How to Withdraw and make a Deposit in LBank

Withdrawal methods in LBank

How to Withdraw Crypto from LBank Website

Let’s use USDT (ERC20) to illustrate how to transfer crypto from your LBank account to an external platform or wallet.

1. After signing in, click [Wallet] - [Spot].
2. Click on [Withdraw].

3. Make the cryptocurrency withdrawal choice. In this illustration, we shall take out USDT.

4. Select the network. As we are withdrawing BTC, we can choose either ERC20 or TRC20. You will also see the network fees for this transaction. Please make sure that the network matches the addresses the network entered to avoid withdrawal losses.

5. Enter the recipient’s address or choose from your address book list afterward.

6. Select the coin and network. Then, enter the address.

• Wallet Label is a customized name you can give to each withdrawal address for your own reference.
• MEMO is optional. For example, you need to provide the MEMO when sending funds to another LBank account or to another exchange. You do not need a MEMO when sending funds to a Trust Wallet address.
• Make sure to double-check if a MEMO is required or not. If a MEMO is required and you fail to provide it, you may lose your funds.
• Note that some platforms and wallets refer to the MEMO as Tag or Payment ID.

7. Type in the sum you want to withdraw.

Warning: If you input the wrong information or select the wrong network when making a transfer, your assets will be permanently lost. Please, make sure that the information is correct before making a transfer.

How to add a new recipient address？

1. To add a new recipient, click account- [Address]. 

2. Click [Add Address].

3. Type the following address as displayed in the screenshot:

4. After clicking [Confirm], you will have added a new address.

How to Withdraw Crypto from LBank App

Let’s use USDT (TRC20) to illustrate how to transfer crypto from your LBank account to an external platform or wallet.

1. Enter your LBank login information and select [Wallet].

2. Click on [Withdraw].

3. Make the cryptocurrency withdrawal choice. In this illustration, we shall take out USDT.

4. Please notice that equivalent assets purchased through C2C within 24 hours cannot be withdrawn.

5. Select the wallet address.

6. Select the TRC20 network. Then, enter the address and withdrawal amount. (Note is optional). Then click [Confirm].

When you withdraw other tokens (such as XRP), you may be asked to fill in MEMO:

• MEMO is optional. For example, you need to provide the MEMO when sending funds to another LBank account or to another exchange. You do not need a MEMO when sending funds to a Trust Wallet address.
• Make sure to double-check if a MEMO is required or not. If a MEMO is required and you fail to provide it, you may lose your funds.
• Note that some platforms and wallets refer to the MEMO as Tag or Payment ID.

7. Verify the specifics of the withdrawal.

8. Enter the verification codes for Google and for email.

How to add a new recipient address？

1. To add a new recipient, click []. 

2. Click [Add Address].

3. Type the email and address verification codes. You’ve added a new address after clicking [Add immediately]. The note is not required.

How to Make Internal Transfer on LBank

You can transfer money between two LBank accounts using the internal transfer feature. No transaction fees are required, and they will be credited right away.

1. Click [Wallet] after logging into your LBank account.

2. Click [Withdraw].

3. Pick the coin you want to withdraw.

4. Next, type the other LBank user’s recipient address or choose from your address book list.

Enter the amount to transfer. You will then see the network fee displayed on the screen. Please note the network fee will only be charged for withdrawals to non-LBank addresses. If the recipient’s address is correct and belongs to an LBank account, the network fee will not be deducted. The recipient account will get the amount indicated as [Receive amount].


Please note: The fee exemption and instant arrival of the funds are only applicable when the recipient address belongs to an LBank account too. Please make sure that the address is correct and belongs to an LBank account.

Moreover, if the system detects that you are withdrawing a coin that requires a memo, the memo field is also mandatory. In such a case, you will not be allowed to withdraw without providing the memo; please provide the correct memo, otherwise, the funds will be lost.

7. Click [Submit] and you will be redirected to complete the 2FA Security verification for this transaction. Please double-check your withdrawal token, amount, and address before clicking [Submit].

