Comparison of Lbank vs Coinswitch [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Lbank vs Coinswitch comparison!

Your expert: Alejandro Borja

Lbank

Your expert: Xavier Tarrasó

Coinswitch

Main points

Fees

0,10%

Earns

Yes

Customer service

3/5

0,00%/0,50%

Fees

Yes

Earns

3/5

Customer service

Recommended for

Beginners

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Trading

Yes

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.0 – Competitive fees with additional benefits for token holders.

4.0 – Low fees with a focus on instant crypto swaps.

Level

0,10%

0,00%/0,50%

Brief explanation

LBank offers a straightforward and competitive fee structure. The platform charges a flat trading fee of 0.10% for both makers and takers, which is lower than the industry average. There are no deposit fees on LBank, which makes it an attractive option for users looking to minimize costs when transferring funds into the platform. However, LBank does impose withdrawal fees, which vary depending on the specific cryptocurrency being withdrawn

CoinSwitch employs a variable fee structure, which ranges from 0% to 0.49% per transaction. This fee is integrated into the exchange rate provided to users, making it less visible upfront. While this can be competitive, especially for smaller trades, the lack of clear breakdowns can make the fee structure feel somewhat opaque. For credit and debit card purchases, CoinSwitch uses Simplex, a third-party payment processor, which can add additional costs. These fees can be substantial; for instance, users purchasing Bitcoin via Simplex may experience an effective fee of up to 10% when considering both the Simplex and CoinSwitch fees. Moreover, network (or miner) fees are applied to all transactions and are dependent on the blockchain used. These are additional to the CoinSwitch fees and can vary based on network congestion and other factors. In summary, while CoinSwitch offers a convenient and user-friendly platform, potential users should be aware of the combined costs of CoinSwitch’s variable fees, Simplex processing fees for card transactions, and blockchain network fees, as these can collectively impact the total cost of trading on the platform.

Lbank

Security Methods: LBank employs robust security measures to protect user assets, including cold storage for the majority of funds, two-factor authentication (2FA), and SSL encryption. These methods ensure that both your funds and personal information remain secure from unauthorized access and potential breaches.
Volume Managed: LBank handles substantial trading volumes, which reflects its liquidity and ability to support large-scale transactions. High trading volume is a good indicator of the exchange's reliability and user trust, making it a competitive choice in the market.
Reputation and Reviews: LBank has built a solid reputation over the years, with generally positive feedback from its user base. While it has areas for improvement, such as customer support for English speakers, the overall sentiment from the community indicates a trustworthy and reliable platform.
Transparency: The exchange maintains transparency in its operations, including clear communication of fees and terms of service. Users can find detailed information about trading costs, security measures, and platform policies, contributing to a sense of trust and confidence.
Trading Volume and Liquidity: LBank's high trading volume and liquidity are significant advantages, ensuring that users can execute trades efficiently and at competitive prices. This liquidity also minimizes slippage and provides a more stable trading environment for both new and experienced traders.

Coinswitch

Year Founded CoinSwitch was founded in 2017, providing it with several years of experience in the cryptocurrency exchange industry. Its longevity adds to its credibility and trustworthiness.
Volume Managed The platform manages a significant trading volume, indicating its liquidity and the trust traders place in it. High trading volumes often reflect the platform's efficiency and reliability.
Number of Users CoinSwitch has a substantial user base, with millions of users worldwide. This wide adoption is a testament to the platform's reliability and the trust it has earned in the cryptocurrency community.
Reputation and Reviews CoinSwitch has garnered positive reviews from users and industry experts alike. Its reputation is bolstered by its user-friendly interface, extensive range of supported cryptocurrencies, and consistent performance, making it a trusted choice among cryptocurrency exchanges.
Security Methods CoinSwitch employs robust security measures, including encryption protocols, two-factor authentication (2FA), and cold storage for the majority of user funds. These security practices help ensure the safety of users' assets and personal information.

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Account Minimum

Get started with just $100.

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Direct link to the website

Product selection

Native token

Token LBK

Earns

Yes

NFT marketplace

Cripto/debit card

Full name

Superchains Network Technology Co., Ltd.

