How to Start LBank Trading in 2024: A Step-By-Step Guide for Beginners

How to Sign up on LBank

How to Sign up for a LBank Account [Mobile]

Sign up via Mobile Web

1. To register, select the symbol on the top right corner of the LBank homepage. 

2. Click [Register]. 

3. Enter the [email address] and [password] you’ll use for your account, and the [Invitation code (optional)]. Check the box next to [Have read and agree on LBank User Agreement] and tap [Sign up].

4. Enter [Email verification code] sent to your email. Then click [Submit]. 

5. Verification code will be sent to your Email.

6. Your registration for an account is complete. Now you can log in to start trading!

Sign up via LBank App

1. Open the LBank App [LBank App iOS] or [LBank App Android] you downloaded and click on the profile icon and tap [Login/Register].

2. Click on [Register]. Enter the [Phone number] and [Password] you’ll use for your account.

3. Set up your password, and the Invitation code (Optional). Check the box next to [Have read and agree on LBank User Agreement] and click [Register].

7. Your registration for an account is complete. Now you can log in to start trading!
 
Note:

We highly recommend enabling two-factor authentication (2FA) for your account security. LBank supports both Google and SMS 2FA.

*Before you start P2P trading, you need to complete Identity Verification and 2FA authentication first.
 

How to Sign up for a LBank Account [PC]

Sign up via LBank by Phone Number

1. Go to LBank and then click [Register] at the right corner of the top.

2. On the registration page, choose [Country code], enter your [Phone number], and create a password for your account. Then, read and agree to the Terms of Service and click [Register].

Note:

• Your password must be a combination of numbers and letters. It should contain at least 8 characters, one UPPER CASE letter, and one number.
• If you’ve been referred to register on LBank, make sure to fill in the correct Invitation code (Optional) here.

3. The system will send a verification code to your phone number. Please enter the verification code within 60 minutes.

4. Congratulations, you have successfully registered on LBank.

Sign up via LBank by Email

1. First, you go to the website of LBank, and click [Register] at the right corner of the top. 

2. After you open the page of registration, enter your [Email], set up your password, click [I have read agreed to LBank Service Agreement] after you finish reading it, and click [Register].

Remember: Your registered email account is closely linked to your LBank account, so please ensure security and choose a strong and complicated password that includes uppercase and lowercase letters, numbers, and symbols. Finally, make an accurate record of the passwords for the registered email account and LBank. And keep them carefully.

3. Enter [Verification code] sent to your Email.

3. After completing steps one through two, your account registration is complete. You can use the LBank platform and Start Trading.

Download LBank App

Download LBank App iOS

1. Download our LBank App from App Store or click LBank - Buy Bitcoin Crypto

2. Click [Get].

3. Wait for the installation to complete. Then you can open the app and sign up on LBank App.

Download LBank App Android

1. Open the App below on your phone by clicking LBank - Buy Bitcoin Crypto.

2. Click on [Install] to complete the download.

3. Open the app you downloaded to register an account in LBank App.

How to Verify LBank Account

Complete Identity Verification on LBank Web

1. On the homepage, click the profile tag -[Security].

2. Choose KYC and click [Verification].

3. Fill out your personal information as needed, then click [Next].

Note: There are three kinds of personal ID that can be chosen: ID card, passport, and driver’s license.

4. Please click [Submit] after adding the necessary materials.

5. After submission, your credentials will be reviewed.

Note: The review procedure can be followed in [Security]. The amount of security you experience will increase.

Complete Identity Verification on LBank App

1. Open the LBank app [LBank App iOS] or [LBank App Android], and click the symbol in the top left corner.

2. Click [ID verification]. 

3. Fill out your personal information as needed, then click [Next step].

Note: There are three types of credentials that can be verified.
 
4. Upload the materials as required and click [Submit].


5. After submission, your credentials will be reviewed.

8. You may check out the review process in [ID Verification].



Note: A successful KYC review will take some time. I appreciate your patience.

Enable Google Authenticator on LBank App

1. Tap on the profile icon after signing into your LBank.

2. Then tap [Security] - [Google Authenticator-Binding].


3. If you have yet installed the [Google Authenticator], please download the Google Authenticator App on your device. If you’ve already installed the App, do as follows.

4.  You will then see a 16-digit backup key on the screen. Please save this key on paper and store it in a secure location. In case you lose your device, this key will allow you to recover your Google Authenticator account.

Tap [Copy] and paste the 16-digit key you just saved. 

5. Tap [Enter a setup key] when the Google Authenticator App is open. Enter the 16-digit setup key and the information for your LBank account. You should get a 6-digit code after tapping [Add].



6.  Go back to the LBanke App to verify your set-up request with your 2FA devices, including the newly enabled Google Authenticator and the Email verification code.

After enabling the Google Authenticator, you will need to enter the verification code when logging in to your account, withdrawing funds, etc. to verify your identity.

Enable Google Authentication (2FA)

1. On the homepage, click [Profile] - [Security] in the top right corner.

2. Click [Two-factor Authentication] - [Add].

3. Then choose [Google Authentication].

4. You will be redirected to another page. Follow the step-by-step instructions to enable Google Authenticator. Download and install the Google Authenticator App [ iOS Android ] on your mobile device. After you’ve installed the App, click [Next] to continue.

