The number of crypto exchanges is constantly expanding. People who invest in digital currency often get puzzled about where to buy or sell coins with peace of mind. The majority still believe that years of experience is a feature that says about exchange reliability and security, so they often choose LiteBit keeping this in mind. Having been launched in 2013 and registered in the Netherlands, LiteBit remains quite popular with crypto investors despite high competition. Why do so many users prefer this swap and are there any things to consider prior to using it? This LiteBit review sheds light on all aspects that may be interesting for crypto enthusiasts.
What is Litebit
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LiteBit is an online cryptocurrency exchange that offers a safe and simple way to digital coins. It allows buying and selling 40+ cryptocurrencies at a competitive price with a minimum of effort. LiteBit can boast an impressive daily volume of over €1 million and has been voted 'Best Crypto Broker' 2019 & 2020.
This is a Dutch company registered in the Netherlands, the most crypto-friendly country. It has operated in Europe since 2013 and has a team of over 50 professionals from different corners of the world to provide users with the best swap experience ever. Currently, there are over 6,000 pairs and 800,000+ users on this exchange and it aims at becoming the best and most trusted broker in Europe.
There are 3 main features that make LiteBit outstanding in the crypto industry:
The exchange is a secure place not only to trade but also to store cryptocurrency. It offers 2-factor authentication to protect the account better and has never been reported to lose users' funds because of hacks.
The main reason why LiteBit was created by its founders was a desire to create an easy-to-use exchange suitable for both beginners and experienced traders. The buying and selling procedures are fast and simple.
The main focus is made on customer satisfaction. Therefore, the quality of services is constantly improved based on user opinion and remarks, while the support team is available round the clock to help solve any issues too.
How does it work
LiteBit runs similarly to other crypto exchanges. A user should register on the platform and pass through the verification procedure to be able to buy or sell cryptocurrency. There are several banking options supported, so you can choose the coin, enter the amount, and send money to the exchange. As soon as a system confirms the receipt, your coins will arrive in the LiteBit wallet.
All countries that belong to European Union can join the exchange and trade cryptocurrency. Unfortunately, residents of the US and other countries are restricted to access the exchange.
Since LiteBit operates in Europe and is registered in the Netherlands, the platform is available in two languages: English and Dutch.
LiteBit was launched by crypto enthusiasts to make trading simple and fast, so the website interface is characterized by clarity and minimalism too. When you access the platform, you immediately spot its functionality since the main menu is located at the top of the screen and eye-catching design with the domination of blue, orange, and white shades.
If you want to register or log into the existing account, look at the upper right corner. The language button is next to the Get started and Login buttons. There is also information about the current market situation, mobile apps, and a help center too.
Despite such a clear and easy-to-use website, the litebit.eu reviews rating on Trustpilot can be hardly called impressive. It is 2.5 based on over 2,700 reviews, and many users complain about delays and no funds delivery especially in Germany, so it is better to start trading with small amounts to check possible risks.
LiteBit offers a digital wallet in the account to manage and store cryptocurrency. Every crypto has its own wallet which is its address in particular, so you get access to several smaller wallets in the Litebit wallet category on the account menu. There are mobile wallet applications for iOS and Android-powered devices too.
When a user buys cryptocurrency, it is delivered to the LiteBit wallet, and only then can be withdrawn to the external one.
How to get started with LiteBit
If you want to start using the LiteBit services, you will see that the procedure is quite traditional and predictable. There are some details to consider prior to joining the platform.
Registration and verification
The first steps on your way to becoming a Litebit client are the sign-up and verification on the platform. When you open the official website or app of the service, find the Get started button and proceed with the following steps:
- Enter the requested information: first and last name, email address, date of birth, password, country of residence, nationality. There are also points to tick if you want to receive useful tips and notifications, confirm not being a US citizen, being aware of the risks involved, and agree with the service Terms and conditions.
- Pass through the verification procedure: you should enter the account and upload a valid passport or ID card. The verification lasts for around 24 hours but it may take more time due to the necessity of manual check.
- Choose the method of 2-factor authentication to protect your account.
When you complete these 3 steps, you are ready for trading on LiteBit.
The service supports over 50 coins, so the selection is really good. Naturally, these are the most popular cryptocurrency examples like Bitcoin, Litecoin, Ethereum, Bitcoin Cash, XRP, and more rare examples like Verge, Ravecoin, Pivcoin, Orbs, and many others.
LiteBit offers the most common payment option in Europe including the following ones:
- Mobile 2 app;
- SEPA bank transfer;
- Visa and Mastercard credit cards.
One more option to pay on the platform is LiteBit credits. This is an example of virtual money accepted by the service to buy cryptocurrency. Every LiteBit credit is equal to EUR 1 and can be purchased on the platform in the ‘Account home/Credits’ category on the menu. Credits allow saving on the transaction fee and can be withdrawn to the bank account if not used.
Buying and selling
Buying cryptocurrency on LiteBit is easy since it takes only several steps to complete:
- Log into the LiteBit account or register a new one if you do not have one.
- Select the Buy button on the menu.
- Choose a cryptocurrency you want to buy from the list.
- Fill out the fields with the requested information including the LiteBit or external wallet and the type of payment method.
