LiteBit Review (2020)

LiteBit Review (2020)
  • Ease of Use
  • Beginner Friendly
  • Payment Methods
  • Speed
  • Fees
4.2

Summary

LiteBit is a great option if you’re looking to buy and sell Bitcoin (BTC) in Europe with euros (EUR). They offer competitive Bitcoin (BTC) prices, with low administration fees for some popular payment methods (e.g. SEPA or iDEAL).

Unfortunately, fees when buying other cryptocurrencies or when using some payment methods can be quite high. Read the full LiteBit review for more details.

Who are LiteBit? How does their platform work? Do they offer competitive rates?

Are they the best place to buy Bitcoin (BTC) in Europe?

To answer these questions (and more), scroll through this LiteBit review.

Pros & Cons

Pros

  • 5/5 Trustpilot Rating (1800 reviews)
  • Support lots of payment methods (SEPA, iDeal, Bancontact, SOFORT, etc.)
  • Supports 42 cryptocurrencies (incl. BTC, ETH, LTC, and XRP)
  • Has a mobile app which can be used to buy, sell, or store cryptocurrency.

Cons

  • Some cryptocurrency rates aren’t competitive (e.g. 7% markup for DOGE purchases)
  • High fees for using some payment methods (e.g. 3% for GrioPay)

Who are LiteBit?

LiteBit is a cryptocurrency broker which allows you to buy, sell, and store Bitcoin (BTC) and 41 other cryptocurrencies. They’re based in Rotterdam in the Netherlands and have been going since 2013. They have more than 600,000 customers, with a Trustpilot rating of 4.5/5 (1800 reviews).

They’re the market leader in the Netherlands and they’re looking to be the go-to place that Europeans buy, sell, and keep their cryptocurrency.

How Does LiteBit Work?

To get started, you need to get yourself registered and verified on LiteBit. This doesn’t take long. Like everywhere else, you’ll need to verify your:

  • Email and phone number
  • Registered home address
  • Bank account
  • Identity

When you are registered, you can make a purchase by selecting Buy at the top of the page. Scroll down a little and you’ll the below.

In the highlighted area, you can choose between all the supported cryptocurrencies.

You can then select how much you’d like to buy (in cryptocurrency or in euros).

You then need to choose whether to deposit it into your LiteBit Wallet or External Wallet.

Select your chosen Payment Method from the dropdown box. You have a few options here, but they all have different fees and processing times. Read the full review for more on that.

You then just check the Order Summary. If you’re happy, select Next.

Where the website takes you next depends on your chosen payment method. But in a nutshell, you then send your money to LiteBit and they’ll send the cryptocurrency when the payment has been confirmed. This can take a while, as some cryptocurrencies take longer to confirm transactions than others.

LiteBit Supported Countries

LiteBit is currently available to residents in the European Union (EU).

If you’re a resident of the US and some other countries, then you cannot register an account with LiteBit. For a full up-to-date list, check out this thread on their website to see if your home country is on that list.

LiteBit Payment Methods

LiteBit currently supports the following payment methods:

  • SEPA Bank Transfer
  • Credit Card
  • iDEAL
  • Bancontact
  • GrioPay
  • SOFORT
  • MyBank
  • Carte Bancaire
  • EPS uberweisung

PayPal is not currently supported.

Some of these payment types are not credited to your account immediately. In particular, orders placed via SEPA bank transfer are not actioned until your money is in LiteBit’s bank account. This means that you’ll likely receive a different (lower or higher) amount of cryptocurrency than when you placed the order.

That’s not ideal. However, you are able to convert your euros into LiteBit Credits (€1 = 1 Credit). You’ll still have to wait a few days for the cash to be credited to your account, but then you can choose when (and at what price) you want to buy your cryptocurrency.

For more information, visit this support page and look for the payment method you want to use.

LiteBit Supported Cryptocurrencies

LiteBit currently supports 42 cryptocurrencies, which includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and Ripple (XRP).

