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LiteBit review & 1 testimonial (updated 10.2019)

LiteBit user interface: the home page in English

What is LiteBit in a nutshell? It's recently added to our monitoring, respectable, well established, promising exchange service (e-wallet) supporting 15 cryptocurrencies: you can buy and sell coins using 1 fiat currency (8 banks & payment systems are supported). Exchange service started the business May 2013, it's a fully compliant, licensed financial company.

The exchange charges moderate fees: 1.82% — 3.03% (according to our statistics, 90% exchanges take higher average fee) and has medium buying limits: $1 — $2,756 (in accordance with the statistics we've collected, 79% exchanges have higher order limits). This e-wallet welcomes customers from 46 countries (unfortunately, your country: United States is not supported at the moment; but there are good alternatives). Due to regulatory restrictions, US citizens and residents are not served by the exchange. Unfortunately we couldn't yet collect enough data about the order processing speed from the customers of LiteBit, although according to the information from the exchange itself, order processing is automated and should be instant. You will have to verify your account (ID Verification, Phone Number Confirmation, Address Confirmation should be normally required) before being able to use the service.

Since 2013, LiteBit has got great testimonials from the customers: just our platform, that was recently launched, has 1 user reviews, 100% of those are positive. It's hard to say for the majority of the users what they like dealing with the service, most of all.

Based on all these facts, our verdict is the following: LiteBit is a legit, but promising, although not yet reviewed much by our visitors place to buy and sell cryptocurrencies, an interesting exchange that we believe will get some nice feedback soon!

Overview: is LiteBit safe?

LiteBit is the e-wallet; 2525 Ventures B.V. (dba LiteBit) started the business in May 2013. The company is based in the Netherlands with the headquarters located in the Rotterdam. Official LiteBit address is Weena 740, 15th floor 3014 DA.

LiteBit was founded by Kenny Rokven. LiteBit CEO is Olivier van Duijn.

Answering the question how safe is LiteBit:

We are sorry, our platform has't yet collected enough data, but you can help! We know fairly much about this e-wallet (please continue reading), but our policies require to collect more testimonials from the users of LiteBit to draw a conclusion. Do you have any experience dealing with this service? Please add your feedback, this will be a great help! Or maybe you know someone who does? Kindly ask him/her to tell us about it here! We really appreciate your participation.
Time in the business: 6 years 6 months
Feedback count: 1
Reviews: 1 positive, 0 negative, 0 neutral
Business model: licensed, fully compliant

Overall rating for LiteBit: N/A

Pros & Cons of LiteBit

Although LiteBit is not yet rated by our visitors, there probably are many downsides that people don't like, but there also should be strong sides. Who knows, maybe for you, our dear visitor, these are most important and you'd consider this exchange as one of the best ones. Let's check it out:

  • It's very stable and reliable exchange service operating from 2013.05. Fully compliant and regulated business, service provided by licensed financial company.
  • 15 digital currencies and 1 fiat ones are supported. Although, a lot of payment systems & banks, totally 8 are supported: Visa & Mastercard, SEPA Transfer, Bancontact, etc.
  • Fees are relatively low.
  • If you don't yet decide where to store your coins, you can leave it here.
  • Many countries are not supported, please check if yours is in this list before registering!
  • E-wallet business model is based on holding the clients funds at the online wallet; such approach has some risks.

Seems that there are not so many cons, but a lot of pros. We hope you will enjoy your experience exchanging at LiteBit! Try LiteBit today and let us know how you like it!

Services, LiteBit Provides

The platform provides the following cryptocurrency exchange-related services:

  • Allows the customers to buy cryptocurrencies with fiat currencies
  • Provides the clients with ways to "cash out" the crypto to fiat currency

As we can see, LiteBit doesn't provide any services besides the cryptocurrency exchange, althought it's definitely not a bad thing; after all, we came here for the crypto exchange, right?

Currencies & Payment Systems

LiteBit provides the service of buying and selling 15 digital currencies using fiat currencies. The following cryptocurrencies are available to buy/sell: Cardano (ADA), Bitcoin Cash (BCHABC), Bitcoin (BTC), Dash (DASH), Dogecoin (DOGE), Ether Classic (ETC), Ether (ETH), Litecoin (LTC), OmiseGO (OMG), Peercoin (PPC), TRON (TRX), Stellar (XLM), Ripple (XRP), Verge (XVG), 0x (ZRX).

