LiteBit Exchange Review

Launched in 2013, LiteBit is a Dutch cryptocurrency exchange. The exchange offers a wide variety of cryptocurrencies to trade from. For the time being, the exchange is only available to citizens and residents of European countries. One of the biggest advantages of LiteBit is its location, as the Netherlands is seen as one of the most cryptocurrency friendly countries in the world, as it has its own city dedicated to integrating cryptocurrencies into daily life: Arnhem.

Interestingly, there isn’t necessarily any information online about the trading and withdrawal fees that the exchange charges. This could deter many users from using the platform, as there is a certain uncertainty factor when investing your money on the platform. LiteBit allows fiat-crypto trading alongside crypto-to-crypto trading. Accounts can be deposited through bank transfers and existing cryptocurrencies, however credit cards are not allowed as a valid form of payment. This makes LiteBit an entry-level exchange, and hence user-friendly towards new cryptocurrency investors.

The exchange offers an affiliate program, where users gain profit by introducing new users to the platform. However, as information on fees is not available, we do not know how much profit the users would be making if they introduced a new user to the exchange.

For security, the exchange uses a two-factor authentication system (2FA). It also provides users with an e-wallet integrated into the system, and supports external e-wallets. Detailed information on the storage of such wallets is not available online, which points to an issue of a lack of transparency. One exchange review reveals that LiteBit suffered from a hackers attack in 2017. Though users’ funds were not jeopardized, the hackers accessed some critical personal information about the users, such as addresses, bank account information etc. Users should be cautious when using this platform due to its hacking history.

The website is available in English, Dutch, French and German. This highlights, again, that the exchange is mainly focused in Europe. Citizens and residents of other countries are not allowed to trade on this platform. The website is designed in a modern and simple fashion, and every feature can be found easily on the home page. This allows users to navigate the website with ease. It is also mentioned on the website that the customer service is available everyday from 9 am to 9 pm.