LiteBit Review

Are you looking for a reliable Dutch party to buy or sell cryptocurrencies? Then LiteBit might be just the platform you’re looking for! Read in this article what LiteBit has to offer…

LiteBit introduction

LiteBit is one of the oldest cryptocurrency brokers based in the Netherlands, making it a reputable player among the providers of Bitcoin and other cryptocurrencies. LiteBit was founded on the vision of making buying cryptocurrencies a lot easier. The founders tried to purchase crypto themselves in 2012 but found out at the time that this was only possible in cumbersome ways through foreign exchanges. In 2013 LiteBit finally started and now has become one of the largest brokers in the Netherlands and in Europe. In 2017, they did a major redesign to the website to improve ease of use but LiteBit’s recognizable house style has always remained. Their mission is to be the most customer-friendly and reliable cryptocurrency platform in Europe. Worth mentioning is that LiteBit received the title of Best Crypto Broker in both 2019 and 2020.

LiteBit specs

Below is an overview of LiteBit’s specifications

Wide assortment

With 46 different coins, LiteBit has a large assortment of cryptocurrencies that can be bought and sold at any time of the day. Of course all major cryptocurrencies such as Bitcoin, Ethereum, XRP, Cardano and Binance coin are simply included. For a current overview of the cryptocurrencies on offer please visit: https://www.LiteBit.eu/nl/markten

Registration & Account

Just like with every registered cryptocurrency broker in the Netherlands, at LiteBit you also have to create an account and continue to use it for all your actions.

KYC

Creating an account on LiteBit doesn’t take you much time. The steps to follow are clearly indicated and there won’t be anything surprising in between. After filling in your details and verifying your phone number, you will be pointed to the security steps to secure your account. This can be done, for example, with Google Authenticator (2fa). It is always strongly recommended to use 2 factor authentication on your accounts whenever possible.

Litebit Dashboard

After going through the verification steps, your account is opened! Now you have your own environment within LiteBit which is called your Dashboard. When you log in you are automatically taken to this dashboard. Here you can manage all your balances and see all your historical transactions. It also shows what your limits are, more about this below.

Limits

When you go through all the steps to verify your account, including address verification for example, LiteBit gives you pretty generous daily, weekly and monthly limits. These limits indicate how much you can trade (buy or sell) in a certain period of time.

Buying & Selling Cryptocurrencies on Litebit

Buying and selling cryptocurrencies at LiteBit is very easy. First you go to the tab ‘buy’ or ‘sell’ and you can easily pay with your own bank account. You do need to verify your bank account with LiteBit to continue doing transactions effortlessly. After that you can easily and quickly make transactions with payment methods like iDeal. As soon as you want to buy or sell with a new, still unknown bank account, you will have to verify it again. When you sell cryptocurrencies the amount will be transferred to your bank account within 1 working day.

LiteBit Credits

LiteBit also has its own cryptocurrency which can be used within the LiteBit platform, called LiteBit Credits (LBC). These credits always represent the value of 1 euro and are therefore very useful when you want to sell some crypto quickly but don’t want it to be deposited immediately into your bank account. You can then choose to make the payment in LBC which you can easily use at a later moment to buy cryptocurrencies. This way you always need to have your bank account ready in order to be able to trade.

Cryptocurrency Wallets

LiteBit has so-called ‘Custodial wallets’ which means that they are allowed and able to store cryptocurrencies for their clients. You can find these wallets in your dashboard and you can use them to store all 46 cryptocurrencies. It is a very convenient service. Still, we recommend never store your long term holdings on an exchange or broker wallet, but rather on your own personal wallet.

Prices

The prices per coin at cryptocurrency brokers will always be just a bit higher than on large international exchanges. Brokers buy and sell their stock on large exchanges to be able to offer them themselves and therefore make a small margin on this. In exchange, you get very extensive customer service. The margin includes network costs, transaction costs and service fees. The trading prices, and thus margin at LiteBit can simply be found on their website: https://support.litebit.eu/hc/en-us/articles/360020602119-Trading-and-withdrawal-fees

When we do a simple calculation, the actual margins seem to be even lower than what is shown on the website:

For Bitcoin: 1%

For Ethereum: 1.8%

For Cardano: 1.5%

These margins are calculated on the average price per coin derived from Coingecko.com.

Additional features

Besides the LiteBit Credits system which is very convenient, LiteBit has some interesting features that we would like to highlight.

LiteBit app

LiteBit has an app for Android and IOS with which you can easily manage your cryptocurrencies from anywhere. With this app you can access all the important functions that you can on the platform itself, such as: Buy, Sell, Check Market Developments and Contact Customer Service.

Price notification

If you would like to buy a cryptocurrency, but not at the price it is currently traded at, you can set a price notification. You do this in your account dashboard under ‘buy’. If the cryptocurrency drops and hits the price you have set a notification for, you will receive an email from LiteBit. This allows you to react quickly and purchase the cryptocurrency. We found this a logical and pleasant extra option at LiteBit.

Partner program

Like almost all parties, LiteBit also has a partner program. This program allows you to earn credits simply by sharing your affiliate link with others. When new people register on the LiteBit platform through your link, you get 25% of the profit per transaction. So basically you share the profit of the transactions together with LiteBit. Read all about the affiliate program here: https://www.litebit.eu/en/partner-program/.

Support

LiteBit makes it easy to buy and sell cryptocurrencies and aims at a beginner and advanced audience. It is not for nothing that you can reach LiteBit all week long via phone, email and live chat. There is also an extensive frequently asked questions section which helps you to get started quickly.

Conclusion

LiteBit is in many ways a one-stop-shop where anyone interested in buying and selling cryptocurrencies can go. LiteBit makes trading cryptocurrencies incredibly easy due to the LiteBit Credits system and the mobile app. Also the limits and the trading costs are fine at LiteBit and we therefore recommend LiteBit as a provider of cryptocurrencies.