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LiteBit Review (2022)

Cryptocurrency is not regulated by the UK Financial Conduct Authority and is not subject to protection under the UK Financial Services Compensation Scheme or within the scope of jurisdiction of the UK Financial Ombudsman Service. Investing in cryptocurrency comes with risk and cryptocurrency may gain in value, or lose some or all value. Capital gains tax may be applicable to profits from cryptocurrency sales.

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

Summary

I think LiteBit is a great option if you’re looking to buy Bitcoin (BTC) with EUR. You’ll be charged around 1.25% in trading fees, and can avoid administration fees if you buy using a SEPA bank transfer or iDEAL.

However, you’ll be charged a trading fee of between 2 – 3% when buying other cryptocurrencies. There are alternatives, like Gemini, which charge less than this (1.99% if buying more than £150) and offer access to even more cryptocurrencies.

And if you want to use some payment methods, it can get even more expensive (I was quoted a 1.8% fee when buying with a debit card).

What is LiteBit? How does their platform work? Do they offer competitive rates?

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

Advantages & Disadvantages

Advantages

  • Support various payment methods (SEPA bank transfer, debit card, iDeal, etc).
  • Supports 60+ cryptocurrencies (including Bitcoin, Ethereum, and Ripple).
  • Trading fees of 1.25% when buying Bitcoin, and between 2 – 3% for other cryptocurrencies.
  • Has a mobile app which can be used to buy, sell, or store cryptocurrency.

Disadvantages

What is LiteBit?

LiteBit is a cryptocurrency broker which allows you to buy, sell, and store Bitcoin (BTC) and more than 60 other cryptocurrencies.

They’re based in Rotterdam in the Netherlands and have been around since 2013. They’re looking to be “the most customer friendly and trusted platform in Europe” where people can buy, sell, and keep their cryptocurrency.

They have more than 600,000 customers, with a Trustpilot rating of 3.3-stars (3000+ reviews).

This isn’t great. It seems to have gone a bit downhill around February 2021 due to increased demand, but there are also complaints about their high buying and withdrawal fees.

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.

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.

Payment Methods

LiteBit currently supports the following payment methods:

  • SEPA Bank Transfer
  • Debit Card
  • iDEAL
  • Bancontact
  • 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 specific 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 more than 60 cryptocurrencies, which includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and Ripple (XRP).

Unfortunately, it looks like Monero (XMR) and Zcash (ZEC) were “temporarily removed” from LiteBit back in 2019.

You can find an up-to-date look at what cryptocurrencies are available on LiteBit by visiting the Markets area of its site.

LiteBit Fees

Fees are dependent on what cryptocurrency you’re buying and what payment methods you’re using.

You should usually be charged a fee of about 1.25% to buy Bitcoin (BTC). If you’re looking to buy any other cryptocurrency, you’ll be charged a fee of around 2 – 3% instead.

These fees can vary, but it’ll be clearly displayed before you place the order (which is great, as numerous other places I’ve reviewed aren’t this transparent).

You’ll want to check out this help article to get an idea of what you’ll be charged if you’re looking to buy a specific cryptocurrency.

There’s also an administration fee, which varies depending on your chosen payment method. It’s not that significant for some payment methods. However, you’ll pay a percentage-based administration fee for some payment methods – which isn’t ideal.

Here are the fees I was quoted on €100 purchases of Bitcoin (BTC):

Payment MethodAdmin Fee (on €100 Purchase)
SEPANone
iDEALNone
BancontactNone
Credit Card1.8%
Carte Bancaire1.8%
EPS uberweisung2.3%

iDEAL looks like the lowest-cost and most convenient option (free and instant). SEPA transfers are another cheap way to buy cryptocurrency on LiteBit, but these can take days to be processed. But the fees aren’t terrible if you want to use a debit card instead (about 1.8%).

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 well ecommended across the crypto-community to use a hardware wallet (e.g., Ledger Nano S or Trezor One) 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.

The Bottom Line

There’s a lot to like about LiteBit.

For instance, they:

  • Support more than 60 cryptocurrencies – including Bitcoin (BTC) and other popular coins.
  • Allow you to buy and sell cryptocurrencies with multiple popular payment methods in Europe.
  • Competitive fees (about 1.25%) when buying or selling Bitcoin (BTC) with a SEPA transfer or iDEAL.

Unfortunately, there are some downsides:

  • You’ll pay an administration fees if you choose some payment methods (e.g., debit card or EPS uberweisung).
  • You’ll be charged between 2 – 3% when buying anything that isn’t Bitcoin (BTC).

Head over to their website to learn more!

LiteBit Website

Have a Question?

Thanks for checking out this LiteBit review – I hope it was helpful!

But got a question about something I didn’t cover?

Let me know in the comments section below!

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