Bitcipher Labs LLP

Regulation

Not regulated

Year founded

2016

2017

Founder

He Wei

Ashish Singhal

Payment methods

Transfers

Mastercard

Yes

Wire transfer

Card

Yes

Comparative table

Lbank	FEATURES	Coinswitch
The minimum trade amount on LBank is quite low, making it accessible for beginners who want to start trading without committing large amounts of money.	Minimum Trade	CoinSwitch does not explicitly set minimum trade values, allowing for flexibility depending on the partner exchange used. This makes it accessible for traders of all levels
LBank charges a competitive flat fee of 0.10% for both maker and taker trades, which is attractive compared to many other exchanges that have higher fees.	Trading and Transaction Fees	CoinSwitch charges fees ranging from 0% to 0.49%, which are built into the exchange rates. While competitive, these fees can be less transparent, especially when using credit cards
LBank supports over 500 cryptocurrencies, providing a vast array of options for traders looking to diversify their portfolios.	Number of Cryptocurrencies	CoinSwitch supports over 300 cryptocurrencies, providing a vast selection for users
The exchange offers a wide range of crypto-to-crypto trading pairs, enhancing trading flexibility and opportunities for users.	Crypto-to-Crypto Trading Pairs	The platform offers more than 45,000 trading pairs, making it easy to trade between a wide variety of cryptocurrencies
While LBank provides detailed information on its fees and services, the site is primarily available in Mandarin, which can be a barrier for non-Mandarin speakers.	Website Transparency	While CoinSwitch provides some information on fees and services, the details can sometimes be unclear, especially regarding hidden fees and exchange rate breakdowns
LBank does not offer its own exchange card for customers to use for in-store purchases and receive benefits.	Credit/Debit Card	CoinSwitch does not provide an exchange card for in-store purchases.
LBank uses a combination of hot and cold wallet storage, with most funds held in cold storage to ensure security against hacks.	Storage Offering	CoinSwitch does not offer dedicated storage solutions but supports integration with various wallets, allowing users to manage their holdings externally
LBank offers some staking options, but they are not as extensive or competitive as those available on some other major exchanges.	Staking and Rewards	CoinSwitch offers staking options for various cryptocurrencies, allowing users to earn passive income. However, staking rewards can be relatively low and come with some risks, such as illiquidity
LBank provides a user-friendly mobile app and desktop platform, both of which offer comprehensive trading tools and features.	Mobile App and Desktop	The platform has a highly-rated mobile app available for both Android and iOS, offering full functionality and ease of use on the go
Customer service is available 24/7 via email and chat, but support quality varies significantly with slower and less effective responses for English-speaking users.	Customer Service	CoinSwitch provides customer support through online forms, with decent response times. However, there is no direct email or phone support, which can be limiting for urgent issues
LBank offers a variety of deposit and withdrawal methods, primarily in cryptocurrencies, with competitive fees. However, the absence of fiat deposit options can be a limitation.	Deposit and Withdraw	Deposits and withdrawals are straightforward on CoinSwitch, with various methods available. However, fees and processing times can vary depending on the method used

Key features

Analysis tools

Basic charting tools

No significant trading tools, mainly an aggregator

Mobile APP

Security

High 4,9/5

High 4,6/5

Additional features

Margin trading, futures trading, staking, LBank Earn

Instant crypto swaps, CoinSwitch Earn, CoinSwitch Kuber app, fiat on/off ramps

Anonymity

Yes

Key points

Available cryptocurrencies

100+

300+

User-friendliness

LBank features an intuitive and user-friendly interface that is easy to navigate, making it suitable for beginners. The platform focuses on providing a seamless trading experience.

CoinSwitch provides a straightforward and easy-to-use platform that is ideal for beginners. The interface is clean and intuitive, making it easy to navigate and execute trades.

Value for money

Offers good value for money with competitive fees and a wide range of supported cryptocurrencies, making it an affordable option for traders.

Delivers good value for money with competitive fees and a straightforward swapping service, making it an easy option for quick trades.

