LiteBit Experience 2021: The Crypto Exchange Test
10 Stars
Litebit is a pure crypto exchange that advertises particularly low fees. In this test, we will explore our Litebit experience in more detail. Read everything about the available cryptocurrency fees and the wallet.
LiteBit experiences lead one to a cryptocurrency platform that is presented as the programme for everyone. Both new traders and experienced investors are supposed to get ideal opportunities to trade digital currencies here, if you believe the operator.... But what exactly is behind LiteBit and how does the trading programme work? These questions and many more will be answered in the following LiteBit test.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Advantages and disadvantages of LiteBit at a glance
LiteBit Review - The Offer
LiteBit focuses on trading for European users. Investors of this cryptoexchange can not only trade digital money, but also store the coins. LiteBit offers its own wallets for this purpose. For a special test of the best wallets, click here. There are 56 different cryptocurrencies to trade and the platform also sends notifications about the losses/gains in value of traded currencies.
LiteBit also seems to focus on security and help for investors. Furthermore, the operators see the platform as an ideal place for every investor. Customer service is available 24 hours a day and cryptocurrencies can be bought with euros. The website has over 600,000 users and is constantly growing. Moreover, the website has been rated 4 out of 5 stars in Trustpilot. This is one of the best ratings given to an exchange so far.
The LiteBit cryptocurrencies
Often, cryptoexchanges are all about the cryptocurrencies available. LiteBit offers 56 different coins to buy and sell. This wide range seems to appeal to many users. Of course, when trading cryptocurrencies, it should be noted that they are subject to extreme fluctuations and one has to expect high losses. The operator of a platform cannot influence these factors. Thus, even with the safest website, a large residual risk always remains. The following currencies are offered on this site:
Bitcoin | TRON | PinkCoin | Bitcoin SV | Navcoin | Radium |
|---|
There is hardly any other crypto exchange that can actually keep up here.
Step by step instructions for trading with LiteBit
Since the registration process at LiteBit is in English, and we often receive questions about this, we would like to give you a clear guide on how to trade cryptocurrencies at LiteBit.
Step 1: Registration
The registration on the website is done in four steps. First, you have to provide some personal data and accept the terms and conditions. After that the future user will be sent an e-mail verifying the mailbox. A text message is sent to the telephone number entered beforehand, which contains a special code.
This code must then be entered and confirmed on the platform. Finally, there is a security point. You can choose between the usual security, which includes an SMS confirmation, or the authentication via Google. Everyone should be able to manage this step-by-step registration and experienced as well as new investors should not face any major problems.
Step 2: Buying coins with Litebite
Buying coins via LiteBit is simple and straightforward. Of course, you can also sell them afterwards.
Select the amount and choose a currency
First, click on "Buy" in the upper navigation bar and select the desired currency. You can only buy this currency in euros. Of course, one should also select the desired amount and immediately the window shows the corresponding Bitcoins or other cryptocurrencies.
Step 3: The recipient address
Of course, the operators recommend the use of one's own wallet. This is supposedly easier to connect to the account. For any other electronic wallet, one needs the external address. The fees for each transaction via iDeal, no matter how high the value, are 0.42 EUR at the time of the LiteBit test.
Buying Bitcoin with LiteBit - recipient address
To transfer the purchased cryptocurrency, you need a wallet, which you connect to your account via the special address of the wallet.
Step 4: The transfer of the exchange currency
Select the payment method and confirm the purchase. You can immediately track the order in your wallet. For bank transfers, there is one important point to note. The website will recalculate the bitcoins received at the time the payment is received. So if the exchange rate should have risen, fewer Bitcoins will be transferred. However, as soon as the exchange rate has fallen in the time it takes for the bank transfer, more Bitcoins will be paid out.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
The story behind the LitBit Exchange
LiteBit was founded in 2013 as a cryptocurrency exchange. It is among the top 50 trading exchanges if you only look at transaction volume. Otherwise, there is not much information about the platform online. However, a Facebook, Instagram and a Twitter account have been created for the platform. There is not much more to find out about the company's history.
