Does lbank.info have KYC verification and can be trusted?

DarkStar_

legendary

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Quote from: Potato Chips on July 28, 2021, 03:27:50 PM

Seeing the obvious huge fake volume (1.7B USD 24h volume 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.

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.

joniboini

legendary

Activity: 2170

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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.

JeromeTash

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Heisenberg

Quote from: BitMaxz on July 27, 2021, 10:57:55 PM

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

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.

Quote from: stomachgrowls on July 28, 2021, 04:33:03 PM

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

Yeah, some fake feedback is easier to spot though.

stomachgrowls

hero member

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Merit: 794

Quote from: Potato Chips on July 28, 2021, 03:27:50 PM

Seeing the obvious huge fake volume (1.7B USD 24h volume 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.

Quote from: Jawhead999 on July 27, 2021, 11:30:00 PM

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]

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

Potato Chips

hero member

Activity: 2786

Merit: 902

yesssir! 🫡

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.

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)

Seeing the obvious huge fake volume (1.7B USD 24h volume 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.

bitmover

legendary

Activity: 2352

Merit: 6089

bitcoindata.science

Quote from: BitMaxz on July 27, 2021, 10:57:55 PM

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

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...

Jawhead999

legendary

Activity: 1890

Merit: 1210

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]

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

BitMaxz

legendary

Activity: 3500

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Happy New year 🤗

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.

Topic: Does lbank.info have KYC verification and can be trusted? (Read 152 times)