How to create a wallet on LBank?

How to create a wallet on LBank? Despite the restrictions, LBank is gaining popularity with its mobile app and low trading fees. Its educational resources and engaging abilities are other reasons why it is globally attractive. Although LBank operates in a highly competitive market, its operations are not drastically different.

As a crypto exchange, it provides a web-based trading platform. It comes with an intuitive interface that provides a simple experience for users. That's why here's a detailed review of the LBank exchanger, explaining their services, security, fees, and more. In this article I tell you everything you need to know about the LBank exchanger.

Let's go

🥀 What is LBank?

Founded in October 2016. LBank is a crypto exchange in Hong Kong. Although LBank has just been established and is still young compared to other exchanges in Hong Kong, in just a few months, LBank has reached the top 30 of the largest 24-hour cryptocurrency exchanges, according to CoinMarketCap.

LBank allows users to trade on major coins, such as BTC, ETH, QTUM, LTC. Also, it supports markets of BTC, ETH, QTUM, BTS, NEO with major trading pairs such as QTUM/BTC, VEN/BTC, BCC/BTC, INK/QTUM.

It supplies many commercial markets. Here you can exchange USD for more than 500 different cryptocurrencies. It also supports 149 fiat currencies different from all over the world. This is an impressive array of trading options.

🥀 The bonus on LBank

Apart from offering a trading platform, it also offers other opportunities to earn money. If you visit their bonus section, you will find creative opportunities provided by LBank. Just complete some of the tasks they offer and claim your reward.

For example, The LBank Earning program allows customers to earn additional income from their idle funds. You can use your money to participate in DeFi mining of Bitcoin, Ethereum and other cryptos. You can also use them for staking.

What makes this special is that there is no lockdown period here. You can add your funds and start earning, then withdraw your funds when you need them. 

Another example is that you can Win 5 USDT in Bitcoin when you make your first crypto credit card purchase worth at minus $100. Similarly, if you spot an exchange cumulative of $1, LBank rewards you with a cashback card of 20USDT.

🥀 NFT support

LBank offers several NFT services. When you register on the exchanger, you will also have an NFT account. You can submit your NFTs for review, and once they are approved, you can sell them through LBank. LBank currently supports NFTs in the following formats:

• PNG
• JPG
• JPG

Users can also purchase NFTs from LBank, although users cannot withdraw them at this time. LBank promises to provide this service in the future.

🥀 Security of an LBank Wallet

LBank is a large, well-established exchange. Although like most exchanges they are not officially licensed, LBank is still a trusted crypto platform with an excellent reputation.

To ensure your safety, LBank has excellent KYC protocols. You can set up two-factor authentication using either your phone number (they'll text you) or the Google Authenticator app.

🥀 Verify identity (KYC) on LBank

Why do we need to verify identity (KYC)? As with other exchanges, you must also identify yourself before making trades.

This improves privacy and prevents fraud, making it easier for you to transact with important assets. To perform identity verification, you need to prepare the following:

• Take a photo of the front of the ID card or passport.
• Next, take a photo of the back of your ID card or passport.
• Take your photo by holding your identity card / passport, a paper with "LBank" and the date/month/year where you checked.

In the section " My account ", select Security policy and choose " Security settings ". Then scroll down to the line " Certification ". Click on "Verification".

What you need to do now is fill in the following personal information:

• First name.
• Last name.
• Date of Birth.
• Identification number: identification number or passport number.
• Then you click on " Download the back of the document » in turn the column from left to right in the order mentioned above (front, back, personal images) then select « Submit ».

You have therefore completed the registration. Your account will be notified pending approval. Depending on the time of approval, fast or slow, your information will be different from LBank Verify.

You can go back to " Security settings " to check. If you move to the green tick, as shown below, your application has been approved!

🥀 How to create a wallet on LBank?

• Step 1:  Visit the official Lbank website

• Step 2: You go to the section " Registration », enter your email in your account and click on « Send ».

• Step 3: use mouse click and drag right arrow to check.

