May 6, 2019 – LBank, founded in 2016, is a digital asset exchange built for global users. The platform is owned by Superchains Network Technology Co. Ltd. Their goal is to deploy an exchange that could provide users from around the world with professional cryptocurrency asset management solutions.
Despite being a product of a Chinese company, Lbank is headquartered in Hong Kong to avoid the tight crypto regulation in China. It primarily serves the Chinese and Asia markets but also accepts users from around the world. Furthermore, they have both Mandarin and English versions of their website.
The interface design is simple and intuitive, which makes it beginner-friendly. On the flipside, the exchange also offers advanced features (indicators like MACD, KDJ, etc.) to accommodate seasoned traders.
Lbank also has a high trading volume which indicates that they have sufficient liquidity.
The platform offers crypto-to-crypto trading with over a hundred available pairs. Fiat currencies, on the other hand, are no longer supported. For now, the available crypto markets (currencies being commonly paired with) are BTC, ETH, USDT, and LBCN, the platform’s native token.
There’s not much information regarding LBCN but native tokens are usually used by exchanges to incentivize users to use their platform.
LBank’s fees are competitive. They charge a flat trading fee of 0.1% for both makers and takers while withdrawal fees vary according to blockchain and market conditions. Moreover, deposits are free.
It needs to be noted that LBank is not a licensed exchange, and thus, operates without proper regulation, which may be a red flag. Fortunately, there had not been any reports of hacking or loss of funds since their founding, which may be a sign that they have their customer’s best interest.
Check out the list of licensed Philippine cryptocurrency exchanges here.
The platform incorporates high-level security setups like 2-Factor Authentication, which prevents user accounts from being hacked. Furthermore, the system runs on encrypted SSL servers while the funds are stored in both hot and cold wallet storage.
The exchange also allows anonymity while trading which may provide further protection from identity theft.
A remarkable observation is that the English version of the site lacks some parts that are available in the Chinese version. It would have been better if they made it exactly the same so non-Chinese users would have equal privilege in using the platform. There are also reports of poor customer support from English users. Allegedly, representatives are slow to respond and speak broken English, which makes it harder for non-Chinese users to seek help when they encounter problems.
This article first appeared on BitPinas: LBank Crypto Exchange Review Philippines