First of all, if you are considering to use LiteBit.eu to jump into the cryptocurrency world, just don’t! Here is my personal experience.
I have managed to spare 2 BTC during 2017, amount that I was planning to convert to USD for a domain asset. As I knew the price might fluctuate a lot in the end of the year, I was looking for a system that would allow me to exchange the BTC for Credit and then back to BTC whenever I would see the price be in the right margin. Entering LiteBit.eu…
There are informations on the website that indicate you cannot buy BTC if you are not verified beyond a specific Tier, and there are 3 Tiers to reach the Fully Verified. The verification process is simple and should not be a problem. Beside the Bank verification and other steps, there is also a LiteBit Credit. Exactly what you may think is needed to as a trade asset, something that is common in cryptocurrency where you trade an asset for another.
Here start the problems. I verified for Tier 1, submitted the docs for Tier 2 and ‘am pending verification since 3 days.
There is no specification if the “buying” also applies to the LiteBit Credit. I emailed their support a ticket asking specifically if it is possible to trade in LiteBit and if this trade is affected by their Tier Verifications. I got a default support ticket back that provided no answer, but just some general guidelines.
Considering the issue, I decided to test the system. I decided to sell 1BTC for LiteBit Credit! If the Tier level would apply, the system would not let me trade! But everything worked! I received LiteBit Credits after some minutes in my account! Great!!!
Next day I see the price soaring and I calculate that if I trade back at this instant, I can make 0,15BTC in Profit. I go at LiteBit and try to purchase back BitCoin with the LiteBit Credits that I have! A red message pops up to say that I need verification (although my verification is in process since 3 days and they do not respond). Apparently I can trade only 350€ per day, that will take me 40 days to get rid of the LiteBit Credit!!!
So nervouse as I am, I decide to buy at least 350€ for the moment. But another red message appears indicating that: ThERE ARE NO MORE BITCOINS at LITEBIT for TRADE at this moment! Double Frustration!
So depending on their system availability, it will take a lot more to take your Credit Back! I got stuck here! If you are considering using them, just don’t!
- Their support is inexistent!
- Their verification system is too slow
- Their stock will never be there for you to use when needed
- If you think their LiteBit Credit is an asset you can trade for Crypto, you are wrong! Do not Sell for Credit unless you are verified. And if you are verified, this is not the right system to trade. Actually I am no longer sure what is this system right for!
And last, they have been hacked at least twice in 2017!
P.S Since people are asking, I have emailed their support again. At least to speed up my verification process! I do not have much faith in there any more!