LiteBit experiences: The features
LiteBit offers users many different functions. This offer is meant to appeal to beginners as well as experienced investors. The website is intuitive and easy to use. In addition, the platform provides its own wallets for storing and trading cryptocurrencies. The platform is only available in two languages, which is very low compared to other exchanges.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
LiteBit payment methods
If a user wants to make a deposit, he must have one of these payment methods at his disposal. iDeal, SEPA direct debit, LiteBit Credits, Sofortüberweisung, GiroPay or MyBank. PayPal or credit cards from VISA, Mastercard or American Express are not offered at this time.
Of course, every new investor has a bank account and can make a bank transfer. However, it should be noted that the amount of the purchased coin is recalculated at the time the money is received.
If the price of the desired currency has risen significantly by this time, one receives a much lower amount of the coin paid out. For this reason, this payment method is not recommended and increases the risk significantly. The LiteBit fees vary between € 0.00 and € 0.39 + 2.5% in the LiteBit test. Apparently, the user does not pay directly into the platform, but selects his payment method for each trade anew. this makes it easier for the investor to keep track of how much money he has available.
LiteBit experience: Security
The operators of the platform state that the security of the customers is the most important thing for them. But what measures do the programmers take to prevent cybercrime? Every user must verify himself and, as soon as he wants to access the account from an unknown location or mobile device, confirm the new IP address. Some Internet providers change the personal IP address daily or weekly, which is why the security measure must be carried out more frequently.
In addition, the platform also offers the 2FA method. 2FA means "two factor authentication". Here, a new code for logging in is sent to the user every 30 seconds and can only be used once. This system can be installed on any mobile phone or mobile device. However, if you have lost your mobile phone for the security code, for example, you have to contact support so that customer service can deactivate the security measure.
Otherwise, almost the entire website is additionally protected by SSL encryption. In addition, the website points out several times that one should beware of phishing mails. However, if you have become a victim of such a scam, you should also contact support and ask for help.
The LiteBit App
At the time of the LiteBit test, LiteBit did not have its own app. The only app offered is LiteBit's own wallet, which cannot be downloaded from the iOS Store or the Android Store. The electronic wallet seems to exist exclusively in the browser. Of course, you can also open the website via mobile devices and thus access the wallet on the go. It is not yet known whether there will be an application for the trading platform or the digital wallet in the future.
With the existing storage option for cryptocurrencies, however, there is one thing to keep in mind. One has to create a special wallet for each cryptocurrency purchased. Thus, one cannot deposit bitcoin into a Ripple wallet. The reason for this cumbersome storage method is that each digital currency works on its own system and these systems do not communicate with each other.
LiteBit experience: Customer service
To solve a problem, users often contact the customer service. The first thing to do is to read the FAQs and possibly find a solution to the difficulties. The next step would be to contact the operators of the platform. You have the option of writing an email, contacting them via Facebook or calling the customer service at certain times. There is only a number from the Netherlands, which can be expensive for customers from other countries.
Customer service can only be reached in Dutch and English. This could be a problem for users from other countries. Having only two languages to choose from is very low compared to other Exchanges websites. If one chooses an option other than the telephone call, one has to put up with a waiting time until the question is answered. However, the website also has a programme called LiteBot. The bot searches the platform for the desired keywords and provides possible solutions to an existing problem.
However, if the help is insufficient for the user, the user can also send a question to human personnel. Often it is also worthwhile to search the Internet, as other users have probably already had the same problem and may already have a solution ready. Of course, such a search is only helpful for general problems and may not always be helpful for very specific difficulties.
The highest costs are with GiroPay. Here you have to pay 0.39 euros plus 2.5%. Sometimes banks charge additional fees, which every investor can ask about before making a payment. Further costs for opening or closing the account were not found on the website and should be asked at the customer service before registering. Apparently, however, the operator does not charge any further fees at the time of the LiteBit test. The website also advertises that it allegedly has very low fees compared to other exchanges. A detailed overview of the best exchanges can be found here.
Here is the direct comparison with our broker test winner eToro:
fee | LiteBit | Etoro |
|---|---|---|
Registration fee | ||
FIAT crypto conversion | Ø 2% | |
Trading fee | ||
Spreads | € 0.39 + 2.5% | Ø 1.6% (for crypto) |
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
LiteBit experiences and user opinions
On LiteBit's homepage you can find some LiteBit reviews from the Trustpilot platform and the website advertises its good ratings. Of course, with every exchange there are customers who describe their negative experiences online after high losses. The cryptocurrency market is not considered extremely speculative for nothing, as prices are subject to extreme fluctuations. The value of a cryptocurrency can rise many times over in a short period of time or fall to a fraction of its previous value. Therefore, every new user should only invest as much money as he can really spare.
