LiteBit Review – Regulated Exchange With Many Complaints
LiteBit is registered primarily in the Netherlands. Since 2013 they are strongly operating in the cryptocurrency market. Some traders even used their services before Binance. Yet, those same traders found discovered some flaws.
Should you trust your investments with this company, find in this latest LiteBit review.
Also, remember the names of the Finpros, Ctrl Investments and Icm Capital Limited trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
|Broker status:||Regulated Broker|
|Regulated by:||DNB, AMF|
|Owned by:||2525 Ventures B.V. LLC|
|Supported Platforms:||Proprietary platform|
|Cryptocurrencies:||Yes – BTC, ADA, XRP|
|Types of Assets:||Cryptocurrencies|
|Free Demo Account:||Not available|
|Accepts US clients:||US traders are not accepted|
Is Litebit A Legitimate Crypto Broker?
As a Netherlands-based broker, Litebit should have AFM regulations. Yet, their register doesn’t discover any connections to this company. But on the positive side, the broker is registered with DNB. On the negative side, DNB put a statement that they don’t monitor their activities. That’s in the end why there are so many negative reviews about the company.
Even though they are registered with AMF (France) they claim to be registered with Austrian FMA. Which is not the case. But also none of other Tier 1 regulators has issued them any licenses. From BaFin and ASIC to FCA.
Broker regulated by multiple trusted authorities. Yet, LiteBit company has earned some bad reviews. You are limited only to crypto trading. US traders are not accepted. Many traders reported potential withdrawal issues.
The Opinions of Traders On About LiteBit
As we can see LiteBit reviews are not so good. Out of 3985 traders, almost 30% didn’t have such good experience with this company.
In fact, many of them reported the same issue. Primarily, traders reported withdrawal issues. Secondly, many of them reported blocked accounts for numerous reasons. Lastly, traders complained about their disastrous customer support service. With all this in mind, it’s better to find a more trusted broker.
Trading Platform and Other Apps on LiteBit
As a non-standard platform, they can’t use third-party software. Like Meta Trader or anything similar. This company is a standard crypto exchange. Therefore, they are running a proprietary platform.
From trading tools, you can’t expect advanced EAs or social trading tools. Besides, they lack some advanced metrics that allow traders to make better decisions. The only thing they promote is advanced charting and multi-order trading.
What Financial Instruments Does The Platform Include?
Traders can buy and sell digital assets. But also trade between the assets. Which limits traders to only a few choices. Even though cryptos are popular, they are speculative.
Actually, there is no fundamental pattern that you can use to take advantage of it. Luckily, there are 90+ digital assets available:
- Bitcoin Cash
However, with all those negative reviews it’s better rethinking of investing here.
LiteBit Countries Of Service
Many reviews are coming from strictly regulated countries. Indeed, those reviews are helpful because you can have a bigger picture of the company. Even better, you don’t need to try it on your skin.
That’s why we always empower traders to leave reviews. Now you can see that LiteBit trading company mainly operates with customers from:
What Are The Different LiteBit Account Types?
Unfortunately, there is only one account available with this company. It’s Standard account without a minimum deposit requirement. You can invest as much as you like. But considering the reviews of this company, you should be careful.
However, traders can trade only up to 25.000 EUR per year, Which is quite disappointing for any serious investor.
Can a Trader Use a Demo Account?
Any trader prefers first to test the platform. To check all its features and find potential flaws. That’s why most Tier 1 licensed brokers provide a demo.
But, LiteBit trading company doesn’t offer such a service. So, if you want to test their services you must deposit money first. Instead, you can find a Tier 1 licensed broker and play with virtual funds before you get comfortable investing.
Terms of Service for LiteBit
With this company, traders can make live orders and reservations. On the other hand, you have trading limits. Which are unfortunately not available on their website.
As for funding methods, the broker accepts the following:
- Debit/Credit cards
- e-Payment options (iDeal, Giropay and more)
Besides, the company allows LiteBit credit. However, what raises concerns it’s withdrawal. The company claims to process all withdrawals within 1-3 business days. Yet, many traders filed a complaint against them. Mostly due to late or no withdrawals happening at all.
Leverage, Spreads and Fees
As a crypto exchange, they can only trade 1:1. So, without leverage. Spreads don’t exist. Therefore, you can realize that the company makes money only on fees.
There is a maker and taker fee included. Non-regarding the amount maker fee is -0.01% and taker is 0.05%. Additionally, the company has a 30-day rollover fee. Which is not revealed, unfortunately.
LiteBit Bonus Policy
Even though this looks like a Ponzi, it’s not confirmed. You have the option to become an affiliate partner. From all customers coming to this exchange, you can get commissions.
As high as 25% for every buy order. But there is no proof that you are getting a real commission or someone else’s money. So, be careful with such promotions.
What Should I Do If I Have LiteBit Problem?
Firstly, as almost 1300 traders did, share your experience. No matter if it’s here or any other user-experience review platform. We must help authorities discover all potential discrepancies. Secondly, you can contact authorities directly. From DNB to AMF. Seek for a solution, but if all those traders couldn’t find it, hardly that you will.
Lastly and most importantly, you can track your money through third-party software. Generally speaking, very few organizations have access to such software. For instance, our fund recovery team. That’s why we advertise it. CipherTrace is a powerful tool to find your crypto transfers and then start the recovery process. No regulated company wants to deal with authorities and lose its business.
So, you might even get your money faster than you think. But it’s important not to waste time. Get in touch with us right away. Book your free consultation and get your money back.
What Is LiteBit?
LiteBit is a crypto exchange operating in the Netherlands. But with many unsatisfied clients.
Is LiteBit a Regulated Broker?
Yes. Even though they are regulated, still you can see some irregularities. So, be careful.
Is LiteBit Available in the United States or the UK?
This company doesn’t offer services to traders coming from any of these countries.
Does LiteBit Offer a Demo Account?
No. You can only use the live account. But there is no risk-free option.