- Check the Order summary for the correctness of details.
- Confirm the order.
- Wait for the funds to be delivered: it will happen as soon as Litebit receives the payment.
Selling cryptocurrency is also possible but only from the LiteBit wallet, so if they are stored anywhere else, transfer funds to the wallet. You will see the Sell button on the upper menu when you enter the account and you should proceed with the following steps:
- Go to My wallet.
- Find the crypto you want to sell and press the Sell button next to it.
- Enter the amount you want to sell.
- Choose the currency of the payout: Euros or LiteBit credits.
- Confirm the transaction.
- Receive your funds.
Users can withdraw LiteBit credits to the bank account following several simple steps:
- Enter the account.
- Open the Wallets page or Dashboard.
- Find the Withdraw button in the area of the credits overview.
- Select the number of credits to withdraw.
- Choose the IBAN account.
- Complete the transaction.
It usually takes from 1 to 3 days to deliver funds to the bank account.
A recent change in the way the service shows coin pricing makes it more comfortable to find out real fees to pay. No users will see the fee relevant to the buy or sell order once the order is placed. You will see how much crypto you buy or sell, what the value it has, and what the total costs are going to be.
It is worth saying that fees differ depending on the coin and may change because of several factors including market size, price fluctuations, the difference between the supply and demand, etc. However, the average fee for the majority of cryptos is around 2-3%. However, you can buy Bitcoin with a buying fee of 1.25% and a selling fee of 0.7% which is significantly lower in comparison with other coins.
There is a sense to remind about possible administration fee applied by some payment processors that is added to the transaction fee too.
There is a limit of a trading volume of EUR 25,000 per year. However, you may pass through the extra steps of verification and increase these limits significantly to the following amounts:
- EUR 35,000 per week;
- EUR 245,000 per week;
- EUR 500,000 per month.
When it comes to safety, it makes sense to remind you that the company was established 8 years ago and it operates according to the Dutch laws that are famous for their reliability and strictness. The team standing behind the project includes professionals from over 10 countries and the company applies the following measures to prevent fraud:
- They try not to add links to the emails sent;
- A trained fraud team makes an analysis of patterns in order to identify fraud and prevent it;
- LiteBit follows the Money Laundering and Terrorist Financing (Prevention) Act (WWFT).
The company has not reported any hacks or breaches, while all the personal information received from the users is stored on an offline server. Only authorized persons can access it. The General Data Protection Regulation (GDPR) standards are followed by the company too.
The help center available on LiteBit can be accessed not only in English and Dutch but also in French. The customer support team works 24/7 and can be accessed in three ways:
- Instant chat with a trusted automated assistant;
- Phone support at +31(0)103074820 available on weekdays from 9:00 to 17:00;
- Email support with an average response time of 24 hours.
There is also a special address to report about fraud too.
If you want to find the answer to the question yourself, there is an informative FAQ section with lots of useful details and guides.
So what are the main strengths and weaknesses of LiteBit? These pros and cons will summarize all of them in brief.
- Support for over 50 cryptocurrencies;
- User-friendly interface;
- iOS and Andriod mobile apps;
- Built-in wallets;
- Zero fees with LiteBit credits;
- Over 8 years of trading experience;
- Focus on security.
- Quite high fees;
- Non-satisfactory Trustpilot rate;
- Unhelpful support;
- Possible hidden fees.
Is LiteBit legit?
LiteBit is a legitimate company registered at the Chamber of Commerce under number: 70325596. Furthermore, it was recognized as 'Best Crypto Broker' in 2019 - 2020. Therefore, there is no reason to doubt its legality.
Why choose LiteBit?
If you want to trade cryptocurrency on an exchange that has been recognized as the best one, experienced, and highly visited, LiteBit is a great destination. The service supports many coins, offers ways how to save on trading fees, and provided users with full-fledged mobile applications to make crypto swaps available anytime and anywhere.
What makes LiteBit different from other exchanges?
LiteBit is a crypto exchange where users can purchase coins for fiat money and sell them only from the native wallet of the system. It supports over 6,000 pairs and was awarded the title of Best Crypto Broker in 2019 - 2020.
How long does it take to before I get crypto to my wallet?
Usually, it takes around 30 minutes to prepare and process the transaction after the receipt of the user’s funds.
What is the minimum amount to buy cryptocurrency on LiteBit?
There are different minimum amounts for every coin, but the minimum range is around EUR 10 - EUR 25.
Are LiteBit fees competitive?
Yes, they are. The average fee is around 2-3% which is similar to many other crypto exchanges.
Is LiteBit trustworthy?
Yes, it is. This is a company with over 8 years of trading experience, over 800k clients, and an award-winning broker registered officially in the Netherlands.
Cryptocurrency is especially popular with European residents and this is exactly the market LiteBit targets. This crypto trading platform can boast a large clientele and recognition in the crypto industry, but there is one important point to consider – lots of users have reproaches to the exchange and they are listed on Trustpilot, so LiteBit rating there leaves much to be desired. If you look for a trusted broker to buy or sell crypto without much effort, LiteBit can be a great destination for a start, but it is still important to remember the risks involved!