5. You will now see a QR code on your screen.

To scan the QR code, open the Google Authenticator app and click the [+] button in the bottom right corner of the screen. Finally, click [Next].


You can manually enter the setup key if you are unable to scan it.

Tip: Write down the backup key and save it. If your phone is lost, you will be able to retrieve your Google Authenticator using this Key.

Please enter the verification code and click [Next].

6. You have successfully enabled Google Authenticator to protect your account.

How to make a Deposit on LBank

Deposit Crypto into LBank

You can move your cryptocurrency holdings from another platform or wallet to your LBank Wallet for trading.

How to find my LBank deposit address?

Cryptocurrencies are deposited via a “deposit address”. To view the deposit address of your LBank Wallet, go to [Wallet] - [Deposit]. Then copy and paste the address to the platform or wallet you are withdrawing from to transfer them to your LBank Wallet.

Step-by-step tutorial

1. Click [Wallet]-[Deposit] after signing into your LBank account.

2. Choose a cryptocurrency, such as USDT, that you want to deposit.


3. Next, choose the deposit network. Please make sure that the selected network is the same as the network of the platform you are withdrawing funds from. If you choose the wrong network, you will lose your funds.

Summary of network selection:

• ERC20 refers to the Ethereum network.
• TRC20 refers to the TRON network.
• BTC refers to the Bitcoin network.
• BTC (SegWit) refers to Native Segwit (bech32), and the address starts with “bc1”. Users can withdraw or send their Bitcoin holdings to SegWit (bech32) addresses. 
• BEP2 refers to the Binance Chain.
• BEP20 refers to the Binance Smart Chain (BSC).

4. If you are withdrawing from an ERC20 address (Ethereum blockchain), we will select the ERC20 deposit network.

• The network selection depends on the options provided by the external wallet/exchange you are withdrawing.
• If the external platform only supports ERC20, you must select the ERC20 deposit network.
• DO NOT select the cheapest fee option. Select the one that is compatible with the external platform.
• For example, you can only send ERC20 tokens to another ERC20 address, and you can only send BSC tokens to another BSC address. If you select incompatible/different deposit networks, you will lose your funds.

5. Click to copy your LBank Wallet’s deposit address and paste it to the address field on the platform you intend to withdraw crypto from.

6. After confirming the withdrawal request, it takes time for the transaction to be confirmed. The confirmation time varies depending on the blockchain and its current network traffic.

Please wait patiently for the transfer to be processed. The funds will be credited to your LBank account shortly after.

7. You can check the status of your deposit from [Records], as well as more information on your recent transactions.

How to Buy Crypto on LBank

Buy Crypto on LBank with Bank Transfer

Deposit Guide

How can I purchase cryptocurrency using funds from my bank account is one of the most commonly asked questions.

It’s simple! As an illustration, send money from Bank of America.

Select the “Transfer” menu, then click “Using Someone’s Account Number At another bank”.

Add a recipient

If this is the first time you are sending the funds to us, you need to add Legend Trading Inc. as a recipient. This is a one-time effort. You won’t need to do this again in the future.

Enter the correct information below, which you can also find on our OTC deposit page anytime.

• Account Name: Legend Trading Inc.
• Account Address: 960 San Antonio Road, Suite 200, Palo Alto, CA 94303, United States
• Account Number: 1503983881
• Routing Number: 026013576
• Bank Name: Signature Bank
• Bank address: 565 Fifth Avenue New York NY 10017, USA
• SWIFT code: SIGNUS33XXX (Only use it if your bank is outside of the U.S.)

The same details mentioned above are available at any time on our OTC deposit page.

Let’s go back to the bank page, it should look like this after you entered the account information -

Enter [email protected] or [email protected] in the Email text field, although it’s optional.

Now that you have added the recipient successfully, you can send money, i.e., make a deposit to your OTC account.

You can send money now that the receiver has been added successfully.

1. Check out the OTC “Deposit” Page and find your own reference code.

This code is unique for each user, use your own code!

2. Enter the code in the “Description” or “Additional information” field on your transfer page.

ACH vs Wire Transfer

When sending money to us, you have several choices. The option for wire transfers is the quickest, thus we strongly advise using it. The funds can typically be received on the same day.

Reference Code

To recognize the sender of each deposit 100% correctly, we ask that each user enters this reference code. Again, this code is unique for each user, use your own code!

If you don’t worry, email finance@legendtrading and we’ll locate the transfer for you. Whenever you contact our Finance staff, please include a screenshot of your bank transfer information.

Minimum Transfer Amount

Feel free to send any amount you want. However, there’s a minimum trade limit of $500 at our OTC service, so if your deposit amount was less than $500, you won’t be able to trade, although you can see it from your OTC balance. We’d suggest that you deposit more than $505, or you may not be able to execute a trade although you have a USD balance.

Once your funds arrive in our bank account, we’ll update your OTC account balance accordingly. Check the OTC page, you’ll see your USD balance appear at the bottom right.

Congratulations! You are all set to buy crypto!

