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LiteBit Review - is it scam or safe?

LiteBit Review - is litebit.eu scam or good cryptocurrency exchange?

RATING: 1.1 / 12 REVIEWS ForexBrokerz LiteBit
LiteBit is not regulated. We cannot guarantee your money is safe.

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Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 *

*Fees depend on the type of coin. There is a transaction cost, plus a blockchain cost, on top of the asking price.


LiteBit is a Dutch company that buys altcoins and sells them on to clients, for a higher price, so it is acting more like a change bureau or simply a spot exchange. It does not offer leveraged trading. One of the main advantages of LiteBit is that it offers for sale a large number of coins, a total of 50, that can be purchased for EUR.

 

On the list are the major coins like Bitcoin and Ether, as well as more obscure ones like Gulden, Myriad, Radium, Dogecoin, etc.

 

Most cryptocurrency exchanges limit their offering to 10-15 coins, although there are some, like Luno, for example, who offer just one – Bitcoin, or Bisq, which offers over 120.

 

Like most cryptocurrency exchanges, LiteBit has several levels of verification, with the highest offering the largest monthly limits. We believe that for the occasional buyer/seller, the unverified account or Tier 1 (SMS verification) would be sufficient. Those who wish to trade in larger volumes need to raise their verification levels, but according to other reviews, doing so on LiteBit can turn out to be quite expensive for larger volumes.

 

On the other hand, for those who are interested in leveraged trading in cryptocurrencies, there are other exchanges like Kraken, Coincheck, Poloniex, Bitfinex, GDAX, BitMex, etc., who offer this type of service. There are also forex brokers where clients can trade on margin in CFDs on the more popular cryptocurrencies. The list of such brokers grows by the day in the past several months. Among the major ones are IG, HYCM, Admiral Markets, Plus500, Swissquote, etc.

 

The Company. Security of Funds

 

Company  Country Regulation
LiteBit Netherlands  None

 

LiteBit is a Dutch cryptocurrency exchange that was established in 2013. It supports only European countries.

 

LiteBit is not regulated, but since the cryptocurrencies do not fall within the scope of neither the Dutch, nor the European financial regulators, this is hardly a problem at this point.

 

Besides, the Netherlands is one of the most Bitcoin friendly countries worldwide. It even has its own ‘Bitcoin City’, Arnhem, where you can pay with bitcoins in cafes, gyms, petrol stations, restaurants, pubs, shops and even Burger King. The Netherlands also has its own cryptocurrency – the Guldencoin – which can be used to pay for services and goods, for transferring money or as an investment.

 

Similarly to most cryptocurrency exchanges, LiteBit offers its clients own e-wallet for storing coins, but also supports a number of external e-wallets. We could not find specific information about the security of the storage.

 

However, we came across reports that LiteBit has been a subject to hacker attacks twice within roughly a month in 2017. According to the company, no client funds were stolen, but the hackers pilfered personal data, bank account numbers, addresses of the clients, which is actually quite alarming.

 

Besides, we have come across some claims that LiteBit has scammed one of its clients. It seems, though, that the exchange is wrongfully accused and has actually cooperated with the bank and local authorities who have blocked the user’s bank account that has been flagged as fraudulent. The prevailing attitude is that LiteBit is a reliable and stable exchange that provides fast and good service.

 

Trading platform

 

Since LiteBit does not offer cryptocurrency trading in the full sense of the term, its platform is not exactly a trading platform, either. It has a simple interface, which shows the price, plus the additional fees and costs, as well as a simple price chart. There is also the option to get price alerts by e-mail and some basic information about the tokens.

 

Methods of payment

 

LiteBit accepts both fiat currencies and bitcoins. However, the exchange does not accept credit cards, which are probably the easiest funding method. It does not support PayPal, either. Instead, it accepts bank transfers, GiroPay, the German payment system Sofort (it takes three working days for the payment from a non-German account to be processed), and the Dutch payment system IDeal.

 

There is also something called LiteBit credits. They are  an internal payment method used to limit transaction costs and payment times. When using credits, no extra transaction costs are added to the client’s order, and the payment is always instant. LiteBit also accepts bitcoin.

 

Conclusion

 

LiteBit is a long-established cryptocurrency exchange that offers many altcoins and some of them are not that easy to find elsewhere. This is probably the main advantage of LiteBit over other similar services, but there are some minuses, too.

 

First off, we could not find clear information about the fees. They depend on the type of coin and the network cost. Plus, LiteBit obviously buys the coins from somewhere (naturally), stores a certain amount and sells them for a higher price. Nothing wrong with that, but there is the supply problem. If the supply runs out, LiteBit stops selling those coins until it gets more. By the time it does, nowadays the price may change significantly and this is not always a good thing.

