WhiteBit Review: New Trusted Exchange You Should Try

10 mins 9 months ago Oct 23, 2023
Author: Mohammed Yousuf Syed
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Besides the well-known exchanges in the industry, many traders are also looking for new and reputable exchanges that are safe to trade. WhiteBIT might be an option that you should consider. This WhiteBit review will provide an overview of this cryptocurrency exchange for traders to consider before making an option to join.

About WhiteBIT

Cryptocurrency exchange WhiteBIT was founded in 2018 by businessman Volodymyr Nosov, now its CEO, in Kharkiv, Ukraine.

The platform has obtained two European licenses and is actively developing its functionality and market. It is now available in 150 countries, has over 3 million users and is considered the largest cryptocurrency exchange in Europe.

The exchange provides a secure crypto portal for countless traders and investors. it complies with both KYC and AML requirements, and offers insurance and secure storage. They state that their main goal is to achieve mass adoption of blockchain technology and scale it up as much as possible.

Pros and Cons

Pros Cons
High-security level.
Low trading fees.
Beginner-friendly interface of the Basic trading page.
Passive income option with high interest.
400+ trading pairs.
Demo Token to practice trading.
Fiat gateway.
Large trading volume and high liquidity.
No alternative investment options.
Below-par customer support. 

 

Services and Features

Buy cryptocurrencies  

Letting users buy cryptocurrencies quickly and without hassle should be the priority of all crypto exchanges. We live in an advanced, fast, and efficient era, where almost everything can be done within seconds. So why not extend that to crypto? It seems WhiteBIT thought the same thing, as the platform allows users to buy crypto assets in mere seconds.

You can purchase almost any of the popular cryptocurrencies in seconds with credit or debit cards. Other payment methods might take a few extra minutes, but the process will still be fast and relatively efficient. The option to buy cryptocurrencies is not buried in complicated features. With a single click, you can access your balances and find the option to buy crypto assets right away.

Trading

Whitebit Trading

Basic trading

The trading interface of the exchange’s web version has two types: Basic trading and PRO Trade. Basic trading, as the name already implies, is intended for users just getting started with the platform and cryptocurrency in general.

On this page, you will find a chart, order book, and trading history of the selected trading pair. Here you can also switch to another trading pair and view the same data about it. It is very convenient that you can view your Main and Trade balance on this page to manage your assets properly.

The pair chart has many settings, which will be difficult to list here. Among them, you can also find drawing tools that can help a lot in technical analysis.

Let’s move on to the main part. There are two blocks under the chart: for buying and selling the selected asset. Here you can choose one of 6 trading orders, fill in the fields indicating the asset amount and price, and confirm the application. You can find all your active orders right under these blocks.

In this section, as well as in PRO Trade and Margin trading, you can rearrange the blocks yourself, making the interface as convenient as possible for you.

PRO trade

In the PRO version, only a few main blocks remain, and the rest are hidden in tabs. It helps professional traders to focus on the most important things, but it will be difficult for beginners to find what they need on the screen immediately.

Margin trading

The margin trading interface almost copies the PRO Trade section with a few exceptions. On this page, users can select the leverage, view additional information about fees, and use the calculator to find out the potential profit.

WhiteBIT now has up to 20x leverage available for margin trading, and the fee for using borrowed funds is 0.098%.

Exchange

It is a very convenient section for those who want to quickly and easily change cryptocurrency without delving into the process of creating orders. Users only need to select currencies, enter the amount of one of them and confirm the exchange. The operation is performed instantly at the market price.

P2P

One of the reasons traders and investors appreciate the P2P market is that it offers several payment options. Countless crypto exchanges, including WhiteBIT, do not support bank transfers or other  payment options. With P2P markets, you can get in touch directly with other sellers and use their payment methods to buy whatever asset you want. The P2P market offered by WhiteBIT supports more than 100 currencies and more than 50 payment methods. The P2P market is available in more than 150 countries.

The P2P market offered by WhiteBIT is not available on the WhiteBIT platform. They have created a separate exchange for their P2P services, called Bitcoin Global, and users have to register on that particular platform separately. But since it is affiliated with WhiteBIT, you can easily transfer your funds between both platforms without paying extra charges.

Futures trading

Futures appeared on WhiteBIT quite recently and are currently represented by the BTC/PERP pair. These are perpetual futures contracts with no precise expiration date and a special mechanism ensuring that the asset’s price in the futures market approaches the spot price.

Users can use leverage, and the fee for using borrowed funds is paid not to the exchange but to each other.

Deposits and withdrawals

You can make deposits and withdrawals on WhiteBIT in both cryptocurrency and fiat. There are currently 4 national currencies available on the exchange: USD, EUR, UAH, and KZT. Besides, you can use over 30 fiat currencies for buying crypto with credit card or e-wallet.

Users can withdraw assets to crypto wallets, e-wallets, bank cards, or use the exchanger.

There are no fees for deposits in almost all currencies. However, there are minimum deposit amounts that differ for various assets.

When withdrawing funds, you will face not only minimum withdrawal amounts but also withdrawal fees, which also vary for different assets. For example, the minimum withdrawal amount for USDT is 10 USDT, and the fee is 1 USDT.

