LiteBit has been up to no good lately. That’s what the clients say and since there are so many complaints, something’s definitely going on.
We decided to analyze LiteBit as a crypto broker and address the issue. Keep reading the LiteBit Review to find out more.
But firstly, we want to invite you to read our recently updated FiatVisions, ArgusFX and Thunder Markets broker reviews.
|Broker Status:||Regulated Broker|
|Broker Regulation:||De Nederlandsche Bank (DNB), AMF|
|Known Broker Sites:||litebit.eu|
|Operating Status:||Active Forex trading platform|
|Complaints From Regulators:||N/A|
|Broker Owner:||2525 Ventures B.V|
|Headquarters Country:||The Netherlands|
|Trading Platforms:||Proprietary platform|
|Minimum Deposit:||1 USD|
|Crypto Trading:||Available – BTC, ETH, DOGE… (90+)|
|CFD Trading:||No, you can’t trade CFDs|
|Islamic Account:||Not Available|
|Demo Account:||No, only live trading accounts|
|Accepts US Clients:||US traders are not accepted|
|Global Fraud Protection Team:||Be careful when investing with this firm|
Is Litebit a Regulated Online Crypto Exchange?
LiteBit is run by the Dutch-based 2525 Ventures B.V. from Rotterdam. This entity has been registered with De Nederlandsche Bank (DNB) since 2020. However, the DNB wrote a disclosure regarding the company, basically stating that it is not being supervised.
Next up in the line of discrepancies, LiteBit stated in the T&C that it is regulated by the French AMF and Austrian FMA. The latter has no info on this broker or its owner in its database. AMF, on the other hand, did issue a license to LiteBit.
The LiteBit regulation isn’t looking that great. Even the European Securities and Markets Authority (ESMA) warned traders and investors about the risks associated with crypto providers.
The Netherlands is a fairly crypto-friendly state and without proper supervision from the central bank or the regulator, there’s room for fraudulent activity, especially using digital assets. So, you have to be careful, not just with LiteBit but with crypto in general.
Where Is Litebit Trading Broker Active?
It seems that LiteBit provided services to clients all over Europe. The majority of them came from the following countries:
- The Netherlands.
To reiterate, LiteBit is not regulated by the Dutch AFM. Clients from the broker’s home country are numerous and we found a lot of negative reviews. If you have any info about an underlying scheme, please let us know so we could inform the financial authorities.
Reviews of Litebit – Traders Share Their Experience
We were curious about what clients had to say about LiteBit. Thus, we hopped over to Trustpilot, and Reddit.
Truth be told, the reviews are mixed, but the complaints have a strong basis. For example, Trustpilot even asked clients to provide proof for their claims.
My experience is very bad. I opened an account, deposited money and converted to Bitcoin. The moment I wanted to transfer my Bitcoins to my Wallet, Litebit blocked my account for no reason…
Trustpilot user, October 6, 2022.
Do NOT use their exchange. They have been doing a lot of shady stuff recently. They are withholding user funds, delaying withdrawals. Their fees are through the roof. A btc withdrawal could take more than 24 hours…
Reddit user, February 24, 2021.
Litebit – What Trading Platforms Are Available?
The LiteBit trading platform is essentially proprietary. LiteBit advertises a platform with advanced charts and multiple order types.
Judging by the image we saw on the website, it looks like a web-based platform. There’s no demo account so we couldn’t really see it.
Nevertheless, we know for sure that the broker doesn’t support platforms such as MT4, MT5 or cTrader. Then again, LiteBit only deals with crypto so there’s no real need for such advanced software.
Litebit Mobile App – Can I Download It?
If we are correct and the platform is really browser-based, then there’s no need for a mobile app. LiteBit doesn’t advertise any app but we could be wrong.
The image of the web-like platform seems appealing. Trading on mobile has its advantages such as easy orders and quick adjustments.
What Can You Trade With a Broker?
Plain and simple – crypto assets. LiteBit is exclusively a crypto provider. There are over 90 available coins. Here are some of the most popular:
- Ripple; etc.
Fees and Spreads Overview
LiteBit didn’t disclose spreads so we don’t know anything about them. We do know that the leverage is 1:1, which is good for such a volatile market.
The broker charges a percentage for each trade – 2-3% on average. That’s similar to other crypto providers.
What Are the Differences Between Litebit Trading Accounts?
There’s only one live account type – the Standard account. LiteBit doesn’t demand a particular minimum deposit, i. e. clients can deposit as much as they like.
There is a trading limit though – 25,000 EUR per year. Aside from the Standard account, there’s also a business account option.
Can I Trade For Free With A Demo Account?
No. There’s no free demo account available. It’s a big disadvantage because you would have to invest right away and risk losing your funds. So, if you still want to trust LiteBit, be careful.
LiteBit Affiliate Program
LiteBit promotes an affiliate program. Basically, you invite other people to create accounts and then you supposedly “earn 25% commission on your referred users’ buy-order fees”.
You get a cut from referring friends and LiteBit gets a new client. Affiliate programs are oftentimes a cover for a Ponzi scheme but we have no evidence that it’s the case here. Still, be careful.
Withdrawing Profits From Your Broker Account
Let’s look at the LiteBit withdrawal and deposit process. Here are the funding options available on the website:
- Credit/debit cards;
- SEPA wire transfers;
- Mobile 2 app;
The broker also offers its very own credits, i. e. LiteBit credit, which is equal to 1 EUR. According to LiteBit, withdrawals take 1-3 days but several clients have reported withdrawal issues.
What Should I Do If I Have LiteBit Problem?
If LiteBit really did fool you and took your hard-earned money, then you have to notify us straight away.
Over here at Global Fraud Protection, we deal with these cases regularly. Our team of experts specializes in bank chargebacks and crypto tracing methods using advanced software such as CipherTrace.
If this broker steals your money, contact us for help. The easiest and fastest way to book a free consultation with us is via Online Chat!
Is Litebit a Legit Broker and Should I Invest In It?
LiteBit is an award-winning crypto broker with over 800k clients. Still, there are numerous complaints against the broker. You must be careful.
Does Litebit Offer a Demo Account?
No. There is no free demo account available. There is a promo code option in the registration menu though.
Does Litebit Have a Mobile Trading App?
We are not sure about this one. The LiteBit trading platform seems web-based. If that’s the case, then there’s probably no mobile app.
Does Litebit Give a Welcome or Deposit Bonus?
There’s no bonus but there’s is an affiliate program that awards you for every new client you bring in. You get a 25% commission from his/her buys.
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