HowTo Buy Crypto – Part 1: LiteBit
My favorite way to buy and sell crypto is through LiteBit. Based in the Netherlands, Litebit has been successfully processing buy and sell orders for various cryptocurrencies for years. Originally working only with BTC and a select few others, their offering has grown to over 50 different cryptocurrencies that can easily be purchased using a variety of payment methods that include iDeal, SOFORT, GiroPay, and SEPA among others.
You can purchase directly, or buy LiteBit credits. Litebit credits are essentially an EURO equivalent, so once you have them you can buy the crypto you want, when you want, as though you were doing it directly with EURO’s.
LiteBit also has a wallet service for each of the cryptocurrenies it supports, so once you’ve made your purchase, there’s no need to get in a hurry to send anything anywhere – you can pick your exchange, or set up you individual wallet, without getting in a hurry.
Litebit is a reputable company made up of very competent and hardworking people so there are no worries when it comes to security either. Your funds are safe there while you are getting your local storage set up!
To create an account you only need to provide your name, an email, a password, and stipulate the country where you live. You’ll have a compliance notice to address and then you can begin the process of exchanging your fiat for LiteBit credits and then start buying – anywhere from 75€ worth of crypto daily for the unconfirmed account up to 35,000€ with a Tier 3 fully verified account.
For answers to specific questions, visit LiteBit Support or their FAQ
Additional Resources:
https://one2crypto.com/guides/how-to-buy-bitcoin-cryptocurrency-with-litebit-2-2/
Read the "The Dos and Don’ts" here if you're not aware of my rules.
Upvoted. Thanks for the share. Does the price of these credits fluctuate -
I'm assuming they don't and it's like Tether. Do these LiteBits get audited? Also, I'm assuming Americans can buy them but is there any point for us to use them on a Euro exchange?
They're pegged to the Euro and backed by LiteBit and limited to funds deposited and held by customers. They are very different from USDT in that they are not tokens created out of thin air, but rather credits in the strictest sense of the word - when you deposit Euros for credits, the company backs those credits as though they were Euros, and you can withdraw them at any time without any problem. The same when you sell one of the cryptocurrencies they work with - you sell for a credit equivalent to Euros. You can also bypass the credits altogether, buying directly on making your fiat transfer, or having your Euros sent to you directly upon selling. The credit system is therefore a convenience in that it allows you to accumulate before actually buying or withdrawing. You can also just keep them in a crypto downturn - like what we've seen these past few weeks - and then buy back without having had to send back and forth to your bank. In so far as audits go, I don't have a concrete answer for you - that would be a good question for me to ask them - but being a legitimate and licensed Dutch business, I'd have to say that they're on the up and up.
Thank you for the explanation. So they are stable like fiat currencies (in the short term), but you don't have to worry about sending to and from the bank. These mediums could get very popular.
Thanks for the information on this.
Question for you: if one is keeping the tokens there, is this a centralized exchange?
If so, I presume it is only a good idea to keep them there for a short while and in small amounts.
Centralized exchange, but really more like a commercial currency broker than an exchange, although there is a blending of sorts.
As always my best advice is to never leave your crypto anywhere than your own wallet, but when moving into and out of fiat, this is a pretty safe, and transparent, way to do it. Like you said: a short while and in small amounts. And if one wants to trade, then there are definitely better options like the BitShares Dex, or even Poloniex and Bittrex for things that BitShares doesn't have. But again, always with caution on the decentralized exchanges and with relatively small amounts.
@cryptographic,
Is this LITEBIT has no limitations to Sri Lanka? According to our country stupid rules and regulations we can't send bank wires out to the country. So at the moment we have only one way to buy crypto! It's CEX.IO! THey have a huge fee for transactions! We can buy crypto via CEX.IO by using our credit / visa cards!
If it available in LITEBIT I will definitely go for it! Thank you very much for sharing this valuable update! And I like what you said at the end!
Don't be in a hurry to comment, I will read all of your comments later and then upvote the best. And don't spam – I’ve got flags too.Cheers~
Thank you so much for that information. I did some trading there with an obscure coin a couple of years ago and I will look into it and report back!
Glad you like that addition to my sig line. It was a suggestion from another contributor that really made sense!
I brought one friend from EU to Steemit and he asked me, can STEEM be cashed out and how. Since I haven't looked myself to cash out, I didn't have an answer beside, "there are ways but takes few steps I don't know yet"
Maybe LiteBit could help in this regard?
If you know how, would you make a post, with the steps.
My guess would be:
1 - create wallet on LiteBit, say for Ether
2 - On Steemit platform sell SBD/STEEM using Blocktrades to buy ETH?
3 - Then somehow send them to LiteBit?
4 - Cash out through LiteBit?
Would this work?
Or you would have to open account at Bishares first? Buying BTS and sending them to your BTS wallet is easy, he can also sell BTS for ETH on Bitshares exchange. I can show him all this, but I wouldn't know, how to then proceed to get ETH from Bitshares to LiteBit.
Since LiteBit doesn't list none of the three (SBD, STEEM, BTS)
Anyway, if you do have an idea how to do it, I would guess, there would be few interested in steps involved ;-)
You'd have to open an account on LiteBit first. The wallets are already there for each new user. You could use ETH, but BTC still has the smallest spread, so I would actually use BTC since the transaction speed between exchanges themselves and brokers like LiteBit and Coinbase is really quite good.
