Lbank - A KYC-free exchange (CEX) that I appreciate

[rony_btc]

Lbank, a reputable centralized crypto exchange without KYC and with low fees (0.1% max) on desktop or mobile (app):

I know that Lbank doesn't have a very good reputation, and yet...

I have been using Lbank regularly since December 2024 to trade (spot, as an amateur) BTC, LINK, XRP, USDT, USDC, and others. It is based in Hong Kong and is not regulated in Europe, which is one of its big advantages! Even though the “My Account” page says you need to do KYC to start trading, KYC is not mandatory to trade on Lbank. I only use it on my computer (web), but they also have a mobile app.

I don't avoid KYC to avoid paying taxes, but for my security and privacy. As you know, the less personal information I have on the web, the less risk I have of being attacked at home or falling victim to other unfortunate events (identity theft, targeted phishing, and so on).

I discovered Lbank one day in December 2024 because they were one of the few platforms to list the altcoin LUIGI (Luigi Mangione). I wasn't particularly interested in the character, but the name Luigi means a lot to me because it was important in my youth... So I saw it as a sign and bought some Luigi, which is how I discovered Lbank...

I didn't have much confidence in Lbank at first because the few reviews/articles you can find in Europe about this exchange aren't very encouraging (are the European administrators trying to scare us?!), but I find this platform comprehensive, interesting (low fees), and reliable! Real-life example: In February 2025, I lost my Google Authenticator code and couldn't access my Lbank account, which had about $6K in it! I thought, “That's it, I'm going to lose my money!” Well, no, because I contacted support via Lbank chat and a person (a nice change from the bots on many platforms) spent over half an hour with me to help me provide proof that the account was mine and agreed to ask support to reset Google Authenticator. Since I hadn't done the KYC, I had to provide screenshots of emails I had received from Lbank for successful transfers and trades. But I didn't know it was wise to keep these emails, so I didn't have the ones they were asking for! Fortunately, the person found an alternative solution and I had still kept a few emails and, of course, the exact amounts and dates on my spreadsheet. A few hours after the chat, I had access to my account and was able to restart Google Authenticator with a new key. Phew!

Since that day (a year ago), I have complete confidence in Lbank because they solved a big problem with my account (entirely my fault) and solved the problem in just a few hours, despite the absence of KYC! This is a change from Kraken and others, who sometimes block accounts for weeks or months, despite the KYC being done!!!

I think people mainly write on the web when they are dissatisfied and generally forget to write when they are satisfied with a platform.

I often have a 5-figure balance on Lbank for weeks, with no trading or withdrawal issues. I see on the ETH blockchain that some people are handling sums in excess of $250,000 on Lbank...

I have made dozens of withdrawals to my cold wallets, but also to other entities, and Lbank never asks for anything (“Is this your personal wallet?”, “Reason for withdrawal?”, “Where is the withdrawal going?”). None of that! I withdraw cryptos when I want, where I want, and for the amount I want. Total freedom, speed, peace of mind, zero stress! A very clear interface (web-based for me, but also available as a mobile app) allows you to choose the crypto to withdraw, the mode (on-chain or to another Lbank user, which can be another account of mine), enter the destination address, and choose the network (many networks supported). The fees are clearly indicated and there are no nasty surprises. The fees are quite high for withdrawing BTC: 0.001 BTC (i.e., $6-12 depending on the BTC rate), but for most other cryptocurrencies (USDT, USDC, etc.) it's a fixed $1 or even less. Personally, I prefer to pay a little more for transfers (which are quite rare) than for trades! And privacy is well worth these few fees.

The same goes for crypto deposits (no questions asked) and no fees charged. An email notifies us as soon as the crypto is on its way on the blockchain, even before it arrives. The entire history is available for consultation.

I only do basic SPOT trading on Lbank, but the platform offers many ways to invest in crypto: futures (leverage), copy trading, events, Earn, etc.

For SPOT trading, the interface is professional and comprehensive but easy to use: everything is clear, explained, and in English (many languages supported). I find the Lbank site much easier to use that Binance. The online help is well translated into French! For example, to explain the different types of orders (limit, market, etc.), a small “?” button opens a very clear pop-up window with graphics, text, a page for each type of order, ‘buy’ and “sell” explained separately, etc. Very well done!

You can buy/sell immediately or place orders: the page is the same and all the options are right there in front of you. Lbank offers “limit,” “market,” “trigger,” and even “OCO” orders (double order, e.g., sell if the asset reaches a price of $92,500 while selling if it falls below $85,000). All this comes with a base fee of 0.1%, but if you have more than $10,000 in your account, Lbank will upgrade you to VIP1 within a few days and the fees will drop to 0.08%! Other VIP levels exist, with even lower fees, but you need to have more money in your account.

Beyond the savings, these low fees allow me to buy and sell even if the BTC has only moved a little, without the fees canceling out my gains or causing a loss.

It is possible to buy/sell crypto from a FIAT currency (Euros, $, etc.), but obviously, I don't recommend it because KYC will be required! It's better to go through P2P or something else...