8. After the withdrawal is successful, you may return to [Wallet] - [Withdraw] - [**token name] to check the transfer status.

Please note that for internal transfer within LBank, no TxID will be created.

How to add an internal transfer address?

1. Click [Add account] if you don’t have an internal address.

2. After that, you will be directed to the next page, where you may enter the information for the address, note, and email verification. Please confirm that the newly added address must be associated with an LBank account. Click [Add instantly] after that.

3. The address has been successfully inserted as the internal transfer address.

How to Sell Crypto from LBank with a Credit/Debit Card

1. After logging in, select [Buy Crypto] - [Credit/Debit Card] from the LBank account menu.

2. Click "Sell" on the Side.

3. Enter the amount in the "Pay" and select the crypto that you wanted to sell. Then select the fiat currency you want to receive and the method of payment, and click "Search". In the list below, choose a third-party platform you want to trade, and click "Sell Now".

4. Verify the order, then click "Confirm". Follow the instructions on the checkout page to finish the payment.

5. This is where you can see the order details.

 

Frequently Asked Questions (FAQ)

How to Resume Withdrawal Function?

For security purposes, the withdrawal function may be temporarily suspended for the following reasons:

• The withdrawal function will be suspended for 24 hours after you have changed the password or disabled the SMS/Google authentication after logging in.
• The withdrawal function will be suspended for 48 hours after you have reset your SMS/Google authentication, unlock your account, or change your account email.

The withdrawal function will be resumed automatically when the time is up.

If your account has abnormal activities, the withdrawal function will also be temporarily disabled. Please contact our online service.

What Can I Do When I Withdraw to The Wrong Address?

If you mistakenly withdraw funds to the wrong address, LBank is unable to locate the receiver of your funds and provide you with any further assistance. As our system initiates the withdrawal process as soon as you click [Submit] after completing security verification.

How can I retrieve the funds withdrawn to the wrong address?

• If you sent your assets to an incorrect address by mistake and you know the owner of this address, please contact the owner directly.
• If your assets were sent to the wrong address on another platform, please contact the customer support of that platform for assistance.
• If you forgot to write a Tag/Memo for withdrawal, please contact the customer support of that platform and provide them with the TxID of your withdrawal.

Why Hasn’t My Withdrawal Arrived?

1. I’ve made a withdrawal from LBank to another exchange/wallet, but I haven’t received my funds yet. Why?

Transferring funds from your bank account to another exchange or wallet involves three steps:

• Withdrawal request on LBank
• Blockchain network confirmation
• Deposit on the corresponding platform

Normally, a TxID (Transaction ID) will be generated within 30-60 minutes, indicating that LBank has successfully broadcasted the withdrawal transaction.

However, it might still take some time for that particular transaction to be confirmed and even longer for the funds to be finally credited into the destination wallet. The amount of required “network confirmations” varies for different blockchains.

For example:

• A decides to withdraw 2 BTC from LBank to her personal wallet. After she confirms the request, she needs to wait until LBank creates and broadcasts the transaction.
• As soon as the transaction is created, A will be able to see the TxID (Transaction ID) on her LBank wallet page. At this point, the transaction will be pending (unconfirmed) and the 2 BTC will be frozen temporarily.
• If all goes well, the transaction will be confirmed by the network, and A will receive the BTC in her personal wallet after 2 network confirmations.
• In this example, she had to wait for 2 network confirmations until the deposit showed up in her wallet, but the required amount of confirmations varies depending on the wallet or exchange.

Due to possible network congestion, there might be a significant delay in processing your transaction. You may use the transaction ID (TxID) to look up the status of the transfer of your assets by using a blockchain explorer.

Note:

• If the blockchain explorer shows that the transaction is unconfirmed, please wait for the confirmation process to be completed. This varies depending on the blockchain network.
• If the blockchain explorer shows that the transaction is already confirmed, it means that your funds have been sent out successfully and we are unable to provide any further assistance on this matter. You will need to contact the owner/support team of the destination address to seek further help.
• If the TxID has not been generated 6 hours after clicking the confirmation button from the e-mail message, please contact our Customer Support for assistance and attach the withdrawal history screenshot of the relevant transaction. Please make sure you have provided the above-detailed information so the Customer Service agent can assist you promptly.

