LBank is a centralized cryptocurrency exchange (CEX). Based in the British Virgin Islands, it offers a spot market with more than 500 assets. Additionally, LBank supports peer-to-peer (P2P) transactions via its customer-to-customer (C2C) trading service. Services are available on desktop and mobile devices.
LBank is KYC-compliant. Due to regulations, some or all LBank cryptocurrency exchange services may be limited in some countries. The platform is not available to US-based clients.
The platform hosts its own native token, LBCN. It’s a stablecoin, meaning that the LBank crypto price is pegged to the value of the Chinese Yuan (CNY). Customers can purchase LBCN, as well as other cryptocurrencies, using credit or debit cards.
The LBank spot market is the main service. Margin trading is not enabled. However, grid trading and derivatives markets are available for customers. The platform supports both crypto-fiat and crypto-crypto trading. Overall, there are more than 1000 LBank trading pairs listed.
Customers can access a trading bot when they participate in grid trading. All orders are automatically placed, and the bot can function 24/7. Additionally, traders can manually set up their preferred grid parameters.
The LBank exchange fees are fixed and do not follow a tiered structure. They’re based on the maker-taker model. However, both maker and taker fees are 0.1%. The 30-day LBank trade volume does not impact the service rate.
There are no deposit fees on assets. LBank crypto fees on withdrawals, as well as the minimum required amount, are asset-dependent. For example, the minimum Bitcoin (BTC) withdrawal limit is 0.0002, and its LBank crypto price is 0.0001 BTC.
From 2020, institutional LBank crypto exchange customers can access leveraged ETF trading. Leveraging can be used in the derivatives markets. In futures trading, the LBank exchange fees have a set rate of 0.04% for takers and 0.02% for makers.
LBank offers customer-to-customer over-the-counter (OTC) trading. All transactions in the OTC market are conducted peer-to-peer, without the interference of any intermediaries. The buyer directly pays the seller for the asset. Once the seller confirms the payment, the asset is released on the LBank crypto exchange OTC platform.
LBank Earn is the platform’s rewards program. Customers that participate in LBank Earn can deposit their assets on the platform and earn passive income. The awarded LBank crypto price for 30 days of investment can be worth 200 USDT.
In 2022, the LBank crypto exchange launched LBank NFT, a marketplace for non-fungible tokens. It offers both a traditional marketplace where users can mint, buy, sell, and trade their NFTs, as well as an auction market that allows customers to bid on certain items. Auction participants can earn 10% of the auction price spread.
About the Company
The LBank cryptocurrency exchange was co-founded by Allen Wei and Eric He. The project began in Hong Kong in 2015. The official launch was two years later, in September 2017. Currently, the company headquarters reside in Tortola, British Virgin Islands.
According to Eric He, the company deliberately chose to focus its efforts on selecting and auditing projects rather than spending funds on mass media marketing campaigns. Within less than a year, the LBank crypto exchange team grew more than sevenfold. In October 2018, it was reported that LBank has over 3 million users.
In 2019, the LBank cryptocurrency exchange partnered with the secure computing platform TEEX. In H2 2019, the company started releasing bi-weekly operation reports, informing the users of any ongoing or upcoming changes and statistics.
In 2022, it was reported that the LBank crypto exchange had amassed more than 6.4 million users worldwide. In March of the same year, the company began its operations in Nigeria, with plans for further expansion in Africa.
Allen Wei is the CEO of LBank. In addition to running the company, Wei is an experienced investor. In recent years, he has commented on the company’s potential expansion to the metaverse technology space.
Eric He is the Chairman of LBank. There is little available information regarding He’s career prior to LBank. However, he’s one of the company’s biggest spokespeople on social media.