Please don’t hesitate to email us if you require any additional help with the bank, ACH/Wire transfers, or if you believe it has taken too long: [email protected]

Buy Crypto on LBank with a Credit/Debit Card

1. After logging in, select [Buy Crypto] - [Credit/Debit Card] from the LBank account menu.

2. Enter the amount in the “I Want to Spend" and select the crypto that you wanted to buy under the "I Want to Buy" field. Then choose “Payment Method”, and click “Search”. In the list below, choose a third-party platform you want to trade, and click “Buy Now”.

3. Review the order details before clicking the [Confirm] button.

4. Complete the details to pass the Identity Verification (KYC) on the third-party platform. Once successfully verified, the service provider will immediately transfer and exchange the cryptocurrencies in your LBank account.

5. This is where you can see the order details.

How to Buy and Sell Crypto on LBank

Trade Spot on LBank App

A spot trade is a simple transaction in which a buyer and seller exchange at the current market rate, often known as the spot price. When the order is fulfilled, the exchange occurs immediately.

Users can plan ahead of time spot trades that will execute when a specified spot price is reached, known as a limit order. On the LBank App, you can perform spot trades with LBank.

(Note: Before making a spot transaction, please ensure that you have deposited or have an available balance in your account.)

Step 1: Log in to your LBank account and go to the spot trading page by clicking [Trade]. 

You will now be on the trading page interface.

(1). Market and Trading pairs

(2). Real-time market candlestick chart supported cryptocurrency trading pairs

(3). Sell/Buy order book

(4). Buy/Sell Cryptocurrency

(5). Open orders

Step 2: You must first decide which pair you want to trade. Select the [BTC/USDT] pair to trade by clicking on it.

You can choose your partner from a variety of assets (ALTS, USD, GAMEFI, ETF, BTC, ETH).

Step 3: Let’s say Danny wants to buy 90 USDT worth of BTC, He will click on [BTC/USDT] trading pair, and this will take him to a new page where he can place the orders.    

Step 4: For Placing Order: Since Danny is buying, he will click on [Buy], then start placing his order.  

Step 5: Select your preferred trading option by clicking on the limit order option.

Step 6: 

Limit Order: A limit order is an instruction to wait until the price hits a price limit before being executed.

If you select [Limit Order], input the limit price you would like to buy at and the quantity of  BTC you will like to purchase. Take Danny as an example, he wanna buy 90 USDT worth of BTC.

Or you can also choose the buying amount by pulling the Percentage bar.

Note:  Please ensure you have enough balance in your wallet to purchase.

Step 7: 

Market order: A market order is an instruction to buy or sell immediately (at the market’s real-time price).

Let’s say Danny wants to buy 90 USDT at the current market price.

Danny will change the Order from [Limit] to [Market Order],  then he will input the amount (in USDT) he wants to purchase.

Step 8:

Stop-Limit Order: When the asset’s price reaches the given stop price, the stop-limit order is executed to buy or sell the asset at the given limit price or better.

For example, 1BTC= $56450

Let’s say Danny wants to buy BTC worth 90 USDT at a particular price that is lower than the market price, and he wants the trade to close automatically. 

In this connection, he will specify three parameters; the trigger price (55000), the stop price (54000), and the amount (0.0018 ~ 97.20 USDT) he wants to buy. Then click [Buy BTC]

Step  9: Cancel the order.

Here you can see your pending Orders and can also cancel those you don’t want, Also order history shows all the Orders.

Step 10: Order history.


You can follow the same steps to sell BTC or any other chosen cryptocurrency by selecting the [Sell] tab.

NOTE:

• The default order type is a limit order. If traders want to place an order as soon as possible, they may switch to [Market] Order. By choosing a market order, users can trade instantly at the current market price.
• If the market price of BTC/USDT is at 66956.39, but you want to buy at a specific price, you can place an [Limit] order. When the market price reaches your set price, your placed order will be executed.
• The percentages shown below in the BTC [Amount] field refer to the percentage amount of your held USDT you wish to trade for BTC. Pull the slider across to change the desired amount.

Trade Spot on LBank Web

A spot trade is a simple transaction between a buyer and a seller to trade at the current market rate, known as the spot price. The trade takes place immediately when the order is fulfilled.
 
Users can prepare spot trades in advance to trigger when a specific spot price is reached, known as a limit order. You can make spot trades on Binance through our trading page interface.
 
(Note: Please make sure you have deposited to your account or have an available balance before making a spot trade ).

Making a spot trade on the LBank Website

1. Go to the LBank website and select [Log in] from the top-right menu.

2. On the homepage, select [Trade] and click on the first option.

3. When you click Trade, a new page appears as shown in the image below. Now you need to click [Spot] in the dropdown to set your wallet to [Spot].

4. After clicking on [Spot] it opens a new page where you can see your Asset and all the Asset available for trading. You can also search for your favorite asset.

5. Find/Search for the asset you want to trade, place your pointer on [Trade], and then select the pair you want to trade.

For example: In the shot below let’s say Danny wants to trade LBK, after placing the pointer on [Trade] the available pair is LBK/USDT, (click on the pair you want to trade).

6. As seen in the image, a new page opens. Below, you can choose a different asset, alter the timeframe, view charts, conduct your own research, and also place trades.

