LBank Review – Is Lbank.info Exchange a Scam or a Legit Trading Platform?

LBank Review

Lbank is a very popular exchange for cryptocurrencies that caters to the financial needs of cryptocurrency holders all over the world. Lbank provides exchange services that are not limited to just specific cryptocurrencies. Various pairs of cryptocurrencies are traded on the Lbank exchange platform. Lbank was founded in 2016 with the sole aim of servicing the needs of customers from different parts of the world. They offer professional services that protect the assets of their customers.

LBank is a Peer-to-Peer (P2P) or a Customer-to-Customer (C2C) exchange platform. The exchange was launched in 2017 after even though it was founded in the previous year. The exchange platform made use of blockchain to ensure that customers could transact personally and directly to exchange or trade their cryptos. Typical of every cryptocurrency exchange platform, Lbank is decentralized and is not attached or affiliated with any financial institutions. 

Lbank offers anonymity to all cryptocurrency holders who would rather do their business of trading their digital assets without giving up their identity. This on its own has its merits as customers who buy or sell in volumes are protected from the direct attempts on the security. Unlike financial institutions where fiat money is the legal tender and their centralized structure, with Lbank you can carry out a transaction without any trace back to your identity. However, the cloak of anonymity expires when the customers involved agree to conduct a trade involving fiat money.

There is an endless barrage of options for customers in Lbank as pertains to their digital assets. It is a though the platform says to every customer, “come with whatever you have”. They allow over forty pairs of cryptocurrency trades and a surplus amount of altcoins to go on their platform. Allowing over forty pairs of crypto trades simply means that they almost do not discriminate or limit the use or issuance of any digital asset. It is a free place for all crypto owners and they can exchange on their own terms.

Lbank also supports the direct deposit of money from a financial institution such as a bank. You can also be involved in leveraging or trading with margins on the platform, this includes as many pairs as possible. A lot of platforms prefer to have only their web mode available for their users and customers but Lbank has an application for mobile phones that allows it, customers, from different parts of the world to have access to the platform and their accounts with so much ease. The mobile application works on both Androids and iOS. The mobile application makes the use of the platform from a place of comfort possible. A customer can trade or access their account at their will.         

The mobile application for all the good it does has a flaw that some people might struggle with. The mobile app provides limited information in the English language so it is not very easy to navigate it. This possibly because Lbank as an Asian platform is more focused on the Asian market even though it is catering to other parts of the world. Most people struggle with this while others do not.

Lbank reports that they have up to three million users that are registered to their platform or website. An estimated 400 million dollars is traded every day. This large volume of trade for a decentralized and unregulated platform prompted Lbank to demand levels of verification from its customers and users through the provision of Identity Cards and other valid documents. They also provide wallets that users can store and protect their funds in and they use coded servers as well.

Bank charges quite a pretty low fee for transactions completed when you compare them to other exchange platforms. They charge a 0.1% fee for every transaction on the platform. There are also varying fees for withdrawal for different cryptocurrencies and there is also a fixed minimum amount that can be withdrawn from an account.  

The platform charges both the buyer and seller the same fee for transactions. It does not take differently from each party. The industry fee adopted by most of the other exchange platforms is 0.25% so the Lbank fee of 0.1% is almost a giveaway.  

Most people are unaware that Lbank is a Hong Kong-based and registered exchange. They have a lot of other top-tier platforms gunning for their position as one of the big names of the industry. One of their chief competitors is Binance. Their ability to stay afloat and offer world level asset management services puts them ahead of their competition. Unlike their competitors, they are always having larger volumes of trades in 24 hours. There are a lot of digital asset owners on the platform which means there is a very low chance of liquidation, it is almost impossible.

The preferred method of payment for Lbank is wire transfer. They do not accept deposits with a credit card. This is definitely for security reasons so that if a customer’s details are stolen it would not be used for any transactions. This and other reasons necessitate the acceptance of only wire transfer. This may be bad news for people who would rather use their credit cards for all transactions especially online transactions but it is an important policy to Lbank as an exchange platform.

Security is very important to Lbank exchange. They make sure and take great care to ward off threats to their platform. They have never been reportedly hacked nor had their funds stolen by virtue of any fraudulent activities. They put in place encrypted servers which is one of the latest security characteristics of serious sites and platforms. There is also a compulsory two-factor-authentication or verification that a user must complete when they want to log in or initiate and complete transactions. Further security measures include the provision of the two types of wallets, the hot and cold wallets so that users can store their funds. As a customer you are assured of your anonymity for as long as you keep using the platform, the site does not require that you submit any information that is personal to them.     

The flaw that the site struggles with is their use of Mandarin on most parts of the website. Except you understand a reasonable level of Mandarin, your access to information on the site will be stifled. The platform is not very friendly to users that only speak English. The explanation for this has always been that they cater to majorly the Asian market.  This problem further eats deep into the platform especially because of the language barrier especially when it involves the support system. English speaking users struggle with support because most of the Frequently Asked Questions (FAQ) section and the contact us page is in Mandarin. When a user manages to reach support for the English language, the response is slow and incoherent making it difficult to understand. People that understand Mandarin have a much better response from the support. Mandarin-speaking users can easily understand the FAQs and navigate the site easily. They can also make use of a third-party platform like WeChat to contact the support system. The support conditions are not really favorable for non-Mandarin speaking users. Most English speaking users express disappointment and lack of consideration in the language barrier. 

What are the merits of using Lbank?