There are not much exchanges with so many cryptos supported! If you are not sure, which one of these electronic currencies you are most interested in, you are welcome to read our guides. For example, these: Most obscure cryptocurrencies to invest in 2019.

1 fiat currencies are supported to provide crypto purchase and selling: Euro (EUR). The e-wallet will let you buy and sell Bitcoins and 14 other cryptos using the following payment systems:

  • Visa & Mastercard. An international payment system (available worldwide) allowing credit/debit cards payments in various currencies. Just the EUR payments are available for purchasing cryptos at the exchange. Visa & Mastercard is a popular way to buy BTC and other cryptocurrencies available at 98 exchanges of various types. You are welcome to find the best rate for buying bitcoin with visa & mastercard at our home page!
  • SEPA Transfer. An international payment system (it's available in 46 countries) allowing international bank transfers payments in Euro currency. Just the EUR payments are available for both buying and selling cryptocurrencies at this exchange.
  • Bancontact. A local bank (serving Belgium) in Euro currency. Just the EUR payments are available for purchasing cryptos at the exchange.
  • MyBank. A local bank (it's available in 46 countries) in Euro currency. Just the EUR payments are available for purchasing cryptos at the exchange.
  • GiroPay. A local bank (serving Germany) in Euro currency. Just the EUR payments are available for purchasing cryptos at the exchange.
  • iDEAL. A local bank (serving Netherlands) in Euro currency. Just the EUR payments are available for purchasing cryptos at the exchange.
  • SOFORT (Klarna). A local bank (it's available in 13 countries) in various currencies. Just the EUR payments are available for purchasing cryptos at the exchange.
  • EPS Überweisung. A local bank (serving Austria) in Euro currency. Just the EUR payments are available for purchasing cryptos at the exchange.

LiteBit fees

The fees you need to pay at this e-wallet during the process of buying and selling cryptocurrencies are easier to understand if you break it down like that (note that you can skip the details, jumping to the conclusion):

  1. Deposit/withdrawal fee. Depending on the fiat payment system and currency, it's as follows:
    • 1.82% + 0.22 to deposit funds by Bancontact in Euro.
    • 2.42% + 0.29 to deposit funds by EPS Überweisung in Euro.
    • 3.03% + 0.47 to deposit funds by GiroPay in Euro.
    • 1.82% + 0.22 to deposit funds by MyBank in Euro.
    • 0.61 flat fee for the money withdrawal to SEPA Transfer in Euro.
    • 0.61 flat fee to deposit funds by SEPA Transfer in Euro.
    • 2.42% + €0.47 to deposit funds by SOFORT (Klarna) in Euro.
    • 1.82% to deposit funds by Visa & Mastercard in Euro.
    • 0.42 flat fee to deposit funds by iDEAL in Euro.
  2. Cryptocurrency withdrawal fee. Please note that this fee applies only when you transfer the crypto out of this wallet: to the third party, etc.
    • 0 BTC: great news! at the moment there is no such a fee!

Are LiteBit fees high or low?

Now it's time to draw a conclusion: LiteBit charges moderate fees. According to our statistics, most of the exchanges charges about the same fees LiteBit does. For example, an average fee you pay to buy Bitcoin with Visa & Mastercard in EUR across various exchange brokers, trading platforms, p2p marketplaces and e-wallets is 8%, LiteBit charges 1.82% for this. Seems fair!

Buying and selling limits

This e-wallet has the following limits, applicable when you buy or sell cryptocurrencies:

  1. Purchase limits (when you buy crypto).
    • EUR 1 minimal buy and EUR 2,500 max purchase when using Bancontact in Euro.
    • EUR 1 minimal buy and EUR 5,000 max purchase when using EPS Überweisung in Euro.
    • EUR 1 minimal buy and EUR 1,000 max purchase when using GiroPay in Euro.
    • EUR 1 minimal buy and EUR 1,000 max purchase when using MyBank in Euro.
    • EUR 1 minimal buy and EUR 35,000 max purchase when using SEPA Transfer in Euro.
    • €1 minimal buy and €1,000 max purchase when using SOFORT (Klarna) in Euro.
    • €1 minimal buy and €1,000 max purchase when using Visa & Mastercard in Euro.
    • EUR 1 minimal buy and EUR 20,000 max purchase when using iDEAL in Euro.
  2. Withdrawal limits (when you out-exchange crypto to the fiat money).
    • EUR 1 min and EUR 35,000 maximal withdrawal when receiving money to SEPA Transfer in Euro.

