Litebit Review

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LiteBit was launched in 2013, in The Netherlands. Since the start of the company, it accrued many cryptocurrencies including Bitcoin, Ethereum, Litecoin and much much more. Furthermore, the list of payment methods gives a wide selection opportunity. Another great thing about LiteBit – fees, which aren’t too costly.

Almost all of the cryptos have integrated wallet in LiteBit which can be used there. Due to security concerns, recommendations say to store private keys for yourself. On the other hand, this feature helps for the new users who are not familiar with creating wallets for each of cryptocurrency.

While the exchange operates in the Netherlands, customers abroad Europe cannot use LiteBit in any way. In addition, we don’t have a trading platform here. Therefore, this huge list of cryptos is more suitable for a regular purchase other than making profits from the buying or selling in a short period of time.

Speed

The speed of transactions depends on the selected payment method mostly. Some of them are instant, some of them require a few days of waiting time.

Withdrawals from a wallet take as long as a traditional transaction depending on cryptocurrency itself.

Limits

Limits per account depending on the level of verification. For a start without any verifications (only registration), LiteBit applies these limits: €75 daily, €225 weekly and €2,100 monthly.

Later verification divides into 3 separate tiers. The higher tier is, the higher limits apply. First of all, Tier 1 gets limits as follows – €350 daily, €1,050 weekly and €4,200. Tier 2 gets €500 daily, €3,500 weekly and €14,000 monthly limits. And the highest Tier 3 has limits of €35,000 per day,  €245,000 per week and €500,000 per month.

Verification process and privacy

Users who want bigger limits for exchanging must complete some verification procedures. Different Tiers need several documents and actions to make. Tier 1 is easily acquired by just confirming phone number with an SMS. Further, Tier 2 requires to provide either passport or ID and proof of address. Finally, Tier 3 needs more in-depth details.

Security

Coinhouse has a couple standard features like 2 Factor Authentication and an SSL certificate. Anything more.

Not so long ago LiteBit has announced about some data leakage, but fortunately, no coins were stolen. Still, that raises some doubts about how LiteBit secure is.

Support

LiteBit support tends to be slow and easily overloaded. Especially on the big cryptocurrencies hype.  However, support is reachable by several ways – phone, creating a help desk, opening a ticket or an email. Also, LiteBit gives many updates on Twitter and other social media accounts.

 

Conclusion

LiteBit offers tons of cryptocurrencies, more than other popular exchanges. That’s why we think LiteBit has a full right to be on this page. Furthermore, the exchange has so many payment methods that all kind of users will, probably, find what they prefer.

However, LiteBit gets overloaded easily, also coins get out of stock too often. Consequently, it disturbs catching digital assets on the best prices.

Reviewed by Coinsmaniac