Litebit Review

LiteBit Review

LiteBit was established in 2013, in The Netherlands. Since the start of the company it accrued many cryptocurrencies including Bitcoin, Ethereum, Litecoin and more. With honest and warm support, LiteBit is very nice place for cryptos purchasing. More details which should be known in this LiteBit review provided.

Supported Cryptocurrencies
  • Bitcoin (BTC)
  • Bitcoin Cash (BCC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Zcash (ZEC)
  • NEM (XEM)
  • Ripple (XRP)
  • Doge Coin (DOGE)
  • Dash (DASH)
  • Monero (XMR)
  • Ethereum Classic (ETC)
  • Lisk (LSK)
  • Pivx (PIVX)
  • and much more...
Offered Services
  • Buy or sell cryptocurrencies
  • Wallets
  • Trade cryptocurrencies
  • Price alert
Payment Methods Accepted
  • iDEAL
  • Sofort
  • GiroPay
  • SEPA
  • MyBank
  • Bancontact
  • LiteBit credits
Fees
  • Fees of cryptocurrency transaction depends on its network
  • Fees for deposits by bank or payment methods varies on the chosen method, but do not exceed few € per bitcoin
  • However, some of deposit methods are really expensive
Verification Process
  • Verification is mandatory if bigger limits are needed
  • It's separated into different Tiers
  • Tier 1 requires SMS verification only
  • Tier 2 - proof of address and passport or ID card must be provided 
  • For Tier 3 are more details required
Supported Countries

Europe countries only

 

litebit screenshot
Speed
  • After verification is completed, most of the methods allows user to make deposit instantly
  • Speed of cryptocurrencies depends on its network
Limits
Unverified
Daily - €75

Weekly - €525

Monthly - €2100
Tier 1
Daily - €350

Weekly - €1,050

Monthly - €4,200
Tier 2
Daily - €500

Weekly - €3,500

Monthly - €14,000
Tier 3
Daily - €35,000

Weekly - €245,000

Monthly - €500,000
Privacy
  • LiteBit has an ability to buy cryptocurrencies without verification, however the limits are very small
  • For getting bigger limits personal details, phone number and other details are required
Security
  • SSL
  • Two-Factor Authentication
Pros
  • Low fees
  • A lot of supported cryptocurrencies
  • Many deposit methods offered
  • Great support
Cons
  • Security should be improved
  • Poor privacy
  • No deposits via credit cards available
Conclusion

LiteBit is one more great exchange. We like that it offers tons of cryptocurrencies available. In addition, deposit fees are very low, that makes LiteBit a really good place to get bitcoins online (for Europeans though).

However, security could be improved, since two-factor authentication is the only security feature. We miss information where funds of its wallets are stored as well. While LiteBit offers different wallets for most of cryptos, it's crucial to improve its security (again).

Rating
7/10