LiteBit – cryptocurrency exchange: review and reviews

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Litebit Cryptocurrency Exchange

Among a large number of cryptocurrency exchanges, it is sometimes difficult to choose a platform with which it is safe and convenient to work. Some offer a limited number of tokens, others do not cause trust, because they are registered with an offshore company and do not disclose the names of the owners. The Dutch LiteBit exchange is aimed at working with customers from Europe and has a number of its own features, which will be discussed later.

LiteBit eu was founded in 2013 and is part of 2525 Ventures B.V. Her office is located in the Netherlands, in the city of Zoetermeer. The exchange works with both bitcoin and a large number of popular, as well as little-known altcoins. In total, about 50 cryptocurrencies are supported and their number is constantly increasing.

The platform provides users with several services:

  1. Purchase and sale of cryptocurrency;
  2. Own wallet;
  3. Convenient token price notifications.

The entire site team is presented on the exchange website. In total there are 18 people. Among them:

  • Kenny Rokven – Executive Director;
  • Rogier Fischer – CTO;
  • Norbert Veelenturf – Development Director;
  • Robin Bosman is COO.

The interface language can be installed in only two ways:

  • In English;
  • In Dutch.

If you have any problems, you can contact the support site by filling out the appropriate form on the website or by calling. The latter option is available only during business hours from 9 to 15 European time.

The service introduced its own internal currency – loans. 1 loan is equal to 1 euro. You can purchase them in your account area. Credits allow you to pay for purchases instantly, without waiting until the money comes from your bank account. And this is a guarantee that you will buy cryptocurrency at a bargain price.

In addition, to replenish your credit balance, you must pass the first level of verification on the service. If necessary, loans can be withdrawn to your bank account.

The platform also has an affiliate program. To become a member, you need to place a referral link on your website or social networks and attract new customers to the site. You will receive 0.5% of the turnover of your referrals. They will be credited to your account in LiteBit internal currency – loans.

In late summer and early fall of 2017, the service was twice subjected to hacker attacks. However, the attackers could not withdraw the money of customers. As for personal data, they were only partially stolen. Among the stolen items are password hashes, phone numbers and home addresses of site users, as well as bank account numbers.

 Registration on the LiteBit exchange

When registering a new user on the site, you will need to enter:

  • Your full name;
  • Electronic box;
  • Password.

Next, we select the country of residence, agree with the rules of the service, indicate whether we want to receive notifications and click the ‘Create Account’ button.
We go to the post office, find the letter from the exchange and follow the links, complete the registration process.

Verification

Verification on the service is required in order to increase limits on the turnover of funds. Users who have not confirmed their data can operate with a sum of 75 euros per day, 525 € per week and 2100 € per month.

Verification involves several levels. Moreover, it is not necessary to go through everything – the user himself chooses which one to stop at. At the first, you need to specify the phone number to which the message with the code will come. After that, 350 euros will be available per day, 1,050 € per week, and 4,200 € per month.

The second step is to confirm the address. To do this, download:

  • Lease contract;
  • Bank statement;
  • Invoice.

Passport, ID card or driver’s license are not suitable in this case. All data on scans should be clearly visible. In addition, documents must be issued no more than 3 months ago. After that, the limits will increase to 500 euros per day, 3500 – per week, 14 thousand – per month.

The third stage involves the confirmation of a passport or ID card. To do this, you need to download the front and back of the document, as well as take a photo with them. After the conditions are met, the maximum turnover of the exchange client will be:

  • A day – 35 thousand euros;
  • In a week – 245 thousand €;
  • In a month – 500 thousand €.

The exchange on the site warns customers that all personal data is stored on the server offline. Therefore, there is no reason to worry that they can get to third parties. Although recent hacker attacks show that not everything is so simple.

 Input and output methods on LiteBit

You can buy cryptocurrency using the euro. The following payment systems are supported on the site:

  • IDEAL;
  • LiteBit credits;
  • MyBank
  • GiroPay;
  • SEPA;
  • Bancontact;
  • Sofort.

In the future, the service promises to add support for PayPal and payment by credit card. To start buying coins, you first need to confirm a bank account on the site.

Purchased coins can be stored in the service wallet. To then withdraw them to third-party wallets, you must specify the address, the number of tokens and confirm the operation using the link in the letter or code.

The LiteBit wallet itself is convenient in that there is no need to install third-party applications, download the entire blockchain chain to a computer. However, internal wallets exist for a limited number of cryptocurrencies, including:

  • Bitcoin
  • Dogecoin;
  • Gulden;
  • Dash
  • Litecoin
  • Navcoin

Peercoin and a few other lesser known ones.
You can get to your wallet on the service using the link “My Wallet”, which is located in the top menu. Here are all the cryptocurrencies available on the site. On the contrary, each of them has buttons for buying, selling, withdrawing coins. Here you can view all the latest transactions.

Exchange and trade on LiteBit

On the main page of the service, all cryptocurrencies with which LiteBit works are presented. First, select in the top menu whether we will buy or sell coins. Then we click on the currency icon that we need and go to the page of this token.

Here is a brief information about the system, a schedule of changes in cost, as well as a form for buying or selling, respectively. The system immediately shows the number of coins that are available on the service at the moment. In addition, if there is no desire to store coins on the site, you will immediately find links to different wallet options: hardware, desktop, mobile or online versions.

When buying, indicate the amount, wallet address, payment method, as well as a discount code, if any. The form of selling coins looks like this.

Convenient and free feature of the service – notification of the user about the price of the token. All you need is to specify an email account, and as soon as the cost of the selected cryptocurrency reaches a certain level, you will receive a letter in the mail.

Security

Site safety is ensured by two-factor authentication. To set it up, go to your personal account, download the Google identifier. We receive a letter to the mail with a link – click on it to confirm the request. Then we scan the QR code using a mobile device and enter the generated numbers.

LiteBit Reviews

Users like the convenience of buying coins for fiat money, the speed with which transactions are conducted on the site.

However, confidence in the exchange was undermined by recent attempts to hack the platform, during which there was a partial leak of personal data. A comparative analysis also shows that the price of many coins is often higher than on other cryptocurrency exchanges, for example, Kraken.

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