Analysts presented detailed LiteBit Review: pros and cons, key features

By
June 22, 2023

In the constantly evolving landscape of cryptocurrency trading, finding a reliable and user-friendly platform is a journey every trader undertakes. This voyage leads us to our latest subject, LiteBit. 

Traders Union experts published the LiteBit review to provide an in-depth look at this platform and its offerings. Let’s navigate this cryptocurrency exchange, its strengths, shortcomings, and position in the global crypto trading space.

Pros and cons of trading with LiteBit

According to Traders Union experts, LiteBit has both distinct advantages and disadvantages that potential users should consider:

Pros:

  • Diverse Cryptocurrency Selection: LiteBit prides itself on offering a vast selection of popular cryptocurrencies. This includes the likes of Bitcoin, Litecoin, Ethereum, and Ripple, among others, thus catering to varied trader preferences.
  • Multiple Fund Transfer Options: The platform offers multiple ways for users to deposit and withdraw funds. It supports several options, including bank cards and SEPA, thereby ensuring convenience and flexibility for its users.
  • Functional Mobile Application: Recognizing the importance of mobility in today’s trading world, LiteBit offers a functional mobile application. It includes an integrated news service and market charts, allowing users to trade and monitor the market on the go.
  • Referral Program: LiteBit offers an advantageous referral program. Users stand to gain 25% of the referral commission, making it an attractive feature for those who want to earn passive income.
  • Quality Customer Support: One of LiteBit’s key strengths is its high-quality technical support with a 24/7 call center. This ensures that users can get assistance whenever needed, offering peace of mind and facilitating smoother transactions.

Cons:

  • Absence of Fiat Fund Trading: One of the main drawbacks of LiteBit is its exclusive focus on crypto-to-crypto pairs. This means there is no trading involving fiat funds, which may limit its appeal to some traders.
  • No Investment Programs: Unlike some platforms, LiteBit does not offer investment programs. This lack of additional financial products may deter users from looking for diverse investment opportunities beyond simple trading.
  • No Demo Accounts: LiteBit does not offer demo accounts, a feature often sought by beginners to practice trading strategies without risking real money. This omission could potentially alienate novice traders.

Assessing LiteBit’s key features

LiteBit earns an overall score of 5.25, with a commendable execution of orders score of 5.04. Although its variety of instruments stands at 5.62, investment instruments score only a 5.1. It delivers reasonably on the withdrawal speed front with a score of 5.4, but its customer support work falls short of 4.88. The trading platform, designed to be intuitive and user-friendly, holds its own with a score of 5.

LiteBit trading conditions

Trading conditions with LiteBit are geared towards simplicity and ease of access. The proprietary platform is the primary trading platform with only a standard account type available. The account currency is strictly limited to cryptocurrencies. A minimum deposit of $1 makes it accessible to a broad spectrum of traders. The platform provides no leverage, and orders are executed at market prices. There are no restrictions on trading strategies and limits on trading volumes, offering users ample flexibility.

Understanding LiteBit’s commission and fee structure

LiteBit employs a unique commission and fee strategy. It incorporates two different cryptocurrency prices: the purchase price and the selling price. The purchase price is the market offer price plus LiteBit’s purchase fee, while the selling price is the market selling price minus LiteBit’s selling commission. The purchase fees largely depend on the chosen cryptocurrency, with Bitcoin’s being less than 1% and altcoins’ ranging from 2-5%. Additional exchange costs for altcoins may also be applicable due to the possibility of trading certain altcoins only in the BTC markets.

In addition, TU experts have also reviewed and mentioned the KuCoin pros and cons on its official website.

Conclusion

LiteBit presents a solid choice for those interested in crypto-to-crypto trading. While it does have a few limitations, it offers a functional and user-friendly platform, providing an array of popular cryptocurrencies for trading. Visit Traders Union’s official website and make an informed choice for your trading needs.