In this Litebit review you will discover everything about this Dutch crypto broker. We highlight all the features that you as a starting crypto trader should know, including our own experiences. Litebit is one of the oldest crypto brokers and was founded in 2013. For years they ruled the market in Europe, but since 2017 a lot of competing crypto platforms have entered the market. Can they compete with this?
Litebit currently offers over 50 different cryptocurrencies that you can easily buy with payment methods like credit card and bank transfer. They have been officially registered with De Nederlandse Bank (The Dutch Central Bank) since November 2020, and this is one of the factors that Litebit is a safe place to trade your crypto.
The offer is regularly extended with new, interesting cryptos. We have purchased cryptocurrency ourselves in the past via Litebit.eu and we can verify that Litebit is safe.
Don’t forget to leave your own experience with this party at the bottom of the page.
Cheaper Litebit alternative
Brokers such as Litebit charge service fees for buying or selling cryptocurrency. The fee that Litebit charges to its customers is on average around 2%. Because of this you make an immediate loss of 2% when you buy or sell crypto.
If you plan to trade more, we advise you to choose a cheaper alternative. The Bitvavo Exchange is a very cheap broker/exchange in one, where the trading fees will never exceed 0.25%. In fact, the more you trade here, the more discount you will get. Click on Activate discount below and trade the first € 1.000 for free.
Trade € 1.000 for free at the Bitvavo Exchange
Litebit review summary
Litebit makes it possible since 2013 to easily buy Bitcoin and 50+ other cryptos with credit card, bank transfer and more payment methods. The platform is aimed at novice investors and the focus is on simplicity. No technical knowledge is required for buying or selling, there is a wallet available for every coin and you can manage everything via the app.
In exchange for this convenience, you pay relatively high fee which is included in the shown rates on the platform. For every transaction you pay about 2% commission to Litebit.
So in short, Litebit is a great and reliable place for first-time investors. However, if you want to trade more, it is better to look for a cheaper alternative.
|Company details||2525 Ventures BV. Weena 740, 15th floor. 3014 DA Rotterdam. (The Netherlands).|
|Regulation||Litebit is registered with the Dutch Central Bank (DNB).|
|Offer||53 crypto’s, check out the current offer.|
|Payment methods||Credit card, Bank Transfer and more.|
|App||iOS and Android app available.|
|Contact||Email, live chat and phone.|
Litebit pros and cons
Guide how to buy crypto with Litebit
When you first visit Litebit’s website, and you have no idea what you want to invest in, the offer can be overwhelming. First of all, be sure to check out which coin(s) you would like to invest in and how much risk you would like to take. About each crypto you can find more information by clicking on the links to the forum or website.
You can see also see in the chart how the coin has performed in the past. Please be sure to do your research thoroughly. Once you have made a choice, you can proceed to purchase.
At this moment Litebit offers 50 different cryptos, although we try to keep this Litebit review up to date, this may have changed by now. Check out the up-to-date offer on the website: https://www.litebit.eu/en.
You can easily specify how much crypto you want to buy or for how many euros you want to buy the crypto. You will need to enter your wallet details as the Receive address or you can choose to use the LiteBit wallet. The LiteBit wallet is not yet available for every coin shown on the website. It is important that you enter the correct wallet information and check it carefully as incorrect information may prevent you from receiving your coins.
Easy payment methods
The payment method dropdown shows you the most used payment methods from Europe. It is possible to pay with credit card, GiroPay, SOFORT, MyBank, Carte Bancaire, EPS, iDEAL, Bancontact, Litebit credits or by bank transfer.
After payment your order will be processed immediately and you can see your coins appear in your wallet within minutes. The website keeps track of which step of the sending/receiving process you are at. Please note that they charge additional costs to use those payment methods.
Selling your cryptocurrency
Litebit’s total cryptocurrency offer can also be sold to this company. So if you have bought one (or a part) of the displayed coins in the past, then you can easily convert these to euros or to Litebit credits. If you’re on the selling page, you’ll immediately notice that the prices are a lot lower than on the purchase page. The broker charges a service fee for the service they provide and you pay this by the difference in the price. So the costs for the service are included in the prices. Selling cryptos can be done by bank transfer and Litebit credits (instant).
Every working day at 09:00, 13:00 and 16:00 Litebit processes all payout transactions by bank transfer to its customers. Selling cryptocurrency is very easy via the user-friendly widget. First of all, you specify how much of the digital currency you want to sell. Then you enter a return address in case the coins need to be returned for whatever reason. You can choose between a payout in euros or in Litebit credits. Once you have completed the order, you have 15 minutes to transfer the cryptos to the unique Litebit receiving address.
Please remember to include a miners fee for a quick transaction. Credits are generally credited almost immediately upon receipt and a payout by bank transfer depends on which bank you are at. Please take into account a minimum of 1 business day to big European IBAN banks.
We traded at Litebit and tested the platform. If you sell your cryptocurrency to Litebit you will receive Litebit Credits in exchange. Each credit is equal to 1 euro.
We have made multiple payouts through Litebit and we can confirm that the company is paying out. For example, on 12-09-2018 (Thursday) we requested a payment of € 500 and paid € 0.40 processing fee. The next day (Friday) we received the amount deposited into our account. Some information has been omitted in the screenshot for privacy reasons.
Litebit fees, costs and prices
The business model of a broker is almost always charging service fees, and that is also the case with Litebit. You pay a fee on each coin that is already included in the price. The crypto prices shown are therefore not the current market prices, but the market prices including the Litebit service fee.
