Cryptocurrency exchanges are growing in number all the time. When it comes to investing in digital currency, many people get tripped up on where to acquire or sell coins with confidence. LiteBit is a popular choice since many people feel that long-term experience is a good indicator of an exchange’s stability and security. Since its inception in 2013, LiteBit has maintained its popularity with cryptocurrency investors despite the fact that there is a lot of competition.
Before deciding to employ this swap, are there any considerations to consider? Below is one of the most legit reviews about LiteBit that covers all the bases for cryptocurrency enthusiasts.
About LiteBit
For those who want to trade digital money in a secure and convenient manner, LiteBit is a great option. With no effort, you can purchase and sell 40+ cryptocurrencies at a reasonable rate. Over €1 million was traded on LiteBit’s platform on a daily basis, and it has been selected “Best Crypto Broker” for 2019 and 2020.
Features of LiteBit
LiteBit stands apart from the crowd for three key reasons: safety, simplicity, and humanity. In addition to trading, the exchange offers a safe location to keep your bitcoin. LiteBit’s creators wanted to establish an exchange that both novice and expert traders alike could use. The process of purchasing and selling is quick and easy. Lastly, the pleasure of the client is the number one priority. According to customer feedback and comments, LiteBit continues to enhance the quality of its services, and its support staff is available 24 hours a day.
How Does LiteBit Work?
LiteBit functions in a manner similar to other crypto exchanges. To purchase or sell bitcoin, a user must first sign up for an account on the site and then go through the verification process. You may choose a coin, input the amount, and transfer funds to the exchange using a variety of banking alternatives. Your coins will be sent to your LiteBit wallet as soon as a system verifies receipt.
Countries That Support LiteBit
The exchange is open to all EU nations, allowing them to trade cryptocurrencies. There are restrictions on who may use the exchange, including citizens of the United States and other nations. The LiteBit platform is accessible in English and Dutch since the company is based in Europe and registered in the Netherlands.
Wallet
LiteBit provides a digital wallet for managing and storing cryptocurrencies in the account. Every cryptocurrency has a unique address; therefore, you may access multiple smaller wallets under the LiteBit wallet category in your account menu. iOS and Android-powered smartphones can use mobile wallet apps as well. Only once the LiteBit wallet has received the bitcoin can it be withdrawn to an external wallet.
With LiteBit, How Do You Get Started?
Before you sign up for the platform, you need to think about a few things:
Register and Verify Your Identity
Signing up and verifying your account are the initial steps to becoming a LiteBit customer. Find the ‘Get Started’ button on LiteBit’s official website or app and follow the instructions.
Supported Coins
More than 50 currencies can be used with the service. Thus, it has a wide range of options. It’s no surprise that the most well-known instances of cryptocurrencies include the usual suspects like Bitcoin and Litecoin but also less common ones like Ravecoin, Pivcoin, and many others.
Options for Payment
With LiteBit, you’ll have access to the most popular payment methods in Europe, such as these:
- Visa and Mastercard credit cards
- IDEAL
- Mobile 2
- Bancontact
- SEPA bank transfer
- Giropay/Sofort
- LiteBit credits
Buy and Sell
Buying bitcoin on LiteBit is simple since it just requires a few simple steps:
- Go to the menu and click the Buy option.
- Select a coin from the available options.
- If you’re paying using LiteBit or an external wallet, you’ll need to fill out the sections with that information.
- Verify that all of the information in the Order Summary is valid.
- Await the delivery of the money; it will take place as soon as LiteBit gets the payment.
When you log into your account, you’ll find the ‘Sell’ option on the top menu, and you should complete these steps:
- Find the cryptocurrency you’d want to sell and click the Sell button next to it.
- Decide how much you’d want to spend.
- Decide on how much money you’ll get.
- Verify the purchase.
- Get the funds.
Withdrawals
There are just a few basic steps involved in getting your LiteBit credits out of your wallet and into your bank account:
- Get in there and log in.
- Go to the Dashboard or the Wallets page.
- The Withdraw button can be found in the Credits section of the page.
- Decide how many credits you’d want to take out of your bank account.
- Select the IBAN account as your payment method.
- The transaction is complete. Transferring money to a bank account typically takes one to three business days.
Limits
There is a restriction of EUR 25,000 in annual trading volume. But if you’re willing to go through the additional verification processes, you may raise these restrictions substantially, up to these values: Euros 35,000 a week, Euros 245,000 a week, or Euros 500,000 a month.
The Final Verdict
You should choose LiteBit if you want to trade cryptocurrencies on a well-respected, well-established, and well-visited exchange platform.
