Established in 2018 in Ukraine, WhiteBIT has become one of the leading crypto exchanges in Europe and worldwide, boasting over 5 million users, thanks to its competitive fees and liquidity, diverse trading options, and tools.
WhiteBIT is also the official cryptocurrency exchange partner of the Barcelona football club, the partnership helps support WhiteBIT’s mission of making blockchain technology and cryptocurrency more accessible and understandable to a wider audience.
WhiteBIT has undergone multiple audits by Hacken.io, a leading cybersecurity service provider. At the TOKEN2049 event in Singapore, Hacken awarded WhiteBIT a 2024 Security Award. WhiteBIT has also received additional certifications from CER.live, a cybersecurity ranking and certification platform for digital asset platforms. CER.live ranks WhiteBIT as one of the top 5 crypto exchanges on cybersecurity.
In this article, we explore how to trade on WhiteBIT as we explore its products and features and reasons why it could be your next favorite crypto exchange.
Five reasons why you should trade on WhiteBIT exchange
Here are five reasons why you should consider WhiteBIT exchange:
Security
WhiteBIT has adopted diverse measures to protect user funds and personal data from bad actors. The measures include:
- Multi-factor authentication of user logins.
- Strict KYC measures
- 96% of the exchange funds are stored in cold ‘offline’ wallets, making them immune to online attacks
- WhiteBIT uses a Web Application Firewall (WAF) to detect and block online attacks such as cross-site scripting (XSS) or SQL injection.
- Regular audits by third-party security providers.
WhiteBIT also runs a Bug Bounty program that rewards users for identifying vulnerabilities on the exchange. Participants who discover critical issues, such as remote code execution vulnerabilities or the ability to manipulate user balances, can earn up to $10,000 per finding. Furthermore, WhiteBIT may increase the reward based on the severity and impact of the vulnerability.
Multiple trading pairs and low fees
WhiteBIT has listed over 600 trading pairs with enough trading activity and volume to allow transactions to be executed smoothly and efficiently. While trading fees vary across the pairs, the rate does not exceed 0.1%. Borrowed funds used in Margin trading only incur a 0.0585% daily fee.
User-centric
WhiteBIT has multiple user-centric features that make it stand out from other exchanges. These include:
- Incentive programs: To reward community engagement and ensure a fun trading experience, WhiteBIT offers its users regular trading competitions, airdrops, and bounties. The activities are regularly communicated to registered users via email or displayed on cards on the home page.
- Intuitive trading terminals: The WhiteBIT terminal has Basic and TradingView options, catering to beginner and advanced-level traders. TradingView charts are highly customizable and have numerous functions with over 100 indicators, making technical chart analysis easy.
- Mobile application: With the WhiteBIT mobile application available on Android, Google Play, and the Apple App Store, users can trade on the go using a simple and intuitive interface. Some of the application’s features include:
- Customizable home and lock screen widgets for real-time market updates.
- Real-time, up-to-date market data.
- Smartwatch compatibility.
- Access to all WhiteBIT features.
- WhiteBIT offers voice support so users can contact experts via phone for a quick answer. Customer support is available 24/7.
One of the highest yields on crypto lending on the market
The WhiteBIT exchange offers one of the highest lending rates in the market, with rates going as high as 18.64% p.a. Interest starts accruing the second you begin lending funds, and all funds, together with interest, are returned to the main ‘Balance’ at the end of the investment term.
A broad ecosystem of products
WhiteBIT encompasses multiple products, meaning more utility for its users.
- Whitepay- Whitepay is a product that enables business owners to accept and make crypto payments seamlessly and securely.
- White.market – White.market is a P2P platform for trading skins (cosmetic items used in games) that players use to customize their appearance or weapons.
- WhiteEX cards- WhiteEX cards are a convenient way to purchase cryptocurrencies and alternatively receive funds in your White BIT account.
- WB Codes – WB Codes are a quick way to move funds to other users on WhiteBIT.
- WhitePool – WhitePool is a mining pool developed by WhiteBIT that allows participants to combine their computing power for Bitcoin mining.
- Whitechain- Whitechain is an EVM blockchain integrated into the Whitebit ecosystem to enhance the speed, security, and transparency of cryptocurrency transactions on its platform.
What is the WhiteBIT coin (WBT)?
WhiteBIT coin (WBT) is the native coin of the Whitechain blockchain, an EVM platform integrated into the WhiteBIT ecosystem. As the native coin, transaction fees on the chain are paid in WBT. WBT can also be staked in the chain to participate in on-chain activity. In addition to Whitechain, WBT is also available on the Ethereum and Tron blockchains.
WBT provides many integrations with exchange products. The exchange has two mechanisms for rewarding WBT coin owners. Owning and Holding.
WBT Owning
Owning WBT means buying and storing WBT coins in your Main Balance wallet. By Owning WBT, users are eligible for up to 80% discount on taker fees and up to 100% on maker fees. The percentage discount depends on the number of WBT coins held in the Main Balance wallet.
WBT Holding
Holding WBT involves blocking (locking) WBT coins. The higher the WBT coins in Holding, the higher the rewards. The rewards include:
- Up to 50% referral share on trading fees incurred by referrals
- Up to 100% discount on maker fees.
- Up to 1000 free ERC-20 tokens and ETH transactions per day.
