If you ever look at cryptocurrency price data on popular sites like CoinMarketCap or CoinGecko, one exchange that constantly pops up supporting most digital assets is none other than LBank. As one of the most popular exchanges supporting a wide variety of crypto assets, including Metaverse crypto coins, DeFi tokens, and Web3 coins, today, we will review the platform from an unbiased perspective of an everyday crypto trader and investor.
What Is LBank?
As you might have guessed by now, LBank is a centralized cryptocurrency exchange. Launching in late 2017, the exchange has been on the market for several years already.
Its headquarters are based in Hong Kong, and the platform primarily serves the Asian market. However, LBank also supports users globally, and its website features an English version.
The primary benefit for LBank vs. other exchanges is that the platform supports a wide variety of crypto assets, including popular cryptocurrencies like Bitcoin and Ethereum, along with lesser-known cryptos on a single platform.
LBank Exchange Review
Registering for the exchange is simple, and users can create an account via email or phone number. The process is straightforward and similar to how other centralized exchanges operate.
One factor to keep in mind is that the exchange isn’t regulated, meaning that while users aren’t required to submit to rigorous KYC/AML verifications, the downside is that clients will have no recourse if the platform goes down. Pick your poison.
The website’s layout is clean, and the UI makes it easy to navigate the various sections of the platforms. Some notable features of the exchange include:
Grid Trading – A trading strategy of selling high and buying low within a set price range to make profits in a volatile market.
Several Options for buying Crypto – Users can choose between several convenient options to purchase cryptocurrency, including Credit/Debit Card, P2P, Fast Trade, and Bank Transfer.
Derivatives Trading – Users can choose to trade leverage ETF and futures on the exchange. Remember that if you’re unfamiliar with derivatives, you can easily lose all your funds via liquidation.
Apollo Project Launchpad – A project launchpad for hot projects on sale that launch at a discount. Users can benefit from discounted prices for select tokens launched on LBank
Compound Interest Accounts – LBank provides users with an Earn platform where clients can deposit cryptocurrencies and enjoy APY (compound) of several percent. Users can enjoy APYs of up to 4% on BTC, 6% on USDT, etc.
NFT Platform – LBank offers an NFT platform and marketplace with mystery boxes sold in LBK tokens which offer unique NFTs for collectors.
Bonus Center – Users can earn rewards in USDT by completing certain activities on the platform like Cumulative spot trading, participating in LBank Earning, buying crypto via Credit Card, etc.
Final Thoughts
As a highly popular exchange that’s been on the market for several years, LBank has been gaining traction and reputation in the cryptocurrency space. The exchange has never been hacked (knock on wood), and its unregulated nature makes it easy to set up an account and start using it immediately.
LBank is a great alternative to KuCoin if you’re looking to trade certain digital assets that aren’t available on other exchanges. LBank has substantial liquidity and competitive fees, making it a top-rated exchange.
The centralized nature of the exchange means it’s never a good idea to leave large sums of crypto lying around on the platform, but utilizing it for quick traders for lesser-known crypto assets will minimize the risk of losing any funds in case the exchange halts withdrawals for any reason.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or using any exchange.
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