Review on LBank by Olugbenga Ajayi
Lbank is an exchange with fair fees
Before adopting the services of an exchange, there are some factors that should be considered. Three of them are regulations, security and social presence. This review will discuss Lbank exchange in the light of these factors.
Lbank is a Chinese Exchange headquartered in Hong Kong due to stringent regulations of Chinese government. Until now it is not licensed and doesn't have a formal regulations. It was founded in 2016 by the Superchains Network Technology Ltd.
The exchange offers direct Exchange of digital assets between buyers and sellers. It also offers spot trading.
The exchange supports up to 40 cryptocurrencies and offer 98 currency pairs for Trading. The platform is designed with advanced Trading and analytical tools necessary for profitable trading. It offers margin trading and high leverage.
Despite its lack of regulations, it assure its user industry standard security. It uses two factor authentication, SSL encryption and cold wallet to secure funds.
At sign up, it does not require KYC. This guarantee traders a sort of annonymity. The app is also easy very easy to use and it is available for Android and IOS users.
Finally concerning it's social presence, it has Twitter account but when we check the account, there are very few comments about them. This shows that there social presence is too low for an exchange.
Pros
- It offers OTC Trading Platform for direct Transaction
- Their fees are below the industry standard. It charges only 0.10% on maker and takers
- It offers strong security
Cons
- Their social presence on the Twitter Platform is discouraging
- Customer service is poor
- It is not regulated.