For example, if you compare the current Bitcoin price on Litebit with the Bitcoin price on BTC Direct or Bitvavo, you’ll end up with a difference of tens/hundreds of euros. The exact fee that is charged is variable and can vary at any time of the day based on the volume and liquidity. The company itself says that the fees are on average around 2%. With the exception of Bitcoin, this fee is lower.
Compared to 2017 and early 2018, Litebit has drastically lowered its fees. With this reduction, they can compete well with all other brokers. Litebit is a convenient platform where you can easily buy and store many different cryptocurrency. Many people are willing to pay this fee in exchange for convenience.
In addition to the charged fee, transaction costs are also charged when buying cryptocurrency. Paying transaction costs is not very common when using a broker.
In 2019, Litebit announces that they have lowered the transaction fees for at least Bitcoin, Ethereum, and XRP. In all likelihood, the fees of other cryptos will also be lowered. On the website, you can see how prices are determined: https://support.litebit.eu/hc/en-us/articles/115000983470-How-are-the-prices-of-cryptocurrency-on-LiteBit-created-
Verifications and limits
Since May 2020 it is no longer possible to buy cryptocurrency unverified. You must perform an identity check in order to buy, sell, withdraw or deposit crypto. The verification is partly an automatic proces, but there is still a manual check. As a result, verification can take up to 24 hours and may take longer on busier days.
So if you have crypto at Litebit before May 2020 and it is still on the platform, you are required to verify yourself.
After the tier 3 verification the following limits apply:
- € 35.000 per day
- € 245.000 per week
- € 500.000 per month
Register a free Litebit account and trade 60 cryptos
Litebit self hosted wallets
It is common knowledge that for every coin you need your own wallet that supports your coin. Litebit has created an unique concept where you can safely and quickly store and manage different cryptocurrency within the portal itself.
This way, your coins are always accessible through the portal and you have direct insight into your profit or losses. In addition, you do not need to download the full blockchain or software for your desktop, laptop or smartphone. In your Litebit wallet you have direct insight into all your coins and their value in euros. You can sell your coins from your wallet to Litebit or send them to another address.
Is Litebit safe?
Litebit.eu is a young and innovative company that started in 2013 as a solution to buy Bitcoins safe, easy and quick. At that time it was not possible to easily buy altcoins with popular payment methods. They found a solution and today the company has become one of the biggest brokers in Europe (based on users).
Litebit has a big team of 14 people that work everyday to keep the website up and running. A large part of these people are working at the customer support. The support is available seven days a week for all your questions or to solve problems. We know from our own experience that the automated process of altcoin delivery is well put together and that Litebit.eu is reliable and safe.
This is a legitimate Dutch company registered at the Chamber of Commerce under number: 70325596. We have requested the Chamber of Commerce data and paid for the excerpt. Although this is public information, we will only show the initials of the directors. Litebit B.V. is registered at the Chamber of Commerce since 18-12-2017 and has three jointly authorized directors:
- Director 1: K. Rokven (jointly authorized)
- Director 2: R.C. Fischer (jointly authorized)
- Director 3: 2525 Ventures B.V. The following trade names are registered underneath it: LitePay, LiteWallet en LiteDeal.
Register a free Litebit account and trade 60 cryptos
If you plan to buy from this broker more often or if you have sold cryptocurrency, you can choose to top up your credit with Litebit credits. The advantage of using these credits is that you don’t have to pay any transaction costs, and the payment is processed immediately. You only pay transaction costs when topping up your credits.
Especially if you make multiple transactions, bypassing the transaction costs can result in a nice discount. Each credit in your account equals 1 euro, which you can spend on the platform or pay out in euro to a verified bank account. If you want to withdraw credits this will cost you € 0.40 and the money will be in your account within 3 working days.
Have you traded at Litebit and would you like to share your review? You can do so by using the evaluation form below.
LiteBit.eu – 2525 Ventures B.V.
Weena 740, 15th floor
3014 DA Rotterdam
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What are the trading costs at Litebit?
Litebit charges a trading fee of approximately 2% per transaction. For some cryptocurrencies a lower percentage is charged. During the day, trading fees are variable and are determined by supply and demand. In general, the trading costs are higher than with other brokers.
Which payment methods does Litebit accept?
Litebit charges transaction costs for all payment methods. The company accepts iDEAL (€ 0.42), Bancontact (€ 0.39 + 2%), Giropay (€ 0.39 + 2.5%), MyBank (€ 0.24 + 1.5%), EPS, Crate Bancaire and SOFORT (€ 0.39 + 2%). Only transactions via iDEAL, Bancontact and MyBank are executed directly.
How long does it take to make a payment in euros to my bank account?
According to the website, it takes a maximum of 3 working days for the money to reach your account. In normal circumstances this takes 1 working day. Please take into account a withdrawal fee of € 0.40.
How long does it take before I receive my crypto?
Receiving crypto is an automated process. Sending the cryptocurrency to your own wallet takes about 30 minutes. The process is explained in the My Wallet section.
What is the minimum amount to investment at Litebit?
Litebit uses different thresholds for different currencies. The minimum investment varies between € 10 and € 25.
What is the minimum age to use the platform?
There is a minimum age of 18 years to use the platform. This will be checked during the ID-verification.
How many cryptocurrencies does Litebit offer?
At this moment the assortment consists of 60 different cryptos. The offer is regularly expanded.
Can I also store/manage cryptocurrency at Litebit?
Yes, you will receive a personal wallet for each crypto. You can use all the functions of the wallet, such as sending and receiving crypto.
How can the Litebit customer service be reached?
The customer service can be reached via e-mail (firstname.lastname@example.org), telephone (010 310 4175), social media and live chat. Opening hours are working days from 09:00 to 21:00 and Saturday from 09:00 to 17:00.