On many official altcoin websites you can find information about how to purchase that particular altcoin. Among the exchanges mentioned on these websites you will probably also come across LiteBit.eu. But is it really an Exhange like Kraken or PoloniEx? The answer is NO! However, that doesn't mean you shouldn't use it!
Litebit.eu is a company based in The Netherlands and especially convenient for Dutch people as they can use IDeal which is a free instant payment method that all the Dutch banks use. Litebit.eu offers 40 different cryptocurrencies of which some aren't always easy to buy. This is one of the reasons why I am pretty sure there are people all across the world using this website to make their purchases.
Anyways, after signing up you will need to get verified which can take multiple days. However, with the current hype this seems to be the case on all the major websites which enable users to buy cryptocurrency. It took me over 8 days to get approved on Kraken. After approval the limits for LiteBit.eu are pretty high and there are multiple payment methods as you can see below.
In my opinion there are 4 main things worth mentioning about LiteBit.eu and this will also make clear why it isn't an exchange.
The price for 1 Ethereum on LiteBit at the time of making the screenshot was 227.20 EURO whilst the price for 1 Ethereum on Kraken was 218.87 EURO. All the prices for the different cryptocurrency are around 5-7% higher then the prevailing market price as that is how they make their money. They probably purchase the coins on Kraken and then just sell them on their website for a premium.
As they purchase the coins in advance and then sell them on to people like you and me they have stock. This is shown here and they do run out of coins multiple times a day. This can be annoying as, form my own experience, it can easily take 40 minutes or more in which the price can suddenly go up.
Regularly they perform maintenance which prohibits you from purchasing certain coins. All you can do is wait and take a look at another cryptocurriency that might be worth investing in.
Most cryptocurrencies come with a small description and link to the official website but more importantly a link to a wallet. LiteBit.eu also gives you the opportunity to keep certain cryptocurrencies in your LiteBit Wallet but I prefer not too. Therefore the link to a wallet is very helpful for people that don't know too much about cryptocurrency but do want to get their share of coins without doing research.
On top of the premium they charge on each coin you will only pay 0.42 EURO as a transaction fee. If you wish to purchase Ripple for a total amount of 100 EURO LiteBit is easier, faster and cheaper then Kraken as a bank transfer can take a while and you pay a fixed fee of 10 EURO. If you are a heavy hitter looking to invest thousands of EURO's in cryptocurrencies, which are available on an actual exchange like Kraken, then LiteBit will turn out to be a lot more expensive.