The interface of the site and the mobile app is fairly easy to use maybe that is why regardless of the language barrier that non-Mandarin speakers experience, they still find their way around. It is easy to use the site and conduct your business of buying and selling of cryptocurrencies. Compared to a lot of sites, this is a plus because there are many platforms out there that make even simple steps such as registration appear like such a herculean task. This gives them a competitive edge and furthers their course in serving a large market.

Part of their attempts to make using their platform easy is how their mobile app is easy to use once you download the application from App Store or Google Play Store since it works for both Androids and iOS.

 The fees for transactions on Lbank platforms are very low and affordable and it gives them a very competitive edge over other platforms. Most other companies charge 0.25% against the 0.10% of Lbank which makes them less desired to people that are concerned about charges and fees which is almost everyone. The competition is in their favor because of the favorable fees which promote more transactions at very fair rates. They have a lot of customers because of their competitive fees.

There is a wide range of acceptable cryptocurrencies on the platform. They allow for exchange and trade between over 40 pairs of cryptocurrencies. Where other platforms restrict transactions to just bitcoin and maybe fiat money, Lbank allows almost any cryptocurrency. Ethereum, Litecoin, Ripple, and Altcoins.   

As much as there are advantages or merits associated with using Lbank as an exchange platform there are demerits as well. Some of them include;

The limitedness of the support system is a very huge problem for this exchange platform. The customer service is too slow for a platform that caters to the needs of almost three million users from every part of the world. Most people would rather not use this platform for this particular reason. Everyone that makes use of exchange platforms knows the importance of having a standby customer care system that is rapidly responsive because there is always a need for it. If users could easily access the customer support system whenever they had the need to then the platform would be almost an untouchable platform.

The Lbank exchange platform is most popular in Asia, in fact, it was founded and launched in Asia by Asians so it is safe to say that their target market is the continent of Asia. For this reason, they make it easier for Asians to understand and navigate the platform more than users that do not speak Mandarin which is a popular language among Asians. English language speaking customers struggle with using the platform in a lot of regards. English language users do not even enjoy the extra access that the Mandarin users enjoy which is the ability to contact support from a third party platform such as WeChat. This language barrier stifles transactions for English speaking users and even worse reduces their tendency to request help from the platform. Most English speaking users out of frustration leave the platform when they can no longer handle the disparity. The attempt by the platform to salvage the problem led to having an incoherent and slow response from a customer care rep that is apparently not good with English.

Another problem they seem to have which is not unique to them or a lot of other exchange platforms is the fact that they are not regulated. The lack of regulation makes it impossible for them to be held accountable for any business practices or malpractice. They are independent and operate with almost no limitations and offer only good faith. Most people think this is a problem but it is almost that way for all platforms that allow for trade and exchange of cryptocurrencies since there are no financial institutions hence their decentralized nature of the cryptocurrencies and in extension the exchange platforms.

These aforementioned demerits do not take away from this platform the fact that it is one of the best in the industry. What they lack in some areas they make up in other areas in a lot of folds. It is important to note that they are a budding exchange platform that is growing seriously and is making efforts toward improvement and broadening their service. Hopefully, in time they would address the issues that are bedeviling them.

Some of the frequently asked questions on the Lbank exchange platform;

Are they a regulated trading service and exchange platform?

Lbank is not a regulated exchange platform. They are decentralized and independent. Maybe in the foreseeable future, they might be some regulations but for now, they are not.

Where are they based?

The Lbank exchange platform is Asian based. Specifically, they are located in Hong Kong to avoid the stiff and unfavorable conditions of the Chinese policies that affect the industry. Since its launch in 2017, it has always been based in Hong Kong. 

How do they generate income?

They take the transaction fee of 0.1% from both the buyer and seller. There are fees for withdrawal as well which is very fair. They take these minute fees from over three million users engaging at a different number of transactions daily. They have reported over three hundred million dollar worth of trades daily so this is perhaps a decent mode of making money from the platform among other things. 

How to make deposits to your Lbank account?

You can make deposits to your account with the use of cryptocurrencies only. It is the only acceptable mode of deposit by Lbank. They do not accept cash or fiat money. You could transfer your cryptocurrency of choice to your wallet, cold or hot wallet that the platform has provided for you to store your coins.

How do you make withdrawals from Lbank?

The easiest way, in fact, the only way to make withdrawals from your account is to transfer the cryptocurrencies to your private or personal wallet. You cannot withdraw your funds as cash nor have it transferred to your bank account. The only acceptable way to make a withdrawal is to transfer the cryptocurrency to your personal wallet.

Can you make use of your mobile device for trading on Lbank?

Lbank has a mobile application that is available for Android and iOS which can be used to access your profile, your account, and your trades. You can initiate and complete a trade with the use of your mobile phone once you have access to the internet. You can download the app from the App Store or Google Play Store. 

How reliable is Lbank?

Lbank has never reported any hack on their site or any loss of funds due to insecurity. This means you can count on them to protect your interest and your funds as well. There are no reviews or public outcry or claims of fraudulent practices by Lbank. So they can be considered to be a trustworthy platform. They are trusted by their users and have not been proven to be fraudulent in any way.

 Is LBank a fraudulent crypto trading service?

Lbank is not a scam. It is a legit exchange platform that is catering to the financial needs of a lot of people all over the world. There is no review or report with proof of any fraudulent practice. They let users withdraw their monies at will.

Summarily, Lbank is a budding and improving cryptocurrency exchange with a background of service. They have their target market to be Asia. They have most of their clients and customers from there. Their fees are very fair and make for healthy competition with other platforms as well. They allow the use and trade of a vast number of cryptocurrencies on their platform. The platform is not very good to users that cannot understand Mandarin and this makes support stifled for English speaking users.