Litebit Review

Litebit
No active bonus as per regulation
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Overview

Litebit doesn’t limit itself by offering just a few cryptocurrencies. In fact, they offer a huge load selection of different coins. The company is based in the Netherlands and is… more

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Details

Broker Litebit
Website URL https://www.litebit.eu
Founded 2013
Headquarters Weena 740, 15th floor 3014 DA Rotterdam, The Netherlands
Support Number French: +33 18 020 22 54 , Dutch: +31 (0) 10 310 41 75
Support Types Live Chat, email
Languages English, French, German, Dutch
Trading Platform Litebit's own platform
Minimum 1st Deposit 25 EUR
Minimum Account Size 1 EUR
Minimum Trade Amount 25 EUR
Maximum Trade Amount 50.000 EUR
Bonus No active bonus as per regulation
Payout within 2 business days
Leverage None
Spread None
Free Demo Account No
Fees Yes
Fee Info Litebit charges 2% fee
Account Types Litebit only offers a single account type
Deposit Methods iDEAL, Bancontact, GiroPay and SOFORT, wire transfer and credit cards
Withdrawal Methods iDEAL, Bancontact, GiroPay and SOFORT, wire transfer and credit cards, other crypto wallets
Trading Methods Buying, Selling
Number of Assets 50+
Types of Assets Bitcoin and altcoins
Trading Currency over 50 cryptocurrencies
Account Currency Euro, Litebit credits
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes
Overall Score 7.5

Full Review

Litebit doesn’t limit itself by offering just a few cryptocurrencies. In fact, they offer a huge load selection of different coins. The company is based in the Netherlands and is one of Europe’s biggest cryptocurrency brokers. On their website more than 50 different cryptocurrencies are offered with real-time quotes. The price you see at LiteBit is the actual value of the coin and can be bought or sold directly against this price. LiteBit offers a broad range of cryptocurrencies that can be bought with a wide range of payment methods. The platform also offers the availability to sell crypto’s for fiat currencies or Litebit credits.

The unique thing about Litebit is that they offer self hosted wallets, but more about that later. Their product offering is being updated from time to time with new, interesting cryptocurrencies of which you will be notified by subscribing to their newsletter. In the past we bought quite some cryptocurrency ourselves using Litebit and we can state that Litebit is a reliable cryptocurrency broker.

Don’t forget to leave your own review or experience with Litebit in the comment section below by the way!

Litebit Fees

Most cryptocurrency brokers like Litebit charge you for buying or selling crypto’s. It’s the same with Litebit, but their fees are rather low: around 2% of the total amount. This is in line with industry standards as BTCdirect and Bitpanda charge the same. This is why you always make a small loss directly after buying your digital coins. If you decide to trade cryptocurrencies, we suggest you to open an account at Binance, world’s #1 cryptocurrency exchange. You can send your bought crypto directly from Litebit to Binance.

Buying Cryptocurrencies at Litebit with Credit Card

If you visit the Litebit website for the first time and have no clue yet which coin to invest in, the product offering can be quite overwhelming. Do your due diligence before you decide which altcoin to invest in or just buy Bitcoin or Ethereum to be safe. Litebit has detailed information available about each cryptocurrency and you can view this by clicking on the various links provided for each coin. Apart from that you can of course look at the chart to see how each individual coin is performing.

Whilst you decided which cryptocurrency to buy, you are ready for the next step.

Decide how much you want to invest in a certain coin and fill in your wallet details or choose to store them on Litebit for the time being. Please note that there isn’t a Litebit wallet available for each coin, so opening an account at Binance is highly recommended. If you want to keep your bought coins even more safe, we suggest you to buy a hardware wallet, like a Ledger Nano X or Ledger Nano S for maximum security.

Most common used payment methods in Europe can be used to buy cryptocurrency on litebit, including iDEAL, Bancontact, GiroPay and SOFORT, wire transfer and credit cards. After your payment the order is processed immediately and the coins will arrive within minutes on your wallet. On the Litebit website you can see at all times at which step of the sending procedure you’re at.

