Review on LBank by Gabriel Medina
Asian exchange that allows the use of fiat currencies but has drawbacks
This cryptocurrency exchange is developed and registered in Hong Kong, which is an epicenter in cryptocurrency trading due to certain known competitors. In addition, they offer an application available for Android and iOS that we can download from their respective stores. The beneficial thing is that we can trade anonymously, we will have low-cost operations, multiple access to pairs of cryptocurrency operations and transfer or deposit of money from bank accounts. However, LBank is focused mostly on the Asian market and the English language of the website is limited in information in that version, so it will lose important customers. Regarding security, despite not being an exchange that is regulated, I found that it provides cold wallet storage of funds, two-factor authentication and uses SSL encrypted servers. We can make transactions in fiat currency, as well as withdraw or deposit money through the Chinese Yuan or US Dollar using our bank accounts.
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Pros
- Simple to use interface.
- Low commissions.
- Access to multiple pairs of cryptocurrencies.
- It allows the use of fiat currencies such as the dollar or the yuan.
Cons
- Mobile application in Chinese language only.
- Lack of information in the English version of the website.
- There isn't much interaction on the exchange's social media.
New products
Comments (8)
February 14, 2022
Overall, this is a good review
Although I haven't had a firsthand experience with the LBank exchange but I can point out from this review that even though it provides the basic features common to a cryptocurrency exchange, it still has a long way to go before it can be recognized in the cryptocurrency space.
The efforts in terms of security is also applaudable, but we've seen exchanges and platforms with more fortified security systems fall prey to these cyber perpetrators
So the fact that it's not a popular exchange makes me feel unsafe about putting my assets on it.
February 14, 2022
Overall, this is a good review
Although I haven't had a firsthand experience with the LBank exchange but I can point out from this review that even though it provides the basic features common to a cryptocurrency exchange, it still has a long way to go before it can be recognized in the cryptocurrency space.
The efforts in terms of security is also applaudable, but we've seen exchanges and platforms with more fortified security systems fall prey to these cyber perpetrators
So the fact that it's not a popular exchange makes me feel unsafe about putting my assets on it.
February 13, 2022
Honestly, this is the first time I've heard of such an exchange. It was quite interesting for me to read the review. I was pleased with the quality of the review, but I can't say the same about the stock market. I think more research is needed on this stock market and I will do that research as soon as possible.
February 13, 2022
I quite like the review, but the review was written quite a long time ago. So I think a small update by the author would be great. However this is the author's own choice, so I don't want to comment too much.
February 13, 2022
I can't say that I really liked the review. I think a little more research could have been done. But still, there is research out there, so I'd say it's an average review. Thank you for sharing your ideas.
February 13, 2022
The review was good, although the review information is not very accurate, I cannot agree with some of your concerns because I have used and am using the exchange. First, the LBank website supports 8 languages and each version has enough information, which is transparent and clear enough. And they are quite active on social media and share regular updates.
February 09, 2022
Fiat currency allowance by this exchange makes highly attractive for newbie traders on the cryptocurrency platform, however there's a need to upgrade the language options to makes it user friendly to non speakers of Chinese. Nice review
February 09, 2022
LBank is an innovative digital asset trading platform for global users that aim to provide professional asset management solution.
I want to comment on the tittle of this review, the tittle said that the cryptocurrency exchange allow the uses of fiat currencies which was mentioned in the review, but the aspect that says drawback from using fiat currencies was not mention in the review.
My suggestion is that the review should be update so as to include why and when the fiat currencies withdrew.
