LiteBit is a cryptoasset exchange located in Netherlands. Their volume over the last 24 hours is $1.93M. The exchange is rated “D” which means “Poor.” They allow trading with the following fiat currencies: EUR.
LiteBit is a centralized European cryptocurrency exchange, founded in 2013. LiteBit is a registered tradename of 2525 Ventures B.V., the company running the exchange business. 2525 Ventures B.V. is headquartered in Rotterdam, Netherlands, with address Weena 740 3014 DA and Chamber of commerce number: 63661438 (VAT: NL855340307B01). From all the information available on LiteBit’s website, it becomes clear that the business relies on transparency and tries to build credibility, which is a distinguishing factor in the world of cryptocurrency exchanges nowadays.
According to the LiteBit’s brief history, featured on its website, the exchange came to life after Rogier Fischer, its founder, found it too hard to buy Litecoins in 2012. That is why, in 2013, he decided to develop an easy-to-use cryptocurrency exchange, available to European citizens. Rogier Fischer is a graduate from Delft University, Netherlands and former programmer and security consultant for 42bits. At the time of this writing though, Fischer is not running the exchange. He holds a position in the Strategic Board, while the CEO is Olivier van Duijn. He is a founder of Lintberg, a leading research partner for HR companies. Olivier van Duijn also has very solid management experience in companies like Marktplaats, Totaljobs Group, Funda NV, and KPN Telecom. According to LiteBit’s information, at the time of this writing, the platform serves more than 600 000 customers. The company states that it is the market leader in the Netherlands but also aims at becoming the largest cryptocurrency exchange in Europe.
When it comes to identity verification procedures, it is worth noting that Litebit implements three separate options for its users. The first one is done through a smartphone via a one-time password on the account verification page. The tier two requires personal documents - KYC procedures that include submission of ID document, email address, names, bank statements, and personal address. Depending on the daily trading volume that the user plans to generate, the required identity verification details and documents may vary. If the client wants to unlock the maximum capacity of the platform, he should upload a back copy of a passport or government-issued ID. It is worth noting that as an entity, registered and operating in the EU, LiteBit complies with GDPR and stores users’ personal information in an offline server for a period of 7 years.
Regarding the employed security measures, aside from the standard two-factor authentication and CAPTCHA codes, LiteBit also employs an IP verification procedure. For users with dynamic IP addresses, the verification procedure may be stricter and implemented more often. Although this procedure is simple and straightforward, it is rarely adopted by the majority of cryptocurrency exchanges.
LiteBit offers very convenient customer support channels, as well. The most common method is email communication, where the exchange’s team promise to address each user’s question within one business day. Aside from that, LiteBit also has social media profiles and a Telegram channel. However, the thing that really makes LiteBit stand out from the majority of its competitors is the fact that it offers phone support as well. The customer representatives are available between 9:00 to 21:00. The website even lets users know when a phone assistant is free for a call, in order to save them waiting time.
Similar to other cryptocurrency exchanges, LiteBit also offers a partner program. The referral system allows users to earn a 25% profit margin as credits in their accounts. The access to the partner program, at the time of this writing, is restricted for individuals living or residing in Germany.
When it comes to payment methods, LiteBit tries to be flexible. It offers cryptocurrency purchases directly with euros and paid via payment methods such as iDeal, Bancontact, Sofort, Giropay, SEPA, and MyBank.
LiteBit’s reputation among the online community is firmly positive. However, although its Trustpilot profile has a very high score, some users complain about the lack of transparency when it comes to trading fee calculation. Others also point out that their transactions remain frozen for extended periods of time (for that case though, the LiteBit’s team states that they try to verify more significant transactions manually, which usually slows down the process). The positive here is that the exchange’s team tries to address each complaint and provide a reasonable and timely response to the author.
According to reports, LiteBit became a subject to two hacker attacks in a row in 2017 (on August 5 and on September 12). Although no funds were stolen, the hackers managed to steal personal data and credentials, such as hashed passwords, bank account information, home addresses, telephone numbers, names, etc. The exchange came out with a statement that it had found out the security loophole and fixed it. It advised its users to change their passwords and update their two-factor authentication protection. When it comes to other security incidents, it is worth noting that there are no reported cases of hacker attacks or security breaches resulting in stolen funds. The exchange’s history is clear of governmental investigations as well.Read More