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Summary
WhiteBIT is a prominent cryptocurrency exchange that has gained significant attention recently for its robust offerings and reputation. It provides a comprehensive trading platform supporting spot, margin, and futures trading, catering to both newcomers and seasoned traders alike. Let’s take a closer look at its trading environment, fee structure, and security measures to understand why it stands out in the competitive world of crypto exchanges
A Brief Overview of WhiteBIT Exchange
Founded in Ukraine in 2018, WhiteBIT is based in Vilnius, Lithuania. It operates as a regulated crypto exchange under the European Union’s legal framework. Licensed in countries like Spain, Lithuania, Poland, Czech Republic, and Bulgaria, it ensures compliance and trustworthiness across multiple jurisdictions. It also holds certificates of compliance with the AML and KYC standards agencies.
In addition to this, it offers a mobile application for trading besides the standard trading terminal. It charges commissions at competitive rates of up to 0.1% for everyone and lower for VIP, WBT holders, etc.
Some assets come with deposit/withdrawal fees. Users can earn passively through the standard referral program or by investing in the crypto lending system (crypto credit deposits). Beginners can enjoy basic training, demo tokens, and a low minimum deposit of just 0.0005 BTC.
WhiteBIT is not yet available in major markets like the USA, Canada, and the UK. Additionally, the platform restricts access to regions such as Russia, Iran, and North Korea, aligning with its compliance policies.
Despite these restrictions, it operates seamlessly in over 150 countries, offering a vast reach to crypto enthusiasts worldwide.
Services Offered by WhiteBIT
WhiteBIT offers some of the most useful and impressive features that a cryptocurrency exchange should have. These include premium security and compliance with laws and regulations, and much more. Let’s review these services one by one below.
Security Measures and Protocols
WhiteBIT takes security seriously. It uses a proprietary data encryption system for top-tier protection. Around 96% of funds are safely stored in cold wallets. Only about 4% remain in hot wallets for easy access. To combat hackers, the platform employs an advanced WAF system. Plus, they have a reserve fund for extra security.
Additionally, users need to pass an identity verification to use the exchange with full access. Users who don’t complete the KYC verification can only trade using “demo tokens.” This measure prevents illegal activities like identity theft and money laundering.
Instant cryptocurrency purchase
WhiteBIT allows crypto users to buy their favorite crypto within a few minutes thanks to its seamless registration process. Making a deposit on WhiteBIT is simple and flexible. Users can rely on the globally accepted Checkout Visa/Mastercard provider for national currency deposits. The platform supports nine national currencies and even offers deposits via Google Pay and Apple Pay. However, keep in mind that fees vary depending on the payment method and currency chosen.
An Assortment of Cryptocurrencies
WhiteBIT provides an assortment of cryptocurrencies on its platform with more than 300 assets. The platform is home to more than 600 pairs, comprised with the likes of BTC, ETH, XRP, SOL, SAND, MATIC, DOGE, BNB, DAI, TRX, and BCH, with more added frequently.
Professional and user-friendly trading options
To cater to both novice and experienced traders, WhiteBIT has optimized its platform accordingly. Traders have two options to choose from: basic chart view and TradingView advanced chart.
WhiteBIT and TradingView make a dream team for traders. With 100+ indicators, slick drawing tools like Fibonacci levels, and chart customization galore, analyzing the market becomes a breeze. Toss in real-time data and extended timeframes, and you’ve got a powerhouse—no app jumping required.
Advanced Trading Interface
Users can get a variety of trading tools, including advanced charting tools. The charting system is helpful for providing details about a particular asset and its performance. They integrate optional indicators for traders to evaluate future market conditions for better informed decision-making.
Userful Mobile App Available
WhiteBIT provides mobile apps for both iOS and Android for trading on the go. The app provides access to everything the normal platform provides, including full-fledged charts in which you can switch between time stamps and use indicators.
Start trading in no time with the WhiteBIT mobile app. Simply download it to a compatible iOS or Android device. Having trouble on Android? No worries. WhiteBIT offers an APK file for easy download and installation directly onto your device. The mobile app is localized in multiple languages.
Affiliated P2P Platform
It should be noted that WhiteBIT, like many other exchanges, does not support bank transfers or other payment options. This is why WhiteBIT, being a P2P market platform, is so helpful to users. WhiteBIT’s P2P market lets you connect directly with other sellers. You can use their payment methods to buy any asset you desire. The P2P market supports over 100 currencies and 50+ payment methods. It’s available in more than 160 countries.
Margin and Futures Trading
Margin trading is ideal for traders with limited resources, as it allows them to multiply their profits without investing much in them. WhiteBIT currently offers 10x leverage to traders in margin trading and 50x to 100x leverage for future trading.
WhiteBIT delivers unbeatable futures trading perks with ultra-low fees—think 0.035% for takers and 0.01% for makers. Leverage options up to x100 amplify your moves without breaking a sweat.
