Welcome to this post, where we are going to see how to deposit funds in LBank in an easy and simple way. We will compare the two most used and efficient methods to see which one is more worthwhile.
We will also see which one to use in each situation and be able to save on commissions. So I recommend you to stay until the end to learn about the two ways to deposit.
If you are new to LBank, you may be interested in the guides below.
We are going to use two methods, the first one within the platform itself, LBank. The second option is to use another platform, in this case the one we will use is Binance. Because of how cheap it is to deposit, and because it is the most used exchange in the world. If you want to use the second way, you can create an account with binance if you don’t have one, and follow the steps in this guide.
Platform: Binance
Min. deposit: $10
License: Cysec
Very low commissions
Exchange with more cryptocurrencies
Buy Crypto
The first option can be found in the top menu under Buy Crypto. Here, there are different options, credit/debit card, P2P, fast trade and bank transfer.
We will look at the first one and fast trade. Since P2P has several risks and you can be scammed, and bank transfer is also interesting, but it is slower and we will have to wait several days to have the money in our balance.
We start with credit/debit card. Here, the operation is very similar to the deposit methods found on other platforms such as KuCoin.
The first thing is to select Buy, and the next thing is to select the cryptocurrency we want to buy to be deposited in our balance. I recommend using USDT, as it is stablecoin and avoids large price fluctuations from the time you buy until it is deposited into your account. USDT is also the standard for buying and selling cryptocurrencies on most exchanges. Next, you indicate the amount you want to spend and the currency you have in your bank account, and you will make the payment. Finally, you can select the payment method or select all. With this indicated, click on search to see the different alternatives.
The alternatives are external providers that link to LBank to deposit the cryptocurrencies you have purchased. There are different merchants or providers, and you will find them from cheaper to more expensive in commissions. You will be able to see in estimated amount, the amount you will receive with that provider. And then calculate the commission charged by each one.
For example, with 1.000$, we will receive 960 USDT. That would be 4% commission. We will see in the second option, a cheaper way with a 2% commission approx. Once you have chosen the provider, click on place order, and follow the steps that the provider asks you. Depending on the provider, they will ask for some things or others, but usually they are mail, the payment method, usually your card and identification information to avoid money laundering. Follow the steps and make the payment. After a few minutes, you will be able to see the USDT or the cryptocurrency you have bought in your balance.
You can also go to fast trade and make a deposit with your debit/credit card once you have verified your account with LBank, and with very low fees.
Binance to LBank
In this method, it is more complex because it requires more steps, but the cost is about 2% and 1 USDT. Compared to the 4% of the other option, this is a saving of more than half. If you deposit $1,000, you are saving $20 every time you deposit this amount.
If you don’t have an account with Binance to follow the steps of this method, you can create one just below.
Platform: Binance
Min. deposit: $10
License: Cysec
Very low commissions
Exchange with more cryptocurrencies
To do this, we will go to Binance, and deposit your currency using the payment method of your choice. Either by debit/credit card or by bank transfer. Once deposited and with your currency in the balance, we will buy USDT. You can do the same with other cryptocurrencies to send them to LBank, but with USDT it is the simplest and the most compatible with all exchanges.
So go to market and fiat exchanges. We look for the currency with the USDT pair, for my case EUR/USDT. Let’s go to sell and mark the amount you want to use and exchange for USDT.
With USDT already in our profile, we will go to spot wallet and search for USDT. From the mobile part, look for USDT in the spot balance. Click on withdraw/withdraw. You will now see the withdrawal panel.
It’s time to go to LBank in wallet and spot. Here, we will go to USDT and click on deposit/deposit. We will indicate the Tron network (TRC-20) and you will see the address where we will send our funds. You must copy it by clicking on it. Check that it is the TRC-20 network and not another one. Â
Go back to Binance and paste the address we copied in LBank. We are going to mark the Tron network, indicate the amount and only remains to click on withdraw. In a few minutes, the USDT should appear in our LBank balance.
I hope you have found it useful to be able to deposit funds in LBank in the cheapest way possible. Remember that if you don’t have an account with binance, you can create one just below.
Platform: Binance
Min. deposit: $10
License: Cysec
Very low commissions
Exchange with more cryptocurrencies
