EXPERIENCES & Litebit Review
Litebit is a well-known player in the Netherlands and has been active since 2013. Litebit is the platform in the Netherlands to buy altcoins, you can find the largest range of cryptocurrencies here. At the moment the platform has about 50 cryptocurrencies which can be purchased.
Crypto exchange LiteBit
LiteBit is a point of sale of digital currencies. Here you can buy and sell different kinds of digital currencies. Think of Bitcoin or Ripples. What makes LiteBit unique is that it not only sells but also buys every currency. There are also several payment options. When you use LiteBit, you will find a wide range of digital currencies to buy or sell. All this is done in a safe and efficient way.
At LiteBit the currency is purchased at the right time, which is why it can often be offered below the market price. To order currency, you do not need to register. However, if you have a large order, you do need to register and verify yourself. This to keep the chance of fraud as small as possible. When you have placed an order, it is possible to pay with iDea and GiroPay.
Selling currencies is quite simple and does not differ much from other crypto platforms. You place an order in euros and the next day the amount is in your account. This is one reason why many people choose to use Litebit. It’s fast, there is no need for an extensive registration process in advance and the transactions are secure anyway.
Registering an account on LiteBit is a fairly simple and quick process. To create an account go to litebit.eu and click on ‘Create new account’.
It is very important to check whether your connection to Litebit.eu is secure before entering your personal information. This is to prevent theft of hackers. You can do this by checking if the URL bar at the top of your browser matches what’s on the LiteBit website.
After having checked this, you can safely fill in your details and agree to the terms and conditions. You will then be asked to verify your e-mail address. In the inbox of your e-mail address you will find an activation link to activate your account.
After activating and verifying your email address you can login to your account. After clicking on the activation link you will be redirected to the website. When you arrive at the website, click on the ‘Direct login’ button.
You can log in by entering your e-mailades and chosen password and then click on the ‘log in’ button.
When you are successfully logged in, LiteBit will send you a so-called ‘compliance report’. This is because LiteBit wants to find out the source of your income. Litebit also warns you about the high volatility of cryptocurrencies.
Tick the boxes that apply to you and then click on ‘Continue with LiteBit’.
Registering an account is now completed and your account is now active! Before you can start trading crypto on LiteBit, two more steps need to be completed, namely: verify your phone and IBAN.
- Phone verification
To start the phone verification, first click on the ‘Phone verification’ box. Then fill in your phone number and click on ‘Send verification code’.
If all goes well, you will now receive a code by text message on your phone. You need to enter this code on the website and click on ‘Validate verification code’.
Congratulations! Your phone is now verified and you can proceed to the next step.
- IBAN verification
After successfully completing the phone verification, LiteBit will immediately redirect you to the next verification. Namely, the IBAN verification.
This is not a mandatory part to complete for people who do not want to trade more than €350,- per day.
We will show you here how this verification works.
Under the heading IBAN verification you will find a link to click on.
To start the process click on ‘Start bank account verification’.
LiteBit offers you the possibility to fulfill the IBAN verification in different ways. In this example we use the well known IDEAL.
Click on the IDEAL box and press ‘Start’.
After selecting IDEAL, LiteBit will forward you to the IDEAL verification. This verification process costs €0,01 to verify your IBAN. Click here on ‘Start verification
The other steps in the verification process are handled by IDEAL. When you have completed the payment of €0,01, LiteBit will forward you to your personal account and you can start trading cryptocurrency.
Buying Crypt Currency on LiteBit
At the top of the Litebit.eu page, you’ll see an overview of the different crypto currencies offered by LiteBit. Here you select the currency you want to buy. In our example, we’ll show you how to buy Bitcoins on LiteBit.
In the window on the left, select the number you want to buy. You can select the quantity n euros as in the currency you selected.
Then choose the wallet address to which you want the money sent. If you don’t have a personal wallet you can use the LiteBit wallet.
Now that you have chosen the wallet address you would like to send the crypto to, it’s time to choose a payment method. After selecting the payment method of your choice, you will be redirected to the payment environment. After making the payment, your crypto coins are on their way to your wallet.