• Step 4: The LBank system will send you a 6-digit code, then enter it in the Email Code box. Then enter the password and click on “ Register ". Ok, so this has successfully established a new LBank account.

🥀 How to start trading with LBank Exchange?

LBank provides a transparent trading process that starts with creating an account. Users can create it both on the website and in the app with minimal information.

After creating an account, customers must choose an appropriate deposit method. Customers have the option of wire transfer, e-wallets, MasterCard, and digital assets. The deposit process is fast.

After deposit, customers can trade more than 95 cryptocurrencies. The process is simple as users just need to access your website. There is a purchase option on the homepage with several fiat currency options.

After entering the amount in a suitable currency, customers can simply tap on the Buy Now option. Customers now select the payment option if the account runs out of funds. It will immediately initiate the transaction and clients will receive a confirmation after it is executed.

🥀 The advantages of the LBank exchanger

Here are some potential benefits of the LBank cryptocurrency exchange:

enhanced security
LBank claims to use a multi-layered security system including cold storage to protect user funds, as well as intelligent fraud detection and network isolation. However, actual security requires in-depth independent analysis.

Support for many cryptocurrencies
The platform supports the trading of hundreds of altcoins, well beyond the major cryptocurrencies. This provides more flexibility for trading niche assets.

Low transaction fees
LBank claims transaction fees of just 0,1%, which is lower than the average fees of other popular centralized exchanges. But fees may vary depending on the VIP level of the account.

Sponsorship Program
LBank offers a referral program to reward users who bring new traders to the platform. Referrers get a portion of the transaction fees from their referrals.

Although LBank appears to offer some benefits, like any centralized exchange, it carries risks of hacking, fraud, or arbitrary account suspension. Caution remains necessary in evaluating its real guarantees of security and transparency before investing significant funds in it.

🥀 The disadvantages of the LBank exchanger

Uncertain security
Although LBank claims to use advanced security systems, no in-depth external audit has validated these devices. There have been accusations of wash trading and other market manipulation.

Risk of account suspension
As with any centralized exchange, LBank can arbitrarily suspend user accounts if it wishes, freezing access to funds deposited there.

Limited customer support
Several users reported that LBank customer support was slow to respond and unhelpful in resolving technical or account issues.

Hidden fees
In addition to its competitive posted transaction fees, LBank charges various other less visible fees, such as for deposits/withdrawals which can reduce the promised savings.

Little transparency
Being centralized, the management team and financial investors behind the platform are not disclosed. It is therefore difficult to evaluate the exchange really independently.

In short, despite certain advantages such as support for many altcoins, LBank suffers from the classic problems affecting most centralized platforms. Great caution is recommended when using it.

🥀 How to make a deposit into an LBank account?

To deposit funds into an account, it is done in a deposit address. To access this address, you will need to go to " portfolio »-« deposit » then you will have to copy and paste it into the platform where you would like to withdraw the funds. We will show you in more detail how to do it:

Step 1: Log in to your LBank account

To do this, you will need to access the platform to enter your personal information which will give you access to your account.

Step 2: click on “wallet” – “deposits”

Once logged in, you will need to go to “ Portfolio » to have access to the different movements that you can make in your account. If this is done, you then click on “ deposit ».

Step 3: Choose the crypto to deposit and the appropriate network

Already in the nail " deposit ”, you will then have to choose the crypto you want to deposit in your LBank account.

Next, you will be asked to choose the network for your deposit. So please ensure that the network you choose is the same with the network of the platform where you are going to take your funds. This should generate an address.

Short explanations on the addresses:

• ERC20 is the benchmark of the Ethereum network.
• TRC20 is the reference of the TRON network.
• BTC refer to the bitcoin network
• BTC (Segwit) is the Native Segwit (bech32) network. If you like to send your Bitcoin holdings to SegWit addresses, it is quite possible for you.
• BEP20 is Binance Smart Chain (BSC) Benchmark
• Finally, BEP2 is the reference of the Binance chain.

If you are withdrawing from the Blockchain Ethereum address, you will need to choose the ERC20 deposit network.