Backed by robust liquidity and ranked top 5 globally for security, trading on WhiteBIT is as stable as it gets. The platform’s optimized core handles high-volume trades seamlessly, catering to both pros and beginners.
Passive Income
WhiteBIT has an Earn section. Think of it as a one-stop shop for passive income tools. Crypto Lending is just the start.
The highest interest rate at the time of writing is more than 18.64%. It can even go up to 21% if one holds WBT tokens. Popular coins such as USDT, BTC, LTC, XLM, and others are available for this purpose.
There’s also the Launchpad, Affiliate Program, and Referral Program. Plus, the latest addition—the Auto-Invest tool—makes growing your portfolio even easier.
Launchpad: The WhiteBIT Launchpad is a platform that allows users to purchase tokens of new crypto projects at a fixed price before they are listed on the market. It offers early access to promising projects, ensuring high-quality and reliable investments through a community-driven selection process.
Affiliate Program: This program allows users to earn commissions by promoting products or services. Affiliates receive a unique link to share, and they earn a percentage of sales made through their link.
Referral Program: This option lets its users share a referral link with their friends in order to get them on board a platform or a service. In general cases, the referer and the new user both get a reward, for example, a discount or a bonus, so it’s a beneficial situation for both parties.
Auto-Invest: This feature allows users to automatically buy cryptocurrencies or other assets. By scheduling purchases for certain times, users are able to passively invest in their portfolios over the course of time without having to go through the effort of regularly purchasing assets.
WhiteBIT Coin(WBT)
The WhiteBIT Coin, or WBT, is the native token of the platform. It is deeply integrated into the WhiteBIT ecosystem.
Holding WBT comes with perks. You’ll enjoy reduced trading fees, boosted referral interest rates, daily free ERC-20/ETH withdrawals, and even free daily AML checks. Not bad, right?
- Supply: WBT is scarce. There’s a hard cap of 400 million tokens. No more will be minted—ever.
- Utility: WBT isn’t just for holding. You can stake it, join trading competitions, participate in airdrops, and more—all on the WhiteBIT platform.
Fees and other expenses
WhiteBIT has different deposit fees depending on the payment method. Most crypto deposits are free. Fiat deposits through services like Advcash and Perfect Money range from 0.7% to 4.5%. WhiteBIT’s trading fee is a low 0.1%, but no discounts are offered. However, fees can be reduced if you hold WBT. Fiat withdrawal fees vary as well. Advcash and Visa/Mastercard withdrawals have fees from 0.7% to 4.5%. Crypto withdrawals come with specific fees for each asset.
WhitePool
WhitePool, WhiteBIT’s mining pool, unites global computing power from miners everywhere. This collaborative force boosts the odds of mining new Bitcoin blocks, making mining both smarter and more affordable. By pooling resources, WhitePool provides a seamless alternative to solo mining.
Accessible to many, WhitePool welcomes anyone with compatible hardware and a WhitePool URL. Joining is straightforward, with no complex tech barriers holding miners back. WhitePool uses the Full Pay Per Share (FPPS) model. Each miner is rewarded fairly, based on their exact contributions—no one is shortchanged.
Rewards flow straight into miners’ WhiteBIT exchange accounts, making it easy to manage and use earnings without hassle. With WhiteBIT’s robust security at its core, WhitePool ensures a secure mining environment, offering peace of mind to all participants.
WhitePay
WhitePay is the crypto payment system offered by WhitePay. It facilitates seamless and secure transactions for charities and businesses. With WhitePay, businesses can accept payments in over 200 cryptocurrencies. It offers point-of-sale (POS) terminals for instore transactions.
WhitePay also supports cryptocurrency donations through customizable donation pages, widgets, and other things. With a focus on providing a convenient dashboard with detailed transaction history, the platform also doesn’t compromise on security.
Other offerings
It is worth mentioning that WhiteBit has more than 10 products in its ecosystem. Some of them include:
WB Soul: Your blockchain identity, uniting exchange and Whitechain like best friends.
white.market: Trade CS2 skins on a futuristic P2P platform.
WhiteSwap: A secure DEX across Ethereum, Tron, and Polygon.
WhiteEX: Convert fiat to crypto with a simple card activation.
Final Verdict
WhiteBIT is a one-stop shop for crypto enthusiasts, whether you’re a greenhorn or a seasoned trader. It’s safe, smooth, and stacked with features. Want quick buys? Done. Advanced trades? Got it. Fancy perks? Enter WhitePool mining, and WhitePay options. Low fees and a vast array of coins sweeten the deal. Verdict? WhiteBIT is a smart pick for anyone ready to dive into crypto—or level up.
- It is a very simple and easy to use platform, ideal for beginners
- Security protocols include use of cold storage, DDoS protection, and 2-factor authentication.
- It offers a lot of cryptocurrencies for trading, compared to its peers.
- Regional Restrictions in Certain Countries
- Mandatory KYC