Warning for Swiss users: Lbank refuses customers who connect from this country. Use a VPN connected to France, Spain, Portugal, or elsewhere...

As you can see, I am a real fan of Lbank! Of course, this is just my opinion as a user. I would like to reiterate that I trade as an amateur, mainly BTC, a little ETH and (rarely) a few altcoins...

Link (not sponsored) to the website: https://www.lbank.com/fr

[Potato Chips]

It's not an actual KYC free platform, because like a typical custodial CEX, they can freeze accounts and request for further personal information—proof of source of funds, address, recording, etc. Compare them with actual true KYC-free exchanges which will never ask for KYC under any circumstances.

Looking into their support write-ups, I think your case was part of the exception, thus the KYC was not mandatory for you as oppose to others. Though it's odd that there is "you need to do KYC to start trading" in your acc.


Source: https://www.lbank.com/support/articles/1983841341594927104

[b1ack]

Lbank, a reputable centralized crypto exchange without KYC and with low fees (0.1% max) on desktop or mobile (app):

I know that Lbank doesn't have a very good reputation, and yet...

I have been using Lbank regularly since December 2024 to trade (spot, as an amateur) BTC, LINK, XRP, USDT, USDC, and others. It is based in Hong Kong and is not regulated in Europe, which is one of its big advantages! Even though the “My Account” page says you need to do KYC to start trading, KYC is not mandatory to trade on Lbank. I only use it on my computer (web), but they also have a mobile app.

I don't avoid KYC to avoid paying taxes, but for my security and privacy. As you know, the less personal information I have on the web, the less risk I have of being attacked at home or falling victim to other unfortunate events (identity theft, targeted phishing, and so on).

I discovered Lbank one day in December 2024 because they were one of the few platforms to list the altcoin LUIGI (Luigi Mangione). I wasn't particularly interested in the character, but the name Luigi means a lot to me because it was important in my youth... So I saw it as a sign and bought some Luigi, which is how I discovered Lbank...

I didn't have much confidence in Lbank at first because the few reviews/articles you can find in Europe about this exchange aren't very encouraging (are the European administrators trying to scare us?!), but I find this platform comprehensive, interesting (low fees), and reliable! Real-life example: In February 2025, I lost my Google Authenticator code and couldn't access my Lbank account, which had about $6K in it! I thought, “That's it, I'm going to lose my money!” Well, no, because I contacted support via Lbank chat and a person (a nice change from the bots on many platforms) spent over half an hour with me to help me provide proof that the account was mine and agreed to ask support to reset Google Authenticator. Since I hadn't done the KYC, I had to provide screenshots of emails I had received from Lbank for successful transfers and trades. But I didn't know it was wise to keep these emails, so I didn't have the ones they were asking for! Fortunately, the person found an alternative solution and I had still kept a few emails and, of course, the exact amounts and dates on my spreadsheet. A few hours after the chat, I had access to my account and was able to restart Google Authenticator with a new key. Phew!

Since that day (a year ago), I have complete confidence in Lbank because they solved a big problem with my account (entirely my fault) and solved the problem in just a few hours, despite the absence of KYC! This is a change from Kraken and others, who sometimes block accounts for weeks or months, despite the KYC being done!!!

I think people mainly write on the web when they are dissatisfied and generally forget to write when they are satisfied with a platform.

I often have a 5-figure balance on Lbank for weeks, with no trading or withdrawal issues. I see on the ETH blockchain that some people are handling sums in excess of $250,000 on Lbank...

I have made dozens of withdrawals to my cold wallets, but also to other entities, and Lbank never asks for anything (“Is this your personal wallet?”, “Reason for withdrawal?”, “Where is the withdrawal going?”). None of that! I withdraw cryptos when I want, where I want, and for the amount I want. Total freedom, speed, peace of mind, zero stress! A very clear interface (web-based for me, but also available as a mobile app) allows you to choose the crypto to withdraw, the mode (on-chain or to another Lbank user, which can be another account of mine), enter the destination address, and choose the network (many networks supported). The fees are clearly indicated and there are no nasty surprises. The fees are quite high for withdrawing BTC: 0.001 BTC (i.e., $6-12 depending on the BTC rate), but for most other cryptocurrencies (USDT, USDC, etc.) it's a fixed $1 or even less. Personally, I prefer to pay a little more for transfers (which are quite rare) than for trades! And privacy is well worth these few fees.

The same goes for crypto deposits (no questions asked) and no fees charged. An email notifies us as soon as the crypto is on its way on the blockchain, even before it arrives. The entire history is available for consultation.

I only do basic SPOT trading on Lbank, but the platform offers many ways to invest in crypto: futures (leverage), copy trading, events, Earn, etc.

For SPOT trading, the interface is professional and comprehensive but easy to use: everything is clear, explained, and in English (many languages supported). I find the Lbank site much easier to use that Binance. The online help is well translated into French! For example, to explain the different types of orders (limit, market, etc.), a small “?” button opens a very clear pop-up window with graphics, text, a page for each type of order, ‘buy’ and “sell” explained separately, etc. Very well done!