2. How do I check the transaction status on the blockchain?

Log in to your LBank account and click [Wallet] - [Spot] - [Transaction History] to view your cryptocurrency withdrawal record.

If the [Status] shows that the transaction is “Processing”, please wait for the confirmation process to be completed.

If the [Status] indicates that the transaction is "Completed," you can view the transaction details by clicking on the.

Deposit methods in LBank

Deposit Crypto in LBank

You can move your cryptocurrency holdings from another platform or wallet to your LBank Wallet for trading.

How to find my LBank deposit address?

Cryptocurrencies are deposited via a “deposit address”. To view the deposit address of your LBank Wallet, go to [Wallet] - [Deposit]. Then copy and paste the address to the platform or wallet you are withdrawing from to transfer them to your LBank Wallet.

Step-by-step tutorial

1. Click [Wallet]-[Deposit] after signing into your LBank account.

2. Choose a cryptocurrency, such as USDT, that you want to deposit.


3. Next, choose the deposit network. Please make sure that the selected network is the same as the network of the platform you are withdrawing funds from. If you choose the wrong network, you will lose your funds.

Summary of network selection:

• ERC20 refers to the Ethereum network.
• TRC20 refers to the TRON network.
• BTC refers to the Bitcoin network.
• BTC (SegWit) refers to Native Segwit (bech32), and the address starts with “bc1”. Users can withdraw or send their Bitcoin holdings to SegWit (bech32) addresses. 
• BEP2 refers to the Binance Chain.
• BEP20 refers to the Binance Smart Chain (BSC).

4. If you are withdrawing from an ERC20 address (Ethereum blockchain), we will select the ERC20 deposit network.

• The network selection depends on the options provided by the external wallet/exchange you are withdrawing.
• If the external platform only supports ERC20, you must select the ERC20 deposit network.
• DO NOT select the cheapest fee option. Select the one that is compatible with the external platform.
• For example, you can only send ERC20 tokens to another ERC20 address, and you can only send BSC tokens to another BSC address. If you select incompatible/different deposit networks, you will lose your funds.

5. Click to copy your LBank Wallet’s deposit address and paste it to the address field on the platform you intend to withdraw crypto from.

6. After confirming the withdrawal request, it takes time for the transaction to be confirmed. The confirmation time varies depending on the blockchain and its current network traffic.

Please wait patiently for the transfer to be processed. The funds will be credited to your LBank account shortly after.

7. You can check the status of your deposit from [Records], as well as more information on your recent transactions.

Buy Crypto in LBank

Buy Crypto in LBank with Bank Transfer

Deposit Guide

How can I purchase cryptocurrency using funds from my bank account is one of the most commonly asked questions.

It’s simple! As an illustration, send money from Bank of America.

Select the “Transfer” menu, then click “Using Someone’s Account Number At another bank”.

Add a recipient

If this is the first time you are sending the funds to us, you need to add Legend Trading Inc. as a recipient. This is a one-time effort. You won’t need to do this again in the future.

Enter the correct information below, which you can also find on our OTC deposit page anytime.

• Account Name: Legend Trading Inc.
• Account Address: 960 San Antonio Road, Suite 200, Palo Alto, CA 94303, United States
• Account Number: 1503983881
• Routing Number: 026013576
• Bank Name: Signature Bank
• Bank address: 565 Fifth Avenue New York NY 10017, USA
• SWIFT code: SIGNUS33XXX (Only use it if your bank is outside of the U.S.)

The same details mentioned above are available at any time on our OTC deposit page.

Let’s go back to the bank page, it should look like this after you entered the account information -

Enter [email protected] or [email protected] in the Email text field, although it’s optional.

Now that you have added the recipient successfully, you can send money, i.e., make a deposit to your OTC account.

You can send money now that the receiver has been added successfully.

1. Check out the OTC “Deposit” Page and find your own reference code.

This code is unique for each user, use your own code!

