Buy Crypto Frequent Ask Questions

To ensure a smooth Buy Crypto deposit, traders are required to perform KYC with third-party service providers. Once successfully verified, service providers will perform an immediate transfer to credit the cryptocurrencies into traders' LBank accounts. Generally, the expected time to receive deposits will be within 2 to 3 hours. If traders experience delays and do not receive their deposits after 24 hours, please refer to your email inbox for any email instructions from your chosen service provider.

 

For more info, please refer to the FAQ below. 

1) Is the fiat transaction function handled by LBank?

No. LBank does not directly process fiat currency deposits. All fiat transactions are processed 100% by our Buy Crypto partners.

 

2) Which service providers provide fiat transaction services on LBank?

Currently, our Buy Crypto partners include Banxa, XanPool, MoonPay, Mercuryo, Simplex, Paxful, Coinify.

                                                                                                                                            3) What are the supported fiat currency deposits?

Currently, the 149 fiat currencies supported include AED, AFN, ALL, AMD, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BMD, BND, BOB, BRL, BSD, BTN, BWP, BYN, BZD, CAD, CDF, CHF, CLF, CLP, COP, CRC, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, FKP, GBP, GEL, GGP, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, IMP, INR, ISK, JEP, JMD, JOD, JPY, KES, KGS, KHR, KMF, KRW, KWD, KYD, KZT, LAK, LKR, LRD, LSL, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MRO, MRU, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SHP, SLL, SRD, STD, STN, SVC, SZL, THB, TJS, TMT, TND, TOP, TRY, TTD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VND, VUV, WST, XAF, XCD, XOF, XPF, YER, ZAR, ZMW, ZWL

                                                                                                                                            

4) What types of cryptocurrencies can I purchase?

Currently, only BTC, ETH, and USDT are supported.

                                                                                                                                            

5) Is there a minimum/maximum fiat amount that can be deposited?

Yes. The purchase limit will be indicated in the amount input box.

                                                                                                                                            

6) What kind of payment methods are accepted?

Electronic fund transfers, Visa/Mastercard credit, debit cards, and cash deposits (limited to certain areas).

For more details, please refer to the providers’ respective websites.

                                                                                                                               

7) Will there be any transaction fees if I purchase crypto via Buy Crypto?

Most service providers charge transaction fees for crypto purchases. Please check the official website of the respective service provider for the actual fee.

                                                                                                                                            

8) Will LBank charge any transaction fee for Buy Crypto?

No. LBank will not charge users any transaction fee for using Buy Crypto.

                

9) Can traders perform fiat transactions using LBank’s app?

Yes, traders can select "Buy Crypto" from the home page to perform fiat transactions on App. 

                                      

10) Can traders use this function to convert cryptocurrencies into fiat and perform a withdrawal out of LBank?

yes, please refer to the Buy Crypto page.

                                                                           

11) Why is the final price quote from the service provider different from the quote I saw on LBank?

The prices quoted on LBank are derived from prices provided by third-party service providers and are for reference only. They may differ from the final quotes due to market movement or rounding error. Please refer to the respective service providers' official website for accurate quotes.

                                                                                             

12) Why is my final exchange rate different from the one I saw on the LBank platform?

The figures stated on LBank only serve to be indicative and are quoted based on the trader's last inquiry. This does not dynamically change based on the price movement of the cryptocurrency. For the final exchange rates and figures, please refer to our third-party providers’ websites.

                                                                                                              

13) When will I receive the cryptocurrency I purchased?

The cryptocurrency is usually deposited into your LBank account between 2 to 30 minutes after purchase. It may take longer, however, depending on blockchain network conditions and the service level of the particular service provider. For new users, cryptocurrency deposits may take up to one day.

                                                                   

14) What is the reason for the delay in receiving my cryptocurrency? Whom should I contact for help?

According to our third-party providers, there are two main reasons for the delay:

(a) Failure to submit proper KYC documents during the registration process.

(b) Fiat payment failed to successfully go through.

If you do not receive cryptocurrency in your LBank account within two hours, please reach out to the appropriate third-party provider to seek immediate assistance. In order for LBank CS to provide assistance, kindly provide us with the order ID of the transaction, which can be obtained from the service provider.  

                                                                                              

15) What happens if I encounter any payment issues during the depositing process?

Please contact the respective service provider to seek immediate assistance. 

                                                                                                                  

16) Will my credit card details be recorded in LBank?

No. LBank does not record your card details, and all data required to perform fiat transactions are solely managed by the third-party service provider. For more details, please refer to their respective privacy policies. 

                                                                                                                                            

17) Am I able to retrieve the orders of all my previous fiat transactions?

You will be able to retrieve the orders from your LBank buy crypto page under the “All orders” tab.

                                                                                                  

18) Is KYC mandatory on third-party provider platforms?

Yes. KYC is needed in order to successfully perform fiat transactions on the third-party providers’ websites.

                                                                                                        

19) Are there any countries that are restricted from using this service?

Certain countries' residents/citizens are restricted from using the services listed inside Buy Crypto by our third-party providers. For the most up-to-date list of restricted countries, kindly refer to the respective service providers' websites.

                                                                                                                     

20) I just bought some BTC, but the status is displayed as "canceled" inside my account's fiat trading history. What does this mean? 

It means that the transaction did not go through and your LBank wallet address will not receive BTC. For more details regarding the cancellation, please check with the respective third-party service provider. 

                                                                                   

21) What do the other statuses represent inside the fiat trading history? 

“Ongoing” — fiat transaction has been submitted, pending payment or additional verification (if any) to be received by the third-party provider. Please check your email for any additional requirements from the third-party provider.

— fiat transaction successfully made, pending cryptocurrency transfer into LBank account.

Please note that some payment methods may take longer to be received by the providers.

 

“Done” — Transaction completed and cryptocurrency will be/has been transferred into LBank account.

 

“Canceled” — Transaction canceled due to one of the following reasons:

• Payment timeout — Trader did not make payment within a given period of time.
• The transaction was canceled by the trader.
• Rejected by the third-party provider.

                                                                                                                                                                         

22) Why did my fiat transaction not show in my LBank account's fiat trading history, even though it was made via the supported list of service providers? 

You may make the deposit directly via the service provider’s website. In order to ensure that LBank has a record of your fiat transaction, please ensure that you always begin the fiat transaction process from our Buy Crypto webpage.

 

23) Can I choose to deposit a fiat currency that does not belong to my country of residence? 

It depends on the individual third-party provider accepting your KYC documents on their platform. For more information, please communicate directly with the respective third-party provider. 

    

24) How do I contact the Buy Crypto third-party partners’ customer support? 

You can refer to this article to get the contact method of the respective providers. 

 

25) Is there any purchase limit set by the third-party payment providers? 

Yes. Please refer to the links below for the respective payment providers to find out more:

1. a) MoonPay Purchase Limit
2. b) Mercuryo Purchase Limit 
3. c) Banxa: Daily limit: 10,000 EUR, Weekly limit: 25,000 EUR Purchase Limit
4. d) XanPool Purchase Limit
5. e) Simplex: Daily limit is 20,000 USD and the monthly limit is 50,000 USD Purchase Limit
6. f) Paxful Purchase limit