LBank – Cryptocurrency Exchange Volume and Information

LBank is a centralized customer-to-customer (C2C) exchange that was established in October 2017 by the Chinese subsidiary company called Superchains Network Technology. However, the platform is officially registered in the jurisdiction of Hong Kong, possibly to avoid having any issues with Chinese financial authorities. This, however, means that LBank doesn’t fall under any concrete crypto regulation and doesn’t hold the appropriate trading license, a fact which might serve as a turn off for the most cautious traders.

But despite that fact, LBank’s showings with regard to trading volume has been quite impressive lately. The exchange is currently placed in the top 20 of global exchange rankings by the reported volume, which often reaches $900 million over the course of the day, which is just below the waterline of $1 billion per day volume, the feat displayed only by the biggest trading platforms.

When it comes to cryptocurrencies, USDT generates the largest share of trading volume, which amounts to 67%, ultimately making it the most traded cryptocurrency. Bitcoin and Ethereum follow Tether with 17% and 13% of market share, respectively. LBank has six main cryptocurrency markets: BTC, ETH, NEO, QTUM, USDT, and BTS, which are subdivided into 154 trading pairs, which contains both the mainstream as well as the emerging cryptocurrencies. The exchange also has its proprietary stablecoin dubbed LBCN with is backed 80% by Chinese yen and 20% by Bitcoin. 

One of the most important distinguishing features of LBank is that it allows users to replenish an account not only with cryptocurrencies but also with fiat (US dollars and Chinese yen) via wire transfer. There is also a possibility of depositing funds through the Chinese payment outlets, such as AliPay and WeChat Payments. 

As expected, LBank doesn’t impose any fees on the incoming funds, but makers and takers will have to pay a flat fee of 0.1% of the transacted amount. The withdrawal fee doesn’t exceed the industry standard of 0.0005 BTC or its approximate equivalent in case of withdrawals in other cryptocurrencies.

When it comes to trading options, LBank offers the usual spot trading, along with the possibility of Over-the-Counter trading for more financially endowed customers. Unfortunately, one won’t be able to engage in futures trading on this platform, though the margin trading is accessible. 

The trading panel on LBank has a relatively simplistic design and a slightly inconvenient disposition of informational boxes. For instance, if one isn’t trading on a wide screen, he would be forced to scroll down constantly, which diverts attention from the price action.

The fact that Chinese is set a default language on the platform constitutes another feature that non-Chinese speakers might find annoying. Also, there are some sections on the platform that haven’t been duly localized to English.

LBank ensures the security of digital assets by employing the network of hot and cold wallets that don’t store the private keys, accompanied by the two-factor authentication, and SSL encryption of all data that goes through their servers.

Advantages of LBank     

• Competitive trading fees that wouldn’t place a burden on your trading account;
• The exchange is suitable for novice traders thanks to the intuitive and user-friendly interface;
• A wide variety of digital currencies available for trading;
• Large trading volumes ensure sufficient liquidity.

Author: Alex Paulson for Crypto-Rating.com