LiteBit Review – Is LiteBit Scam or Legit?
LiteBit Review
Growing numbers of investors are shifting their funds away from traditional investments such as foreign exchange and equities and towards cryptocurrencies such as bitcoin and other cryptocurrencies, leading the cryptocurrency trading industry to expand. People are becoming more interested in digital currencies as the sector increases in popularity and more people become aware of it. Additionally, the number of scams and frauds has increased, as has the number of people who become victims of these schemes. For this reason, a thorough study should be carried out on any trading platform that you are thinking of utilizing. Here is a LiteBit exchange review that will save you time and effort by providing you with all of the information you need regarding the trading platform.
When it comes to scams and fraud, the most important question is if it is feasible to avoid being a victim of one to some extent. As a result, it is strongly recommended that you select the most suitable trading platform to reduce the level of risk connected with your investment.
To assist you in making the best decision possible for your particular situation, this article will provide you with an overview of the LiteBit cryptocurrency exchange platform and information on how they are performing in the market, and key information on how their platform works. This will allow you to make the best decision possible for your particular situation.
Suppose you are a bitcoin fan who is interested in making a long-term investment in bitcoin. In that case,
Exchange Platform | LiteBit |
Official Website | https://www.litebit.eu/ |
Variety Crypto | 53 |
Account Needed | yes |
Verification | Not mandatory |
Verification Steps | 2 |
Trading Platform | Web-based, mobile application |
Payment Method | SEPA, credit card, GrioPay, iDEAL, Bancontact, Bank Transfer, SOFORT |
Customer Service | Twitter, Facebook, Instagram, LinkedIn, email |
What is LiteBit?
This is a 2013-founded broker with its headquarters in Rotterdam. It is one of the first brokers to include a variety of cryptocurrencies in its portfolio. In addition to bitcoin, LiteBit also supports alternative cryptocurrencies such as TRON and NEM. The LiteBit team consists of 14 individuals, the majority of whom are dedicated to customer service. Customers can contact their support service from 9 a.m. to 9 p.m. on weekdays and weekends, as well as on holidays.
LiteBit offers more than 50 different coins, all of which can be purchased with various payment methods, including iDEAL, Sofort, Bancontact, Giropay, MyBank, and SEPA. Additionally, in addition to the ability to purchase coins, The platforms also let you to exchange your existing coins for LiteBit credits or fiat. In addition to that, the platform provides a wallet service that is hosted on its servers. LiteBit distinguishes itself from competitors by offering a wallet that is hosted on its servers. You can always access your purchased coins in your wallet, which provides you with a clear indication of whether you made a profit or lost money. Trading has become even more convenient thanks to the app. It allows you to buy, sell, and track your coins, all from the convenience of your smartphone. For the time being, the app is only compatible with iOS devices. The LiteBit team, on the other hand, is currently developing an Android application.
Interesting observation! What if I told you that the LiteBit office shared a street with their competitor Bitqist? Would you believe it? As the famous saying goes, “Keep your friends close, but your enemies closer.” This is certainly true even though Bitqist ceased operations in May 2020 due to strict regulations and high costs associated with the regulation. Kraken, Bitladon, and Coinmerce are all direct competitors of Bitqist, and they all operate in the cryptocurrency space.
LiteBit Trading Services
Because its mobile app is available on both iOS and Android, LiteBit is a platform that is easy to get started with. LiteBit is a cryptocurrency that may be traded at any level.
The total trading volume of LiteBit is 1,184,409.0. There are 53 trading pairs available on the platform. The exchange does not allow for the trade of fiat currency. Margin trading is not available in this environment.
A description of the services provided by LiteBit is as follows: LiteBit enables you to conduct cryptocurrency transactions and hold positions through a network of brokers, counterparties, exchanges, and other parties with whom LiteBit has either a direct or indirect relationship.
LiteBit will use reasonable care in selecting and monitoring the third parties with which it is directly involved, and it will do so on an ongoing basis.
LiteBit Fees
To begin, let us discuss the pricing structure of the site. The fees charged here are dependent on the sort of coin you are trading with. The transaction cost and the blockchain fees are in addition to the asking price, which a user is responsible for paying. If your order totals less than 500 Euros, the costs may be significantly more expensive. It is necessary to pay the mining fees of LiteBit.EU on every transaction that a user performs; this sort of cost is collected and sent straight to the servers once the transaction has been validated. If the fees are not paid, the transaction will be unsuccessful as well.