7. Placing your Order: Limit Order

Let’s say Danny wants to buy 1000 LBK at a lower price than the current price. Click on the [Limit] tab set the price and amount as shown in the shot below, then click on [Buy LBK].

You can also use the Percentage bar to place orders based on the percentage of your balance.

8. After clicking on [Buy LBK] an Order confirmation will see on the screen for you to cross-check and confirm if you wish to go ahead. Click [Confirm]

9. After confirming the Order, the Order will be seen on the Open order tab below. And if you wish to cancel the Order, there is also an option for that.

10. Placing your Order: Market Order

Let’s say Danny wants to buy 5 USDT worth of LBK at the current price. Click on the [Market] tab, input the amount you want to buy in USDT, then click on [Buy LBK].

You can also use the Percentage bar to place orders based on the percentage of your balance.

11. After clicking on [Buy LBK] an Order confirmation will see on the screen for you to cross-check and confirm if you wish to go ahead. Click [Confirm].

12. Let’s say Danny wants to buy 1000 LBK at a particular price and if LBK falls lower than what Danny wants, Danny wants the trade to close automatically. Danny will specify three parameters; the trigger price (0.010872), the stop price (0.010511), and the amount (1000) He wants to buy. Then click [Buy LBK]

13. Click on [Confirm] to go ahead with the purchase.

14. Click on the Order History tab to see your Orders.

15. Click on the Transaction History tab to see all the transactions you have made.

Start grid trading on LBank App

Step 1: Log in to your LBank account and go to the spot trading page by clicking [Grid]. 

Step 2: Choose the assets you want to invest (Here we are using BTC/USDT as an example).


Step 3: You may choose an auto strategy or create your own strategy manually.

Auto strategy: Recommended strategy based on the market trends provided by LBank.

Create grid manually: Set and adjust the strategy on your own.

Step 4: Create a strategy.

Using “Auto strategy”:

(1) (Optional) Firstly, you can view the details of the auto strategy and the estimated returns.

(2) Input the amounts of assets you want to invest.

（3）Advanced Strategy (Optional).

Set Trigger Price: If the price reaches the trigger price, your grid strategy will automatically start.

Set Profit Price: If the price goes beyond the profit price, your grid strategy will automatically stop.

Set Stop Price: If the price goes below the stop price, your grid strategy will automatically stop.

(4) Click “Create strategy” and confirm, then your strategy is created.

Using “Create grid manually”:

(1) Set price range.

(2) Set the number of grids and choose “Arithmetic grid” or “Proportional grid”.

 

(3) Input the amounts of assets you want to invest.

(4) Advanced Strategy (Optional)

Set Trigger Price: If the price goes beyond the trigger price, your grid strategy will automatically start.

Set Profit Price: If the price goes beyond the profit price, your grid strategy will automatically stop.

Set Stop Price: If the price goes below the stop price, your grid strategy will automatically stop.


(5) Click “Create strategy” and confirm, then your strategy is created.

Step 5: You may check the strategies created in the area.

Start grid trading on LBank Website

What is grid trading?

Grid trading is a trading strategy of selling high and buying low within a set price range to make profits in a volatile market, especially in the cryptocurrency market. The trading bot in grid trading will precisely execute the buying and selling orders within a certain price range set by the traders and save the traders from making unproper investment decisions, missing market information, or worrying about whole-day fluctuations.

Key features:

(1) The program is completely rational with absolutely no panic trading occurring.

(2) Orders will be placed automatically once the grid is set and save the traders from keeping an eye on the chart all time.

(3) The trading bot works 24 hours a day without missing any market information.

(4) User-friendly and easy to get hands-on with without the need to predict the market trend.

(5) Making a stable profit in an oscillating market.

How to use the LBank grid trading strategy?

1 Log in to the LBank website and select "Trading" or "Grid Trading".

2. Select the grid trading pair (using BTC/USDT as an example).

3. Then set your gird trading parameters (Manual) or choose to use the AI strategy (Auto).


4. Create a grid strategy of your own

(1) Click Create Grid

(2) in the "set strategy" - fill in the "interval lowest price - interval highest price" - set the "grid number" - choose " Arithmetic" or "Geometric"

(3) Then, the "single grid ROE" will be displayed automatically (if the Single grid ROE shows a negative number, you can modify your interval or grid number to make the single grid ROE reach a positive number)

Terminology 1:

The interval highest price: the upper boundary of the price range, when the price exceeds the interval highest price, the system will no longer operate (the interval highest price shall be higher than the interval lowest price).

Terminology 2:

The interval lowest price: the lower boundary of the price range, when the price is lower than the interval lowest price, the system will no longer perform (the interval lowest price shall be lower than the interval highest price).

Terminology 3:

Price range: a configured price range that the grid trading runs.

Terminology 4:

Grid number:  The number of orders to be placed within the configured price range.

Terminology 5:

Invested assets: the number of crypto assets that the user will invest in the grid strategy.

(4) In the "invested assets" - fill in the amount of BTC and USDT that you want to invest in (the amount of BTC and USDT automatically displayed here is the minimum capital investment amount required.)

