BingX vs LBank: which venue for which trader

Posted by the operator of RebateMax

This is a comparison between the two exchanges I earn from, so there is no neutral side to disclose. BingX pays this site a commission on the fees of traders who register through our link, and so does LBank. I have no reason to push you toward one or the other, and the honest answer for a lot of traders is "both, for different trades". What follows is the published numbers, the arithmetic, and where each venue is the better choice.

The rates below are perpetual futures, because that is what both venues are mainly used for and what has been checked against each exchange's own schedule. The fee explainers for BingX and LBank have the detail and the dates.

The fee schedules, side by side

Three things stand out.

At the standard rate, BingX is the cheaper venue. Maker is identical at 0.02%, and LBank's 0.06% taker is 20% more than BingX's 0.05%. A trader who registers on either exchange without a referral pays less on BingX.

Through our links, LBank is far cheaper. BingX halves your fees: 0.025% taker. LBank's rate with the code is 0.003% taker, roughly an eighth of that. The two deals work differently. On BingX, the exchange applies a 50% discount to the standard schedule, funded by the commission it pays us. On LBank, the account simply carries a lower rate from the first order.

Neither deal has a volume requirement or an expiry, and neither can be added to an account you already have. Referral attribution on both exchanges happens at registration.

What that looks like in dollars

Taker volume is the honest worst case for an active trader, so here it is per unit of volume filled. Every fill pays, entries and exits both.

Fee = notional volume × rate, on each fill. Notional, not margin: a $10,000 position at 10x leverage is $10,000 of volume. Funding, spread, slippage and withdrawals are excluded. The fee comparison runs the same arithmetic on your own volume.

On fees alone, LBank with the code wins at every size. If fees were the whole decision, this post would end here. They are not.

Volume ladders

BingX runs an eight-level VIP ladder, recalculated on rolling 30-day volume. The referral discount sits on top of whatever tier you reach, so it is structural rather than a threshold you defend each month.

LBank through the code has no ladder to climb. The rate is on the account from the first trade. The usual way to reach rates in that range on any exchange is a VIP ladder that asks for $50 million or more a month; here there is no tier to reach.

If you trade at a size where exchanges negotiate with you directly, neither deal is written for you. Below that, both are better than what a standard account gets.

Listings: the reason most people open an LBank account

LBank's reputation is early altcoin listings, often within a token's first 24 to 48 hours of trading. If you want exposure to new tokens before they reach the larger venues, that is the case for LBank, and no fee table captures it.

It comes with a cost that is not on any fee schedule. Early listings mean thin order books and violent moves. On a day-old token the spread and slippage can cost more than every fee in this post put together, and a position size that makes sense on BTC does not make sense there. A 0.003% fee is not a reason to trade something you would otherwise avoid.

BingX is the deeper, more established venue.

Copy trading

BingX runs a copy-trading product, which I have reviewed here, including what copy traders pay on top of the trading fee. I have not reviewed any copy-trading offering on LBank, so I am not going to compare one. If copy trading is why you are choosing an exchange, BingX is the one this site can tell you about.

Availability

Both exchanges restrict certain jurisdictions. Check the terms for yours before opening an account on either.

One thing specific to LBank: some internet providers block lbank.com outright, so the site and the registration link do not load at all. That is a network block, not an outage, and it is not something we can fix from our side. If the LBank link does not open for you, that is the likely reason, and BingX is the venue this site can offer you.

What this comparison cannot tell you

Which exchange is safer. I am not in a position to audit either exchange's balance sheet, and I will not imply that one is safer than the other. BingX's security history, including the September 2024 hot-wallet incident, is written up in Is BingX safe?. The rule is the same for both venues: keep on the exchange what you are actively trading, and nothing more.

Spot fees. The figures above are perpetual futures. LBank's spot rates have not been verified here and I will not quote them.

Whether you should trade more. A lower fee improves your cost basis, not your strategy. It makes a good trade slightly better and a bad one slightly less expensive.

Who should use which

Use LBank if you trade perpetual futures actively and cost is the input you care about most, or you want early access to new listings and you size those positions for thin books. Through the code, it is the lowest perpetual fee this site can offer.

Use BingX if you want copy trading, the deeper book on majors, or you cannot reach LBank from your network. Through the referral, it is half the standard schedule for the life of the account.

Use both if it suits how you trade. Plenty of traders keep one account for majors and another for new listings. There is no loyalty prize for picking one.

Check it on your own statement

Do not take my table on trust. After your first small perpetual order on either venue, open the order in your trade history and read the fee line. On a $10,000 notional taker fill it should read $2.50 on BingX through our link and $0.30 on LBank with the code. If it reads the standard rate, the referral was not attached at registration, and it cannot be attached later.

To register: BingX through the BingX referral page, LBank through rebatemax.trading/lbank or with code 60VZB on the sign-up form. If you do neither, the arithmetic above still works on any exchange you already use.

Trading involves risk. Leveraged futures can lose your whole margin quickly. Nothing here is financial advice.