Litebit review 2021: based on real Litebit experiences!
Want to buy cryptocurrencies through Litebit? Look no further! In this Litebit review you'll learn everything about this popular Dutch crypto broker. Of course we'll also go through the pros and cons with you.
Getting started with Litebit - a step-by-step guide
1 - Create an account: Go to the Litebit website or one of our other recommended brokers (such as eToro).
2 - Deposit money: Simply deposit money so you can get started right away.
3 - Choose a crypto currency: Choose a suitable crypto currency that you think is going to have a big growth.
4 - Buy your crypto currency: Complete the transaction and you are instantly the owner of your chosen cryptocoin.
Ready to start buying crypto currency? Click on the green button and get started!
Crypto buying complicated? Not after we opened an account with Litebit. Litebit is a platform where cryptocurrencies can be traded easily and safely.
What struck us immediately is that Litebit is really suitable for everyone, including those just starting out with crypto currencies. The platform is robust and created by a group of smart Dutchmen. Looking for an alternative? Then press the green button!
What exactly is Litebit?
Litebit is a company that is one of the largest crypto brokers in Europe for crypto currencies with over 1.5 million visitors per month. Think of Bitcoin, NEO, Ethereum and Ripple. You can buy 56+ different crypto currencies here at favourable transaction fees.
The company Litebit was founded in 2013 and is based in Rotterdam. They are best known in the Netherlands, Belgium and Germany, and are part of 2525 Ventures BV. It now has more than 600,000 customers.
The Litebit team is 50 strong and is led by Olivier van Duijn (see photo), who previously led Marktplaats.nl.
Is Litebit reliable?
To the question of whether Litebit is a reliable party, we can answer briefly: yes, Litebit is a reliable party. First of all, the company Litebit is registered with the KvK under number NL855340307B01.
Litebit encrypts sensitive information and sends it encrypted for optimal reliability. They also neatly adhere to the new Wwft legislation (AML5) that came into effect May 21, 2020. More on this later.
Litebit has been named Best Crypto Broker by Cashcow Awards in 2019.
That Litebit is reliable can also be deduced from the experiences of existing customers. The experiences with Litebit can be called absolutely positive.
On TrustFlow, Litebit received an average rating of 8.2 from existing customers. Litebit is without a doubt a reliable platform for buying and selling cryptocurrencies.
How does the Litebit Wallet work?
If you want to trade via Litebit, you can use the Litebit Wallet. This allows you to manage your entire crypto-currency portfolio in a very clear way. Each coin has its own wallet (see below).
Therefore, it is not necessary to create additional wallets for Bitcoins, Ripple or Ethereum, which you often have to secure in your own way. With Litebit, you use their own security.
Tip: If you want to store your crypto's for a long period of time, it is smart to store them on a hardware wallet.
With the Litebit wallet you make use of their own security, including two-factor authentication (2fa). This is done via Google Authenticator or SMS.
Litebit also imposes strict requirements on your password, which means that weak passwords are rejected. Litebit also uses IP address validation and requires you to change your password regularly.
How much does Litebit charge?
Litebit charges a fee of about 2% per trade. If you buy €100 worth of Bitcoin, that means you get about €98 worth of Bitcoin.
The reason why this fee is 'approximately' is because you are dependent on the price of the coin. Take a look at how the Bitcoin fluctuates during one week.
The bid price on Litebit is not always the same as the price of the currency at that time. It can be higher or lower. The same goes for the selling price. Because Litebit is a broker, it always looks for the best price.
How does buying and selling work with Litebit?
Buying crypto currencies can be done with iDeal and SEPA (bank transfer). If you want to pay with foreign payment methods, such as SOFORT, credit card or Bancontact, that is also possible.
Litebit allows you to buy or sell a fixed amount of crypto currency, such as €150 or €300. You can also buy one full Bitcoin, Ripple, Verge, IOTA or part of cryptocurrency.
Set price alert
Do you want to buy a coin only when it has a certain (low) value? This is possible at Litebit by setting up a notification for that price.
You will receive an email when the coin has reached the desired value.
Litebit uses its own credit system. Litebit credits always have a value of €1,00. You buy them in your account. By using these credits, you do not need to deposit money yourself.
You can convert your sold cryptocurrencies into credits which can then be used to buy new cryptocurrencies.
Executed transactions will be fulfilled immediately. The credits can also be converted into money and then transferred to your own bank account.
Orders in a row
All your executed buy and sell orders are neatly listed in your 'Orders'.
How secure is Litebit?
Security is a priority at Litebit in order to keep out dodgy people, among other things. AML (Anti Money Laundering) legislation requires the classification of risks.
