Bitcoin Forum

I want to buy a few tokens and coins from them which is cheaper than the other exchange.

I already check this exchange on Coingecko with a trust score of 8 and I already searched it here but I couldn't find their official announcement I mostly find them on token and altcoin announcements.

Do they have KYC verification?
I hope some people here trade on this exchange and would like to know if they are a non-KYC exchange.

Yes they have KYC verification including ID/passport and selfie. You need to complete the KYC verification, phone number verification, and other advanced verification to able trade in this exchange. Also they doesn't allow U.S. user to use their exchange.

IMO the trust score provided by Coingecko isn't really correct, even Coinsbit trust score is 8 too. Based on trustpilot this exchange only have few review and mostly is bad [1]

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[1] https://www.trustpilot.com/review/www.lbank.info

Based in my experience,  it is not worth buying a token in a shady exchange.

If it is cheaper there, there is a reason for that. Do they have liquidy (volume) problems? Is the volume fake?
Will they freeze your funds once you try to withdrawal?

There are so many risks involved, and now there are so many good exchanges that support almost every token out there...

I made a test account, got 4BTC withdrawal limit (24h) after setting up 2fa and asset password. Deposits were opened and there was nothing that suggest trading is disabled until you pass their KYC.

https://i.imgur.com/nJhUhJn.png

The telegram admin indeed says KYC is mandatory in order to trade so pretty much a perfect trap for users who did not research (unless this admin is wrong)

https://i.imgur.com/FbXSqdY.png

Seeing the obvious huge fake volume (1.7B USD 24h volume (https://web.archive.org/web/20210728200135/https://www.coingecko.com/en/exchanges/lbank) for an obscure exchange???), I wouldn't be surprised if there is more underhanded tricks. I agree it's better to play it safe and stay away unless you're prepared to shoulder the risk of this.

Seeing that 24hr volume then it is something that you would really have in doubt.When it comes to popularity then this platform isnt something that been heard of by most people for sure

but still ending up having those numbers or simply with that liquidity? Imposing false information or doesnt clarify things is already a sign of red flag which i wont really be
risking out and also there are other much more better platforms out there not as shady as this.

Not that really a fan of trusting Trustpilot when it comes to feedbacks but this time, those words seems legit.

The cheaper coins prices can be a huge trap. It could either mean that withdrawal of those tokens is "under maintenance" or the markets are of low liquidity if you keep a keen eye, otherwise arbitrage traders can sweep off those price margins with in minutes.

Yeah, some fake feedback is easier to spot though.

I remember using LBANK in the past, can't say it was a good experience. The liquidity is terrible, which is why those tokens are cheaper compared to other markets. I wouldn't use them again even if there's an arbitrage opportunity since the risk is way bigger imo.

Yep, the volume is definitely fake. If you watch the markets you'll constantly see random small buy/sell trades on coins, with the prices always being a random value between the ask and bid price despite no orders ever existing.

A few months ago when I tried them I was able to trade without KYC, but when I tried to withdraw, they required me to go through KYC to get my money out.

Hello everyone, 
Be extremely cautious about the scams by this exchange. This exchange is a fraudulent (Chinese) platform and engages in several types of scams, which I will briefly outline for you here: 

1. **Listing Fake Coins:** They list coins that are not available on any other reputable exchanges. Through fraudulent practices, they devalue these coins by over 99.9% within a few days and then delist them. After some investigations, we found that most of these are meme coins on the Solana network, and the exchange collaborates with them. For example, over the past two months, hundreds of such scams have occurred. 

2. **Targeting Profitable Traders:** The exchange uses algorithms to identify profitable traders. As soon as they detect you’re making profits, they start scamming you using these fake coins. For coins that are also listed on other exchanges, they suddenly disable trading, and you can’t even withdraw your funds. After a few days of manipulation, they drastically reduce the price and create such a wide gap between buy and sell orders that you can’t even sell at half the price. 

3. **Futures Scams:** The same scams apply to futures trading. Additionally, unlike reputable exchanges, they will suddenly liquidate your funds through shadow trading. 

Friends, please be extremely careful with your investments. Even with sufficient evidence of their scams, they will never respond to you. They will lie to you every day, and in the end, you will achieve nothing.