Crypto industry is a diverse industry. We have cryptocurrency exchanges like BitcoinToYou which supports only one cryptocurrency – Bitcoin. There is also Bisq exchange that supports over 120 cryptocurrencies. I will explain one such multi-currency exchange – LiteBit.eu in this review. This exchange supports around 40+ currencies. Let us understand the exchange in-depth.
- About LiteBit
- LiteBit Features
- LiteBit Exchange platform
- How LiteBit.eu works?
- LiteBit.eu Wallet
- LiteBit App
- LiteBit Affiliate Program
LiteBit.eu is a cryptocurrency exchange that operates from Zoetermeer, Netherlands. Kenny Rokven is the CEO of LiteBit. The company started in 2013 by a group of digital enthusiasts.
Some of the most popular cryptocurrencies on this platform are BTC, LTC, ETH, BLK, PPC, and CRW. These cryptos can be traded against the Euro.
Features of LiteBit
With this exchange platform, traders can buy, sell and manage cryptocurrency. Unlike any other exchange, cryptocurrencies can be purchased directly with euros via the most widely used payment methods such as iDeal, Bancontact, Sofort, Giropay, SEPA and MyBank.
LiteBit has a very interesting feature of Litebit price alerts. A user can get free price alerts for crypto markets through emails or telegram.
These Litebit price alerts could give better insights to a user as of when is the best time to invest. A user can trade and exchange up to 75 Euro without going through any verification process.
A user can also avail the feature of a credit transaction where the platform lets the user know about the best time for investment as per the market fluctuations.
LiteBit has several payment partners for the easy account funding and transactions. Some options are iDeal, Giropay, SEPA, Sofort, Uberweisung, Mister cash, etc.
LiteBit also offers certain affiliate programs where the user can earn through referrals. For every new user added by an affiliate, he shall earn 0.5% of the first order’s amount. This is a brilliant opportunity for all users to earn extra by imparting their knowledge to others.
Any miners or developers can also add their own cryptocurrency on this platform. This would give them a chance to showcase their currency and earn benefits in return.
As of now, LiteBit supports 47 cryptocurrencies. Traders can choose between many cryptos to buy/sell. Some of them are hard to find elsewhere.
LiteBit Exchange platform
The Litebit.eu review until now has detailed general information. Let us see the trading part to understand the exchange.
Litebit allows you to buy and sell cryptocurrencies. The exchange platform is simple. Select crypto in left top corner drop-down. Then the platform displays its related market price graph and price on the website itself.
How LiteBit.eu works?
There are 3 aspects of LiteBit.eu exchange.
- Create an account
- Buy Cryptocurrency
- Sell Cryptocurrency
How to register a new account on LiteBit.eu?
In order to register a new account, log on to www.litebit.eu. The user can click on the tab “Create a new account”. Enter details such as name, email ID, country and create the password. The user can click on the “I agree to T&C” and “Create my account”.
A verification email goes to the registered email ID. a user has to activate the link to validate the account. Once an account is verified, a user can begin with trading and exchange.
Account verification is divided into 3 tires. Each tire has a new spending limit
- First – Tier 1 = phone verification: The phone verification is made compulsory while activating an account. This is done in order to enforce 2 factor authentication.
- Second – Tier 2 = address verification
- Third – Tier 3 = ID verification: Identity verification requires a valid passport, driver’s license or ID.
In addition, the Dutch Government asks to link bank account (IBAN) to LiteBit.eu account for fraud detection.
Buy / Sell at LiteBit Exchange
A user has to fund his account before he can begin with trading and exchange. The user will have to add sufficient funds in the Euro to carry out instant and successful transactions.
In order to buy, the user can select the desired crypto and see the conversion rate in the currency calculator. The user will also have to enter the desired payment option, message, and address. A user can also enter a coupon code if any. A transaction cost would be calculated on the same.
In order to sell, select the desired crypto and see its conversion rate in the Euro. Select the return address, payment details, and account holder’s name. The user will also have to enter the IBAN number before placing the order.
As of now, Litebit does not have any fee structure. The Litebit fees apply to the payment gateways only. Litebit fees are different for different payment gateways.
Every Litebit account has a wallet attached to it. So, traders can easily store the coins in the wallet. Further, they can also send coins directly from the wallet.
The LiteBit wallet has several advantages:
- Easy, safe, free
- No software required
- Sell directly for euros
The Litebit wallet is a cold wallet. Cold wallets store the cryptocurrencies offline. It can send or receive currencies when connected to the Internet.
LiteBit app allows you to access the exchange through your smartphone. The LiteBit app supports your LiteBit wallet. An extra layer of security is added to your wallet.
The application is available in the iOS version for now.
LiteBit Affiliate Program
The platform rewards the users who refer to the platform and increase the user base. The user is given a unique link. They can share links through social media or emails. Any new user registering through this unique link will be an affiliate for the trader.
The advantages of a partner program:
- 25% of the profit margin on commission with every purchase by the customer
- Direct payout in LiteBit credits
- An assortment of over 50 cryptocurrencies
- Free use of the LiteBit wallets
- A Support Team with a fast response time
- Regularly new cryptocurrencies added
Support and security at LiteBit
Security is an important aspect people search for in this Litebit.eu review. LiteBit offers immense support to all its users by providing complete assistance through email and chats. The team at LiteBit has experienced professionals with immense domain knowledge. Any query related to trading and exchange is dealt and solutions are offered instantly.
As far as security is concerned, the user can enable a two-factor authentication. The user can download the Google authenticator and scan the QR code of the LiteBit account and later sync them. Once the two platforms have aligned, a 6-digit code goes to the user’s registered mobile number, every time there is a new login.
There is also information available on this platform about cryptocurrencies such as Bitcoin. A user can self-educate before entering this ecosystem. The user can learn about different aspects of digital currency and the latest technology such as Blockchain technology.
LiteBit exchange is popular among its peers as it lists some unpopular cryptocurrencies. The drawback, according to me, is the lack of a transparent LiteBit Fees structure. The exchange charges its fees depending on the coins and network costs. This may lead to confusion among the traders. Research on your part before trading.
To summarise, LiteBit has a vast option of currencies to choose from and trade against the Euro.