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Review and test of crypto-market place LiteBit.eu: our experiences

Our LiteBit.eu-Wiki with answers to all questions about reliability, charge fees, verification and detailed how-to-buy instruction.


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Review and test of crypto-market place LiteBit.eu: our experiences (c): LiteBit.eu Screenshot

26.01.2018

Litebit.eu is one of the biggest European market places, where you can buy crypto-currencies. The offer od the website ranges from all well-known coins (Bitcoin, Ethereum, DASH and Monero) to Altcoins, which are still unknown.  We will show you starting with the first steps, verification till charge fees and we show you with how-to-buy, how you can buy correctly. Furthermore we reviewd: how-to-sell, modes of payment and transfer of LiteBit.eu.





Summary: LiteBit.eu at a glance

  • Charge fee for registration/regular usage fee: no charge fees (for free)
  • Trading fees: depending on trading volume between 42 cents and 5%
  • Charge fees for payment: depending on crypto-currency, partly free of charge
  • API-support: no, only trading platform
  • Security measures: high (2FA), more than 99% of deposits are kept offline
  • number of crypto currencies: 51
  • Appropriate for: starters and experienced traders
  • Verification: access without verification
  • Limit: 75 Euros without verification, up to 35.000 with verification
  • Languages: English, Dutch
  • Update: Minimum purchase volume currently: 100 Euros

Who is behind LiteBit.eu and is the marketplace reliable?

LiteBit.eu* has been existing since 2013. Headquarters of  the digital market is situated in Zoetermeer, Netherlands. The website was founded by Kenny Rokven und his fellow students, today the website has a staff of 21 people. LiteBit.eu is verifiably registered in the Dutch Commercial Register (No 63661438).

 

We have been using the website since 2016 and have not had any problems as far as buying, payment or transfer is concerned.
As you can experience with other websites, rarely some crypto-currencies are not available for a few hours due to maintenance.

 

Concerning the service: LiteBit.eu staff can not only be contacted via email, but also from Monday till Friday via phone.

Update: Due to overload due to high customer demand (email and by phone) the telephone service is currently not available.

Registration, verification

Registration on LiteBit.eu* does only take a minute: real name, email address and type in your password twice and that’s it.

 

LiteBit.eu-Test © "LiteBit.eu Screenshot"

 

We highly recommend using a password that consists of several lower and upper case letters, as well as numbers and special characters.

 

Next step should be the activation of 2-factor-authentication. This is only possible using a smartphone and enhances the security of your LiteBit-account. For activation tick “ma account” in the upper right corner, then “setting” and then, on the left-hand, select “security”.

 

Why do I need a 2-factor authentication?

By means of 2FA confirms important processes (logins, payments etc) in your private account using a 6-digit code, which changes every 15 seconds.
This makes it hard for an intruder to cause any damage. It is not sufficient anymore, just knowing your username and your password. Additionally that person has to control your smartphone, and this is significantly more difficult.

Verification and limits

If you have recently registered the account, LiteBit.eu allows us buying for only 75 Euros a day. After depositing a phone number, the amount is increased to 350€ per day. Should you add another address, you can buy for 500.61€ per day.

 

The first two steps (Tier 1 and Tier 2) will be processed activated immediately.

 

We recommend for those, who want to invest more on a long-term basis, to activate Tier 3 as well. For this you have to scan your ID and upload the picture. You also need to upload another picture showing yourself with your ID. About two days later a volume of 35,000€ is available on a daily basis.

 

LiteBit.eu-Test © "LiteBit.eu Screenshot"

 

Our evaluation:

In principle anonymity is more desired. LiteBit.eu* has regard to know-your-customer principles and would like to know its customers. We agree on that.

Offer: Bitcoin and Altcoins

Now we can buy Bitcoin and 50 Altcoins. But what is on offer, anyway? LiteBit.eu offers all well-known and some unknown Altcoins:

 

LiteBit.eu-Test © "LiteBit.eu Screenshot"

 

Our evaluation:

Offering 51 crypto-currencies, LiteBit.eu has a wider range in supply compared to Bitfinex.com* (19 Coins, Review ), for example. You can compare it then to Poloniex (66 coins). Who misses a coin here, can possibly find it on Bittrex with more than 200 coins.