Litebit has therefore set up 3 identification levels (tiers):
Tier 1: phone verified
Tier 2: Address Verified
Tier 3: Identity Verified (ID)
The higher your Litebit tier level, the higher your spending limit. IBAN verification is required by the Dutch government.
There are several exchanges that are a good alternative to Litebit. Worldwide, there are all kinds of platforms that offer a similar service to Litebit. For the Netherlands, Bitvavo, BTC Direct, Bitonic, AnycoinDirect and Satos are an alternative to Litebit.
What is a good alternative to Litebit?
Another Litebit alternative is eToro. To make use of a global partner, you can also turn to CoinBase, Binance, Kraken and Voyager.
Litebit Review: Frequently Asked Questions
Crypto currencies make use of wallets; digital repositories where your crypto currency is stored. The Litebit wallet is such a wallet. When you perform a transaction, the crypto currency is transferred to or from your Litebit wallet.
The speed of Litebit transactions depends entirely on what you do. For example, it may take a while to buy or sell your crypto currency because the price has gone up or down.
In terms of transaction speed, you also depend on the mining speed per crypto currency. Therefore, the transaction speed on Litebit is different per currency.
Buying crypto currencies and the speed at which you have them on your Litebit wallet depends on your payment method.
Transactions via iDeal are processed almost immediately, while transactions via a credit card or foreign payment methods can take up to 5 days. Transactions can take more time in case of maintenance or down time.
Litebit sends payments in Euros twice a day. However, you are dependent on the limit per transaction, which is different for each cryptocurrency. The transfer to your bank is credited within 3 days, depending on your bank.
The transfers are also sent on holidays and weekends, but here too, banks can take up to 3 days. Due to Instant Payments, a new initiative by banks for SEPA payments, the average time to pay will decrease in the near future. Should you encounter any problems during a transaction, you can easily contact Litebit's customer service via the app, Facebook, Twitter and Email.
The number of coins available on Litebit is constantly growing. With some regularity, coins are also removed from the platform.
These are coins with no or little volume (like Adcoin and Bitshares) or coins which are not supported by Litebit (like EOS). There are currently 56 different crypto currencies on Litebit:
You can easily have your Litebit credits paid out by Litebit by following this step:
Log in to your LiteBit account
Click on 'My account
Click on 'Account home / Credits
Choose the amount of credits you want to withdraw
Complete your order
At Litebit you have 3 options with regard to wallets. We rank them according to the best option:
Cold wallets are often the best option within crypto currency. This wallet runs on external hardware, like a Ledger, or you have it stored on a USB stick. This is a safe option because people can't just access your cryptocurrencies without owning the hardware.
The Litebit wallet is interesting because you can connect all wallets to it. Litebit has its own security software which is well protected against hackers or other criminals who want to gain access to your wallets. In the past, Litebit has had to deal with a data breach via their hosting server. They took immediate action and have since invested more resources in improving their technology.
External cryptowallets are useful if you want to store your cryptocurrency for a longer period of time. However, you are responsible for your own security. For example, if you have stored the access codes on your computer and you download a virus, these access codes may be leaked. This is therefore a less safe option than the cold wallet and Litebit wallet.
It is not possible to delete your Litebit account immediately. Because of their financial administration obligation, they need to keep your data for at least 7 years.
However, you can deactivate your account. After 7 years your data will be deleted.
Litebit buys crypto currency several times a day. You are therefore dependent on the available Litebit volume of crypto-currencies.
If at a certain moment there is no stock available for the coin you want to buy, you will see 'Litebit 0 available' on their site.
It then helps to wait a few hours. The stock should then be replenished.
Contact & Customer Service
The customer service of Litebit is known for its customer friendliness. Besides the digital way they can also be reached by phone during working days.
This is possible between 9:00-17:00. During lunch (12:00-13:00) they have a one hour break.
Litebit is a broker with a clear and intuitive interface, which makes it very suitable for both beginners and advanced users. All your coins are displayed in a clear portfolio.
Buying crypto currency at Litebit costs about 2% and is therefore a bit more expensive than some competitors. However, in return you get a robust and secure crypto broker from Dutch soil.
We therefore find Litebit particularly suitable for the long-term crypto currency investor who is looking for an established broker with an experienced and pleasant Dutch customer service. Looking for an alternative investor with a large offer? Then try eToro for free!
Looking for an alternative?
Are you convinced in the value of crypto investing, but you also want to invest in a variety of other trading products? Then register a free account at eToro now and start trading in your first crypto currency.