• To better choose your deposit network, you will have to base yourself on the options given to you by the wallet or the one from which you are going to make the withdrawal.
• If the external platform takes the ERC20 network into account, you can use ERC20 as the depot network.
• Do not take the cheapest fee option, but rather the one compatible with the (external) transfer platform.

Step 4: copy and paste the deposit address

You will then need to copy the deposit address from your LBank account and then paste it into the field of the platform where you intend to make the withdrawal.

After confirming the request for your withdrawal, it should take time for it to be finalized. The duration varies depending on the blockchain as well as its network traffic at the time of the operation.

You will therefore have to wait for the operation to be processed. The funds must therefore be credited to your account. If you wanted to have information about your deposit, you could do it on the " record ».

🥀 How to make a withdrawal from LBank?

To show you how to do this, we are going to use USDT.

Step 1: Log in to your account

To do so, the first thing to do is to log in to the platform. Once logged into your account, you will need to go to your wallet and click on “ retired ».

Step 2: choose crypto to withdraw

After clicking on the " remove », you will have to enter the cryptocurrency you are going to withdraw. As we announced above, we will use USDT for example.

You should know, that the assets purchased in C2C cannot be removed within 24 hours. After that, you will need to choose the wallet address that you were going to use for your transaction.

Step 3: choose the right withdrawal network

You will need to choose the network. We will use the TRC20 network. Once done, you will need to enter the address as well as the amount of the withdrawal and click on " to confirm ».

If you happen to withdraw other Coins, there is a good chance that you will be asked to fill in a memo.

• You do not need to complete a MEMO when transferring funds to a Trust Wallet address. But when you send it to another LBank account or another exchanger, you will need to provide the MEMO when sending.
• You will have to check carefully whether a MEMO is requested or not. If this is the case, and you do not complete it, you run the risk of losing your funds so you must be reassured before validating.
• It is noted that some platforms use the MEMO sometimes to refer to a Tag or payment ID.

Step 4: Confirm withdrawal details

You will have to make sure that all the coordinates entered are correct before validating the operation.

To complete the transaction, you will need to fill in the verification code from the email as well as that from Google.

🥀 The frais at LBank

Most cryptocurrency exchanges charge users three types of fees:

• (I.e. Trading fees
• ✅ Deposit Fees
• (I.e. Withdrawal fees

However, crypto exchange LBank also charges maker and taker fees due to its additional features. Nevertheless, its fillers are among the most competitive options on the market.

Trading fees : LBank Exchange charges trading fees 0,10% fixed on every trade, which is minimal compared to other exchanges. Additionally, the average market fee remain at 0,25%, which shows the affordability of LBank.

Deposit fees: There are no deposit fees on the platform. Users can choose from cryptocurrencies, e-wallets, MasterCard, and bank transfers to deposit funds.

Withdrawal fee : Although there are no direct withdrawal fees on the LBank exchange, it incurs fees imposed by the networks. For example, there are 0,1% fee for Ethereum withdrawals.

Maker and Taker fees: There are fees 0,10% fixed for the execution of a limit order and a market order. Fees are well in line with the industry average. However, see this link for full details of LBank's fee schedule.

🥀 In short

In this post, Finance de Demain introduced LBank and recommended that you create a wallet there and transact there. I hope this article will bring you a lot of useful things. If you have any questions, do not hesitate to leave a comment under the article so that we can answer you as soon as possible.

F.A.Q.

Is LBank Exchange legit?

Yes, LBank is a legit exchange with over 5 years of experience in the industry.

How does LBank make money?

LBank makes money through maker and receiver fees. In addition, it charges withdrawal fees imposed by the networks.

How can I deposit/withdraw money from LBank?

Users can make deposits through MasterCard, e-wallets and cryptocurrencies. To withdraw from LBank, users can send crypto to any personal wallet.

Is LBank trustworthy?

Yes, LBank is a trusted platform that has been serving global users since 2015.

Before you leave, also learn how to:

• Create a Bitpanda account
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• how to create a Coingate account
• how to create a Coinmama account

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