NO KYC Crypto Exchange | LBANK Full Review

What is that one thing that you seriously DISLIKE about crypto exchanges? For me it is the KYC. So, what if I tell you that I know an exchange that has been around since 2015 and you will be amazed when I show you how much money you can move in and out of this exchange WITHOUT KYC.

Seriously, high no KYC limits. Interested? Then let’s check out LBank. But first, let’s check on the current state of centralized exchanges:

State of CeFi Exchanges

We can’t ignore the ‘elephant in the room’. CeFi exchanges have taken a beating since the early November announcement of the FTX-Alameda implosion. And you saw all the words that scare us about using a CeFi exchange.

• Insolvency
• No Proof of Reserves
• Fractional Banking

But there are 2 important things you need to remember:

• All the commingling of customer funds: lending them out and mixing assets between the 2 sister companies (FTX and Alameda). All that is illegal. We WANT to expose bad actors in our industry. And just because one CeFi exchange was operating illegally does not mean they all are.
• CeFi exchanges play an essential role in our industry: We have to admit they are often still the best on-ramps and off-ramps between fiat and crypto. And not just that, they are often the most popular places to bridge tokens too. You can easily send the USDT you received from ETH to Polygon or Tron or any of the other chains USDT supports through safe bridges on exchanges.

Our exchange today, LBank, handles these important functions too. Plus, they are going to show an auditable Proof of Reserve as seen in this announcement.

But before I get into the details of LBANK I want to talk to you about 2 BIG USP’s of this exchange that you simply cannot ignore.

USP #1: NO KYC NEEDED

This feature is such a big differentiator we had to mention it in its own section. It’s true. KYC is not necessary. You will see later when we show you the KYC users vs all registered users. But here are the awesome details. You know you need something like email or phone to register an account so they are sure it’s yours. Here are the withdrawal limits:

• Email ONLY: 0.5 BTC per day. Pretty good right?
• Email + Mobile phone: 1.5 BTC per day
• Email + Mobile + Google Authenticator: And we know it’s smart to use 2FA on any account that deals with your money anyway. 15 BTC per day
• Email + Mobile + Google Authenticator + an Asset Password: 10 more BTC per day

So our total, if you do all those things, is 25 BTC per day. And still no ID requirements. Isn’t that awesome?! Yet for most of us, email only or email and mobile at a total of 1.5 BTC per day is more than enough. Imagine CeFi convenience and on-ramps and no KYC. This is a great combination of service offerings.

USP #2 Earning Interest on Your Bitcoin

We don’t often recommend staking directly on a CEX. And we know the environment for all things centralized is negative right now. Despite this, LBank is a good place to earn some interest on your Bitcoin. Right now, they pay 4%, which is higher than most pay but not crazy unreasonable.

And I like this deal because as I said earlier, LBank has committed to providing an auditable Proof of Reserve. This means they will show they have as much or more BTC in their reserve than liabilities to customers for the BTC they have in their accounts.

When they provide this, staking becomes a much safer prospect. That said, for the long term we still recommend you take your coins off all central exchanges except those you are trading. But while you trade, no reason you can’t earn a couple of extra % in interest when you are between longs and shorts.

LBank Service Offerings

Although they’ve been in business since 2015, an eternity in crypto, many have not heard of LBank. Until recently their big focus was in Asia and specifically in China. They are probably the biggest and oldest exchange that you’ve never heard of. For example, LBank has:

• 7 million registered users with 1.7 million KYC: Here’s where their KYC requirements make a big difference.
• Licenses in notoriously difficult jurisdictions like Canada and Australia: They are fully compliant there for our friends in these countries
• Applications in process: For licensing in the US, Italy, Dubai, Lithuania, the Cayman Islands, and France
• More than 100,000 daily active users.

This is no small, new, risky exchange. In fact, when we look at trading volume on CoinGecko, LBank comes in 3rd in daily volume behind only Binance and Coinbase. That means better-known exchanges like Kucoin, MEXC, Kraken, Gate.io, and Huobi. Are all doing less volume than LBank. LBank’s high volumes mean good prices and tight trading spreads too.

Services

The services LBank offers are:

• Trading
• Derivatives
• Staking
• NFTs
• Early stage investment through LBank Labs.

For trading, they offer spot trading and grid trading. With grid trading, you can take advantage of AI and algorithms to set up a short-term trading system that works especially well in non-trending markets. 

Few exchanges offer this but LBank does. For derivatives, you can buy, sell, or short ETFs or Futures. There are many futures pairs available all trading with USDT. Most of the usual suspects you find on other exchanges you can find here.

Getting your funds to the exchange is easy as they support bank transfers in some countries, p2p trades in some countries, and through a big group of 3rd party providers credit/debit card, and some other transfers based on your base currency. They currently support fiat to crypto in 143 different countries.

But thanks to the KYC requirements, I gave in detail earlier, many of you will be able to trade futures here including many of you who want to but cannot on Binance. So, if you need a new or more private exchange to go fiat to crypto or crypto to fiat, then give LBank a try today at this link.

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Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by LBank. Copyright Altcoin Buzz Pte Ltd.