Countries of operation

Global, including United States, Canada, United Kingdom, Australia, Germany

India, United States, Canada, United Kingdom, Australia

Best for

Suitable for traders seeking a platform with a wide range of cryptocurrencies and competitive fees.

Ideal for traders looking for a straightforward and quick cryptocurrency swapping service with competitive fees.

Base currencies available

USD, BTC, USDT

BTC, USDT (varies by transaction)

Account

Trading

LBank offers a wide range of cryptocurrencies and competitive fees. It provides advanced trading tools but has lower liquidity compared to larger exchanges.

CoinSwitch is an aggregator platform providing access to multiple exchanges through one interface. It supports a wide range of cryptocurrencies but charges additional fees for its service.

Deposit and withdrawal

LBank supports various deposit and withdrawal methods, including bank transfers and crypto. Withdrawals are processed efficiently, with low fees.

CoinSwitch is an aggregator that provides access to multiple exchanges through one interface. It supports various deposit methods, and withdrawals are processed efficiently with low fees.

Account opening process

LBank provides a seamless account opening process. Users need to provide personal details and verify their identity. The process is fully digital and usually takes less than a day to complete.

CoinSwitch offers a straightforward and fully digital account opening process. Users need to provide personal information and verify their identity. The process is quick, usually taking less than a day to complete.

KYC required?

Customer Service

LBank provides customer support via email and live chat. The support team is responsive and helpful, but the lack of 24/7 support may be a limitation for some users.

CoinSwitch offers customer support through email and live chat. The response time is quick, but the support team is not available 24/7, which may be a drawback for some users.

Security

LBank offers comprehensive security measures, including 2FA and cold storage. However, it lacks regulation from major financial authorities, which might be a concern for some investors.

CoinSwitch provides robust security with 2FA and encryption. Despite its strong security measures, the platform lacks regulation from major financial authorities, which could be a concern for some investors.

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I would like to provide a recommendation regarding LBank. LBank is an excellent choice for traders seeking a platform with a wide variety of cryptocurrencies and low trading fees. It supports over 500 cryptocurrencies, making it a versatile option for portfolio diversification. However, while the exchange excels in offering advanced trading tools and a user-friendly interface, it falls short in customer service and regulatory compliance. If you’re comfortable with these limitations, LBank can be a valuable tool in your cryptocurrency trading arsenal.

Xavier Tarrasó

As an expert on our website, I highly recommend CoinSwitch for those new to the cryptocurrency market. Its user-friendly interface makes it easy to navigate, even for beginners. The platform offers an impressive range of over 300 cryptocurrencies and supports more than 45,000 trading pairs, allowing for diverse trading opportunities. Security is also a strong point, with advanced measures such as two-factor authentication and cold storage in place. Although transaction fees can be slightly higher, the convenience and breadth of options available make CoinSwitch a valuable tool for anyone looking to start or expand their crypto trading journey.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Comparison of Lbank vs Coinswitch [ 2024 ]

Lbank

Coinswitch

Main points

Recommended for

Comparison of fees

Rating

Level

Brief explanation

Lbank

Coinswitch

Product selection

Native token

Earns

NFT marketplace

Cripto/debit card

Company information

Full name

Regulation

Year founded

Founder

Payment methods

Transfers

Mastercard

Wire transfer

Card

Comparative table

Minimum Trade

Trading and Transaction Fees

Number of Cryptocurrencies

Crypto-to-Crypto Trading Pairs

Website Transparency

Credit/Debit Card

Storage Offering

Staking and Rewards

Mobile App and Desktop

Customer Service

Deposit and Withdraw

Key features

Analysis tools

Mobile APP

Security

Additional features

Anonymity

Key points

Available cryptocurrencies

User-friendliness

Value for money

Countries of operation

Best for

Base currencies available

Account

Trading

Deposit and withdrawal

Account opening process

KYC required?

Customer Service

Security

Which of these exchanges is for you?

How do we review crypto exchanges?

Risk Disclaimer

More comparatives Lbank and Coinswitch