Selling Cryptocurrencies at Litebit

All the coins that you can buy on Litebit can also be sold to Litebit. So, if you bought several coins or tokens of a certain cryptocurrency before, enlisted on Litebit, you can easily sell them to Litebit in exchange for Euros or Litebit credits. On the sales page of Litebit you will notice that the prices at which Litebit buys in cryptocurrencies is a bit lower than the real price. This is of obviously how Litebit makes their money as cryptocurrency broker.

Every working day at 09:00, 13:00 and 16:00 GMT+1 Litebit processes all sell transactions by bank transfer to it’s clients. Selling cryptocurrencies is very easy by using the user-friendly widget on their website. You simply fill in how much digital currency you want to sell. After that you enter your wallet address in the case the coins can’t be accepted for any reason. You can choose to be paid out in Euros or Litebit credits. If your order is completed, you have 15 minutes to send the crypto’s to the unique Litebit withdrawal address. Please keep mining fees in mind for a lightning-fast transaction. Credits are always immediately added to your account and Euros deposited in your bank account takes about 2 working days, depending of which bank you use.

Litebit Costs & Fees

The earning model of the broker is almost always charging fees and this is also the case with Litebit. You pay a fee on each transaction that’s already calculated within the price. The crypto prices that are shown are therefor not actual market prices but the market prices including Litebit’s fee. If you check, for instance the price of Bitcoin on Litebit, it will be a few tenner’s different from Binance. The exact fee that’s being charged is variable but Litebit promises their clients it’s around 2%. Bitcoin is an exception though, on Bitcoin the fees are always lower than 2%.

Litebit Account Verification and Limits

Its possible to buy cryptocurrencies unverified on Litebit up to 2100 Euro a month. This equals 70 Euro a day. If you want to invest more money into cryptocurrencies, you can raise your daily limit to 350 Euro by verifing your bank account and phone number. This is an automated process and goes rather quick and smooth. You can increase your daily limit even further to 500 Euro by verifying your address. This is possible by uploading a recent utility bill or bank statement. The final tier gives you access to 35,000 Euro daily limit and for this your identity needs to be verified.

Litebit Self Hosted Wallets

It’s quite common knowledge that you need a digital wallet for each different type of cryptocurrency you’re holding. Litebit designed a unique concept within the portal it’s self, where you can save and manage your cryptocurrencies. This way your coins are always accessible trough the portal and you have clear insights in your profits and losses. Apart from that you don’t have to download the entire blockchain on your desktop, laptop or smartphone. In your Litebit wallet you can exactly see the value of all your cryptocurrencies in Euros. From your wallet you can directly sell your coins to Litebit or send them to a different wallet (of the same kind).

Is Litebit Trustworthy?

Litebit is quite a new and innovative company, founded in 2013 as solution to buy and sell Bitcoins quickly. Apart from that a market opportunity arise to buy and sell altcoins. Nowadays Litebit is one of Europe’s biggest cryptocurrency brokers. Litebit employs 14 people and is a solid company. Most of the employees work at customer support to assist customers 24/7. Litebit is registered with the Dutch chamber of commerce under registration number: 70325596.

Litebit Credits

If you plan to buy or sell cryptocurrencies more often at Litebit, you can choose to top up your account in credits. Using these credits you don’t pay any transaction fees and the transactions confirm instantly. Each credit is worth a single Euro and avoiding transaction fees at Litebit works similar to Binance Coin at Binance.

Learn more about Binance Coin (BNB) and how to use it in our related article:

Binance Coin (BNB) – What is it and how to use it?

Screenshots

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Pros

  • Buy cryptocurrencies with Euro from just 25 Euro
  • Fast transactions
  • Low fees

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Decleration:
I hereby declare this review to based on my own experience trading with this broker and I did not reseve compensation in any way submitting this review

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