 

Then there are the limited funding options, which pose several types of problems. First, the only fiat currency LiteBit accepts, is the euro. It is somewhat understandable, as LiteBit operates only in Europe and the dominant currency there is the euro. But there are countries like the UK, Sweden, Denmark, Norway, Switzerland, some of the Central and Eastern European countries who have their own currencies and conversion rates are not always favorable. Second, there are the bank transfer fees, which are not exactly low either. Third, there is the transfer time – international bank transfers, even within Europe, take days. So, maybe LiteBit is convenient for Dutch clients with the IDeal payment system, but hardly for anyone else in Europe.

 

Last, but not least, LiteBit offers only exchange services. There are exchanges, European included, like Coinroom, Luno and BitBay, who offer money transferring services and even the possibility to pay one’s bills.

 

Pros Cons
Large number of coins High fees
Accepts fiat currencies Limited funding options
  Occasional supply problems
  Limited additional services  

 

 

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Traders` reviews for LiteBit

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Money in, Yes - cashout, no!

The amount of "allowed" trading volume and money you can transfer to litebit with wire transfer etc. is high, but, if it comes to the point where you want to cash out something, suddenly some small yearly limits appear. So litebit is a oneway ticket into crypto, never a way out. To get at least your investment back someday, you need to find another solution, so you can use another trade right away by now.

Marcus 08/06/2019

Never use this service

NEVER USE THIS SERVICE

Hi, I created an account on your platform. Then I threw off 250 euros. I have sent 1 euro to confirm my IBAN. I received money in my account and as soon as I tried to transfer this money to my wallet. I saw another confirmation required. I wrote online support, and my assistant asked me if he could call me for another confirmation.
Then he called and said that someone had stolen money from me and started saying that it was all a hoax. When he dropped the phone, I logged into my account and saw that my balance was zero.

Then I wrote to the chat again. Nobody answered me anything and only said that if you have questions, ask. But as soon as I asked, they said nothing and left the chat. Then another guy came in and did the same. In the end, they simply removed the chat feature from my account.

Aki 07/19/2019

Dutch People - PREMIUM Service with ING Bank

Guys, I make this comment, as I believe it is important to say the good side too.
I trade on several pages and different coins and I found LiteBit.Eu by accident, without that I knew that they are based in Rotterdam/The Netherlands.

I can not complain, after several transactions and also getting a new verification level - in one day.
The banking via Ideal is fast and after each coin-sell everything seems fine and fast.

I never needed the telephone customer-support, but as I saw they stopped it anyway.
I am living in the Netherlands and I will continue to use their services, as they are fast and easy to use.

The internal wallet are also a nice option, but for sure if you go for higher amounts, you should transfer your coins anyway to a secure place offline or to MEW wallet.

In total, I am happy with them and I wish you, that you have a great time too - wherevery you buy and trade.
This is the future and we are all part of it - so let´s keep up the good vibes and change the world to a better place.

Best from Amsterdam,
Alexandros

Alexandros 04/03/2018

Dirty Scammers - DONT Trade with them! Choose any other Exchange!

They are just a bunch of Scammers hiding behind the transactions they performed ok.

So maybe they exist since 2013 or whenever, they might have 30k+ ok transactions but they also have a TON of shit flying around them!

They cheated me as well, the support just keeps closing the tickets and does not react at all anymore. Therefore i've handed this shit over to my lawyer to get my money back and stop them in their business!

DONT EVERY USE LITEBIT!! Choose any other Exchange and it is most probably more reliable, faster and better!

Marco 01/29/2018

Litebit is a Scam

Guys do not work with this so called exchange.There are out there serious exchanges that you can use.Myself I have tried to test them with a small amount of 100 euros, trying to buy dogecoins on 13 december 2017 when the price was 0.0032 usd, so I have paid them for 32000 coins.Today is the 8th oh January and I stil did not get my coins or my money back in my account.I have tried to send them several emails and no response in 1 month already.I have submitted a request to AFM Netherlands and I will also write to the Chamber of Comerce.Even if is a small amount I do not want them to get away easy.
So a bit of advice for whoever wants to use them- STAY AWAY FROM LITEBIT.EU

Cristi 01/08/2018

From good to scam

Once u sell your coins en exchange it to litebit credits (virtual euros) there is no cryptocurrency availeble to buy.
Do not trust it, it's a scam

David 01/05/2018

Fraudulent firm!

They are a scam company.
They took my money and will not reply on e-mails.
No way to get my moneyback.
Please google and read before you send them your $$
Please do not buiness with them.
By the time people read this the company will be shut down
and they took all the money of new customers.
Mark my words

Makingmoney001 01/04/2018

They f*ck up

No selling when prices are up, no buying when prices are low due to maintenance, ever and ever again!
Their supply sucks as well the last few weeks. In case they finally have stock, their webpage is out of service.
Tip: use another exchangeplatform!

