LBank has been flagged by Ontario Securities Commission for "Unregistered/Unlicensed entity offering financial products or services". LBank, also known as LBank Exchange (PT LBK Teknology Indonesia) and LBK Exchange Limited found at www.lbank.com is not registered in Ontario to engage in the business of trading in securities. This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I had high hopes for LBank through a podcast recommendation, but my experience has been disappointing. Customer support is slow, the platform has frequent issues, and their fee structure is not as transparent as advertised. I am actively looking for alternatives now.
Pros: Quick verification|Intuitive for beginners|Fast support response
Cons: Live chat only during business hours
I want to warn everyone about LBank. They have been flagged by Ontario Securities Commission as an unauthorized entity. I wish I had checked before investing. They use high-pressure sales tactics and fake testimonials. Once you send money, getting it back is nearly impossible.
Pros: Initially responsive customer service
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
My withdrawal from LBank was rejected three times for vague reasons. Each time they asked for more documents. When I finally provided everything, they said my account was under review. for a couple of months now of being strung along.
Pros: API access|Wide product range
Cons: Some tools only available on higher tiers
My withdrawal request from LBank has been pending for over two weeks now. Every time I contact support, I get the same copy-paste response about processing times. This is unacceptable for a financial platform in this day and age.
Pros: Copy trading available|Multiple order types|Low minimum deposit
Cons: No phone support on weekends|Limited ETF selection
Opened my account with LBank based on a colleague's recommendation and regretted it within the first month. The platform crashed during a critical moment, I lost potential gains, and support basically told me it was not their problem. Absolutely unacceptable behavior.
Pros: Reliable uptime|No hidden fees|Dividend tracking
Cons: Website design could be more modern
For anyone considering LBank, please be aware that this company has been flagged by Ontario Securities Commission. This does not necessarily mean they are a scam, but it does mean they may not be authorized to operate in certain jurisdictions. I strongly recommend checking the official regulator website before making any investment decisions.
Cons: Flagged by international regulators|Due diligence required
The only good thing about LBank is that they remind you why regulation matters. I found them when my bank disappointed me and I searched for alternatives. They are regulated in a jurisdiction with weak consumer protection. When things went wrong I had nowhere to turn. Stick to well-regulated brokers.
Pros: Dedicated account manager|Low minimum deposit|Tax reports included|Competitive fees
Cons: Desktop app not available on Linux|Search feature is basic
Where do I even begin with LBank? for nearly two years of broken promises, unanswered tickets, and a platform that feels like it was built in 2010. They spend more on marketing than on actually improving their service. Stay away from this company.
Pros: Multi-device support|Helpful community forum|API access|Clean UI
Cons: Research section could be deeper
LBank advertises low fees but once you dig into the fine print, there are numerous charges that add up quickly. Inactivity fees, withdrawal fees, currency conversion fees - it all eats into your returns. I wish I had read the terms more carefully.
Pros: Intuitive for beginners|Full transparency|Wide product range
Cons: Nothing significant|No crypto staking
KYC with LBank is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Intuitive for beginners|Segregated accounts
Cons: No fractional shares|Limited cryptocurrency options