No Regulation

Score

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/10

LiteBit

Netherlands

|

5-10 years

Suspicious Regulatory License|

Medium potential risk

https://www.litebit.eu/en

Website

Rating Index
Influence

Influence

A

Influence Index NO.1

Netherlands 7.78

Better than 96.84% exchange(s)

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Influence
A

Licenses

No effective regulatory information has been founded yet, please pay attention to the risks!

Exchange Info

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Company Name
LiteBit
Phone of the company
+31 (0) 10 307 48 20
+33 18 020 22 54
Customer Service Email Address
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WikiBit Risk Alerts

1
Previous Detection 2024-04-24

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

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User Reviews

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2 ratings

Participate in evaluation
FX1784139021
LiteBit's customer support is awful. Almost non-existent response to your queries and concerns. It's infuriating!
2023-11-14 00:43
3
Zane04477942
LiteBit's customer service is excellent, with timely responses whenever you ask questions. However, its interface design is not friendly to novices at all.
2023-09-24 18:40
4
Aspect Information
Company Name LiteBit
Registered Country/Area Netherlands
Founded Year 2013
Regulated by Unregulated
Cryptocurrencies Bitcoin, Ethereum, Ripple, Litecoin, and more
Trading Platforms Web-based platform
Deposit & Withdrawal Bank transfer, iDeal, Sofort, Bancontact, and more
Educational Resources Tutorials, blogs, and articles
Customer Support Email, live chat, and phone

Overview of LiteBit

LiteBit is a virtual currency exchange founded in 2013 and based in the Netherlands. LiteBit offers a range of cryptocurrencies for trading, including Bitcoin, Ethereum, Ripple, Litecoin, and more. However, it is important to note that the exchange does not offer any leverage for trading.

LiteBit operates through a web-based platform, allowing users to access their accounts and perform transactions conveniently from any device with an internet connection.

The exchange offers customer support through email, live chat, and phone, ensuring that users can receive assistance and resolve any queries or issues they may encounter.

Overview of LiteBit

What is LiteBit?

LiteBit is a virtual currency exchange that is considered a centralized exchange. It operates through a web-based platform, allowing users to trade a variety of cryptocurrencies conveniently from any device with an internet connection.

LiteBit provides various deposit and withdrawal methods, such as bank transfer, iDeal, Sofort, Bancontact, and more. This variety of options makes it easier for users to fund their accounts and withdraw their funds according to their preferred method.

Furthermore, LiteBit offers educational resources in the form of tutorials, blogs, and articles. These resources aim to assist users in gaining a better understanding of virtual currency trading and related concepts, which can be beneficial for both beginners and experienced traders.

Pros and cons

There are several advantages to using LiteBit as a virtual currency exchange.

Firstly, LiteBit offers a wide range of cryptocurrencies for trading, including popular options like Bitcoin, Ethereum, Ripple, Litecoin, and more. This variety allows users to diversify their investment portfolio and take advantage of different opportunities in the market.

Furthermore, LiteBit provides multiple deposit and withdrawal methods, such as bank transfer, iDeal, Sofort, Bancontact, and more. This flexibility makes it easier for users to fund their accounts and withdraw their funds according to their preferred method.

On the other hand, there are a few drawbacks to consider when using LiteBit.

Firstly, LiteBit does not offer any leverage for trading. This means that users cannot amplify their trading positions, which may limit potential profits for some traders.

Secondly, LiteBit operates solely through a web-based platform, which may be less convenient for users who prefer trading through mobile applications. Although the web-based platform is accessible from any device with an internet connection, some users may find it more convenient to have a dedicated mobile app for trading on the go.

Additionally, LiteBit is not regulated by any regulatory authority, which could pose a risk to traders who may not have the same level of protection as they would with a regulated broker.

Pros Cons
Wide range of cryptocurrencies No leverage offered
Multiple deposit & withdrawal methods Web-based platform only
Good customer support Unregulated

Security

The security of LiteBit is an important aspect for users. The exchange implements various protection measures to ensure the safety of user funds and sensitive information. These measures include encrypted data transmission, two-factor authentication (2FA), and cold storage for cryptocurrencies. Encrypted data transmission helps to secure user data during transactions and communication with the platform.