The service cost is 0.42 Euros for each transaction that is completed. Simply put, when compared to the rest of the European cryptocurrency exchanges or other big crypto exchanges, LiteBit.eu charges a higher transaction cost. As a user on LiteBit.eu, you must be at least 18 years old to participate in trading activities. The website’s user interface is rather straightforward. If you are a first-time user, you may find this gateway to be extremely daunting. However, for experienced traders, it will only take a few minutes after the account has been set up before you can begin trading immediately.
LiteBit Trading Fees
A couple of factors determines the fees you will be charged.
- What type of cryptocurrency you intend to purchase.
- What kind of payment method you’re employing.
The reported price of Bitcoin (BTC) with SEPA included a built-in fee of approximately 1.1 percent, which you would discover when you looked at the price of Bitcoin (BTC) without SEPA. I was being charged 1.1 percent more than the true BTC to EUR conversion rate available on platforms such as Coinbase Pro at the time of the transaction.
In addition, there is an administration fee, which varies depending on the payment method you choose to use. Some payment methods do not have a substantial impact on this. Although you will be charged an administration fee based on a percentage of the total transaction amount for some payment methods, this is not the worst-case scenario. Case in point. Here are a few payment methods and their administration fees
SEPA-None, 1.8 % for credit cards, iDEAL-None, Bancontact-None, GrioPay ranges from 3.0 % to 3.5%, SOFORT 2.4% to 2.8 % SOFORT 2.4%t to 2.8%, Carte Bancaire is 1.8%, EPS uberweisung 2.4 to 2.7%
LiteBit API
The platform’s application programming interface (API) is one of the best in the industry. The API’s design makes it very simple to evaluate real-time data received through a WebSocket feed. Using the trading API, you can also create automated trading bots that are extremely secure and reliable.
LiteBit has a whole page dedicated to its REST API for those with a bit of technical knowledge. Market information, exchange functionality, and APIs are all included in the documents available on this page. The trading API is divided into two categories: trading and feed.
While the Feed APIs are open to the public and can be used to access market data, the Trading APIs are restricted. They can only be used to access account information such as placing orders and other account-related details.
The User Interface
The LiteBit trading interface may be found in the “Buy” section of the website’s main menu under the “Trade” heading. Even though it is not as functional as competing exchanges, it contains everything necessary for productive work.
Fill out all of the fields in the “Buy Bitcoin” section if you want to purchase cryptocurrencies. By the way, the page’s name varies based on the type of digital currency you want to acquire – if you want to purchase Ethereum, for example, the website will refresh, and the name will change to “Buy Ethereum.To place an order, you will need the number of tokens you like to purchase, the receiving address, the payment method, and the type of wallet you wish to use (LiteBit or External wallet).
How secure is LiteBit?
One of the most desirable aspects of LiteBit is the number of security measures implemented to assist the consumers. In addition to the standard two-factor authentication and captcha codes, LiteBit uses a specific website certificate that can assist users in determining whether the website is a genuine copy or a duplicate of a legitimate website. According to the facts, if you can read the words “2525 Ventures BV [NL]” following the lock icon in your URL at the place of the certificate, you are most likely accessing the official LiteBit.eu website and nothing else. As a result, we can conclude that LiteBit.eu is a secure and reputable cryptocurrency trading site. LiteBit users are always needed to go through the global identification verification process, which serves to validate the physical, operational, and legal presence of the LiteBit.eu website. Using the same email address that you use to log in to other applications and message your friends makes it easier for others to predict which email address to use when attempting to log into your account, which increases the risk of identity theft.
KYC
LiteBit.eu has three distinct levels of security. As previously mentioned, a user can verify their account by providing the appropriate documentation, and their daily transaction limit will be updated as a result. Tier one verification can only be completed using a smartphone, and it entails entering a one-time password on the verification page to complete the process. LiteBit remains committed to the rules and regulations.
Suppose you wish to proceed to tier two verification. In that case, you will be required to submit supporting documentation such as bank statements, invoices, government-issued identification cards, rental agreements, and so on. When it comes to the third tier of security, which is responsible for enabling the maximum transaction limit, you must provide both the front and back copies of your passport or government identification card, which must include a photograph of yourself.
