London Block Exchange (LBX) Review
London Block Exchange (LBX) is a UK-based company which allows you to buy bitcoin (BTC) and 11 other cryptocurrencies with GBP.
But who are London Block Exchange (LBX)? How does their platform work? Do they offer competitive rates?
The London Block Exchange is one of the results of the development of the blockchain industry that has better performance and has good ideas, by using our system that allowing investors to be more open to symbolic investment. As one of the blockchain platforms, the company wants to help investors care more about the economic weaknesses experienced by many people around the world in the concept with use reciprocal assistance as an investment that can be used by users on this registered blockchain platform.
WHO ARE LONDON BLOCK EXCHANGE (LBX)?
London Block Exchange (LBX) was founded September 2017 by CEO Benjamin Dives. They received £2m in funding to kickstart this project.
London Block Exchange (LBX) supports on-shore UK banking. This means you don’t have to faff around with wire transfers or SEPA. With London Block Exchange (LBX), you can just deposit funds with a simple GBP bank transfer. They utilise the Faster Payments Service (FPS) too, but regular users don’t seem to get the full benefit.
Their mission is to: “open the doors for everyone to partake in the new and emerging economy”.
Echoing this, CEO Benjamin Dives has previously said that they’re “creating a service where all steps of the cryptocurrency investment journey are seamless and straightforward”.
According to their CEO, London Block Exchange (LBX) is “incredibly popular among UK crypto-enthusiasts”. I couldn’t find any stats to back this claim up though.
HOW DOES LONDON BLOCK EXCHANGE (LBX) WORK?
Although it’s called London Block Exchange, it doesn’t seem like an exchange service (I’m waiting for clarification on this).
Cryptocurrency exchanges (e.g., Coinbase Pro, Bitstamp, Kraken) are online platforms which match buyers and sellers. They typically allow you to set market orders (where you just buy at the current best price) and limit orders (where you set a specific buy/sell price).
Instead, London Block Exchange (LBX) appear to be acting like a broker. There’s a set buy/sell price and trades execute immediately.
I wish they’d made this clearer, as I expected to see something like Coinbase Pro before I registered.
You’ll also have to conduct all your trades through their iOS or Android app. The desktop app is coming soon™. Not a fan of buying/selling through apps, so that’s good to hear.
London Block Exchange (LBX) support the following cryptocurrencies:
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Ethereum Classic (ETC)
- OmiseGo (OMG)
- Golem (GNT)
- 0x (ZRX)
- Basic Attention Token (BAT)
- Status (SNT)
London Block Exchange (LBX) are looking to add additional cryptocurrencies as the marketplace develops (but won’t say more than that).
London Block Exchange (LBX) utilise the Faster Payments Service (FPS) through an on-shore UK bank account.
With the FPS, electronic sterling payments should arrive in the destination account on the same day that they’re sent. In my experience, GBP sent through the FPS usually arrives within a couple of minutes. Most UK banks participate in the scheme, but you can double check here.
When I tested London Block Exchange (LBX), my deposit wasn’t credited until the next working day. That’s a little disappointing (as it negates the value of the FPS).
GBP withdrawals look like they take about 24 hours too.
Deposits of GBP and cryptocurrency are free, but free users will pay 2.45% when withdrawing GBP.
Excellence of the project London Block Exchange
- Trading execution is more than £ 100,000.
- Trading in Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash & Ethereum Classic and many more.
- Cryptocurrency is paired with GBP and EUR.
- Special account manager.
- High customer service standards.
- Deep market knowledge and recognized daily market updates.
- Buy, sell, and save real cryptocurrency.
- We schedule complete new coins and token lists.
- Real and personalized customer support.
- Access is very easy and fast through applications that can be accused on the App Store and Google Play.
The London Block Exchange will launch LBXu Token, the leading trading currency in the London Block Exchange crypto trade. LBXu Tokens evolved on the Ethereum ERC 20 blockchain technology, one of the most popular and powerful blockchain systems available today.
- Name Token: LBXu
- Token Type: ERC20
- Platform: Ethereum
- Token Price: 1 ETH = 1,000 LBXu
- Amount of Supply: 250,000,000 LBXu
- Available for Presale: 100,000,000 LBXu
- Hard Cap: 100,000 ETH
At first, I was a bit underwhelmed by the London Block Exchange (LBX).
Despite supporting GBP deposits through the UK Faster Payments Scheme (FPS), my deposit wasn’t processed till the next working day.
Apparently, GBP withdrawals take 24 hours to process too.
It doesn’t seem like an online exchange platform.
GBP withdrawal fees are 2.45%.
HOWEVER… when I re-checked their bitcoin (BTC) rates, they were competitive. Including their 0.5% trading fee, it was about 1% above the real BTC to GBP exchange rate.
This makes London Block Exchange (LBX) an excellent way to buy bitcoin (BTC) (+10 other cryptocurrencies) in the UK.
But because of their GBP withdrawal fees, London Block Exchange (LBX) is a terrible way to sell bitcoin (BTC) in the UK. There are numerous alternatives which are cheaper and more convenient.
For complete information, please visit the following link:
Webite : https://lbx.com/
Twitter : https://twitter.com/LBXSocial
Telegram : https://t.me/lbxcommunity