In this review, we will describe why LiteBit is a scam that you should avoid at all cost !
Is LiteBit Legit?
LiteBit is an unregulated exchange. Problem with unregulated exchanges is that they are not reliable and abuse the regulations. Make sure to stay away from this exchange as they are anonymous and that they can disappear any time without notice.
To make sure you are dealing with a regulated and known exchange, you should be able to find easily who is the CEO of this exchange firm, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why LiteBit is a dangerous exchange to deal with.
Are Funds Safe with LiteBit ?
With such lack of information and LiteBit being unregulated, funds are not safe. Security of funds is a huge problem with unregulated exchanges. A red flag that we noticed is LiteBit is withholding vital information to users.
LiteBit could go bankrupt from one day to another since there are no banking information about this exchange.