LBank cryptocurrency exchange – reviews and review
The Lbank cryptocurrency exchange is one of the largest sites with a huge trading volume and a sufficiently functional and convenient service. The exchange is consistently included in the TOP 25 resources in terms of total market capitalization.
The launch of the exchange took place on October 1, 2017 (despite the fact that the creation of the brand dates back to 2016). The country of registration is Hong Kong. Initially, the site was created with an emphasis on the Asian market, but later, as the participants and the volume grew, the exchange began to be in demand in other regions.
Lbank was originally created as a platform for exchanging digital currencies, with a fairly high level of competition. Therefore, the creators of the exchange took into account many nuances, from small and profitable commissions for traders, to the convenience of the terminal and a high level of security.
Registration process on the Lbank exchange
Registration on the site is quite simple. The whole process looks like this:
- First you need to click on the “SIGN UP” button, which is located in the upper right.
- After clicking, a pop-up menu with a list of items will open. To register, you must fill them out. It is important to note that at the top of the pop-up menu there is the possibility of switching the registration form. The exchange supports both creating an account using a login, and with a mobile phone number.
- In the second field, you need to enter the verification code, it arrives at the address you specified. After entering the code, enter the password with confirmation and complete the account registration process.
- The next step is to activate two-factor authentication. It is not considered mandatory, but it is highly recommended to increase the security of your account. To complete the procedure, you must use Google Authenticator and scan the QR code that appears on the screen.
The verification process at Lbank is optional. However, the exchange introduces a number of restrictions in some cases:
- When turning off two-factor authentication, it is impossible to withdraw funds from the site.
- Verification raises the daily withdrawal limit (20 BTC).
- For verification, it is necessary to fill in personal data and upload scans of documents.
- The procedure is not available for US residents.
Deposit and withdrawal of funds
The implementation of replenishment and withdrawal of funds on Lbank is simple, as with most exchanges. To replenish your account you must:
Click on the “My Account” button in the upper right corner.
In the pop-up menu, select the ‘Deposit’ button.
After clicking the “Deposit” button for the currency in which the account is topped up (for example, in BTC), the system will redirect you to the appropriate page.
Refill your account at the address indicated in the window.
In order to withdraw funds, a mobile phone must be attached to the account and 2-factor authentication is set. Direct withdrawal is performed through the “Withdraw” button on the same page (next to the replenishment option). After confirming the operation, the withdrawal commission will be withdrawn from the trader.
The exchange has its own LBCN token. It provides several advantages when trading on the site.
How to trade on the stock exchange
To start trading, go to the ‘Exchange’ section (in the upper left part). After that, you will need to select the desired currency pair. You can find them in the main sections, in the form of a pop-up menu (BTC, ETH and others). When the desired pair is selected, you need to analyze the chart to find the optimal points for opening orders.
Interface, menu, features
The terminal at Lbank is considered informative and convenient when compared with other sites. It has all the necessary tools for qualitative analysis, working with charts, tracking statistics and other actions. Quotes are displayed in real time, with the ability to select intervals from 1 minute to 1 month. All data is obtained from Tradingview.
- Quotation chart (with tools on the left).
- ‘Glass’ orders.
- Window for executing orders.
Only limit orders are available on the exchange. To execute an order, you must select a purchase or sale (in the lower right corner). After that, the order will be processed, after which the operation will appear in the corresponding menu and it will be possible to track it.
Telegram Gram futures futures trading is available on the platform. The token is purchased in the ETH currency and will become available when the Grams become publicly available. At this stage, the purchase is available as a pre-order (futures).
Lbank is considered a platform with enhanced security. Since its launch, there has not been a single case of hacking or a successful attack that would harm user accounts. In the form of basic protection tools for participants are used:
- Two-factor authentication.
- Verification of personality.
- IP Allow List.
According to reviews, the main complaint of Russian-speaking users is the lack of the Russian language in the interface on the Lbank exchange. Not all sections are translated into English (for example, user agreement), although it is the only language that is available to users outside Asian countries. Also, negative feedback has been received from a number of users about technical support that works only with the English language (it affects the orientation of the exchange to the Asian region).
Major doubts among traders are caused by the main currency pairs for which trades are held. Given the volume (which is much too high for statistics on Coinmarketcap), the sale of Gram futures, with a refutation from Durov, as well as the minimum number of subscribers on social networks, the reputation of the Lbank exchange remains in doubt.