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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.

Pros & cons

  • 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.
  • 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.