LiteBit also encourages users to enable two-factor authentication, which provides an additional layer of security by requiring a verification code in addition to the username and password. By utilizing 2FA, users can protect their accounts from unauthorized access even if their login credentials are compromised.

In terms of user feedback, it is important to note that no exchange is completely immune to security risks. While there have been no major security breaches reported for LiteBit, it is always recommended for users to take their own security precautions. This includes using strong and unique passwords, regularly updating passwords, and avoiding phishing attempts by only accessing the exchange through official channels.

Security

Cryptocurrencies available

LiteBit offers a wide range of cryptocurrencies for trading, including popular options like Bitcoin, Ethereum, Ripple, Litecoin, and more. These cryptocurrencies are subject to price fluctuations on the exchange, which means that their values can change over time. The prices of cryptocurrencies are influenced by various factors, including market demand, supply and demand dynamics, investor sentiment, and news events.

It is important for traders to be aware of these price fluctuations and to understand that the value of cryptocurrencies can be volatile. This volatility can present both opportunities and risks for traders. On one hand, traders can potentially profit from price movements by buying low and selling high. On the other hand, rapid price fluctuations can also result in losses for traders.

Cryptocurrencies available

Fees

The strategy of commission fees of the LiteBit differs from the strategies on other platforms. There are two different cryptocurrency prices on LiteBit: the purchase price and the selling price. The purchase price is the offer price in the market plus the purchase fee from LiteBit. The selling price is the selling price in the market, minus the selling commission from LiteBit.

The purchase fees charged by LiteBit depend on the cryptocurrency selected. With regard to Bitcoin, it is below 1%. For altcoins, it is 2-5%. Plus, there are often additional exchange costs for altcoins because sometimes it is only possible to trade certain altcoins in the BTC markets. The trading and withdrawal fees are based on various factors.

Cryptocurrency Purchase Fee Selling Commission Additional Exchange Costs
Bitcoin (BTC) Below 1% Market Selling None
Altcoins 2-5% Market Selling Yes (BTC markets)

Factors that determine the price on LiteBit:

  • Difference between supply and demand

  • Market size

  • Price fluctuations

  • Trade volume

  • Influence of third parties

  • Transaction costs

Deposit & Withdrawal

The table provides information about various coins, their tickers, buy and sell fees, and withdrawal fees. Notable coins include Bitcoin (BTC) with buy and sell fees of 0.7% each, Ethereum (ETH) with fees of 1.3% for buying and selling, and withdrawal fee of 0.004 ETH. Other coins like ZRX, 1INCH, ALGO, APE, and many more also have associated fees listed. Please note that the fees are subject to market and blockchain fee fluctuations.

In the table below you will find our service fees for buying and selling, and the withdrawal fee for each coin

Coin Ticker Buy Sell Withdrawal fee
Bitcoin BTC 0.7% 0.7% 0,0005 BTC
Ethereum ETH 1.3% 1.3% 0,004 ETH
0x ZRX 2% 2% 12 ZRX
1inch 1INCH 2% 2% 6 1INCH
Algorand ALGO 1.3% 1.3% 0.01 ALGO
ApeCoin APE 1.3% 1.3% 0.85 APE
Audius AUDIO 1.3% 1.3% 6 AUDIO
Avalanche AVAX 1.3% 1.3% 0.02 AVAX
Axie-infinity AXS 2% 2% 0,25 AXS
Band-protocol BAND 2% 2% 1,5 BAND
Binance Coin BNB 1.3% 1.3% 0,0005 BNB

Please note that this table is a summarized version and may not include all details. Always refer to the latest information on the platform for accurate and up-to-date fees.

Educational Resources

LiteBit equips users with diverse educational tools, including trading guides, video tutorials, and webinars. These resources help users enhance their knowledge and understanding of the cryptocurrency market and trading strategies.

The trading guides provide valuable information on topics such as technical analysis, fundamental analysis, risk management, and trading psychology.

Video tutorials offer visual insights into trading concepts and strategies, providing an interactive learning experience.

Live webinars, hosted by experts, span cryptocurrency trading, market trends, and investment strategies. They facilitate real-time engagement and expert interaction.

LiteBit's community support system fosters user connections for insight sharing through forums, social media, and other platforms, fostering a collaborative learning atmosphere.

