LiteBit

LiteBit is a Rotterdam based broker established in 2013. It is one of the first brokers offering multiple crypto’s in their portfolio. Next to bitcoin, LiteBit also offers altcoins like TRON and NEM. The LiteBit team consists of 14 employees, who are mostly focused on customer support. Customers can reach their supportservice on weekdays and in the weekend from 9 am to 9 pm.

LiteBit offers more than 50 different coins that can be easily purchased with iDEAL, Bancontact, Sofort, Giropay, SEPA and MyBank. Next to purchasing coins, the platforms also gives you the opportunity to sell your current coins for fiat or LiteBit credits. Next to that, the platform also offers a self-hosted wallet service. With this self-hosted wallet, LiteBit sets itself apart from competitors. You can always access your purchased coins in your wallet and it gives you easy insight into your profit or loss. The app makes trading even easier. It allows you to buy, sell and monitor your coins via your smartphone. The app is currently only compatible with iOS. However, the LiteBit team is currently working on an Android app.

Fun fact! Did you know that the LiteBit office is located in the same street as their competitor Bitqist? Like the famous quote goes: “Keep your friends close, but your enemies closer.” Knaken, Bitladon and Coinmerce are also direct broker competitors, like Bitqist.

Verification and limits

To start trading, you need to set up an account. The verification process for your account is set up in three Tiers. Every tier comes with a different limit. It is not possible to trade with LiteBit without some form of verification. The three tiers LiteBit offers are as follows:

  1. Tier 1: Smartphone verification. When you set up your account, an authentication code is sent to your e-mail address. After this, a smartphone verification follows. During the last step of setting up your account you are asked if you want to set up a two-factor authentication (2FA). We highly recommend doing this since it secures your account and thus your cryptocurrency. The daily limit for Tier 1 is € 350, the weekly limit is € 1,050 and the monthly limit is € 4,200.
  2. Tier 2: Address verification. Did you get the hang of it and do you want to trade with a higher limit? Then you can opt for Tier 2 verification. For a Tier 2 verification LiteBit needs your home address. If you want to go straight from Tier 1 to Tier 3, this is also an option. The daily limit for Tier 2 is € 500, the weekly limit is € 3,500 and the monthly limit is € 14,000.
  3. Tier 3: ID verification. Feeling ambitious? Start trading like a ‘whale! Opt for Tier 3 verification to raise your limits to the maximum LiteBit offers. For this verification, LiteBit asks for a copy of your passport, driver’s license or national ID card. It is possible to add a watermark to you copy or blur out your citizen’s service number. The daily limit in Tier 3 is € 35,000, the weekly limit is € 245,000 and the monthly limit is € 500,000.

Wallet support

LiteBit offers their own wallet for the greater part of their portfolio. The wallet gives you the opportunity to save your cryptocurrency in a safe manner. Next to that, it gives you insight into the buy, market and selling prices of your coins. This way, you have a clear overview of your profit and loss. You can purchase new coins directly from your wallet and you do not have to download a blockchain for transactions in the millions.

A few examples of coins you can store in your LiteBit wallet are Bitcoin, Ethereum, Ripple, Tron & PIVX.

Start trading?

About 700.000 customers are already trading with LiteBit. This makes LiteBit one of the biggest brokers in the Netherlands ánd Europe.

In 2019, LiteBit won the price for ‘Best Cryptobroker 2019’ at the Cashcow Awards.

Got enthusiastic? Start trading with LiteBit right away!

Costs and prices 

The purchase price on LiteBit is made up out of the market price + 2% LiteBit fee. The selling price on LiteBit is therefore the market price – 2% LiteBit fee.

Prices shown on LiteBit are with spread and fee.
Prices shown on CoinCompare are with the spread and fee.

To save some money when trading within LiteBit, you can decide to trade your fiat (€) for LiteBit credits. One LiteBit is worth 1 euro. A LiteBit is not a cryptocurrency. However, you can use your LiteBits to buy cryptocurrency without paying the € 0.42 transaction fee for every cryptocurrency that you purchase. In the case you decide to purchase LiteBits, you only pay the transaction fee for that transaction. If you decide to buy your coins separately, you pay the transaction fee every time you make a new purchase. If you decide to trade intensively through LiteBit, it could therefore save you some cash to invest in LiteBits. If the case you do not use iDEAL or LiteBits, the transaction costs are as follows:

  • Bancontact: € 0.38 + 2%
  • GiroPay/Sofort: €  0.39 + 2,5%/2%
  • SEPA: € 0.61
  • MyBank: € 0.24 + 1,5%

If you want to make a purchase through LiteBit, you are asked to verify your bank account first. This is done by a one time transaction of  € 0.01.

❗️ Be aware! If you are trading from a different currency than Euro’s, conversion fees might apply.

Security measurements

To secure your LiteBit account and wallet you can use the following verifications:

  • 2FA verification. You can use Google Authenticator, LastPass Authenticator, Authy or text message for this.
  • IP-authentication.
  • If you want to make a purchase through LiteBit, you are asked to verify your bank account first. This is done by a one time transaction of € 0.01.

Keep in mind, in the end, you as user is the best defense against account breaching and theft! Therefore, CoinCompare always recommends to use a hard wallet to be fully independent from online wallets.

Language support 

LiteBit operates in Dutch, English, German and French. The customer support is also available in these four languages. Only traders based in Europe are allowed to set up an account with LiteBit.

By Jeroen   Modified 27/01/2020

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