Chris-jan 12/22/2017

Scammed by Litebite for 4499 euro

My name is BENRAHHAL SALAH, I think i just been scamed by Litebite for 4499 euros. i would like to launch a lawsuit to freeze the funds against this firm, they didn't respond to emails to give explanations about transfers that were made. i'm starting to become suspicious that they will take the money and run away or they invest their customer money. now i would double my 4500 if have buy crypto.
to initiate this urgent legal procedure to freeze their fund a need a maximum of personnes subject to a scam of this firm. go to do police and send me you report.
please for the persone how has many followers in social media try spreed the message, i did do in french luanguage as i live in France.
i will take informed with the step i will take in the followers day.
advise stay away from this firm. i make i wrong choice to choose a broker with less fees instand a one with high fess and good services.

salah BEN RAHAL 12/18/2017

Please stay away from this company

I setup my account and transferred money into Litebit's EUR account which was really smooth and efficient.
Once the money was in the account, it was all downhill. I purchased digibytes and provided my wallet address, but the transaction got stuck in processing for days. When I tried to contact them, I got a generic and super unhelpful response saying they are experiencing high activity and will be delayed in replying; and that I should let them know if the ticket is resolved!

This is very concerning, considering they had no problem taking my money so easily.
As I write this, I am trying to close my account and withdraw my money. Hopefully it is not vanished!

Suresh

Suresh 12/12/2017

hacking

my account was hacked this year, I did not lose any money but all my bank card details, identity details and address and email were stolen, so I immediately canceled my account which was not so easy. They also charge large fees and a telephone call with the helpdesk they charge 1 € per minute. They are really slippery boys, not fair and money wolves who probably scrimps on their customers' security level with all the consequences. Really not a business I would recommend,on the contrary.

max 12/11/2017

Avoid at all costs

Litebit Truly is a scam.

I transferred funds to them on the 29th of November they informed me it'll take 1 to 3 working days. Today is the 11th of December, I have emailed them repeatedly to no avail. When they finally responded they sent me a generic response saying that they have high demand. Even if this was true. I requested a refund after I received that email. They still didn't respond. This is truly upset because time is money. If I had bought the amount of bitcoin I wanted on that day I would have doubled my investment as of now. However due to their scam I haven't received any notification or email whatsoever.

So many other companies like LUNO, Bitstamp and Coinbase have a higher rate of exchange but they dont encounter this problem.

Please do not trade on this platform. As I am typing this right now I have not received my funds, notification or my cryptocurrency. This is a downright scam. If and when you do experience this no receipt of your funds in 3 days I suggest you call your bank and get your money back.

Stay safe people there are lots of scammers out there and Litebit is leading the crowd.

Portia Nyonyo 12/11/2017

Itenit.eu scam

Litebit.eu provide very bad customer support.very very unskilled.
heard first time about the cryptocurrency bitcoin in the last week of October. I browse the website and found litebit.eu and bitpanda.com
I registered my details and open account.
I phone litebit support staffs and they guided me procedure to send money and the verification process. Eventually went through all their requirements and got accepted for tier three verification.

In the first week of November, I purchased Euro 500 of Crypto coins ripple and 1000 Euro of Bitcoin and 1000 Euro of Bitcoin cash. in the second week on date 14th November Eur10000 and purchased bitcoin cash, 15th November Eur10000 and purchased bitcoin cash, 16th November Euro 7300 and purchased bitcoin cash.
I transferred earlier purchases of Euro 22000 of bitcoin to Litebit.eu wallet and sold it for Euro 17000 and bought the BITCOIN CASH..

I had been taking to litebit.eu support staffs for the helps to handling cryptocurrcies.

20/11/2017 I deposited Bitcoin cash Qty:47 in the wallet provided by litebit.eu.

I login Friday into litebit.eu and notice emptied bitcoin cash wallet, but instead of another DASH wallet contains (74coins) and Bitcoin wallet contains (1.3Coins)
I immediately contacted through phone to litebit.eu support staffs. 
They refused to take responsibility and advised me to sell and buy back Bitcoin cash. I follow up their advice and sold the DASH coins qty; 74 and Bitcoin Qtty:1.3 and bought back Bitcoin cash. I couldnt get more then 27.9BitCoin cash of total value Euro34000.
Since I have contact through emails and through phone calls to litebit.eu staffs, CEO Kenny Rokvan and complains about lost of euro 15000 or loosing or twentity Bitcoins cash.
But, they have not resolved this issue. 

Mohammed 12/06/2017
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