5 Crucial Checks Before Investing in LBank

LBank has been in operation since 2015 and recently partnered with Argentina's national football team, making it a well-known name in the crypto space. However, its safety for users depends on several factors that can be checked by anyone in about twenty minutes.

The first check is whether you are allowed to open an account, which LBank's User Service Agreement clearly outlines as restricted regions including Iran, the United States, Canada, and mainland China. Even if you live outside these areas, it's essential to verify your location before proceeding with any transactions.

LBank does not publish a proof of reserves report, which is a crucial sign of good faith for centralised exchanges. This doesn't necessarily mean anything is wrong, but it's best to treat LBank as a trading platform rather than a place to store funds.

The exchange also has a history of questionable claims, including a statement about zero security incidents. However, this only refers to past events and does not guarantee future safety.