LBank
Key Data
- Trading Name: LBank
- Legal Entities: PT LBK TEKNOLOGY INDONESIA, LBK BLOCKCHAIN CO. LIMITED, LBK EXCHANGE LIMITED, UAB LBANK EXCHANGE
- Activities: Cryptocurrency trading platform
- Location: Hong Kong, et al
- Regulations: NFA, MSB, and Canada MSB
- Key People: Allen Wei (CEO) and Eric He
LBank is a crypto exchange regulated in various jurisdictions and claims to have attracted over 5 million users despite being a lesser-known name compared to giants like Binance and Coinbase. Something it offers that draws users in is a selection of over 450 coins for trading- one of the largest rosters of any centralized exchange.
LBank Exchange was founded in 2015 by the Chinese company Superchains Network Technology. While based in China, LBank has established headquarters in Hong Kong to comply with the country’s strict laws around cryptocurrency.
LBank accepts users from over 200 countries globally. The platform is fully available to traders from the United States, Canada, Australia, Singapore, and across Europe.
Offering
LBank, specifically, is known for offering a variety of cryptocurrencies for trading, including popular ones like Bitcoin, Ethereum, and many altcoins. Exchanges like LBank typically provide features such as spot trading, margin trading, and sometimes futures trading. Users can create accounts on these platforms, deposit funds, and then use those funds to trade cryptocurrencies.
LBank Exchange currently supports 50+ fiat currencies, including USD, EUR, GBP, JPY, CAD, AUD, RUB, INR, AED, etc.; Purchase of major digital assets, including BTC, ETH, USDT, etc.; and 20+ payment methods, including Master Card, Visa, Google Play, ApplePay, Bank Transfer, etc.
- Supported Coins: 120+
- Trading Pairs: 180+
Fees
LBanks charges relatively low fees. Plus, their fee structure is rather simple, giving more confidence that there are no hidden costs here. They combine the maker and taker fees in a simple, standard 0.10% per trade.
LBank security features
- LBank implements standard security features, including email/2FA verification, SSL encryption, DDoS protection, and cold wallet storage. Keys for the cold wallets are spread out geographically as an additional safeguard.
- Mandatory KYC verification adds an extra layer of security to ensure all accounts are legitimate.
- The exchange has never suffered any major security breaches since launching over 7 years ago.
Regulation
LBank Exchange has obtained regulatory licenses and registrations to ensure compliance and accountability. In Lithuania, UAB LBANK EXCHANGE is a registered Virtual Asset Service Provider (VASP). In Canada and the United States, LBK EXCHANGE LIMITED is registered as a money services business with FINTRAC and FinCEN, respectively. These approvals signify LBank’s commitment to industry standards and regulatory compliance.
Related Individuals
Customer review
Trustpilot: 2 Stars with 100+ Reviews
Compliance Rating
LBank is a regulated crypto exchange. The information on the website and in the service agreement is transparent and fair. We could not find anything negative about LBank Exchange in terms of compliance. However, due to their poor ratings on Trustpilot, we are downgrading them to ORANGE.
