This review of cryptocurrency exchange LiteBit was created for informational purposes. Going through this review will help you decide if LiteBit is an exchange that fits your needs.
Table of Contents
What is the history of LiteBit?
LiteBit was founded in 2013 and is based in Rotterdam. Since then, the company has continued to develop at quite a pace and is now one of the most well-known cryptocurrency providers in the Netherlands. In the 6 years that it has been around, they have already served over 600,000 satisfied customers.
What cryptocurrencies are available on LiteBit?
At the time of writing, LiteBit offers 42 different cryptocurrencies. Especially for euro to cryptocurrency purchases, an offering of 42 different coins is huge. LiteBit is only a fiat-to-crypto and crypto-to-fiat and is therefore a cryptocurrency broker.
What is even more unique about LiteBit is that it is possible to store many of the cryptocurrencies offered in a wallet. This is not an option with many brokers. An overview of the coins that are offered can be found on the LiteBit website or at the bottom of our LiteBit manual. Purchasing cryptocurrency at LiteBit can be done through iDeal payments, Bancontact, SOFORT, GiroPay and SEPA transfers.
What are the fees and other costs on LiteBit?
Like any other broker, Litebit also charges buying and selling fees. At brokers, buying and selling fees are often a lot higher than at exchanges. For example, they charge a markup of about 2% on both buy and sell transactions which is considered on the high side of the spectrum, even for brokers.
Where do I find LiteBit support?
LiteBit has a very extensive help/support section, where a lot of information can be found. They also have a chatbot, which can answer some simple questions. However, if the bot indicates that it does not understand the question, it is best to contact it by phone or social media. More info here.
Is LiteBit secure?
The security measures LiteBit has in place to protect its investors are good. In addition, as an investor with LiteBit, you have the option to secure your account with Two-Factor-Authentication (2FA). This is a security mechanism that takes place when you try to log in.
Thus, we highly recommend making use of the 2FA option. It’s a small effort and it keeps bad actors from getting their hands on your coins.
What are the pros and cons of LiteBit?
Like any other exchange, LiteBit also has advantages and disadvantages. See the table below for their strengths and weaknesses:
- Very large offering for a broker
- Wallet option
- Very user friendly
- Good support
- Many different payment options
- High transaction fees
After all the topics discussed in this Litebit review, we can conclude that LiteBit makes it very easy for the novice and experienced investor to convert euros into cryptocurrency or vice versa. The platform is fast, very user-friendly and making purchases is largely self-explanatory. We therefore recommend LiteBit for people who want to get a taste of the world of cryptocurrency.
Although the purchase costs on LiteBit can be a bit on the high side compared to other platforms, the ease of use makes up for a lot.