(5) Advanced strategy (Optional) - "Trigger price" (Optional): The grid orders will be triggered when the Last Price / Mark price rises above or falls below the trigger price you enter.

(6) Advanced strategy - "stop loss price" and "sell limit price" (Optional) when the price is triggered, grid trading will stop immediately.

(7) After the above steps, you may click "Create Grid"

(8) All the strategies will be displayed under the  "current strategy", and you may also click on "View Details" to see more details.

(9) In "View Details" there are two specific sections, "strategy details" and "strategy commissions".

Terminology 6:

Single profit (%): after the user sets the parameters, the revenue that each grid will generate is calculated by backtesting the historical data.

Terminology 7:

7-day annualized backtest yield: the expected annualized yield according to the parameters set by the user. It is calculated by using historical 7-day K-line data and the set parameters with this formula —— "historical 7-day yield/7*365".

Terminology 8：

Arithmetic grid: when creating a grid strategy, each grid width is the same.

Terminology 9:

Geometric grid: when creating a grid strategy, each grid width is equally proportional.

Terminology 10:

Sell limit price: the price when the market price comes to or higher than that, the grid trading system will automatically stop and sell the order and transfer the crypto to the spot wallet. (The sell limit price shall be higher than the highest boundary of the price range).

Terminology 11:

Stop Loss Price: When the price drops to or lower than the stop loss price, the system will immediately stop and sell the coin and transfer the crypto to the spot wallet. (The stop loss price shall be lower than the lowest boundary of the price range).

Terminology 12:

Grid Profit: the total amount of profit made through a single grid

Terminology 13:

Floating Profit: the difference between the total amount of invested assets and the total amount of currently held assets.

Terminology 14:

total return: grid profit  + floating profit

5. Use LBNAK’s recommended grid (Auto)

(1) Select the grid trading pair you want to open, the recommended strategy will automatically use LBANK’s AI strategy to choose the best strategy for the user. No need to add parameters manually.

(2) In the "invested assets" - fill in "BTC + USDT to be invested" (the amount of BTC and USDT automatically displayed here is the amount of the minimum assets required)

(3)Advanced strategy (Optional) - "Trigger price" (Optional): The grid orders will be triggered when the Last Price / Mark price rises above or falls below the trigger price you enter.

(4) Advanced strategy - "stop loss price" and "sell limit price" (Optional) when the price is triggered, grid trading will stop immediately.

(5) After the above steps, you may click "Create Grid"

Risk Warning: Grid trading as a strategic trading tool should not be regarded as financial or investment advice from LBank. Grid trading is used at your discretion and at your own risk. LBank will not be liable to you for any loss that might arise from your use of the feature. It is recommended that users should read and fully understand the Grid Trading Tutorial and make risk control and rational trading within their financial ability.
 

How do I Withdraw Crypto from LBank

Withdraw Crypto from LBank on Website

Let’s use USDT (ERC20) to illustrate how to transfer crypto from your LBank account to an external platform or wallet.

1. After signing in, click [Wallet] - [Spot].
2. Click on [Withdraw].

3. Make the cryptocurrency withdrawal choice. In this illustration, we shall take out USDT.

4. Select the network. As we are withdrawing BTC, we can choose either ERC20 or TRC20. You will also see the network fees for this transaction. Please make sure that the network matches the addresses the network entered to avoid withdrawal losses.

5. Enter the recipient’s address or choose from your address book list afterward.

6. Select the coin and network. Then, enter the address.

• Wallet Label is a customized name you can give to each withdrawal address for your own reference.
• MEMO is optional. For example, you need to provide the MEMO when sending funds to another LBank account or to another exchange. You do not need a MEMO when sending funds to a Trust Wallet address.
• Make sure to double-check if a MEMO is required or not. If a MEMO is required and you fail to provide it, you may lose your funds.
• Note that some platforms and wallets refer to the MEMO as Tag or Payment ID.

7. Type in the sum you want to withdraw.

Warning: If you input the wrong information or select the wrong network when making a transfer, your assets will be permanently lost. Please, make sure that the information is correct before making a transfer.

How to add a new recipient address？

1. To add a new recipient, click account- [Address]. 

2. Click [Add Address].

3. Type the following address as displayed in the screenshot:

4. After clicking [Confirm], you will have added a new address.

Withdraw Crypto from LBank App

Let’s use USDT (TRC20) to illustrate how to transfer crypto from your LBank account to an external platform or wallet.

1. Enter your LBank login information and select [Wallet].

2. Click on [Withdraw].

3. Make the cryptocurrency withdrawal choice. In this illustration, we shall take out USDT.

4. Please notice that equivalent assets purchased through C2C within 24 hours cannot be withdrawn.

5. Select the wallet address.

6. Select the TRC20 network. Then, enter the address and withdrawal amount. (Note is optional). Then click [Confirm].

When you withdraw other tokens (such as XRP), you may be asked to fill in MEMO:

• MEMO is optional. For example, you need to provide the MEMO when sending funds to another LBank account or to another exchange. You do not need a MEMO when sending funds to a Trust Wallet address.
• Make sure to double-check if a MEMO is required or not. If a MEMO is required and you fail to provide it, you may lose your funds.
• Note that some platforms and wallets refer to the MEMO as Tag or Payment ID.

