LiteBit review, the largest crypto broker in the Netherlands
In the Netherlands we have a number of different crypto providers. LiteBit is one of these parties. In this LiteBit review we focus on this crypto broker. How reliable is LiteBit? and what are the advantages and disadvantages of using the platform? Create an account immediately with Litebit or read on for our review.
What is LiteBit?
Unlike Bitvavo, Binance or Bitcoinmeester, Litebit is a crypto broker. As a broker, Litebit’s emphasis is to make your purchase and sale of your cryptos as smooth as possible. No complex options, but simple and to-the-point buying crypto online. And they have been doing so since 2013.
With a range of more than 40 different crypto currencies, LiteBit is a broker with a larger than average offering. LiteBit operates in several European countries. But they are originally a Dutch organization and based in Rotterdam.
LiteBit review
On Trustpilot, LiteBit has a fair rating of 3.3 out of 5. This makes LiteBit one of the most popular crypto brokers in Europe.
In our LiteBit review we looked at the following 5 points:
- Reliability
- Crypto offering
- User-friendliness
- Customer service
- Costs
Is LiteBit reliable?
Perhaps the most important point on the entire list. Is LiteBit safe? Can I buy crypto from LiteBit without getting scammed? Yes. That’s certainly possible. They have been active in the crypto market since 2013.
Like other parties, LiteBit offers 2-Factor Authentication (2FA). This does take a little longer to log in, but your transactions are a lot safer. In addition to an email address and password, you must also log in with a verification code. This will be automatically sent to your email after logging in. After entering this verification code you will be in your LiteBit account. You manage your transactions from your LiteBit account.
LiteBit, just like the major crypto exchanges, has people involved in fraud prevention. As few links as possible in emails, safety information and customer service that is available both by email and by telephone.
Even though LiteBit cannot match the major exchanges, they meet the standards in the market. Do you want to trade actively and keep your assets on the platform? Then other providers are more suitable. But for starting Bitcoin buyers, LiteBit has its affairs well in order.
LiteBit review – Reliability: 4/5
Crypto offering
The range of cryptos is now gigantic. As a novice crypto trader you quickly lose sight of the forest for the trees. LiteBit has made a selection. And with a range of more than 40 different types of cryptos, you can still choose from plenty of coins.
In addition to cryptos with a large market cap, such as Bitcoin and Ethereum, cryptos with a low market cap are also offered. Via coinmarketcap you can easily see what the market cap is of the coins offered via LiteBit.
Be aware of the fact that if you are just getting started with crypto, large price fluctuations will occur. The volatility of cryptos with a higher market cap is significantly lower than those with a lower market cap.
In terms of offering, LiteBit is doing well. The offer is sufficient for a novice crypto trader. Do you want to trade more in exotics? Then we recommend another platform. Use our tool to compare crypto providers.
LiteBit review – Crypto offering: 3/5
User-friendliness of the platform
Because LiteBit is not an exchange, but a broker, the emphasis is on ease of use, and you clearly notice that. A child can do the laundry.
During your account registration you must identify yourself. All crypto brokers and exchanges have this obligation. So you can no longer make a purchase on the large and reliable platforms without identification. So make sure you have your ID at hand.
After you have entered all the information, choose the crypto you want to buy. Then you simply choose the amount in euros that you want to use. You automatically see what the costs are. LiteBit has varying fees depending on the crypto you want to buy.
Would you rather use the app? That’s also possible. The LiteBit app has a pleasant look and feel and is easy to use. The concept works exactly the same as when you do this via your browser. You can also see in advance what the costs are that LiteBit charges. Later in this LiteBit review you can read more about the costs charged when purchasing and selling Bitcoin or other cryptos.
A nice functionality of the app is that you can also read the latest news. This is where LiteBit distinguishes itself from other crypto providers with their app. You can also easily contact customer service, both by telephone and via chat.
LiteBit review – Usability 5/5
Wallet and use of LiteBit credits
You can easily access your wallet via the website and the app. LiteBit’s wallet, like all other wallets, can be secured with 2FA. In this case, this also concerns biometric data (fingerprint).
LiteBit uses a smart way to deal with buying and selling crypto. If you buy or sell crypto, you can easily buy BItcoin, Ethereum or other tokens using “LiteBit Credits” (LBC).
Because it can sometimes take a few days before a SEPA or Giropay transaction is credited to LiteBit’s account, they have come up with this handy tool.
When you pay via SEPA or Giropay, it may take three working days before Litebit has received your payment. Upon receipt of your transaction, the number of cryptocurrencies will be recalculated to the current rate. Because the rate fluctuates a lot, this can be detrimental to the number of cryptocurrencies you have ordered. This problem is solved via LiteBit credits. One credit is equal to €1 and with these credits you can trade quickly on the platform.
This provides a practical solution against the volatility of crypto.
LiteBit review – Wallet 4/5
Litebit costs and trading fee
The user-friendliness of the platform is paramount. On the other hand, the costs at LiteBit are on the high side. There are major differences depending on the crypto you want to buy.
Do you want to buy Bitcoin via LiteBit? Then you pay 1.25% of the purchase amount. In addition, an amount will be charged for the payment method you use. If you choose to buy Bitcoin with iDEAL, this is free. If you do this with a credit card, you must take into account another 1.7% fee. So be aware of this.
LiteBit charges relatively high costs for purchasing crypto. Selling, on the other hand, is relatively cheap. This can often be done for between five and ten euros. Do you plan to regularly buy crypto or trade Bitcoin? Then we recommend an exchange with lower trading fees. The Nederlandse Bitvavo is a good alternative.
LiteBit review – Costs and trading fees 3/5
Customer Service Litebit
LiteBit customer service is easy to reach via both the site and the app. This can also be done in several ways so that questions are answered quickly.
Litebit review – Customer service: 5/5
Litebit review final verdict
LiteBit’s platform does exactly what it is intended for. Buy crypto easily. In addition to its user-friendliness and pleasant look and feel, it contains an average range of cryptocurrencies.
LiteBit customer service is easy to reach via both the site and the app. This can also be done in several ways so that questions are answered quickly.
The major disadvantage of Litebit is the high transaction costs compared to other parties. We mainly see this when purchasing crypto.
With the LiteBit Credits you as a buyer are protected against price changes when purchasing Bitcoin or other crypto. Although this is a good solution for the long transaction processing time, we must also say that this problem does not occur with other parties such as Bitvavo or Binance. It is characteristic of the difference between a crypto broker and a crypto exchange. In this sense, the LiteBit Credits do not offer any additional advantage compared to other alternatives in the market.