To sell Bitcoin or other crypto currencies from your LiteBit wallet on LiteBit, you need to go to your wallet. From this wallet, you can then sell the coins in your possession to LiteBit for hard cash.
Click on ‘Sell’ to the right of the currency instead of ‘Buy’.
Here you then have to indicate how much you want to sell. LiteBit immediately shows you how much you will receive in LiteBit credit for your sale (1 LiteBit credit equals €1,00). If you are satisfied with this amount and want to continue your sale, you can see it by clicking on the link in the sales window provided.
Once the coins in your possession have been sold to LiteBit, the money will be deposited into one of your verified bank accounts.
LiteBit fees and costs
LiteBit’s revenue model is the same as that of any other broker, namely: calculating fees per transaction. Every coin you buy or sell at LiteBit is already included in the price.
The exact fee charged per transaction by LiteBit is variable per coin and per day. The company itself says that the LiteBit fees per transaction are on average around 2%. There are a number of exceptions to this rule, such as Bitcoin where the fee is lower.
Since 2019, LiteBit has drastically lowered its fees in order to compete with all the other major brokers. The trading costs of Bitcoin, Ethereum and XRP, among others, are relatively low. It is expected that this will also be lowered for the other crypto currencies on LiteBit.
Is LiteBit reliable and safe to use?
LiteBit is a company that is currently run by 14 people, most of whom work in the support department. This in order to serve all the customers that LiteBit counts. LiteBit’s support center is available seven days a week to solve any problems or ask any questions you may have.
The automated process of the altcoin delivery of LiteBit is well put together. LiteBit users speak of an extremely reliable platform to purchase crypto and guaranteed delivery.
In addition, LiteBit is a Dutch company that is legitimately registered with the Chamber of Commerce and has the right licenses to trade crypto.
LiteBit review and LiteBit user experiences
More than 50 different crypto currencies are offered on LiteBit’s website and LiteBit has one of the most extensive ranges of crypto currencies in the entire crypto sector. It is a generally quite easy to use trading platform for beginners as well as the more experienced trader.
The LiteBit experience of users has been very positive, after taking a look at google and the various reviews that users have posted about the exchange. You will soon find out that LiteBit is reliable and used by many thousands of people.
Our LiteBit review concludes that LiteBit is a fairly unique exchange, which distinguishes itself from other cryptoexchanges. Especially because of the large number of different crypto currencies they offer and by offering a self hosted wallet.
As already mentioned LiteBit is run by 14 men strong. Most of them work in the support department. This department strives to be of good service to all LiteBit users. LiteBit’s support center is available seven days a week and can be reached through various channels.
Are you interested in trading crypt currency, but don’t know where to start? Take a look at our BitVavo exchange review or our Binance exchange review!
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|Free Account||Yes, register here|
|Country of residence||Netherlands|
|Buying with creditcard||Possible|
|Buying with iDeal||Possible|
|Cash out to bank||Possible|
What is Litebit
Litebit has been active as a cryptocurrencies platform in the Netherlands since 2012, focusing mainly on the various altcoins. You can easily buy more than 50+ different cryptocurrencies via iDeal, bank transfer and credit card which you can store directly in the wallet on Litebit.
Litebit focuses mainly on the many different altcoins that are for sale.
Active in the world of cryptocurrencies since 2012.
Easy to use platform, easy to buy and save on Litebit.eu
Both purchase and storage is possible on Litebit.
Frequently asked questions
Do you need an account to buy crypto on Litebit?
Yes, to buy crypto on Litebit you need to register an account before you can do this.
This is done to ensure security and no illegal transactions take place.
Is Litebit a secure platform to buy Bitcoin?
Yes, Litebit takes user safety very seriously.
For this reason, a verification procedure must also be performed before Bitcoin can be purchased or sold on the platform.
Which cypto currency can you trade on Litebit?
On Litebit, there are over 50 different crypto coins to buy, sell or store.
What is the amount of fees Litebit charges per transaction?
The average Fee per transaction is about 2% at Litebit.