How to create an LBank account?

How to create a LBank account? Despite the restrictions, LBank is gaining popularity with its mobile app and low trading fees. Its educational resources and engagement capabilities 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 exchanger, it provides a platform for invest in cryptos. It comes with an intuitive interface that provides a simple experience to the users. That’s why here is a detailed review of LBank exchanger, explaining their services, security, fees, etc. In this article, I tell you everything you need to know about LBank exchanger. Let's go !

What is LBank?

lbank is a cryptocurrency exchange platform that allows users to buy, sell and trade a wide range of digital assets. Founded in 2015, LBank stands out for its user-friendly interface and its competitive transaction feesThe platform supports multiple cryptocurrencies, including popular tokens and emerging projects, making it an attractive choice for traders of varying experience levels.

LBank also offers additional features such as leveraged trading, staking options, and wallet services, allowing users to manage their investments efficiently. Additionally, the platform places a strong emphasis on security, using advanced protocols to protect users’ funds. With its growing reputation and commitment to innovation, LBank has become a popular platform in the cryptocurrency ecosystem.

In addition to offering an exchange platform, it also offers other opportunities to earn money. If you visit their bonus section, you will find creative opportunities offered by LBank. Simply complete some of the tasks they offer and claim your reward.

For example, LBank Earning program allows customers to earn extra 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 lock-in period here. You can add your funds and start earning from them, and then withdraw your funds whenever 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 least 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 exchange, 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 the moment. 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 security, LBank has excellent KYC protocols. You can set up two-factor authentication using either your phone number (they will send you an SMS) or the Google Authenticator app.

Verify Identity (KYC) on LBank

Why do we need identity verification (KYC)? As with other exchanges, you also need to identify yourself before making transactions. This improves privacy and prevents fraud, making it easier for you to make transactions with important assets. To complete identity verification, you need to prepare the following:

• Take a photo of the front of your ID card or passport.
• Next, take a photo of the back of your ID card or passport.
• Take your photo holding your ID 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 to 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 ».

So you have completed the registration. Your account will be notified as 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!

Article to read: Earn bitcoin while browsing with CryptoTab

How to create a wallet on LBank?

Creating a wallet on LBank is a quick and easy process. Go to the official LBank website. Click on the "Sign up"Or"Create account". You will need to provide a valid email address and create a secure password. Make sure your password is strong to protect your account. After completing the registration form, you will receive a confirmation email. Click the link in this email to verify your address and activate your account.

Once your account is activated, return to the LBank website and log in with your email address and password. It is recommended to activate two-factor authentication (2FA) to strengthen the security of your account. Follow the instructions to link your account to an authenticator app like Google Authenticator.

Once logged in, you will have access to your dashboard. You can now navigate to the "Portfolio" to create a wallet. LBank will allow you to manage different cryptocurrencies from this interface. To start using your wallet, you can deposit funds. Go to the "Deposit" section, choose the cryptocurrency you want to add, and follow the instructions to transfer funds from another wallet or platform.

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 need to choose a suitable deposit method. Customers have the option of bank 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 navigate to your website. There is a purchase option on the homepage with multiple fiat currency options.

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

The advantages and disadvantages of LBank

Advantages of LBank

LBank has several advantages that make it an attractive platform for cryptocurrency users. First of all, it offers a user-friendly and intuitive interface, making it easy to navigate for both beginners and experienced traders. LBank also offers a wide range of cryptocurrencies, including popular tokens and emerging projects, allowing users to easily diversify their portfolios.

Additionally, transaction fees are generally competitive, which is a plus for active traders. The platform also places a strong emphasis on security, with measures such as two-factor authentication (2FA) and advanced security protocols to protect user funds.

Disadvantages of LBank

However, LBank also has its drawbacks. While the platform is secure, it is not as well established as some of the larger exchanges, which may cause some users to be concerned about long-term reliability. Additionally, customer support can sometimes be slow to respond, which can be frustrating for users with urgent issues.

Additionally, while LBank offers a variety of cryptocurrencies, some advanced trading options, such as futures or options, may not be available, limiting trading strategies for some users. Finally, as with any exchange platform, there are always risks associated with managing funds online, and users should be aware of good security practices.

How to make a deposit in 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:

To do this, you will need to access the platform to provide your personal information which will give you access to your account. Once connected, 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 ».

Already in the "deposit" tab, you will then have to choose the crypto you want to deposit into your LBank account. Then, you will be asked to choose the network for your deposit. So make sure that the network you are going to choose is the same as 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 into account the ERC20 network, you can take as a network ERC20 repository.
• Do not take the cheapest fee option, but rather the one compatible with the (external) transfer platform.

You will then need to copy the deposit address of 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 some 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 want to have information about your deposit, you could do so on the tab " record ».

How to make a withdrawal on LBank?

To show you how to do this, we'll use USDT. To do this, the first thing to do is log in to the platform. Once logged into your account, you will need to go to your wallet and click on “ retired ". After clicking on the tab " 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 withdrawn within 24 hours. After that, you will need to choose the wallet address that you are going to use for your transaction. You will need to choose the network. We will be using the TRC20 network. Once this is done, you will need to enter the address as well as the withdrawal amount and click on “ to confirm ". If you happen to withdraw other Coins, there is a good chance that you will be asked to fill out 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 MEMO multiple times to reference a Payment Tag or ID.

You will need to make sure that all the details entered are correct before validating the transaction. To finalize the transaction, you will need to fill in the verification code from the email as well as the one from Google.

The frais at LBank

Most cryptocurrency exchanges charge three types of fees from users. However, LBank crypto exchange also charges maker and taker fees due to its additional features. Nevertheless, its charges 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 does incur 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 executing a limit order and a market order. The fees are well in line with the industry average. However, check this link for full details of LBank's fee schedule.

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, please feel free to leave a comment below the article so that we can answer you as soon as possible.

FAQ

Is LBank Exchange legit?

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

How does LBank make money?

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

How can I deposit/withdraw money from LBank?

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

Is LBank trustworthy?

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