7. Verify the specifics of the withdrawal.

8. Enter the verification codes for Google and for email.

How to add a new recipient address？

1. To add a new recipient, click []. 

2. Click [Add Address].

3. Type the email and address verification codes. You’ve added a new address after clicking [Add immediately]. The note is not required.

Make Internal Transfer on LBank

You can transfer money between two LBank accounts using the internal transfer feature. No transaction fees are required, and they will be credited right away.

1. Click [Wallet] after logging into your LBank account.

2. Click [Withdraw].

3. Pick the coin you want to withdraw.

4. Next, type the other LBank user’s recipient address or choose from your address book list.

Enter the amount to transfer. You will then see the network fee displayed on the screen. Please note the network fee will only be charged for withdrawals to non-LBank addresses. If the recipient’s address is correct and belongs to an LBank account, the network fee will not be deducted. The recipient account will get the amount indicated as [Receive amount].


Please note: The fee exemption and instant arrival of the funds are only applicable when the recipient address belongs to an LBank account too. Please make sure that the address is correct and belongs to an LBank account.

Moreover, if the system detects that you are withdrawing a coin that requires a memo, the memo field is also mandatory. In such a case, you will not be allowed to withdraw without providing the memo; please provide the correct memo, otherwise, the funds will be lost.

7. Click [Submit] and you will be redirected to complete the 2FA Security verification for this transaction. Please double-check your withdrawal token, amount, and address before clicking [Submit].

8. After the withdrawal is successful, you may return to [Wallet] - [Withdraw] - [**token name] to check the transfer status.

Please note that for internal transfer within LBank, no TxID will be created.

How to add an internal transfer address?

1. Click [Add account] if you don’t have an internal address.

2. After that, you will be directed to the next page, where you may enter the information for the address, note, and email verification. Please confirm that the newly added address must be associated with an LBank account. Click [Add instantly] after that.

3. The address has been successfully inserted as the internal transfer address.

Sell Crypto on LBank with a Credit/Debit Card

1. After logging in, select [Buy Crypto] - [Credit/Debit Card] from the LBank account menu.

2. Click "Sell" on the Side.

3. Enter the amount in the "Pay" and select the crypto that you wanted to sell. Then select the fiat currency you want to receive and the method of payment, and click "Search". In the list below, choose a third-party platform you want to trade, and click "Sell Now".

4. Verify the order, then click "Confirm". Follow the instructions on the checkout page to finish the payment.

5. This is where you can see the order details.

 

Frequently Asked Questions (FAQ)

Register

Is the download of the program to a computer or smartphone required?

No, it’s not necessary. Simply complete the company’s website form to register and create an individual account.

How do I Modify my Mailbox?

If you need to modify your account email, your account must pass Level 2 certification for at least 7 days, then prepare the following information and submit it to customer service:

• Provide three verification photos:
  1. Front view of ID card/passport (need to clearly show your personal information)
  2. ID card/passport in reverse
  3. Holding the ID card/passport information page and signature paper, write on the paper: change xxx mailbox to xxx mailbox, LBank, current (year, month, day), signature, please ensure that the content of the photo and personal signature is clearly visible.
• Screenshot of the latest recharge and transaction history
• Your new email address

After submitting the application, customer service will modify the mailbox within 1 working day, please be patient.

For your account security, after the mailbox is modified, your withdrawal function will not be available for 24 hours (1 day).

If you have any problems, please contact LBank’s official email: [email protected], and we will provide sincere, friendly, and immediate service for you. We also welcome you to join the English community to discuss the latest issue, (Telegram): https://t.me/LBankinfo.

Cannot receive an email from LBank?

Please follow the below procedures kindly:
 

1. Please verify the registered email account and ensure it is correct.
2. Please check the spam folder in the email system to search for the email.
3. Whitelist LBank email in your email server.

Please add the below accounts to your whitelist:

[email protected]

[email protected]
 

4. Ensure that the email client works typically.
5. It is recommended to use popular email services like Outlook and QQ. (Gmail email service is not recommended)

If you encounter any problems, please contact our official email service, [email protected], and we will provide you with the most satisfactory service. Thank you again for your support and understanding!  

At the same time, you are welcome to join LBank global community to discuss the latest information (Telegram): https://t.me/LBankinfo.

Online customer service working time: 9:00AM - 21:00PM

Request system: https://lbankinfo.zendesk.com/hc/zh-cn/requests/new

Official email: [email protected]

Account Verification

How to Reset Google Authentication?

Case1: If your Google Authenticator is operational, you can modify or deactivate it by doing as follows:

1. On the homepage, click [Profile] - [Security] in the top right corner.

2. To immediately replace your current Google Authenticator, click [Modify] next to [Google Authentication].

Please be aware that when you make this modification, withdrawals and P2P selling will be disabled for 24 hours.

3. Please click [Next] if you have previously installed the Google authenticator. Please install Google Authenticator first if you don’t already have it.


4. Access the Google Authenticator app. To add the backup key you just saved, tap on [+] and choose [Enter a setup key]. Click [Add].



