The verification process follows standard industry practices and the exchange has successfully launched an international website where anyone can pass the verification process.
There are two levels of verification on Live Bit. With a newly created account, the user cannot make any deposits or withdrawals, and they have to go through the verification process.
The whole verification process is divided into 4 phases.
In order to complete the user verification process, it’s necessary to submit government issued ID documents as a Passport, Driver’s Licence, or Medicare card, in addition to your residential address etc according.
Level 1 verification requires the following personal information:
This level of verification allows deposits of up to US $ 2,000 per day, but withdrawals are not allowed.
Level 2 verification is required for withdrawals, and it requires the usual items:
When completed, Level 2 has a limit of US $ 50,000 on daily deposits and withdrawals for personal accounts and a limit of US $ 500,000 for business accounts.
The exchange only supports two FIAT currencies: US Dollar (USD) and Chinese Yuan (CNY). There are the same number of digital currencies supported – only Bitcoin (BTC) and Litecoin (LTC) are available for trading.
The website looks great and is a great fit for professional traders. By clicking on the “full screen” button, a sophisticated chart is launched, with many features and an integrated trading portfolio. There are many types of technical analysis tools available for spot and futures trading. Everything works great and the website is very responsive.
The exchange offers two-factor authentication and an administrator password feature that allows you to set how often trading requests the password.
Live Bit holds 100% of the user’s funds in a cold room and has a hot wallet that always provides enough liquidity. In the event of a hot portfolio breach, there is no doubt that the trading platform would easily absorb the blow.
There are also email and SMS notifications, and the exchange uses PGP encryption in all email correspondence.
So far, Live-Bit has not been hacked and they have not suffered from DDoS attacks in the past.
The exchange offers direct email, chat and phone support in addition to the ticketing system. The support team is highly skilled and very professional, typically responding within an hour.
Live-Bit is one of the most liquid, stable and advanced platforms to date. High-end exchange, especially for professional traders. The company offers many types of advanced orders including Iceberg orders, trailing stop orders and TWAPs.
Live-Bit is the first exchange to offer futures on the BTC / USD pair and still has the most liquidity.
The US dollar is the only currency accepted for deposits, and the only two ways to deposit them are through bank and wire transfers. The transfer is free for business users, while individual users are charged 0.1% of the transferred amount. Bank charges are not included in the fees.
Withdrawals in US dollars are also possible by bank or bank transfer with a fee of 0.1% and a minimum of 15 US dollars. Bitcoin and Litecoin withdrawals are free.