Of course, before doing any of that you would have to convert your STEEM into BTC. That's done most cost effectively (for now anyway) on any of the centralized exchanges where you might already have an account set up. I recommend either Poloniex or Bittrex mainly because they've been around the most, have the best volume and fee structures and have worked very well for me in the past.
So after having set up your accounts, you send your STEEM to a centralized exchange, trade/sell it for BTC, send your BTC to LiteBit and sell it, and then send your proceeds to your bank account. Of course, part of setting up your LiteBit account for withdrawals involves bank account verification, and that can take a few days . . . but if you're in LiteBit Credits, no worries since they're just as good as Euros.
Also keep in mind that you'll have a taxable event on your hands and you'll need to set aside some money to pay for that too. 🙁
Thank you, this is just a theoretical question for now ;-) I will forward your answer to my friend who asked @postar13 (this should probably tag him).
About taxes I'm still scratching my head, is taxable even withdrawal or 'revenue' regardless of withdrawal or not. I have about a year to think about this :-)
@cryptographic what i like about LiteBit They ensures that you and others can buy & sell crypto-coins easily and safely and quickly , They provide all kinds of services to make your life with crypto currency easier , quicker and more efficient , LiteBit offers at this moment 52 coins with the best rate :)
For example :
1 Litecoin = 128 euro = 156$
151$ at coinmarketcap ^_^ and offers you a range of payment methods
to buy & sell your crypto coins :) following you (y)
There is the spread between the bid and ask that you need to keep in mind, and it can be fairly large. Right now it's about 8% on LTC, meaning a 4% premium above the "spot" price for anyone who wants to buy and a 4% discount on sells. (That's typical for all Alts, but BTC is usually half that, so it's much smarter to buy BTC and then convert later.) That's where they make their money, just like the commercial currency exchanges we see at airports when we travel abroad. On the other hand, unlike others in the same crypto-fiat business, they charge no added fees.
Yes its a good site, but remember that their fees are quite high too. Better join sites like Kraken and buy and sell there. Would be much cheaper.
LiteBit charges ZERO fees.
I mean if you buy from there, it would be more expensive than if you bought from Kraken for example.
I've got a Kraken account. I will check it out. Thanks.
There are currently 200 different digital currency exchanges in the world. Therefore, it is also difficult to choose among these options for an ordinary user. This list is based on a number of criteria such as user reviews, user friendly, accessibility, fees and security.
My criteria for polonix was already adequate. Now that does not seem possible. Thank you for your advice. Litebit is really interesting. Especially to be able to trade 75 euro without confirming the account. Really useful in emergency operations. These days when I think of leaving Polonix, you have a good recommendation. Thanks again. I will follow your advice. I will try Litebit. I hope it meets all your criteria. @cryptographic
They all have their place and function. Poloniex is great for trading once you have onboarded crypto, but as far as I know, they are not a fiat-crypto exchange. LiteBit is mainly for getting into and out of crypto, whereas Poloniex is for trading crypto once you have acquired it.
Never heard of it before but now after reading this post and focusing more on the logo, I remember that I have been seeing their ads on different pages. Crypto market recently has become the most happening place and in pursuit of buying the dips, people are losing money. The moment you invest during a dip, you see another dip, this is what's happening right now. In my humble opinion, one should stop trading until the market is bit stable otherwise you're inviting losses.
Your opinion is a good one. It's always best to wait for confirmation, even if that means paying a little more. There's also something to be said for scaling in - averaging down - and not worrying too much about catching the actual bottom, or dip as it were. Dips are good inside larger bull trends, but when the larger trend breaks, then they're not so good - that's when you need to go out to a longer timeframe and start projecting a "dip" that works within the still larger bull trend. The chart below is a BTC weekly timeframe and when taking into account the previous spike high of Dec 2013 just shy of $1,200 and that the low just above $150 didn't come until a year later, and then it took another 2 years for things to really start getting back into bull mode, the current BTC dip may be a while in the making, and, as you said, it might be a good time to take a break and/or HODL. It all depends on whether the last accelerated trend line that is still intact holds or not short term - that would be a good short term dip to scalp. I think we bounce a bit now, but intermediate term I'm expecting a slow painful grind lower to the lower trendline and perhaps even long term price support.
Oh yeah, the Litebit is one of the best places where it's easy to buy a currency for the EURO and in particular, the listing is not bad, there are plenty to choose from. Also it is worth remembering that the Fiat exchange is still supported, you can replenish the account not only with the help of crypto currency, as it is represented in the vast majority of sites. The exchange is not young, there were no problems for the whole time of work, so can trust. The protection itself is provided by two-factor and SSL-encryption, as well as cold wallets. Litebit is an excellent resource for cryptography! Thank you @cryptographic, Upvoted and Resteem.
2FA has become the standard is an absolute must for any crypto exchange, and as you mention, an integral part of LiteBit's security. As you also mention, they've been around for a long time (in crypto terms) and I can vouch from personal experience that I have never seen anything that would make me doubt their professionalism and competence. I've accumulated on both the buy and sell side, and everything's always worked just as designed, for me anyway.
You are absolutely right, the professionalism and the LiteBit competence at the height!
@cryptographic..thank you for sharing such a greate information to us.. know a days their is a so many ways we have to buy a crypto currencies..but the transaction charges are different in different sites and different traders..so we have to know the correct place to buy the bitcoin and others..thank you for sharing valuable information with us..
With LiteBit it's the spread between the bid and ask. They have no other fees.