And the good news: there are no limits on other payment systems (the limitations the payment system has aside) LiteBit supports! Comparing to other exchanges, LiteBit has medium buying and selling limits; it's rather convenient, although there are some other ones with higher max.

Supported countries

Platform allows the users from 46 countries to use the exchange. The following countries are supported by the e-wallet:

  • Aland Islands (AX)
  • Andorra (AD)
  • Austria (AT)
  • Belgium (BE)
  • Bulgaria (BG)
  • Croatia (HR)
  • Cyprus (CY)
  • Czech Republic (CZ)
  • Denmark (DK)
  • Estonia (EE)
  • Finland (FI)
  • France (FR)
  • French Guiana (GF)
  • Germany (DE)
  • Gibraltar (GI)
  • Greece (GR)
  • Guadeloupe (GP)
  • Hungary (HU)
  • Iceland (IS)
  • Ireland (IE)
  • Italy (IT)
  • Latvia (LV)
  • Liechtenstein (LI)
  • Lithuania (LT)
  • Luxembourg (LU)
  • Malta (MT)
  • Martinique (MQ)
  • Mayotte (YT)
  • Monaco (MC)
  • Netherlands (NL)
  • Norway (NO)
  • Poland (PL)
  • Portugal (PT)
  • Romania (RO)
  • Réunion (RE)
  • San Marino (SM)
  • Slovakia (SK)
  • Slovenia (SI)
  • Spain (ES)
  • St. Barthélemy (BL)
  • St. Martin (MF)
  • St. Pierre & Miquelon (PM)
  • Sweden (SE)
  • Switzerland (CH)
  • United Kingdom (GB)
  • Vatican City (VA)

Does LiteBit allow the users from United States (US)?

USA flag

Sorry, but the LiteBit can't provide the services to the citizens and residents of the United States of America at this time, due to the local regulations and licensing matters, etc. But there are no reasons to get disappointed because of that, there are plenty of great exchanges as well as the ones of e-wallet type, who warmly welcomes the American people! We can recommend you to look at these:

Customer service

Sorry, but we haven't collected enough data about this yet. Do you have any experience exchanging with the LiteBit? Can you please add your testimonial? This will help everyone a lot, thanks!

Verification at LiteBit

The e-wallet requires it's clients to pass through obligatory user identification (account verification). The following procedures should be completed before the client will be able to buy and sell on the exchange:

  • ID verification
  • Phone confirmation
  • Address confirmation

There are 3 tiers, once you've verified the phone number you may start using the service, although with smaller limits. The more data you provide, the bigger your purchase limits are.

According to the customers surveys results, the average time to verify an account at LiteBit is the following:

Sorry, we haven't yet collected enough data. Do you know, how fast LiteBit does account verification? Kindly let us know, too. Thank you very much!

Deposit/withdrawal speed

LiteBit processes the orders automatically, that's definitely a good thing and the process should take no time. Although we know that some exchanges require various forms of staff approval, etc. for the specific orders; such ones generally take longer. Even fully automated platforms sometimes delay the funds delivery, so if you know that it's the case here at this e-wallet, let us and the community know about it, please!

Is LiteBit instant?

So, what can we see? In accordance with the data we know about the e-wallet, orders at LiteBit should be instant. Although we don't have enough information about the order delivery speed from actual customers yet, sorry.

Customers' testimonials

Our users left 1 testimonials about their experience dealing with LiteBit, 100% of the testimonials are positive, 0% are neutral and there are 0 negative ones. Feel free to read as many of these as you like!

GanjaMan, 4 testimonials
@ 28 Oct 2019
No more testimonials to show. The rest are either outdated or written in other languages. If you have any experience dealing with LiteBit, can you please leave your testimonial? Thanks!

Overall result if great! 100% positive testimonials is something the business owners are very proud of, such a rating is hard to get and even harder to maintain! It means the community really trusts and likes the LiteBit services, so most likely, you'd enjoy it too!

