LBank is a cryptocurrency exchange founded in December 2015 and headquartered in Hong Kong. Because of the good management policy of the leadership team, LBank has now entered the top 20 exchanges according to CoinMarketCap statistics.
Having existed for 7 years in the crypto market, older than the famous exchange Binance, LBank has become one of the trusted and popular trading platforms. LBank is considered a highly liquid exchange, where to list tokens of potential projects before they are put on other exchanges. This trading platform has grown exponentially and has become one of the most popular places in the world to buy, sell and store Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies.
The exchange has money services business licenses from NFA, MSB, Canada MSB, and Australia AUSTRAC and is working with other regulatory authorities to obtain new licenses. These are all reputable organizations in the financial market, it is extremely difficult to get permission and certification to do business with them.
That shows LBank’s efforts to compete with other exchanges such as FTX, Huobi, Coinex, or Kucoin. This is also a way to recognize the legitimacy of this trading platform and users in the above jurisdictions will be protected by the law and financial supervisory authorities.
To grow its business, LBank aims to work with partners in Europe, India and Africa to promote the development of cryptocurrencies in these regions.
Recently, the exchange partnered with an African company to help them build community, invest in education and share useful resources for people on the African continent.
LBank organized a Hackathon called the “Crypto Accelerator Program” for developers from South Africa, Kenya, and Nigeria. This contest looks for builders with potential start-up ideas but is in its infancy. LBank will invest an amount in exchange for shares or tokens to support the budget of projects for them to develop.
At the “Crypto Expo Dubai” event in March 2022, some members of the crypto community in India said they came here for LBank. That said, LBank is gradually becoming the best cryptocurrency exchange for Indian users.
LBank market
LBank provides services to more than 6 million customers globally in more than 200 countries and territories. Its mission is to be a safe, professional, and secure cryptocurrency exchange. Users participating in the exchange will have access to a wide range of products including LBank NFT, LBank Labs investment, Staking, derivatives, and asset management services.
Currently, it supports more than 500 Spot trading pairs including GameFi, Defi, Stablecoin, Polkadot, NFT, and Metaverse tokens, and supports over 100 Fiat currencies like EUR, USD, CAD, JPY, RUB…
The exchange has undergone several improvements to the server system and trading tools, updated new features to improve order matching speed, and better secure LBank accounts for users, in order to avoid loss of property when attacked by hackers.
According to data from Coinmarketcap, LBank is in 15th place in the ranking of top exchanges by trading volume and market value, accounting for more than $1 billion in average daily trading value (metrics) noted at the time of writing)
LBank ecosystem
LBank Spot Market
LBank designed a simple and easy-to-understand spot trading interface (Spot) that even novices can easily manipulate to place buy and sell orders without assistance. Spot trading is one of the popular and simple trading products in the cryptocurrency market. This is a transaction based on the supply and demand of buyers and sellers, at the market rate known as the spot price. Trading objects in Spot are classified into Altcoins, ETH, BTC, ETF, USD, and GameFi trading pairs. By market capitalization, these coins and tokens are divided into the low cap, mid-cap, and top coin.
LBank Grid Trading
As an automated trading system, the bot is installed to buy and sell at a predetermined price to make a profit when the market is sideways. Grid trading is based on price movement around support or resistance levels. At this point, the market is in a sideways accumulation state, and the trades are automated. Although the profit is small, this method gives a high success rate.
The advantages of using Grid Trading:
Trading bot 24/7
Friendly to everyone even if you are not a financial expert
No need to forecast the trend of the market
Stable profit when the market fluctuates
No need to see the chart
Readers should read and fully understand Grid Trading trading instructions and control risks to protect accounts from unnecessary losses.
LBank Derivatives
LBank offers a wide range of derivatives trading tools, allowing investors to trade futures and perpetual contracts through financial products such as Futures, Options, and Leveraged ETF.
LBank Futures Contracts
By using leverage to Long/Short a contract, users can earn much higher profits if the market moves according to the trend you analyzed when entering the order.
With LBank Futures Contracts, you can use leverage up to 125 times through two trading modes, Cross and Isolated when creating an LBank account.
Many people prefer Futures because it helps to make many times the account quickly. However, financial leverage is a double-edged sword. You may lose all your assets (often called account burnout) or may lose part of your money if the market goes against your prediction. This is a risky financial product, crypto newbies should not try.