You can buy/sell immediately or place orders: the page is the same and all the options are right there in front of you. Lbank offers “limit,” “market,” “trigger,” and even “OCO” orders (double order, e.g., sell if the asset reaches a price of $92,500 while selling if it falls below $85,000). All this comes with a base fee of 0.1%, but if you have more than $10,000 in your account, Lbank will upgrade you to VIP1 within a few days and the fees will drop to 0.08%! Other VIP levels exist, with even lower fees, but you need to have more money in your account.

Beyond the savings, these low fees allow me to buy and sell even if the BTC has only moved a little, without the fees canceling out my gains or causing a loss.

It is possible to buy/sell crypto from a FIAT currency (Euros, $, etc.), but obviously, I don't recommend it because KYC will be required! It's better to go through P2P or something else...

Warning for Swiss users: Lbank refuses customers who connect from this country. Use a VPN connected to France, Spain, Portugal, or elsewhere...

As you can see, I am a real fan of Lbank! Of course, this is just my opinion as a user. I would like to reiterate that I trade as an amateur, mainly BTC, a little ETH and (rarely) a few altcoins...

Link (not sponsored) to the website: https://www.lbank.com/fr

Your post is misguided.
No CEXs without kyc can run in EURO with EU regulations in place.

[joniboini]

Warning for Swiss users: Lbank refuses customers who connect from this country. Use a VPN connected to France, Spain, Portugal, or elsewhere...

This doesn't sound like a good idea. Other than the issues mentioned above, using a VPN to bypass an explicit blocklist would just give you trouble. What if they detect your abuse and decide to lock you out? I remember reading similar issues on various exchanges in the past. I don't think they'll be different.

Kinda surprising hearing people recommending Lbank. I remember using them a few times in the past. Not so different from others, granted, they probably changed to keep up with the latest trend. Speaking of questions regarding withdrawal/transfer, do other exchanges in your country ask that? What's the chance Lbank just hasn't implemented them? Most exchanges in my country, for example, started doing the same thing a few months ago. Only overseas exchanges that have no intention to open a local office use their own rules to handle user activity.

[rony_btc]

Your post is misguided.
No CEXs without kyc can run in EURO with EU regulations in place.

I think you didn't read my post carefully (?). I did NOT say that paying in euro could be done without KYC, but only crypto-to-crypto trades.

[rony_btc]

It's not an actual KYC free platform, because like a typical custodial CEX, they can freeze accounts and request for further personal information—proof of source of funds, address, recording, etc. Compare them with actual true KYC-free exchanges which will never ask for KYC under any circumstances.

Looking into their support write-ups, I think your case was part of the exception, thus the KYC was not mandatory for you as oppose to others. Though it's odd that there is "you need to do KYC to start trading" in your acc.
(...)

And yet, I connect from France or Spain (regulated countries) and Lbank does not prohibit me from trading without KYC. Nevertheless, I agree with you: it's a delicate situation for the future...

In the two and a half years that I've been involved in crypto, I've never found a DEX that I thought was simple and reliable. Even though I'm a computer scientist, I'm over 60, so that doesn't help.

I recently managed to buy crypto without KYC with Peer.xyz, which I think is fantastic! (in my case, via the Revolut app).

But for trading, I have nothing else but Lbank.

What KYC-free solution would you suggest instead of Lbank?

Thank you!

[Potato Chips]

And yet, I connect from France or Spain (regulated countries) and Lbank does not prohibit me from trading without KYC. Nevertheless, I agree with you: it's a delicate situation for the future...

In the two and a half years that I've been involved in crypto, I've never found a DEX that I thought was simple and reliable. Even though I'm a computer scientist, I'm over 60, so that doesn't help.

I recently managed to buy crypto without KYC with Peer.xyz, which I think is fantastic! (in my case, via the Revolut app).

But for trading, I have nothing else but Lbank.

What KYC-free solution would you suggest instead of Lbank?

Thank you!

I mean, connecting from regulated countries doesn't equate kyc-free either. But I get your dilemma, centralized exchanges remains the easiest way to onboard people to crypto, and DEXes does have a learning curve, so something that sits in the middle may hit the spot, though most I've seen are p2p or instant exchanges.

If you want an exchange with a trading terminal, maybe look into hyperliquid.

[Rikafip]

And yet, I connect from France or Spain (regulated countries) and Lbank does not prohibit me from trading without KYC. Nevertheless, I agree with you: it's a delicate situation for the future...

Being a KYC free exchange and not having mandatory KYC are two very different things, and you should edit the title of your topic as it's misleading.

Just be aware that just because you are able to use LBank without KYC up until now, it doesn't mean that at some point they won't ask you to go through it.

[rony_btc]

I mean, connecting from regulated countries doesn't equate kyc-free either. But I get your dilemma, centralized exchanges remains the easiest way to onboard people to crypto, and DEXes does have a learning curve, so something that sits in the middle may hit the spot, though most I've seen are p2p or instant exchanges.

If you want an exchange with a trading terminal, maybe look into hyperliquid.

Thanks for your reply. That's right: DeFi seems much more complex to me.

I'll take a look at Hyperliquid, which I've often heard about...