FAQ about LiteBit

Does LiteBit holds my funds?

Yes, it does. Although you can always withdraw the funds to your e-currency wallet "by default" LiteBit holds your balance at it's own hot storage wallet. That's something all e-wallet providers do; it's their main purpose, after all!

Is LiteBit a good e-wallet?

Although we have not enough users' reviews yet, we analyzed the information we have. Feel free to get acquainted with the details reading this review or just jump to the conclusion!

Is LiteBit licensed? Does it hold e-money license?

Although 2525 Ventures B.V. (registered name of company operating LiteBit exchange)holds no special licenses, it fully complies with the regulation in Netherlands; no license is required there to run such a business.

Is LiteBit a ripoff?

It is not a ripoff, although we have not rated LiteBit yet due to lack of user testimonials, it complies with our standards. Feel free to read the whole this review to understand why or check our conclusion: is LiteBit legit or scam.

LiteBit vs other exchanges

Let's compare LiteBit to other similar exchange services with similar features: others of e-wallet type mostly. Besides, seems reasonable to compare the platform with the exchanges having similar rating and serving (mostly) the same geographic, etc. Remember that if you wish to find the exchange offering the best price to buy/sell Bitcoin and 33 other cryptos, check the best rates to buy bitcoin and crypto in United States!

LiteBit vs Coinbase

Let's compare the key features of these two platforms to see which one suits you best:

  • Coinbase is a e-wallet LiteBit is an e-wallet, both are using the same business model.
  • Coinbase had started the business June 2012 LiteBit started the business May 2013 (Coinbase is working for 11 months longer time).
  • Coinbase has all the required business licenses and permissions LiteBit has all the required business licenses and permissions (both exchange services operate using the same approach to the business, utilizing a same legal model).
  • Besides buying and selling cryptocurrencies, Coinbase provides the following extra services: ATM Cards and the Merchant Services LiteBit provides us with less services, related to the crypto exchange: it allows us to purchase and sell digital currencies.
  • Coinbase supports 11 cryptocurrencies LiteBit allows to exchange 15 cryptos (LiteBit supports 4 cryptocurrencies more).
  • 6 fiat currencies are available at Coinbase You'll be able to use 1 fiat currencies to swap with digital ones at LiteBit (LiteBit supports 5 fiat currencies less).
  • Coinbase accepts deposits from and allows withdrawals to 4 fiat payment systems / banks LiteBit allows the user to utilize 8 various fiat payment systems and/or banks (LiteBit supports 4 fiat payment systems and banks more).
  • Coinbase charges 1.49% — 3.99% fee LiteBit charges the client 1.82% — 3.03% fee, depending on the currency, payment system, etc. (LiteBit has lower fees in general).
  • Buying limits at Coinbase start from $2 and are up to $5,000 Deposit/withdraw limits at LiteBit are $1 — $2,756 depending on the payment method (LiteBit has lower buying/selling limits).
  • Coinbase allows registrations from 39 countries; United States is among the supported ones You may register at LiteBit if you reside in one of 46 countries; unfortunately, United States is not among the supported ones (LiteBit supports more countries worldwide).
  • During the account verification Coinbase usually asks for 2 documents and/or procedures: (id verification, phone confirmation) and it takes a day or two in most of the cases User identification at LiteBit usually consists of 3 different procedures: id verification, phone confirmation, address confirmation (LiteBit 's KYC policy requires the customer to take less actions or to provide less data).
  • Our users left 22 testimonials about Coinbase, 95% of which are positive We've collected 1 users testimonials about LiteBit, 100% are positive (LiteBit has better testimonials from the clients

Although the final decision, which exchange — Coinbase or LiteBit — is better is up to you, we'll try to help you with the decision. Both exchanges are great, since at least one of them is not yet rated at our platform, we recommend you to look at the list above and decide, what is most important for you!

