model.
0.10% flat trading fee is far below the industry average which is around 0.25%. The fees of this exchange thus constitutes a strong competitive advantage against the majority of other top crypto exchanges in the market.
LBank Withdrawal fees
LBank does not charge any withdrawal fees. However, when making a withdrawal you still have to pay the network fee. There are a few exchanges that themselves pay this network fee for you, but most do not do that. Only charging the network fee is thus a strong competitive edge in the market and distinguishes this exchange from most other top crypto exchanges.
LBank offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason.