The article was published by LiteBit
The Litebit platform was launched by two crypto enthusiasts in 2013, who had a vision to design a solution that would make cryptocurrency more accessible to individuals. This goal was achieved very quickly, the platform allows thousands of European users to buy and sell cryptocurrencies through an interface that they want to be easy to use.
Litebit, a growing platform
Litebit was named “Best Crypto Broker” in 2019 and 2020, and it has grown exponentially over the years. It now employs more than 120 people from about fifteen countries (Netherlands, France, Brazil, etc.). Gradually conquering the European market, Litebit is launched on the French market at the end of 2021.
The Dutch stock exchange records more than 2.5 million euros of transactions daily. These numbers are partly explained by the platform’s multiple functions. These make it easy to buy and sell over 70 cryptocurrencies, such as Ethereum, Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), Shiba Inu (SHIB), Zilliqa (ZIL), Cosmos (ATOM), and Elrond (EGLD). , etc.
Is Litebit reliable?
One sign of reliability of a cryptocurrency exchange is in the proof of its registration with the authorities responsible for monitoring the market. In this regard, Litebit offers strong guarantees of trust.
The platform founding company is registered with the DNB (Netherlands Central Bank) and the Dutch government. Prior to launching its activity in the French market, Litebit obtained the status of a Digital Asset Service Provider (PSAN). Granted by the Autorité des marchés financers (AMF), this status is granted, both as a license to operate in France and as evidence that the entity concerned has taken effective precautions to ensure the security of the investors’ funds.
What are the main features of Litebit exchange?
Litebit offers most of the tools and functions expected of a cryptocurrency exchange. You will find different investor profiles for their accounts here.
Buy cryptocurrency with fiat currency, withdraw cryptocurrency to fiat currency
Paper money continues to occupy a central place in everyday transactions. For individuals who want to invest in cryptocurrencies, it is particularly interesting to be able to purchase cryptocurrencies using “traditional” currencies. Litebit allows its users to carry out crypto-asset transactions using their bank cards or by initiating bank transfers.
Cryptocurrency internal transfer
Cryptocurrency holders value their ability to convert their currencies from one cryptocurrency to another. This feature especially helps to not suffer from the setbacks that the market sometimes goes through.
“A user who sees a strong pullback can convert all or part of their cryptocurrency into a stable currency like USD Coin (USDC).”
A user who expects a strong decline can, for example, convert all or part of their cryptocurrency into a stablecoin such as USD Coin (USDC). It is also useful when you open trading positions on a particular cryptocurrency that you did not own.
Cryptocurrency trading
Litebit is a centralized exchange that functions as a closed exchange where users can open positions to buy or sell cryptocurrencies without the intervention of an external third party. Litebit then acts as an intermediary, allowing cryptocurrency to be exchanged between members of the platform without incurring network fees. The built-in status page of the official Litebit website is used to check if all the listed cryptocurrencies are up and running.
Crypto wallet: store, send and receive coins
Litebit provides a wallet in which all cryptocurrencies supported by the platform can be stored. From this crypto wallet, which generates a receiving address for each cryptocurrency, it is possible to send coins (coins or crypto tokens) to other users or holders of cryptocurrency, including those not registered with Litebit. These transactions, from wallet to wallet, result in fees being paid to the crypto network, since they are recorded on the public blockchain.
Register with Litebit and use the platform
Signing up for Litebit involves providing a lot of personal information and is done using an email address. The latter must then be confirmed by clicking on a link sent by e-mail, then two-factor authentication (by SMS or Google Authenticator) is required.
“Litebit combines security and ease of use, two essential features of any crypto exchange that wants to provide a great experience for its users”
After registration, before unlimited access to all functions of the exchange, the user must follow the KYC (know your customer) procedure, in particular by submitting proof of identity and address. Once his documents are validated, he can log in and trade or store cryptocurrencies as he pleases. The platform can be accessed through a web browser or via the Litebit mobile app available on Android and iOS.
Working in this way, Litebit combines security and ease of use, two essential characteristics of any crypto exchange that wants to offer a great experience to its users.