Such ratings are not very meaningful and should not be used to evaluate the platform. Therefore, these LiteBit experiences should be faded out and the other LiteBit reviews should be brought into focus. The website actually has very good ratings compared to other exchanges. Four out of five possible stars did not occur in any other test so far. Many users speak of excellent service and fast and competent support. Others would also recommend the platform to new users.
LiteBit Reviews
"Recommended", "Clear, simple, reliable, fast, good pricing and prompt service, highly recommended", "Quick and competent support to the related request", "5 star service, Team are reliable payment is lightning-fast I cannot speak out of this company".
Of course, there are also a few counter-examples who were not satisfied with the platform. LiteBit's support team responded to almost all of them and asked to be contacted by phone or email.
"what I see is when the going gets a litebit puts it into maintenance. so your profit will never have been at the highest point. Sometimes for day seven weeks."
One point that is often criticised, however, is that the site is very slow with SEPA bank transfers.
"Most of the time, the Jack White Slot credit SEPA transfers. This could definitely use an overhaul."
In addition, some users would love to be able to save the external data of a personal wallet.
"Would love to be able to save external wallet so I would not have to look them up every single time make a crypto transfer out".
On the whole, however, the website seems to put a lot of work into customer satisfaction, which is reflected in the ratings.
Is LiteBit a scam?
After the LiteBit test and the analysis of testimonials, we can say with a high degree of certainty that LiteBit is serious and not a fraudulent website. It is a pure crypto exchange where you can only buy coins. Trading CFDs, which are considered extremely speculative, is not allowed on this site. The website also points out the risks of trading several times and explains the LiteBit fees in great detail.
Encryption with the help of 2FA and via SSL certificate is the common standard. Especially the LiteBit reviews give a very positive impression of the application and confirm the assumption that LiteBit is not a scam. Of course, every user should do some research on the internet before entrusting his money to any website. Any questions should be clarified with the customer service beforehand. But even with a reputable trading platform, there is a risk that the investor can lose his money in a short time. The cryptocurrency market is considered very speculative and the prices fluctuate very strongly in a short time.
LiteBit - The Conclusion
If you spend more time with LiteBit's offer, you can safely conclude that it is a reputable trading platform. The website offers over 50 different cryptocurrencies for trading. One does not make any deposits directly to the customer account, but one always makes the purchases from one's bank accounts. The platform has received very good ratings and is one of the best-rated cryptoexchanges on the market.
However, the website is only offered in two languages - English and Dutch - and the customer service is also only available in these languages. Customer satisfaction seems to be very important to the operators of the platform, as every negative review was immediately answered and contact was requested. Security is standard with 2FA and SSL encryption. Furthermore, the fees for some payment methods are very low.
One point that some users see as a disadvantage is the digital wallets and the connection from one's own wallet to the platform. Here, the website still seems to be improved. In addition, the only fiat currency offered is the euro. The best thing for every user is to look at the various exchanges themselves and get an overview.
Further education always necessary
When trading, whether online or on a real exchange, investors should always keep in mind that they are investing their hard-earned money and can lose it in a very short time. Therefore, one should acquire background knowledge beforehand and observe the market over a certain period of time. This will give you a better feeling for the course of the prices. In addition, it can be helpful to read the news about the respective stocks.
To conclude the LiteBit test, it can be said that it is a reputable crypto exchange.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
FAQ
The provider is a crypto exchange where cryptocurrencies can be bought and sold.
LiteBit was convincing in our test. The diverse trading options and the excellent customer support attract many customers, most of whom are very satisfied with the provider.
The amount of your own investment should depend on your own liquidity, the chosen cryptocurrency and your own risk tolerance. In general, you should never invest money that you actually need elsewhere, as profits can never be guaranteed.
Here, too, the platform is convincing. Payouts are processed very quickly and are in your account within a few minutes to 2 business days, depending on the chosen payout method.
You should always know what you are investing in. Cryptocurrencies are highly volatile, so you should first get to know the selected coin in detail. If you have the necessary know-how, as well as the occasional bit of luck, then nothing stands in the way of early profits.
