LiteBit.eu is one of the most established and dedicated crypto platform which is widely used for crypto-related trading. A user can get access to almost every major crypto coin such as Bitcoin (BTC), Ethereum (ETH), Monero (XMR), DASH, BlackCoin (BLK), Peercoin (PPC), Crown (CRW) and many more.
LiteBit.eu located in Zoetermeer (Netherlands)
LiteBit.eu maintains its headquarter at 740, Weena, 3014 DA Rotterdam, Netherlands. The portal was made life in the fiscal year 2013 and the headquarters were situated in the Netherlands. Apart from the founder, the website was founded by his students. LiteBit.eu today has a staff of 21 individuals. When it comes to commercial registration number of LiteBit.eu, the Dutch registration number is 63661438.
History on LiteBit.eu
The LiteBit.eu is a European exchange which is currently handling a little over 46 cryptos. What comes as an important fact is that LiteBit.eu is offering dedicated and diverse payment methods which further unlocks opportunities for users. LiteBit.eu is a trademark from LiteGroup B.V. One should understand that only users which are hailing from Europe can make use of LiteBit.eu. Outsiders are simply forbidden from using the trading services on this platform. A user has the option to trade the listed cryptocurrency against the Euro. Talking about the speed of the transactions, the same solely depends upon the payment method you pick. Some of the transactions are immediately processed such as Credit or Debit card transfers. When it comes to bank or wire transfers, they are processes in a few days of time. The other payment options available at LiteBit.eu are iDel, Giropay, SEPA, Sofort, Mister cash and more.
Further commenting upon the trading limits applicable on LiteBit.eu. The limit depends on the verification status of your account. If you make an account and don’t verify the same, you’re entitled to a daily transaction limit of 75 Euros, a weekly limit of 225 Euros and a monthly limit of 2100 Euros, respectively. Let’s say you get your account verified which is further divided into three tiers. The first tier has the daily transaction limit of 350 Euros. When it comes to the weekly and monthly limit, the values rests at 1050 Euros and 4200 Euros, respectively. If you have a tier two verification status, your can transact 500 Euros daily. While the weekly and monthly limit is 3500 Euros and 14000 Euros. Now comes the last and third tier security verification type. If you’re through this, then you’re entitled to transact 35000 Euros daily. The weekly and monthly limits rest at 245000 Euros and 500000 Euros.
One should note that LiteBit.eu is offering dedicated affiliate and referral programs. If you sign-up for that, one can get access to over 0.5% of the first order amount as commission for every referred customer. What comes as a noting fact is that if you’re a developer or miner, you can easily add your own cryptocurrency on this platform, thus unlocking the chances of commendable returns and exposure. If you’re looking forward to joining LiteBit.eu fo leverage trading, that might not be a wise choice. Exchanges like Poloniex, GDAX, Bitfinex are the ones offering the leverage trading type of service. LiteBit.eu is not regulated by anyone, the exchange neither falls in the financial jurisdiction of Dutch or Europeans. One should note that the Netherlands is one of the most crypto friendly countries at this very moment. LiteBit.eu offers its customers an around the clock wallet which can further be used with an array of e-wallets for merchandise shopping and payments. LiteBit.eu was twice a victim in hacking attempts in the fiscal year 2017. However, the company claimed that no client data was leaked or compromised.
When it comes to LiteBit.eu’s founder, the crypto platform was founded by Rogier Fischer. He’s an alumnus of the Delft University of Technology and previously was a programmer at 42bits. Rogier has also worked with Xanedo as a junior programmer. LiteBit.eu has been listed under United Bitcoin companies the Netherlands and the above-mentioned transaction limits have been kept to strictly comply with Anti Money Laundering (AML) rue.
How to trade on LiteBit.eu?
Before strolling over to how to actually trade on LiteBit.eu, let’s first know about the fee structure of the platform. Fees here solely varies on the type of coin you’re trading with. Apart from the asking price, a user is liable to pay both, the transaction cost as well as the blockchain charges. If your order is below 500 Euros, the fees can be slightly higher. The mining fees of LiteBit.eu is applicable on every transaction a user makes, this type of fee is paid directly to the servers once the transaction has been verified. If the fees are unpaid, the transaction will be failed as well.