Please note that operations with fiat currencies are only available to users who have passed identity verification. Also, for unverified users, the withdrawal limit is 2 BTC per day, and for verified ones, it is 100 BTC.

Staking

Whitbit’s Smart Staking

Traders can stake their assets and earn profits on them through WhitBIT’s SMART Staking section. WhiteBIT claims that the highest interest traders can earn on any asset is about 28%, which is very  impressive. The best thing about WhitBIT’s staking, though, is the variety of assets you can stake. You do not have to go out of your way to buy assets you do not actually desire just to stake them. You can stake USDT, BTC, ETH, LTC, XLM, LINK, TRX and many other crypto assets for potential returns after the agreed period.

The shortest staking plan available at WhiteBIT is ten days. But of course, shorter periods mean fewer returns. Before you stake any asset, be sure to check the time period you are opting for, along with the returns you will be getting.

It is another outstanding exchange product that allows you to receive passive income in cryptocurrency with really high-interest rates.

It looks like an analog of a bank deposit. Users deposit funds on a SMART Staking plan and receive interest after the plan expires. Moreover, the plan can be canceled anytime, and the assets will return to the balance instantly. However, in this case, you will not make a profit.

The duration of plans can be 10, 20, 30, 90, 180, or 360 days, and interest rates can reach 30% a year. The longer you keep the funds, the higher the rate. Let’s take a look at the interest rates on the most popular assets: USDT – 30% a year; BTC, ETH, SOL, XRP, DOGE – 28% a year.

Mobile application

Whitebit Mobile Applications

While the WhiteBIT mobile applications for iOS and Android allow users to buy cryptocurrencies, they are specifically designed for trading. Through the app, you have access to everything, including full-fledged charts in which you can switch between time stamps and use indicators. This means you can trade assets from anywhere you want, without compromising on your experience.

You can start trading as soon as you download the WhiteBIT mobile app to a compatible device. The app should work on most iOS and Android devices. If you are having difficulties downloading the app on your Android device, WhiteBIT has provided the APK file of their app that you can download directly and install afterward.

Securities

WhiteBIT meets all KYC and AML requirements and focuses on making their platform secure. They claim that 96% of their digital assets are stored in cold wallets for better protection. They use various methods to detect hackers and breaches.

They offer security measures for their users’ accounts as well. Users can enable two-factor authorization and anti-phishing security mode, so no one will be able to access your details. You can even check your sessions and from where you have logged in to make sure it is only you accessing your account.

Fees

Deposit Fee At Whitebit

Deposit Fees

The deposit fee at WhiteBIT varies widely, mainly because they have several payment options. The following lists the deposit fee with respect to different payment methods:

  • Crypto Deposits: Almost all crypto deposits are free
  • Advcash (EUR, USD, UAH, RUB): 1.5%
  • Perfect Money (EUR, USD): 3%
  • Visa/Mastercard Interkassa (EUR, USD, UAH, RUB): The fee ranges between 2.7% and 4.5%, depending on the fiat currency.
  • Qiwi (RUB): 2.5%
  • VISA/Mastercard (RUB): 3%
  • Yandex (RUB): 2.5%
  • GeoPay VISA/Mastercard (UAH): 5 UAH + 0.8%
  • UAH Visa/Mastercard: 0.7%

The minimum and maximum amount of deposit vary for each available method.

Trading Fee

The trading fee at WhiteBIT is only 0.1%. This fee is incredibly good compared to other crypto exchanges. However, the platform does not offer any discounts on the fee like other platforms do. But even without discounts, you can enjoy trading at a reasonable price.

Fiat Withdrawal Fees

The fiat withdrawal fee varies from method to method. The following fees apply when withdrawing fiat currencies through WhiteBIT:

  • Advcash (EUR, USD, RUB): 1.5%
  • Advcash (UAH): 4.5%
  • Perfect Money (EUR, USD): 3%
  • Visa/Mastercard Interkassa (EUR, USD): 3.5% + 5 USD/EUR
  • Visa/Mastercard Interkassa (RUB): 4% + 50 RUB
  • Visa/Mastercard Interkassa (UAH): 0.7%
  • Qiwi (RUB): 3%
  • VISA/Mastercard (RUB): 3% + 30 RUB
  • Yandex (RUB): 2.5%
  • GeoPay VISA/Mastercard (UAH): 0.8%
  • UAH Visa/Mastercard: 0.7%

Crypto Withdrawal Fees

Although crypto desposits are free, crypto withdrawals at WhiteBIT are not. The fee differs for each crypto asset. To see these fees, you can visit the fee page of the platform.

Conclusion – WhiteBit Review

Above is an overview of the WhiteBIT exchange including its history, advantages, disadvantages, services and fees. Overall, this is an impressive all-round crypto exchange packed with useful options that are essential in the current generation of traders. WhiteBIT not only develops how one can trade but also makes it easier for all types of traders.

Hope the article is useful to you. If you have any suggestions, please leave them below in the comments section so that our article can be improved.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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