RESEARCH & ANALYSIS
FOR THE CRYPTO ECONOMY.

LiteBit

LiteBit Exchange Review

Centralized

LiteBit Overview

  • Launched in 2013, LiteBit is a Dutch cryptocurrency exchange. The exchange offers a wide variety of cryptocurrencies to trade from. For the time being, the exchange is only available to citizens and residents of European countries. One of the biggest advantages of LiteBit is its location, as the Netherlands is seen as one of the most cryptocurrency friendly countries in the world, as it has its own city dedicated to integrating cryptocurrencies into daily life: Arnhem.

    Interestingly, there isn’t necessarily any information online about the trading and withdrawal fees that the exchange charges. This could deter many users from using the platform, as there is a certain uncertainty factor when investing your money on the platform. LiteBit allows fiat-crypto trading alongside crypto-to-crypto trading. Accounts can be deposited through bank transfers and existing cryptocurrencies, however credit cards are not allowed as a valid form of payment. This makes LiteBit an entry-level exchange, and hence user-friendly towards new cryptocurrency investors.

    The exchange offers an affiliate program, where users gain profit by introducing new users to the platform. However, as information on fees is not available, we do not know how much profit the users would be making if they introduced a new user to the exchange.

    For security, the exchange uses a two-factor authentication system (2FA). It also provides users with an e-wallet integrated into the system, and supports external e-wallets. Detailed information on the storage of such wallets is not available online, which points to an issue of a lack of transparency. One exchange review reveals that LiteBit suffered from a hackers attack in 2017. Though users’ funds were not jeopardized, the hackers accessed some critical personal information about the users, such as addresses, bank account information etc. Users should be cautious when using this platform due to its hacking history.

    The website is available in English, Dutch, French and German. This highlights, again, that the exchange is mainly focused in Europe. Citizens and residents of other countries are not allowed to trade on this platform. The website is designed in a modern and simple fashion, and every feature can be found easily on the home page. This allows users to navigate the website with ease. It is also mentioned on the website that the customer service is available everyday from 9 am to 9 pm.

    LiteBit Exchange Review, Trading Fees, Deposit and Markets

    • 24h Trading Volume

      91.946 BTC

      • LiteBit Total Trading Pairs

        N/A

        • LiteBit Margin Trading

          No

          • LiteBit Deposit fees

            /

            • LiteBit Fiat Deposit

              Yes

              • Accepted Payment Method

                None

                • LiteBit Native token

                  Yes

                  • Native token smart contract

                    N/A

                    • LiteBit Trading Markets
                      • LiteBit Stablecoins trading

                        N/A

                        LiteBit Withdrawals

                        • Daily Withdrawal Limit

                          /

                          • LiteBit Withdraw fees

                            N/A

                            • LiteBit Withdraw fees discount

                              N/A

                              • Proof of Reserves

                                N/A

                                LiteBit Exchange Rating Analysis

                                Last edit 18.07.2019

                                • LiteBit is one of the biggest crypto exchanges in Netherlands. In the year 2017, the exchange was hacked twice. The first attack took place on 5th of August and the other one a few weeks later on 12th September. During the first one LiteBit reported suspicious activities on its servers, but it is still unclear if the hackers obtained any data. However, the September attack was successful and the attacker was able to access customer data such as email addresses, hashed passwords, IBANs, phone numbers, home addresses and portfolio data.

                                  Luckily, the wallet server was not hacked and customers didn’t lose their crypto funds. These two incidents clearly show that LiteBit couldn’t keep their website safe – and are currently also not offering insurance for user funds. They do, however, recommend users enable 2-factor authentication, but that security layer is futile against an inside attack.

                                  Although the website is functional, including fast support via the live chat, LiteBit has a very poor performance statistics with a huge commission of 2% for every transaction. The team is known to the public, but unfortunately receives extremely negative reviews across the web due to the attacks they experienced.

                                  LiteBit Exchange Additional Information

                                    • LiteBit Headquater

                                      Netherlands

                                      • LiteBit Establish date

                                        2013