 

We personally still miss a few bearers of hope like IOTA, NEO and OmiseGo. Because of the fact, that the offer is continuously enriched, we are optimistic, that more important Altcoins will be available.

Modes of payment: PayPal, FIAT-bank account, credit card?

There are many modes of payment used on LiteBit.eu:

  • MyBank (worldwide)
  • LiteBit Credits (worldwide)
  • SEPA-Banküberweisung (Europe)
  • SOFORT-Transfer (Europe)
  • GiroPay (Germany, Austria)
  • iDeal (only Netherlands)
  • Bancontact (only Belgium)

According to the FAQ, LiteBit is currently not offering Paypal. LiteBit is working on the inclusion of Paypal as a future payment option. Currently, Paypal is not yet available.

Keep in mind: if you prefer paying per SEPA transfer, you have to verify your bank account with a 1-cent transfer. This will take three days.

LiteBit.eu-Test © "LiteBit.eu Screenshot"

 

Our evaluation:

The modes of payment available correspond to the most common FIAT-types and are, according to our opinion, user-friendly.

 

Why can you not pay using crypto-money?
LiteBit.eu* is working on the possibility using crypto money for payment. The system is already being tested.

What are LiteBit Credits?

LiteBit Credits is an internal payment method, so they are only available on LiteBit and should not be considered Altcoin! If you want to buy or sell regularly on LiteBit, you should take a closer look at the Credits:

LiteBit Credits can be bought against euro and then flexibly exchanged for cryptocurrencies. The advantages:

  • No transaction costs for future purchases
  • No waiting: Immediate payment, instant credit of the coins
  • No value fluctuations: 1 euro is always worth 1 credit
  • Received Credits from sales orders can be used directly for purchase orders
  • Remittance to a bank account possible at any time

The "purchase" of credits incurs transaction fees. These are:

  • MyBank (worldwide): 40 cents
  • SEPA bank transfer (all over Europe): 60 cents
  • iDeal (only in the Netherlands): 42 cents
  • Bancontact (Belgium only): 40 cents

Withdraws to the bank account cost additional 40 cent charges. The credit will be effected within three working days.

Here you can buy LiteBit credits:

My account> Account home / Credits

Important: Number of coins purchased depending on the payment method!

For each payment method (except SEPA bank transfer!) you get the number of coins specified in the transaction, since these are each direct payments.


For SEPA bank transfers, the number of coins is calculated on the day they are received on the LiteBit bank account at the current exchange rate.

This means: If the price of your newly purchased coin falls until the arrival of your SEPA payment, you will receive more coins for your euros than previously indicated. If the price increases in the meantime, you get correspondingly less coins for the amount of money transferred.

Example:
You order today for 100 euros and get 10 Altcoins, if the payment is received immediately at LiteBit.eu.
If you still transfer on the same day via SEPA, the euro amount will arrive tomorrow at LiteBit and the credited Altcoin amount will be calculated according to the current equivalent: If the 100 euros are now 15 coins worth, you get 15. However, if the price falls and 100 Euro is equivalent to only 5 coins, the customer will only be credited with that much.

Minimum purchase value

To better meet the current customer rush, LiteBit has until further notice decided to introduce a minimum purchase value of 100 euros.

This is to avoid microinvestments (purchases worth 20 or 50 euros) in order to make the processes on the website smoother for other customers.

This means that all offered crypto currencies must be purchased for at least 100 euros.

Charge fees

There are no regular charge fees using the crypto-exchange LiteBit.eu, i.e. there are no running costs per day or month. This is standard for all exchanges.

 

Costs within the meaning of fees arise for two processes:


1. Charge fees for crypto-trading (“transaction costs”)

Service fee for buying on LiteBit.eu is 0.42€ per buying process.

