Is Lbank a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether Lbank is a good crypto exchange to start trading with. In this article you will learn whether Lbank is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker Lbank
The Lbank crypto exchange offers a convenient service for margin, futures, options, and ETF cryptocurrency trading. Bitcoin (₿), Litecoin (Ł), Ethereum (Ξ), Tether (₮), Ripple and dozens of other cryptocurrencies, and tokens are available for trading on the exchange. The US dollar and Chinese yuan are represented from fiat currencies, direct credit card deposits and cryptocurrency purchases are possible without depositing your own funds. A simplified service for fast trading is integrated into the exchange. The platform allows investing in third-party blockchain projects with a flexible deposit and high interest rates. There is a one-level referral program. The key feature of the exchange is an objectively low fixed commission on trading transactions (0.1%).
| 💰 Account currency: | Cryptos, USD, CNY |
| 🚀 Minimum deposit: | No |
| ⚖️ Leverage: | No |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptos, currencies, ETFs, Futures |
| 💹 Margin Call / Stop Out: | No |
Lbank Pros and Cons
👍 Advantages of trading with Lbank:
•tons of cryptocurrencies and tokens, margin, futures, options, and ETF trading;
•two fiat currencies — US dollar and Chinese yuan, most deposit/withdrawal options are available, including debit cards;
•direct purchase of cryptocurrency using bank cards and accounts is possible;
•profitable investment programs for passive income on unused cryptocurrency;
•standard referral program with interest payments from the commission of the invited user;
•non-obligatory FYC verification, high level of on-site security
👎 Disadvantages of Lbank:
•no demo accounts, training programs, or specialized solutions for beginners;
•connection with the technical support of the company is only by email;
•no call center.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for Lbank Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. Lbank offers traders the following conditions.
| 💻 Trading platform: | TradingView |
| 📊 Accounts: | Standard |
| 💰 Account currency: | Cryptos, USD, CNY |
| 💵 Replenishment / Withdrawal: | Bank cards and accounts, electronic and cryptocurrency wallets |
| 🚀 Minimum deposit: | No |
| ⚖️ Leverage: | No |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptos, currencies, ETFs, Futures |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Not indicated |
| ⭐ Trading features: | Loads of cryptocurrencies and tokens, two fiats; free listing; large number of investment programs with high interest rates; low fixed fees |
| 🎁 Contests and bonuses: | Yes |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of Lbank commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
The Lbank crypto exchange is widely known for its democratic policy regarding trading fees. There are no trading levels on the exchange, the commissions are fixed for all users, and the only condition is how to convert them using the rebates from Traders Union.
Commissions for the maker and the taker are equal, they are 0.1% regardless of the asset, trading volume, or other factors. Pending, limit and market orders, stop orders and other types of orders imply exactly this commission without any special conditions. There are no commissions for depositing funds, but the exchange charges a commission for their withdrawal.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | 0.1% per order | Yes |
Investment programs of Lbank
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. Lbank offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
The Lbank crypto exchange offers investment solutions based on staking. Any user can invest a portion of their funds in emerging blockchain projects that are partners of the site. No unnecessary additional steps are required to participate in these programs. You only need to go to the "Finance" section of the site, where there are two subsections:
"Flexible." Here you will find investment programs with an open deposit. This means that once you have made a deposit, you can adjust it at any time or withdraw it completely. But if you reduce or withdraw the deposit before the end of the program, you will naturally receive a reduced payment.
"Fixed." These are investment programs with a closed deposit. After making a deposit, you will not be able to adjust it or send it for withdrawal. There are many more programs of this type, and the interest rate on them vary.
The interest rate depends on the specific program. As a rule, it ranges from 6% to 63.6%. However, the deposit can almost double for certain programs. Please note that the crypto exchange is not responsible for the actions of its partners. These are proven projects operating officially, but staking always involves a certain amount of risk.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
Lbank’s affiliate program:
The referral program of the Lbank crypto exchange is quite standard. To participate in it, a user needs to register and undergo KYC verification. After that, a personal referral link will be available in myAlpari, which can be placed on any site without restrictions.
Each user who follows your referral link and registers at the site will become your referral (partner). The advantage of a referral to register through your link is that he will get a welcome bonus on the first deposit of 20%. Your benefit is tremendous. For each referral, you get 20% of commission for all his further trading transactions.
The program is one-tier, so you do not receive payments for users who were invited to the platform by your partners.
Perpetual program, so you will get the commission for each partner as long as he/she is trading on the platform.
The program is unlimited, so you can invite as many users as you want, there are no restrictions on partners.
Conclusion. Is Lbank good for beginners?
The Lbank cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, Lbank could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.