5. To confirm the change, return to the LBank website and log in using your new Google Authenticator. To finish the procedure, press [Next].

Case 2: Please contact our online support for assistance if you have logged into your LBank account but are unable to access your Google Authenticator App or it is no longer functioning.

Case 3: Please contact our online support for assistance if you are unable to use your Google Authenticator app or log in to your LBank account.

How to Solve 2FA Code Error?

If you receive a "2FA code error" message after you input your Google Authentication code, please try the solutions below:

• Synchronize the time on your mobile phone (to synchronize your Google Authenticator app) and your computer (from which you attempt to log in).
• Go to the LBank Login page with the incognito mode on Google Chrome.
• Clear your browser cache and cookies.
• Try to log in from the LBank App instead.

If none of the above suggestions could solve your problem, we suggest you reset your Google Authenticator. Please follow the instructions in How to Reset Google Authentication.

What can I do when it shows "binding failed"?

• Ensure that you have installed the Google Authenticator App.
• Try to synchronize the time on your mobile phone and your computer.
• Ensure that you have entered the correct password and 2FA code.
• Ensure that the date/time setting on your mobile phone is set to “automatic”.

Why Can’t I Receive SMS Verification Codes?

LBank continuously improves our SMS Authentication coverage to enhance user experience. However, there are some countries and areas currently not supported.
 
If you cannot enable SMS Authentication, please use Google Authentication as your primary two-factor authentication instead. You may refer to the following guide: How to Enable Google Authentication (2FA).
 
If you have enabled SMS Authentication, but you still cannot receive SMS codes, please take the following steps:

• Ensure that your mobile phone has a good network signal.
• Disable your anti-virus and/or firewall and/or call blocker apps on your mobile phone that might potentially block our SMS Codes number.
• Restart your mobile phone.
• Contact the online service for manual help.

Deposit

What should I do if I deposit my tokens to the wrong address?

If you deposit your tokens to the wrong address on LBank (for example, you deposit ETH to DAX address on LBank). Please follow the below instructions to retrieve your asset:

1. Check if you fit the below circumstances, if so, your asset cannot be retrieved.

• The address you deposit to does not exist
• The address you deposit to is not the LBank address
• The token you deposited hasn’t been listed on LBank
• Other non-retrievable circumstances

2. Download “Asset Retrieving Request”, fill it out and send it to LBank’s customer service through email ([email protected]).

LBank’s customer service will process your application as soon as your email is received and reply to you whether your assets can be retrieved within 5 working days. If your asset is retrievable, your asset will be transferred to your account within 30 working days, thank you for your patience. 

How to Retrieve Crypto Deposit with Wrong or Missing Tag/Memo?

What is a tag/memo and why do I need to enter it when depositing crypto?

A tag or memo is a unique identifier assigned to each account for identifying a deposit and crediting the appropriate account. When depositing certain crypto, such as XEM, XLM, XRP, KAVA, LUNA, ATOM, BAND, EOS, BNB, etc., you need to enter the respective tag or memo for it to be successfully credited.

What transactions are eligible for Tag/Memo Recovery?

• Deposit to LBank accounts with wrong or missing tag/memo;

• If you entered the wrong address or tag/memo for your withdrawal, LBank is unable to assist you. Please contact the platform you are withdrawing from for assistance. Your assets might be lost;

• Deposit of crypto that is already listed on LBank. If the crypto you’re trying to retrieve is not supported on LBank, please contact our online service for help.

Deposit made to the incorrect receiving/deposit address or an Unlisted token deposited?

LBank generally does not offer a token/coin recovery service. However, if you have suffered a significant loss as a result of incorrectly deposited tokens/coins, LBank may, solely at our discretion, assist you in recovering your tokens/coins. LBank has comprehensive procedures to help our users recover their financial losses. Please note that successful token recovery is not guaranteed. If you have encountered this sort of situation, please remember to provide the following information to us for speedy assistance:

• Your LBank account email
• Token name
• Deposit amount
• The corresponding TxID

Trading

Trading Fees (From 14:00 on April 7, 2020, UTC+8)

Users’ trading fees of currency exchange (will be deducted from the assets received) will be adjusted as follows (From 14:00 on April 7, 2020, UTC+8):

Taker: +0.1%

Maker: +0.1%

If you encounter any problems, please contact our official email service, [email protected], and we will provide you with the most satisfactory service. Thank you again for your support and understanding!  

At the same time, you are welcome to join LBank global community to discuss the latest information (Telegram): https://t.me/LBankinfo.

Online customer service working time: 7 X 24 hours

Request system: https://lbankinfo.zendesk.com/hc/zh-cn/requests/new

Official email: [email protected]

How to understand the definition of Maker Taker

What is Maker?

Maker is an order placed at a price you specify (below the market price when placing a pending order or higher than the market price when placing a pending order). Your order is filled. Such an action is called Maker.

What is Taker?

Take order refers to the order at the price you specified (there is an overlap with the order in the market depth list). When you place an order, you immediately trade with other orders in the depth list. You actively trade with the order in the depth list. This behavior is called Taker.

Differences Between Spot Trading and Futures Trading

This section outlines key differences between Spot trading and Futures trading and introduces basic concepts to help you read deeper into a futures contract.