The service fee rests at 0.42 Euros per buying process. Thus, in a nutshell, LiteBit.eu has a higher transaction fee when compared with rest of the European or other major crypto exchanges. One should take utmost importance as a user while trading on LiteBit.eu, you’re strictly required to be over 18 years of age. The user interface of the website is fairly simple. If you’re a new user you might find this portal very overwhelming. However, if you’re an experienced trader, you can start trading in a matter of a few minutes after the account setup.
Talking about how to actually buy a crypto on LiteBit.eu, you should be in possession of a working and funded LiteBit.eu account. Once you have it, you can easily make a transaction. If a user is looking forward to buying a crypto let’s say Bitcoin, you can simply stroll over to Buy section of the dashboard. Further, you’re required to input details such as amount needed and the prices will be shown automatically in Euros. The next step is to pick your payment address. One can also make use of cold wallets available in the market such as Exodus and more. Once you’re through terms and conditions, you can certainly click on next. A customer will be able to see order summary as well. What comes as an important fact is that, you can also apply coupon codes for added discounts.
There might be a case when you’re required to sell your cryptocurrency. The process is robust and fast. First, a user should stroll over to Sell section and select the crypto they’re currently holding. The next step is to pick the favoured amount which is shown next to the price. Also, you should note that don’t forget to enter your payment address as well. Why? Well, if your transaction fails, your refund will be processed to that address. Also, you’re required to state the name of the account holder as well as the IBAN. After you’re through terms and conditions, you can confirm the complete order request. Frequent traders can observe that there is a difference of a little over 5% between the offered buy-price and transferred sell-price, this is what LiteBit.eu earns.
According to official sources LiteBit.eu doesn’t offer any smartphone application support for neither iOS, nor Android of any kind.
Create an account on LiteBit.eu
First comes first, you’re supposed to sign-up on the website. Well, signing up on LiteBit.eu is pretty easy. On the form, you’re required to fill details like real name, email id and the desired password. One is also required to select the country of origin. After successful compliance with terms and policy, you can click on sign-up. One of the dedicated security features is two-factor authentication.
You can easily enable it under the security section of your LiteBit.eu account. For that simply stroll over to My Account, then stroll over to the upper right corner and you’ll find settings tab. Then you can proceed to security. Two-factor authentication is advised for securing crypto accounts as the 6 digit generated code changes every 15 seconds. Hence, you simply provide an added shield to your LiteBit.eu account.
LiteBit.eu strictly complies with the rules and regulations, LiteBit.eu has dedicated three separate tiers of security. As mentioned above, a user can verify their account with desired documents and their daily transaction limit will be updated accordingly. The tier one verification is done through smartphone only which involves entering of a one time password on the verification page.
Now, if you’re looking forward to tier two verification, you will have to provide documents such as bank statement, invoice, government-issues id card, rental agreements etc. When we talk about the third tier of security which enables the maximum transaction limit, you’re required to provide front as well as a back copy of your passport or government id card which bears a photograph of you.
One of the best thing about LiteBit.eu is the abundance of security measures deployed to support the users. Apart from regular two-factor authentication and captcha codes, LiteBit.eu makes use of special website certificate which can help users identify whether the website is really of a copy. As a matter of fact, if you are able to see “2525 Ventures BV [NL]” after a lock icon at the place of the certificate in your URL, then only you’re visiting the official LiteBit.eu website. Thus, we can say that LiteBit.eu is a secured and a trusted trading platform for cryptos. In short, a user is always required to pass through the global identification verification process, which in turn verify the physical, operational and legal existence of the LiteBit.eu.
Conclusion on LiteBit.eu’s review
If you’re looking forward to a fast registration process, a wide variety of crypto coins, the maximum level of security, an intuitive user-interface and abundance of payment methods for fiat currency support, LiteBit.eu can be your out of the box pick. However, the website features a tough verification process which might take several days as well. The exchange fees are relatively higher as compared to others and you can’t make any payment solely in cryptos. Also, when it comes to European countries such as Norway, UK, Sweden and more, they have their own currency conversion charges and thus, conversion rates might not be favourable in a case of a withdrawal. However, when it comes to transaction time, LiteBit.eu offers state of the art service to Dutch clients through the iDeal payment system.