Highlights
What Is Lbank?
LBank is a Indonesian-based crypto exchange that's available in 200+ countries. They were founded in 2015 and cater to over 7 million users worldwide. They support trading for over 400 cryptocurrencies, as well as derivatives trading, copy trading, and other crypto features.
It has a great user-interface and mobile app. Plus, it has a relaxed KYC policy for people who can't use Binance, KuCoin and other exchanges that are no longer available in Canada.
Lbank KYC Requirements
Canadians can use LBank for its simple, non KYC registration process. Users can access most features with just an email address when signing up. You will be able to deposit and withdraw crypto and make crypto-to-crypto trades, but you will need to verify if you want to make purchases with fiat currency.
Non KYC accounts can withdraw up to 0.5 BTC per day. For more platforms, you can check out our list of non KYC exchanges.
Things To Know
Top Features & Highlights
Is Lbank Safe?
LBank has been operating since 2015 and has never experienced any major hacks or loss of funds. The main downside for me, is that there is limited public information available about its security measures and no proof of reserves.
Despite the lack of transparency, which will be a concern for some, LBank does have a good reputation without any hacks dating back to 2015. They also hold licenses and registrations in multiple countries, including a MSB license (Money Service Business) in Canada.
Security firm, Certik, gave LBank a security score of 77.17/100 and CoinGecko gave them an 8/10 trust score.
Trading Fees
LBank charges a 0.10% maker and taker fee for spot trading. For futures trading, the maker fee is 0.02%, and the taker fee is 0.06%. These rates are competitive when compared to the industry average. However, LBank does not offer discounts for increased trading volume like other places.
Is Lbank Worth It?
The Bottom Line: LBank is solid if you want to trade altcoins, play with leverage, and have access to lots of trading features with lots of volume and low fees. Plus, it has easy registration with no KYC.
It doesn't rival giants like Binance or KuCoin, but those platforms aren't available in Canada anyway, so LBank is a great alternative. LBank is also not a fiat on-ramp for Canadians. However, you can deposit crypto here to get all the features that regular Canadian exchanges don't offer.
Pros & Cons
LBank Alternatives
For the best LBank alternatives, you can check my list of non KYC exchanges and list of crypto leverage exchanges. For the best fiat on-ramps in Canada, check out our best Canadian exchanges here:
Out of 20+ platforms we tried, NDAX had the #1 lowest fee to buy Bitcoin in Canada. It's our top pick for 2024.
Kraken Pro is fully regulated in Canada and offers 250+ cryptos, professional trading, and high liquidity.
If you want to trade altcoins, crypto futures and more without KYC, BYDFi is one of the top apps we found.