If you feel like need more comparison versus other exchanges, feel free to check these:

LiteBit vs Bitonic

Let's compare the key features of these two platforms to see which one suits you best:

  • Bitonic is a broker LiteBit is an e-wallet, it has a different business model (feel free to read about the differences between broker and e-wallet)
  • Bitonic had started the business May 2012 LiteBit started the business May 2013 (Bitonic is working for 1 years and 0 months longer time).
  • Bitonic has all the required business licenses and permissions LiteBit has all the required business licenses and permissions (both exchange services operate using the same approach to the business, utilizing a same legal model).
  • Besides buying and selling cryptocurrencies, Bitonic provides the following extra services: Merchant Services LiteBit provides us with less services, related to the crypto exchange: it allows us to purchase and sell digital currencies.
  • Bitonic supports 1 cryptocurrencies LiteBit allows to exchange 15 cryptos (LiteBit supports 14 cryptocurrencies more).
  • 1 fiat currencies are available at Bitonic You'll be able to use 1 fiat currencies to swap with digital ones at LiteBit (LiteBit & Bitonic support the same number of fiat currencys).
  • Bitonic accepts deposits from and allows withdrawals to 3 fiat payment systems / banks LiteBit allows the user to utilize 8 various fiat payment systems and/or banks (LiteBit supports 5 fiat payment systems and banks more).
  • Bitonic charges 0.0% fee LiteBit charges the client 1.82% — 3.03% fee, depending on the currency, payment system, etc. (LiteBit has higher fees, generally).
  • Buying limits at Bitonic start from $1 and are up to $2,756 Deposit/withdraw limits at LiteBit are $1 — $2,756 depending on the payment method (LiteBit has higher buying/selling limits).
  • Bitonic allows registrations from 46 countries; we are sorry, but United States is not supported this time You may register at LiteBit if you reside in one of 46 countries; unfortunately, United States is not among the supported ones (LiteBit & Bitonic support the same number of countries and territories).
  • During the account verification Bitonic usually asks for 3 documents and/or procedures: (id verification, phone confirmation, a bank account verification) User identification at LiteBit usually consists of 3 different procedures: id verification, phone confirmation, address confirmation (LiteBit 's KYC policy requires the customer to take less actions or to provide less data).
  • Our users left 5 testimonials about Bitonic, 100% of which are positive We've collected 1 users testimonials about LiteBit, 100% are positive (LiteBit & Bitonic share the same percentage of positive user reviews).

Although the final decision, which exchange — Bitonic or LiteBit — is better is up to you, we'll try to help you with the decision. Both exchanges are great, since at least one of them is not yet rated at our platform, we recommend you to look at the list above and decide, what is most important for you!

If you feel like need more comparison versus other exchanges, feel free to check these:

LiteBit vs Wirex

Let's compare the key features of these two platforms to see which one suits you best:

  • Wirex is a e-wallet LiteBit is an e-wallet, both are using the same business model.
  • Wirex had started the business November 2014 LiteBit started the business May 2013 (LiteBit operates 1 years and 6 months longer).
  • Wirex has all the required business licenses and permissions LiteBit has all the required business licenses and permissions (both exchange services operate using the same approach to the business, utilizing a same legal model).
  • Besides buying, selling and exchanging cryptocurrencies, Wirex provides no extra services LiteBit provides us with less services, related to the crypto exchange: it allows us to purchase and sell digital currencies.
  • Wirex supports 6 cryptocurrencies LiteBit allows to exchange 15 cryptos (LiteBit supports 9 cryptocurrencies more).
  • 3 fiat currencies are available at Wirex You'll be able to use 1 fiat currencies to swap with digital ones at LiteBit (LiteBit supports 2 fiat currencies less).
  • Wirex accepts deposits from and allows withdrawals to 4 fiat payment systems / banks LiteBit allows the user to utilize 8 various fiat payment systems and/or banks (LiteBit supports 4 fiat payment systems and banks more).
  • Wirex charges 1.0% fee LiteBit charges the client 1.82% — 3.03% fee, depending on the currency, payment system, etc. (LiteBit has higher fees, generally).
  • Buying limits at Wirex start from $5 and are up to $5,000 Deposit/withdraw limits at LiteBit are $1 — $2,756 depending on the payment method (LiteBit has lower buying/selling limits).
  • Wirex allows registrations from 255 countries; United States is among the supported ones You may register at LiteBit if you reside in one of 46 countries; unfortunately, United States is not among the supported ones (LiteBit supports less countries).
  • During the account verification Wirex usually asks for 2 documents and/or procedures: (id verification, phone confirmation) User identification at LiteBit usually consists of 3 different procedures: id verification, phone confirmation, address confirmation (LiteBit 's KYC policy requires the customer to take less actions or to provide less data).
  • Our users left 14 testimonials about Wirex, 100% of which are positive We've collected 1 users testimonials about LiteBit, 100% are positive (LiteBit & Wirex share the same percentage of positive user reviews).