Mobile Support
According to the majority of cryptocurrency traders, the best trading conditions can be found on desktop computers. There is more information on the monitor screen because it is larger, and on larger screens, more of the critical facts on which most traders base their trading decisions can be seen at once. It will also be easier to see the trade chart in the future. Not all cryptocurrency traders, on the other hand, require desktop computers to trade. Trading bitcoins on mobile devices is something that some individuals like doing. If you are one of these traders, you will be pleased to know that the LiteBit cryptocurrency is now available as an application for mobile devices. It is available for download from both AppStore and Google Play.
Traders can access current market information, make deposits and withdrawals, buy and sell orders, view account balances, and receive price alerts through email.
Verification/ Authentication
As part of this examination, we will look at how to go through the Verification process and why it is necessary. If you want to increase the maximum monthly turnover, you must first verify that you are the account’s owner. The equivalent part is situated in the “My Account” section and may be accessed by clicking on the “Verification & Limits” button on the top navigation bar.
The verification process is divided into phone confirmation, address confirmation, and identification confirmation (if applicable). It is unnecessary to carry out the entire procedure; it can be stopped after the first or second step. The restrictions on the turnover of trade transactions executed from one’s account may differ depending on the verification level.
Because the email address and phone number were validated during the initial stage of account creation, proceed to the next two verification phases — confirmation of the address and confirmation of the password. LiteBit Exchange requests that we furnish them with our mailing address, zip code, city, date of birth, and gender at this point. Making the lines fill in does not require any special knowledge or skills.
The final step is to initiate the ID verification process by clicking on the option labeled “Start ID verification.”
If you wish to have your ID verified, fill out all of the fields with personal information about yourself and arrange three images for verification: the front side of the document, the back of the document, and a selfie, which shows a snapshot of the person who is carrying the passport.
After data has been reconciled by LiteBit specialists (during business hours), you will be granted enhanced trading limits on your transactions.
The LiteBit exchange also offers the service of verifying bank account information. For trading platforms, it is necessary to adhere to the requirements of Dutch legislation.
You will be able to validate your IBAN and begin trading right away. Additionally, you can return to this choice by clicking on the button available in the “My Account” menu, under the “Verify payment method” section.
For cardholders of the Bancontact payment system, there is a separate procedure that must be followed. They can be validated by selecting the option “Verified Bancontact cards” from the drop-down menu. As soon as you have verified your identity and your bank accounts, you may fund your wallets and begin trading cryptocurrencies on the LiteBit exchange.
Customer Support
LiteBit support can be contacted by phone or by filling out the appropriate form on the website if you are experiencing difficulties. This latter option is only available during business hours, which are from 9 a.m. to 9 p.m. European time. You may also keep up to speed with the latest news and developments via LiteBit’s social media channels. There are LiteBit accounts on the major social media platforms, including Twitter, Facebook, Instagram, and Linkedin.
Members of the bitcoin community who have had previous experience working with LiteBit have expressed their satisfaction with the platform. Its users have stated that the platform’s most significant advantage is dealing with fiat money. The company offers a selection of eight recharge methods in euros, which should be sufficient for most investors. The verification process is separated into three steps. Each level allows everyone to achieve an appropriate ratio between the maximum number of trading activities allowed and the amount of information submitted to the exchange.
Another LiteBit advantage that customers love is the availability of technical help. Email can be sent to the operators at any time of day or night, and phone calls can be made between the hours of 9 and 21 hours Dutch time. Employees of assistance services will assist you in resolving the issue as soon as possible. In most cases, just one resolution by email or one phone contact must fix the situation. In addition, the platform has an 8.7 rating on Trustpilot, which is considered to be a very good grade! Additionally, approximately 2000 users gave their opinions on the transaction.
Conclusion
The LiteBit cryptocurrency exchange is a project that can resist strong competition and establish itself as a dominant player in the trading platform market.
The administration of LiteBit is not concerned with attaining the highest possible ranking in the ratings but rather with establishing a convenient service for its European clients. Every day, transactions totaling 750-800 thousand dollars are completed on the site, allowing it to safely claim to be one of the most worthwhile exchanges to use. There is no evidence to support the claim that LiteBit is a hoax.
Even though LiteBit is a seasoned player in the cryptocurrency market, the company’s management intends to continue to expand the platform.
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