LBank floor has a tool to calculate profit, and liquidation price when you enter the number of coins, choose the leverage and enter the order. The machine will automatically calculate the ROE level and convert it to PNL with the corresponding amount of USDT.
This is a financial derivatives trading product, derived from the traditional stock market. It is traded by tracking the number of increases/decreases of the underlying asset at certain times. In this article, Ecoinomic will give an example when BTC increases 1%, ETF products with 3x and 5x leverage will increase 3% and 5% respectively; -1x and -2x products will reduce -1% and -2%.
During the transaction, you will encounter the symbols: 3L, 3S
3L is that the price of the trading pair has increased by 1% and the net value of the product has increased by 3%.
3S means that the price of the trading pair has decreased by 1% and the net value of the product has increased by 3%.
Before participating in an ETF you must carefully read the instructions, understand how to trade, and calculate the risks associated with its losses. If you still use ETF products after reading the above, it means that you agree with the exchange’s policies. The exchange disclaims liability and losses you experience in the course of trading.
LBank Options
Options trading is a form of asset speculation with low risk and relatively high returns. This is a very popular and attractive financial Derivative for investors. This is a transaction that gives the holder the right to buy or sell an asset at a predetermined price in the future.
LBank NFT
As an intermediary trading platform for users to trade NFTs. Everyone can upload their NFTs and other users can buy them by auction or by buying at the seller’s fixed price.
LBank NFT
Currently, LBank only supports NFTs in PNG, JPG, and JEGE formats. Readers should note this issue if they want their NFTs to be successfully posted on the exchange. Once uploaded and approved, it will be immediately put on the marketplace for anyone to buy and sell.
The default currencies on this exchange are USDT and LBK. The buyer must pay the seller in these two cryptocurrencies, not accepting payments in others.
LBank Labs
Founded in 2019, the organization has so far invested in more than 100 crypto projects from ecosystems such as Polkadot, NFT, DeFi, and Solana. The purpose of this investment fund is to find potential projects from startups, providing capital and resources for development projects.
LBank P2P
P2P (Peer-to-peer) is an exchange of purchases between users and payments through bank transfers. The buyer will pay the seller directly with a domestic bank account, through the seller’s personal information and the reference number of that transaction.
After the buyer transfers money and the seller receives the money, the seller’s tokens will be unlocked and sent directly to the buyer’s wallet. The buyer must confirm payment within 30 minutes of placing the order, otherwise, the order will be canceled. You will be banned from trading if the order is canceled 3 times/day. Based on your country and geographical area, the exchange will recommend reputable merchants with a high success rate of transactions to show up at the top.
LBank Credit/Debit Card
LBank supports buying and selling cryptocurrencies through more than 100 payment methods. A few popular payment methods are Google Pay, Apple Pay, VISA, Master Card, Bank Transfer, and Maestro Card.
You can choose to buy cryptocurrency from reputable, recognized merchants such as Simplex, MoonPay, Canada, PitbullChain, etc. to ensure a fast and successful transaction.
LBank API
The market data API is publicly updated for all users wishing to learn about historical trading pairs information. LBank supports both RSA and HmacSHA256 signatures. The exchange also provides WebSocket and REST APIs to support market data, withdrawals and trading. To gain access to the API, the user must generate an API key. LBank’s API service is divided into 3 groups: market trends, transactions, and accounts.
The founding team of LBank
Below are the names of a few key leadership members of LBank, you can click on each one to find out their information through social networking platforms.
What are the advantages and disadvantages of LBank?
Advantages of LBank
Simple, user-friendly and easy-to-use interface simplifies the cryptocurrency trading process. Users enjoy quick and easy deposits and withdrawals.
High level of security and trust, never hacked
High liquidity, no problem making large trades
Competitive transaction fees, no withdrawal fees
Good customer service, support multiple languages
Disadvantages of LBank
The facilities and trading ecosystem are still poor compared to other exchanges such as Binance, FTX, MEXC…
P2P transactions via VND are not supported yet. To make transactions, you must use Zalo Pay or MoMo e-wallets. If you want to trade P2P, you can use the Binance exchange.
History of establishment, development and timelines of Lbank
LBank, founded in 2015, is an innovative global trading platform for various crypto assets.
LBank exchange provides users with secure cryptocurrency trading, specialized financial derivatives and professional asset management services.
LBank has been present in over 210 regions around the world
Currently, there are 519 coins and 999 trading pairs available on the exchange.
It has become one of the most popular and trusted cryptocurrency trading platforms with over 7 million users.
