LBank Review

Overview:

LBank is a cryptocurrency trading provider with a primary focus on Asian traders. The broker deals with crypto to crypto trade but entertains fiat currencies as well. It facilitates low-cost altcoin traders. It is in the top 30th rank of brokers by trading volume. However, there are several merits and demerits of it and will be discussed in this LBank review. 

About LBank:

The broker LBank is one of the cheapest brokerages providers with a flat 0.10% fees on the trade performed. In comparison, the most broker charges 0.25% and above per trade. Deposit making is free of cost but withdrawals charged at 0.01 ETH or 0.1% QTUM. The broker supports two kinds of fiat currencies, Chinese Yuan and US Dollars. Also, direct bank transfer and withdrawals are facilitated for trader’s convenience. At least 40 crypto pairs are supported by LBank. Currently, the most popular trade of QTUM/BTC is constituted more than 50% of all trade at LBank. The broker has sufficient liquidity as many cryptos are traded against each other. The broker is equipped with a web trader but also facilitates indicators, charts and strategies. Trading at LBank is anonymous and is rather common practice in other crypto exchanges. 

Here we will talk about the demerits of LBank. The presentation of LBank lacks many details like trading conditions and corporate status. As compared forex trading crypto trading is new and not properly regulated. It is a major concern. Also, LBank is an unregulated broker. Like other crypto exchange leveraged trading is absent at LBank. The trading platform we have mentioned is in development for mobiles. It is rather inconvenient. Service Agreement of LBank does not share much information on the crucial aspects like what are the other hidden charges. Also, no company name or phone number is supplied. 

Is LBank scam or legit?

LBank is an anonymous unregulated cryptocurrency exchange. The presentation of LBank is confusing and lacks several other details. Also, the broker fails to provide leveraged margin trading. The mobile-based application is under development. All of these factors make LBank a potential scam cryptocurrency broker. Crypto traders are advised to trade wisely to secure funds and stop losses.