In a futures market, prices on the exchange are not ‘settled’ instantly, unlike in a traditional spot market. Instead, two counterparties will make a trade on the contract, with settlement on a future date (when the position is liquidated).

Important note: Due to how the futures market calculates unrealized profit and loss, a futures market does not allow traders to directly buy or sell the commodity; instead, they are buying a contract representation of the commodity, which will be settled in the future.

There are further differences between a perpetual futures market and a traditional futures market.

To open a new trade in a futures exchange, there will be margin checks against collateral. There are two types of margins:

• Initial Margin: To open a new position, your collateral needs to be greater than the Initial Margin. 

• Maintenance Margin: If your collateral + unrealized profit and loss fall below your maintenance margin, you will be auto-liquidated. This results in penalties and additional fees. You can liquidate yourself before this point to avoid being auto-liquidated.

Due to leverage, it is possible to hedge out spot or holding risk with relatively small capital outlays in the futures market. For example, if you are holding 1000 USDT worth of BTC, you can deposit a much smaller (50 USDT) collateral into the futures market, and short 1000 USDT of BTC to fully hedge out the positional risk.

Note that futures prices are different from spot market prices, because of carrying costs and carrying returns. Like many futures markets, LBank uses a system to encourage the futures market to converge to the ‘mark price’ via funding rates. While this will encourage long-term convergence of prices between spot and futures for the BTC/USDT contract, in the short term there may be periods of relatively large price differences.

The premier futures market, Chicago Mercantile Exchange Group (CME Group), provides a traditional futures contract. But modern exchanges are moving toward the perpetual contract model.

Withdrawal

How to Resume Withdrawal Function?

For security purposes, the withdrawal function may be temporarily suspended for the following reasons:

• The withdrawal function will be suspended for 24 hours after you have changed the password or disabled the SMS/Google authentication after logging in.
• The withdrawal function will be suspended for 48 hours after you have reset your SMS/Google authentication, unlock your account, or change your account email.

The withdrawal function will be resumed automatically when the time is up.

If your account has abnormal activities, the withdrawal function will also be temporarily disabled. Please contact our online service.

What Can I Do When I Withdraw to The Wrong Address?

If you mistakenly withdraw funds to the wrong address, LBank is unable to locate the receiver of your funds and provide you with any further assistance. As our system initiates the withdrawal process as soon as you click [Submit] after completing security verification.

How can I retrieve the funds withdrawn to the wrong address?

• If you sent your assets to an incorrect address by mistake and you know the owner of this address, please contact the owner directly.
• If your assets were sent to the wrong address on another platform, please contact the customer support of that platform for assistance.
• If you forgot to write a Tag/Memo for withdrawal, please contact the customer support of that platform and provide them with the TxID of your withdrawal.

Why Hasn’t My Withdrawal Arrived?

1. I’ve made a withdrawal from LBank to another exchange/wallet, but I haven’t received my funds yet. Why?

Transferring funds from your bank account to another exchange or wallet involves three steps:

• Withdrawal request on LBank
• Blockchain network confirmation
• Deposit on the corresponding platform

Normally, a TxID (Transaction ID) will be generated within 30-60 minutes, indicating that LBank has successfully broadcasted the withdrawal transaction.

However, it might still take some time for that particular transaction to be confirmed and even longer for the funds to be finally credited into the destination wallet. The amount of required “network confirmations” varies for different blockchains.

For example:

• A decides to withdraw 2 BTC from LBank to her personal wallet. After she confirms the request, she needs to wait until LBank creates and broadcasts the transaction.
• As soon as the transaction is created, A will be able to see the TxID (Transaction ID) on her LBank wallet page. At this point, the transaction will be pending (unconfirmed) and the 2 BTC will be frozen temporarily.
• If all goes well, the transaction will be confirmed by the network, and A will receive the BTC in her personal wallet after 2 network confirmations.
• In this example, she had to wait for 2 network confirmations until the deposit showed up in her wallet, but the required amount of confirmations varies depending on the wallet or exchange.

Due to possible network congestion, there might be a significant delay in processing your transaction. You may use the transaction ID (TxID) to look up the status of the transfer of your assets by using a blockchain explorer.

Note:

• If the blockchain explorer shows that the transaction is unconfirmed, please wait for the confirmation process to be completed. This varies depending on the blockchain network.
• If the blockchain explorer shows that the transaction is already confirmed, it means that your funds have been sent out successfully and we are unable to provide any further assistance on this matter. You will need to contact the owner/support team of the destination address to seek further help.
• If the TxID has not been generated 6 hours after clicking the confirmation button from the e-mail message, please contact our Customer Support for assistance and attach the withdrawal history screenshot of the relevant transaction. Please make sure you have provided the above-detailed information so the Customer Service agent can assist you promptly.

2. How do I check the transaction status on the blockchain?

Log in to your LBank account and click [Wallet] - [Spot] - [Transaction History] to view your cryptocurrency withdrawal record.

If the [Status] shows that the transaction is “Processing”, please wait for the confirmation process to be completed.

If the [Status] indicates that the transaction is "Completed," you can view the transaction details by clicking on the.