Although the final decision, which exchange — Wirex or LiteBit — is better is up to you, we'll try to help you with the decision. Both exchanges are great, since at least one of them is not yet rated at our platform, we recommend you to look at the list above and decide, what is most important for you!

If you feel like need more comparison versus other exchanges, feel free to check these:

LiteBit vs BitMyMoney

Let's compare the key features of these two platforms to see which one suits you best:

  • BitMyMoney is a e-wallet LiteBit is an e-wallet, both are using the same business model.
  • BitMyMoney had started the business May 2013 LiteBit started the business May 2013.
  • BitMyMoney has all the required business licenses and permissions LiteBit has all the required business licenses and permissions (both exchange services operate using the same approach to the business, utilizing a same legal model).
  • Besides buying and selling cryptocurrencies, BitMyMoney provides the following extra services: Mobile wallet LiteBit provides us with less services, related to the crypto exchange: it allows us to purchase and sell digital currencies.
  • BitMyMoney supports 3 cryptocurrencies LiteBit allows to exchange 15 cryptos (LiteBit supports 12 cryptocurrencies more).
  • 1 fiat currencies are available at BitMyMoney You'll be able to use 1 fiat currencies to swap with digital ones at LiteBit (LiteBit & BitMyMoney support the same number of fiat currencys).
  • BitMyMoney accepts deposits from and allows withdrawals to 3 fiat payment systems / banks LiteBit allows the user to utilize 8 various fiat payment systems and/or banks (LiteBit supports 5 fiat payment systems and banks more).
  • BitMyMoney charges 0.0% fee LiteBit charges the client 1.82% — 3.03% fee, depending on the currency, payment system, etc. (LiteBit has higher fees, generally).
  • Buying limits at BitMyMoney start from $11 and are up to $5,513 Deposit/withdraw limits at LiteBit are $1 — $2,756 depending on the payment method (LiteBit has higher buying/selling limits).
  • BitMyMoney allows registrations from 46 countries; we are sorry, but United States is not supported this time You may register at LiteBit if you reside in one of 46 countries; unfortunately, United States is not among the supported ones (LiteBit & BitMyMoney support the same number of countries and territories).
  • During the account verification BitMyMoney usually asks for 3 documents and/or procedures: (id verification, phone confirmation, a bank account verification) User identification at LiteBit usually consists of 3 different procedures: id verification, phone confirmation, address confirmation (LiteBit & BitMyMoney require the client to pass through the — more or less — the same process during the verification).

Although the final decision, which exchange — BitMyMoney or LiteBit — is better is up to you, we'll try to help you with the decision. Both exchanges are great, since at least one of them is not yet rated at our platform, we recommend you to look at the list above and decide, what is most important for you!

If you feel like need more comparison versus other exchanges, feel free to check these:

Conclusion: is LiteBit legit or scam?

Now it's time to draw a conclusion, is LiteBit a scam or is it a legit exchange? We hadn't yet collected enough testimonials to assign LiteBit a rating, but according to our research it's a good exchange. We have found no evidence that this e-wallet is a scam so it should be save to deal with. Let's summarize what we like most (and what we don't) about the LiteBit:

  • It is licensed, regulatory compliant financial company
  • The e-wallet holds users' funds
  • This company has being in the business for a long time; exchange was started 6 years and 6 months ago
  • Exchange supports 15 cryptocurrencies and 1 fiat ones (totally 8 payment systems / banks are available). There are no extra services besides the digital currencies exchange
  • It charges moderate fees: from 1.82% to 3.03% depending on the payment method
  • The purchase and withdrawal limits are medium: from $1 to $2,756 USD, it depends on a payment system choice
  • LiteBit accepts the clients from 46 countries; unfortunately, users from United States are not permitted to use the service
  • Clients' testimonials are perfect, 100% (1 out of 1) note their positive experience dealing with LiteBit.

Overall rating for LiteBit: N/A