Full List of Supported Cryptocurrencies at LiteBit

LiteBit allows you to buy, sell, and securely store the following cryptocurrencies:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Dogecoin (DOGE)
  • Ripple (XRP)
  • 0x (ZRX)
  • Basic Attention Token (BAT)
  • Binance Coin (BNB)
  • Bitcoin Cash (BCH)
  • Blackcoin (BLK)
  • Cardano (ADA)
  • Chainlink (LINK)
  • Chiliz (CHZ)
  • Crown (CRW)
  • Dash (DASH)
  • Decentraland (MANA)
  • Dent (DENT)
  • DigiByte (DGB)
  • Dusk Network (DUSK)
  • Enjin (ENJ)
  • Ethereum Classic (ETC)
  • Feathercoin (FTC)
  • Groestlcoin (GRS)
  • Gulden (NLG)
  • Loom Network (LOOM)
  • LTO Network (LTO)
  • Matic Network (MATIC)
  • MCO (MCO)
  • MyriadCoin (XMY)
  • Navcoin (NAV)
  • OkCash (OK)
  • OmiseGO (OMG)
  • Orbs (ORBS)
  • Particl (PART)
  • Peercoin (PPC)
  • PIVX (PIVX)
  • Polymath (POLY)
  • PowerLedger (POWR)
  • Qtum (QTUM)
  • Radium (RADS)
  • Ravencoin (RVN)
  • ReddCoin (RDD)

LiteBit Fees

The fees you’ll be charged are dependent on

  • What cryptocurrency you’re buying.
  • What payment method you’re using.

When I looked at the quoted price of Bitcoin (BTC) with SEPA, I was being offered a Bitcoin (BTC) price that had a built-in fee of about 1%. This meant that I was being charged 1% more than the real BTC to EUR exchange rate available on exchanges like Coinbase Pro.

Other cryptocurrencies have a higher built-in fee. Here are the few I looked at.

CryptocurrencyBuilt-in Fee (Approximate)
Bitcoin (BTC)1%
Ethereum (ETH)1.7%
Chainlink (LINK)3%
Dogecoin (DOGE)7%

There’s also an administration fee, which varies depending on your chosen payment method. It’s not that significant for some payment methods. For SEPA transfers, it’s just a fixed €0.61 fee. But for other payment methods, you’ll pay a percentage-based administration fee.

Payment MethodApproximate Fee
SEPAFixed: €0.61
Credit Card1.8%
iDEALFixed: €0.42
Bancontact1.8% - 2.0%
GrioPay3.0%
SOFORT2.4% - 2.8%
MyBank1.8% - 2.0%
Carte Bancaire1.8%
EPS uberweisung2.4% - 2.7%

iDEAL is the cheapest payment method to use on LiteBit to buy cryptocurrency. Purchases made with iDEAL are also processed immediately. SEPA transfers are another cheap way to buy cryptocurrency on LiteBit, but these can take days to be processed.

Here’s how much you’d pay in fees if you were to buy Bitcoin (BTC) on LiteBit using a SEPA transfer:

Purchase Amount (via SEPA)Hidden FeeAdmin FeeTotal Fee
€1001%€0.611.61%
€5001%€0.611.12%
€10001%€0.611.06%
€100001%€0.611.01%

How do I calculate what the fees are for each cryptocurrency?

When you looking to buy any cryptocurrency on LiteBit, it’ll provide you with the quoted price in the highlighted area in this screenshot.

You’ll then want to go over to something like Preev or CoinGecko to figure out what the current price of the cryptocurrency you’re after is on exchanges like Coinbase Pro or Kraken.

You can then calculate the cost by plugging the numbers into a calculator like this.

LiteBit Wallet

When you buy cryptocurrencies like Bitcoin (BTC) on LiteBit, your purchase will be stored in their online wallet. There are no costs associated with using this wallet. However, it is recommended across the crypto-community to use something like a Ledger Nano S to store your cryptocurrency.

Find more tips to protect your bitcoin in this short post. 

Like other cryptocurrency wallets, you’ll need to pay a blockchain fee when you’re transferring any cryptocurrency outside of your LiteBit crypto wallets.

Summary: Buy Bitcoin in Europe

There’s a lot to like about LiteBit. They:

  • Support Bitcoin (BTC) and over 50 other cryptocurrencies.
  • Allow you to buy and sell cryptocurrencies with 9 popular payment methods in Europe.
  • Competitive fees (about 1% – 2% in total) when buying or selling Bitcoin (BTC) with a SEPA transfer or iDEAL.

Unfortunately, there are some downsides:

  • You’ll pay quite high administration fees if you choose some payment methods (e.g. more than 2% if using SOFORT).
  • Some cryptocurrencies have higher hidden fees. When I checked, Dogecoin (DOGE) had hidden fees of more than 5%! That’s not good!

If you’re in the EU, then LiteBit seems like a good option to check out – especially if you only care about buying Bitcoin (BTC). You can compare LiteBit’s fees with European alternatives with BittyBot.

But if you’re looking to buy a less popular cryptocurrency? It’ll be cheaper to just buy Bitcoin (BTC) and exchange it for your preferred cryptocurrency on places like Binance or Bittrex.

Check out LiteBit now.

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