 

Our evaluation:
42 cents is a pretty low fee, Bitcoin.de* demands a percentage fee of 0.4% of the purchase price. But be aware that purchase price on LieBit.eu is, compared to other market places, relatively high. In this case the Bitcoin price can lie 100€ above the average price. Concerning other crypto-currencies this can make up a few Euros (Ethereum: 5€ with an exchange rate of 280€) or a few cents (Startcoin: 1 cent with an exchange rate of 0.03€).    

 

2. Charge fees for payment (“blockchain”)

All payments are free of charge. The “blockchain” is not received by LiteBit.eu, but the miners, who have to confirm the transaction registering it in the blockchain.

 

Our evaluation:

Positive: there are no charge fees above a certain amount of purchase (depending on the type of coin). If you prefer keeping your coins in the LiteBit-wallet, there is no charge fee.


Negative: in our opinion the hidden fees in the price are not transparent for starters.

How-to-buy instruction: buying Bitcoin and Altcoin

The buying process of crypto-currencies is easy to handle.

1. step
Choose desired crypto-currency, e.g. Bitcoin


2. step
Fill in the amount needed, next to it there will be shown price in Euro


3. step
Choose your payment-address. For this a cold-wallet like Exodus, a crypto-exchange like Bitfinex.com* or the LiteBit.eu-wallet are a possibility.


4. step
Select your mode of payment.

 

5. step
Accept “terms and conditions”, click “next”, done.


6. step
Complete your purchase using, for example, SEPA-transfer. With receipt of payment, the purchased amount is sent to the selected address.

 

LiteBit.eu-Test © "LiteBit.eu Screenshot"

 

Our evaluation:
LiteBit.eu enables easy buying of crypto-currencies. Well done!

How-to-sell-instruction: selling Bitcoin and Altcoin

Selling Bitcoin and Altcoin can also be easily handled:

1. step
Choose desired crypto-currency, e.g. Bitcoin


2. step
Select favoured amount, next to it the price is shown in Euro currency.


3. step
Name your payment address. In case of a termination the amount will be refunded to this address.


4. step
Name the account holder.


5. step
State IBAN.


6. step
Accept terms of condition and complete the process clicking on “complete order request”.

 

LiteBit.eu-Test © "LiteBit.eu Screenshot"

 

Our  evaluation:

Also selling is processed quickly. Take care: there is a difference of 5% between the transferred sell-price and the offered buy-price on the website. This is what LiteBit.eu earns with your purchase.

Security

he most important aspect: more than 99% of all crypto-stocks are not permanently only, but they are kept offline. This is why they are protected against unauthorized access.

As another security function LiteBit.eu uses 2-factor-authentication.

 

Our evaluation:

LiteBit.eu provides the two most important security components for crypto-exchange. Very good! For those who want to be safe beyond this point, we recommend using a cold-wallet.

Advantages and disadvantages

LiteBit.eu therefore has some advantages, but only few disadvantages:

Pros Cons

fast registration process (one minute)

wide range: 51 coins on offer

high security level

surface is easy to use

various modes of payment for FIAT-money

identification needed;

     last step needs several days

no payment in crypto-currencies

relatively high prices

     compared to other exchanges

Review conclusion:

We are convinced of LiteBit.eu*'s intuitive user interface and its straightforward handling. We can easily purchase many different coins and also stock them, alternatively we can directly arrange payment with the purchase.

The website gives a high-quality and reliable impression. Furthermore the developers promise to include new coins in the future and to extend functionality. Great!

Something that attracts negative attention is the mixed exchange rate including charge fees. We would prefer honest transparency!

 

Our tip: There are cheaper platforms, where you can buy Bitcoin or Ethereum. LiteBit.eu is a recommended platform as far as the purchase of Altcoins is concerned, though.

 



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Bitcoin Bitfinex Exchange Altcoin LiteBit.eu

4.527x Views | 0 Comments

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4 Stars

Secure and reliable crypto-broker with a large selection of cryptocurrencies. Unfortunately not always the best exchange rate. We do not recommend buying Bitcoin on LiteBit.eu, but choosing another broker.

Hulacoins



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