A Beginner’s Guide To LBank In 5 Easy Steps | LBank Guides
LBank, established in 2016, is a popular cryptocurrency exchange with a global user base of 7+ million traders. The platform offers spot trading for major cryptocurrencies and over 350 coins with minimal fees, currently. Additionally, LBank provides advanced futures trading with leverage up to 125x, supporting assets like Bitcoin and Ethereum. The platform’s futures trading is designed for convenience, allowing users to use one coin as margin for trading other contract pairs.
Another notable feature is the copy trade function, where beginners can mimic the trades of over several professional traders, earning profits without in-depth market research. The exchange currently supports 149+ fiat currencies such as USD, EUR, GBP, JPY, KRW, CAD, AUD & RUB amongst others — 100+ payment methods, including MasterCard, Visa, Google Pay, ApplePay, Bank Transfer, etc.
The platform provides daily interest opportunities with rates up to 100% APY, a launch pool for staking popular coins, and a launchpad for accessing promising projects at lower prices. LBank has its native platform token, LBK, with plans for substantial growth. Accessible through a user-friendly mobile app and web, LBank allows traders to engage in activities on the go.
Let’s take a look at 5 easy steps to get you started with LBank.
Create Your Account
To begin your journey on LBank, start by signing up on the official platform at lbank.com to avoid phishing attempts. The registration process involves selecting your country, providing an email or mobile number, setting a secure password, and agreeing to terms of use.
LBank offers registration bonuses, including a basic one and a deposit payback bonus, along with additional bonuses for completing tasks like KYC verification. Although KYC verification is encouraged for extra benefits, users can still withdraw up to 20 BTC per day in some cases without completing it.
Depositing and Securing Your Account
After setting up and verifying your account on LBank, the next step is to fund it. Access the dashboard to explore various features. Before engaging in deposits or trades, prioritize securing your account. Navigate to the profile icon in the top right corner, choose security settings, and enhance protection with measures such as two-factor authentication and Google Authenticator. LBank employs a protection fund to safeguard user assets in market downturns.
Start Trading
To begin trading on LBank, ensure your account is funded and navigate to the trading section. Choose from tabs like Trade (Futures and Spot), Copy, or Bots based on your preferences and experience. Select a product from LBank’s diverse range of cryptocurrencies and trading pairs to align with your trading goals, allowing you to diversify your portfolio.
Spot Trading on LBank
Spot trading on LBank involves buying and selling cryptocurrencies at current market prices. To start, go to the Markets tab, choose Spot, and select a trading pair. If you don’t own cryptocurrency, purchase it using P2P trading, Cards, or wire transfer. Additionally, you can simply Deposit crypto in the Assets section by selecting the type, chain, and copying the deposit address. Explore the spot trading interface, which displays essential information like the last price, price changes, high and low prices, charts, order book, and market trades.
Futures trading on LBank
Similar to the processes on LBank, all you need is to start trading futures is to navigate to the Futures section, deposit or move USDT into your Futures account as margin, choose a leverage level aligning with your risk tolerance, select an order type (market, limit, or stop), and specify the number of Futures contracts based on your trading preferences.
Placing Orders — Market and Limit
There are basically three (3) order types: Market, Limit, and Trigger. A Market order executes immediately at the best available price, while a Limit order allows you to set a specific buying or selling price. Trigger orders combine elements of both by executing when the price reaches a predetermined level.
To place a Market order, ensure you are on the Buy side, select Market from the order type dropdown, enter the amount of USDT you want to trade for Bitcoin, and confirm the purchase. Your order will be executed immediately.
For a Limit order, switch to the Limit order type, set the desired price, adjust the quantity, and confirm the order. Limit orders may take time to fill as they are not executed at the current market price.
Managing Open Orders and Withdrawals
When placing an order, it will be listed in the Open Orders section until fulfillment, with the option to cancel anytime. Withdrawal options include fiat to bank, wallet-to-wallet, or peer-to-peer transfer. To withdraw, visit the Assets section, click Withdraw, select cryptocurrency and network, enter recipient’s address, specify amount, and confirm. Due to irreversibility, careful review of withdrawal details is crucial in cryptocurrency transactions.
Final Remarks
This guide gives an overview of LBank exchange, highlighting its distinctive features and guiding you through spot and futures trading. Additionally, LBank offers opportunities to earn with crypto holdings through crypto loans, launchpads, or locking up your tokens. Visit lbank.com, sign up, and start exploring the crypto market.
Disclaimer: Derivatives are often volatile, and this can be a risky investment. The information provided in this article is solely for educational purposes and shouldn’t be regarded as financial advice.
