These are the top 3 most frequently asked questions

10 months ago

These are the top 3 most frequently asked questions

Are you having some problems or do you have a question? Our Customer Support team is always ready for you! Click here to see how you can contact our Customer Support. With this blog we would like to help you even further. We’ll list the top 3 most frequently asked questions, so you can find all the answers in one convenient place.

1. I have problems with my 2FA, what now?

At LiteBit, safety is an important priority. We want for our customers to be able to trade safely on our platform. For that reason, we advise all users to install 2FA. This way your account is safer, however it can also lead to problems or questions for some customers. That is why we would like to highlight this subject for you in this blog.

There can be multiple problems regarding your 2FA and therefor there are also multiple solutions.

  • Use your 2FA recovery code

Your recovery code is a one-off code of 20 digits and letters. You receive the recovery code when you are setting up 2FA authentication for your LiteBit account. Follow these steps to use the recovery code:

  1. Go to LiteBit
  2. Click on 'Log in' at the top right
  3. Please enter your email address and password
  4. 'Use a recovery code'
  5. Enter your recovery code with dashes in the bar 'Enter your recovery code'
  6. Scan the QR code with your authenticator app
  7. Enter your new 2FA code from the app at 'Enter the 6-digit code'
  8. 'Restore two-step authentication'
  9. Keep the new recovery code you received in a safe place
  • Use the reset 2FA option

If you do not have the recovery code anymore, you can use the reset option. In order to do this, you need to submit a verification to disable your 2FA. You can start this process by clicking here.

2. I have to verify my IBAN again, why?

You have to verify your IBAN for every banking account that you use. This means, if you use a banking account that you have already verified, you do not have to verify it again. However, if you use another banking account, you need to verify that account first. This means you need to verify your IBAN for every single banking account that you want to use. The orders will not be finalized, until the IBAN is verified.

Please also note that you are only allowed to use an IBAN which is registered with your name and is a personal account. Business accounts are not allowed. Payments coming from a business related IBAN are refunded.

3. My wallet shows a lower value directly after purchase, what happened?

We always try to keep the prices as low as possible. In this blog we want to explain the prices and how this affects your wallet.

When you buy crypto on LiteBit, the price you see on the buy page is all inclusive. This means the fee is already calculated into the price. This buy fee is around 0,8% for BTC and around 2-4% for the other crypto.

The wallet shows the current sell price. Selling fees are calculated into this number. The sell fee for BTC is around 0,8% and around 2-4% for the other crypto. This means you may see a direct difference of 1,6% for BTC right after purchase. Buying and selling fees are both taken into consideration when showing the current worth of your crypto.

At the time of purchase, we present you with a quote which introduces some risk for us as this is time sensitive based on global market prices. This is reflected in the prices of our crypto. In return you get ease of use and a great way to turn your Euro into crypto or the other way around.

Hopefully, this blog has answered your questions. Are you still looking for answers? Then take a look at our FAQ, most subjects are discussed there. Do you still have questions after that? You can always contact our Customer Support!

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