Customer Support

Number:

+31 (0) 10 307 48 20

+33 18 020 22 54

Twitterhttps://twitter.com/litebiteu

Facebookhttps://www.facebook.com/litebiteu

Is LiteBit a Good Exchange for You?

LiteBit is suitable for various target groups, including beginner traders, experienced traders, and cryptocurrency enthusiasts.

For beginner traders, LiteBit provides educational resources such as trading guides, video tutorials, and webinars. These resources help beginners understand the basics of cryptocurrency trading, learn about different trading strategies, and gain insights into the market.

Experienced traders benefit from LiteBit's vast range of tradable cryptos, including Bitcoin, Ethereum, Ripple, and Litecoin. This diversity enables them to diversify portfolios and seize diverse market prospects.

Cryptocurrency enthusiasts can find a community of like-minded individuals on LiteBit. Through forums, social media groups, and other platforms, enthusiasts can discuss, share ideas, and exchange insights.

User satisfaction

User satisfaction with LiteBit varies among individuals. Some users appreciate the access speed of the exchange, finding it to be efficient and fast. Others have mentioned that they find the fees to be reasonable, especially with the tiered fee structure that rewards higher trading volumes.

In terms of using the trading platform, some users have found it to be user-friendly and intuitive, allowing for ease of navigation and execution of trades. However, others have mentioned that they would appreciate more advanced trading features and tools.

When it comes to the process of trading cryptocurrencies, some users have reported positive experiences, mentioning that the transaction process is smooth and reliable. However, there have also been instances where users have encountered delays or issues with deposits and withdrawals, which can affect the overall trading experience.

Conclusion

In conclusion, LiteBit is a virtual currency exchange that offers a user-friendly platform, a wide range of cryptocurrencies for trading, and educational resources to support traders of all levels. The tiered fee structure and competitive fees can be advantageous, especially for traders with higher trading volumes. LiteBit also provides options for deposit and withdrawal methods, although some users have reported delays or issues with these processes. While LiteBit has not encountered major controversies, it is crucial for users to conduct their own research and exercise caution when trading. Overall, LiteBit offers a platform that caters to different target groups, but users should carefully assess their own requirements and consider the potential risks involved in cryptocurrency trading.

FAQs

Q: What are the trading fees on LiteBit?

A: The purchase fees charged by LiteBit depend on the cryptocurrency selected.

Q: Are there any fees for deposits on LiteBit?

A: LiteBit does not charge any fees for deposits.

Q: How long does it take to process deposits and withdrawals on LiteBit?

A: The processing time for deposits and withdrawals on LiteBit may vary depending on the chosen method. Bank transfers, for example, may take longer to process compared to other methods. The exact processing time may depend on external factors such as the banking system or the chosen payment provider.

Q: Does LiteBit provide educational resources for traders?

A: Yes, LiteBit offers trading guides, video tutorials, and webinars to help users enhance their knowledge and understanding of the cryptocurrency market and trading strategies.

Q: Is LiteBit suitable for beginner traders?

A: Yes, LiteBit provides educational resources and a user-friendly interface that make it accessible for beginner traders to navigate and start trading with confidence.

LiteBit User Review

User 1:Yo, LiteBit's the real deal! The security's tight – they use encryption and 2FA to keep my crypto stash safe. Plus, they're regulated, so no shady stuff. The interface is slick, simple to navigate. Got heaps of cryptos to choose from, Bitcoin to Ripple. Customer support's been cool when I had a prob, quick responses. Fees are alright, they drop if you trade more. But withdrawals took a bit longer sometimes. Overall, I'm chilling with LiteBit.

User 2:Hey there, LiteBit's been a mixed bag for me. Security-wise, it's decent, they talk about encryption and all. Regulation's a plus, makes me feel less worried. Interface is alright, not too flashy. But, liquidity's hit or miss. Some cryptos got low trading volume. They got a good range of coins though. Customer support's a bit slow sometimes, wish they were quicker. Trading fees? Meh, standard-ish. Privacy, well, could use more info on that. Deposits smooth, but withdrawals can lag a bit. Stability's been okay, no major hiccups yet. So, it's aight, room to improve.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.