2. Enter the code in the “Description” or “Additional information” field on your transfer page.

ACH vs Wire Transfer

When sending money to us, you have several choices. The option for wire transfers is the quickest, thus we strongly advise using it. The funds can typically be received on the same day.

Reference Code

To recognize the sender of each deposit 100% correctly, we ask that each user enters this reference code. Again, this code is unique for each user, use your own code!

If you don’t worry, email finance@legendtrading and we’ll locate the transfer for you. Whenever you contact our Finance staff, please include a screenshot of your bank transfer information.

Minimum Transfer Amount

Feel free to send any amount you want. However, there’s a minimum trade limit of $500 at our OTC service, so if your deposit amount was less than $500, you won’t be able to trade, although you can see it from your OTC balance. We’d suggest that you deposit more than $505, or you may not be able to execute a trade although you have a USD balance.

Once your funds arrive in our bank account, we’ll update your OTC account balance accordingly. Check the OTC page, you’ll see your USD balance appear at the bottom right.

Congratulations! You are all set to buy crypto!

Please don’t hesitate to email us if you require any additional help with the bank, ACH/Wire transfers, or if you believe it has taken too long: [email protected]

Buy Crypto in LBank with a Credit/Debit Card

1. After logging in, select [Buy Crypto] - [Credit/Debit Card] from the LBank account menu.

2. Enter the amount in the “I Want to Spend" and select the crypto that you wanted to buy under the "I Want to Buy" field. Then choose “Payment Method”, and click “Search”. In the list below, choose a third-party platform you want to trade, and click “Buy Now”.

3. Review the order details before clicking the [Confirm] button.

4. Complete the details to pass the Identity Verification (KYC) on the third-party platform. Once successfully verified, the service provider will immediately transfer and exchange the cryptocurrencies in your LBank account.

5. This is where you can see the order details.

Frequently Asked Questions (FAQ)

What should I do if I deposit my tokens to the wrong address?

If you deposit your tokens to the wrong address on LBank (for example, you deposit ETH to DAX address on LBank). Please follow the below instructions to retrieve your asset:

1. Check if you fit the below circumstances, if so, your asset cannot be retrieved.

• The address you deposit to does not exist
• The address you deposit to is not the LBank address
• The token you deposited hasn’t been listed on LBank
• Other non-retrievable circumstances

2. Download “Asset Retrieving Request”, fill it out and send it to LBank’s customer service through email ([email protected]).

LBank’s customer service will process your application as soon as your email is received and reply to you whether your assets can be retrieved within 5 working days. If your asset is retrievable, your asset will be transferred to your account within 30 working days, thank you for your patience. 

How to Retrieve Crypto Deposit with Wrong or Missing Tag/Memo?

What is a tag/memo and why do I need to enter it when depositing crypto?

A tag or memo is a unique identifier assigned to each account for identifying a deposit and crediting the appropriate account. When depositing certain crypto, such as XEM, XLM, XRP, KAVA, LUNA, ATOM, BAND, EOS, BNB, etc., you need to enter the respective tag or memo for it to be successfully credited.

What transactions are eligible for Tag/Memo Recovery?

• Deposit to LBank accounts with wrong or missing tag/memo;

• If you entered the wrong address or tag/memo for your withdrawal, LBank is unable to assist you. Please contact the platform you are withdrawing from for assistance. Your assets might be lost;

• Deposit of crypto that is already listed on LBank. If the crypto you’re trying to retrieve is not supported on LBank, please contact our online service for help.

Deposit made to the incorrect receiving/deposit address or an Unlisted token deposited?

LBank generally does not offer a token/coin recovery service. However, if you have suffered a significant loss as a result of incorrectly deposited tokens/coins, LBank may, solely at our discretion, assist you in recovering your tokens/coins. LBank has comprehensive procedures to help our users recover their financial losses. Please note that successful token recovery is not guaranteed. If you have encountered this sort of situation, please remember to provide the following information to us for speedy assistance:

• Your LBank account email
• Token name
• Deposit amount
• The corresponding TxID