- Up to 500 AML checks per day.
- Up to 1.241% bonus on crypto lending.
- Up to 7.74% funding discount.
Unholding (unlocking) WBT takes 14 days, during which the user is not eligible for Holding rewards. Instant unlocks attract a 10% Unholding fee.
WBT Tokenomics
WBT has a maximum supply of 400M WBT coins. The WhiteBIT exchange conducts regular WBT token burns with the intention of reducing the total supply by half. The burnt coins comprise 33% of trading fees and 5% of other fees collected weekly by the exchange. At press time, the exchange had burnt over 58M coins.
Notably, WBT has maintained a steady bullish run since 2023, making it one of the best-performing cryptocurrencies. It rose from a low of $4 to the current high at the $24.86. This year alone, it was up 340% at press time.
How to buy cryptocurrencies on WhiteBIT exchange
There are several ways to purchase crypto on WhiteBIT:
Convert
The convert function allows traders to quickly swap two cryptocurrencies or fiat without the hassle of navigating the order book at market prices for free. In addition to being fast, the function gives traders a 10-second price freeze, giving them ample time to secure a fixed rate in a volatile market.
To access the function:
- Hover on the ‘Trade’ tab at the top of the page.
- On the drop-down menu, click ‘Convert’.
- Select the asset you want to ‘Give’ and the asset you wish to ‘Receive.’
- Specify the amount of asset you want to swap.
- Click ‘Buy’ on the yellow tab.
After swapping/ converting, you can find your new assets in your wallet.
Credit card
Using a credit card is one of the easiest ways to deposit and buy cryptocurrencies using fiat; however, it is important to note that some card providers charge fees depending on the region, bank, or selected currency.
The accepted fiat is dependent on the form of payment used. For instance, you can deposit EUR, USD, TRY, GBP, PLN, BGN, and CZK using checkout.com. With Visa or Mastercard, you can deposit KZT. You can also use SEPA to top up your EUR balance. For UAH, you will need to use GeoPay; a P2P Express feature is available that allows you to exchange UAH for USDT fast.
To access the deposit option, click the ‘Deposit’ button at the top of the page and select the fiat you wish to deposit and trade with.
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Demo Tokens
Users can also take advantage of Demo tokens, free tokens that you can use to test your trading strategies or acquaint yourself with WhiteBIT offerings such as spot trading.
The tokens can also be transferred across WhiteBIT accounts using WhiteBIT Codes for free and do not expire.
You can easily obtain demo tokens by visiting the “Codes” page in the “Products” section on the homepage.
Borrowing
By providing collateral, you can borrow cryptocurrencies from WhiteBIT for trading, on Earn for passive income, or withdraw. The platform charges a fixed 0.0585% daily fee until the borrowed amount is settled or the position is liquidated.
The cryptocurrencies pledged have collateral weight, meaning the amount you can borrow varies depending on the cryptocurrency you pledge. For instance, ARB has a collateral weight of 75%, while USDT has a collateral weight of 100%.
Futures and Margin trading
WhiteBIT futures trading allows traders to enter contracts to trade cryptocurrencies at a predetermined price in the future. Traders participate in futures trading to speculate on a cryptocurrency’s future price or hedge against future price volatility. To amplify their future positions, traders can borrow funds up to 100X of their deposits.
Futures traders are eligible for USDTB bonuses. USDTB is a non-transferable token displayed on the collateral balance. It is used for opening futures positions or hedging a position when no other asset is available on the balance sheet.
Margin trading on WhiteBIT involves borrowing funds to trade cryptocurrencies, allowing you to open larger positions through leverage. WhiteBIT offers up to 10X leverage for spot margin trading and up to 100X for futures trading. If the market moves against a trader’s position, they may face a margin call, requiring them to add more funds or risk liquidation.
Trading on borrowed funds calls for risk-averse measures such as research and diversification.
How to earn money passively on WhiteBIT with Earn
Earn is a category of products on WhiteBIT earn that encompasses products for passive income. These include:
- Crypto Lending
- Affiliate and Ambassador Program
- Referral program
- Launchpad
Crypto lending
Crypto lending involves lending your crypto assets in exchange for passive income. Different lending plans are available, each differing by earning rates, lending periods, and minimum and maximum lending amounts. Crypto lending is safe, convenient, and profitable.
The advantages of WhiteBIT lending are high returns up to 18.6% (21% when holding WBT), safety of assets and flexibility in terms of the period. If a user changes their mind, they can instantly withdraw, but they won’t receive interest.
For safety reasons, 96% of all WhiteBIT crypto assets are held in cold wallets, with WAF protection to detect and block hacker attempts.
To access the lending feature: (Ensure you have the required amount of funds to open a plan in your Main Balance wallet)
- Hover on the ‘Products’ tab at the top of the homepage.
- Select ‘Crypto Lending’ on the dropdown list.
- Choose the cryptocurrency and lending period on the list provided, then click ‘Choose Plan.’
- Indicate the amount of currency you want to invest and click the “Select a plan” button.
Affiliate and ambassador program
The WhiteBIT affiliate program allows current users to earn passive income by inviting new users to the exchange. The program comprises an advanced referral tracking dashboard with customizable links for every campaign, allowing you to analyze your performance effectively.
As an affiliate, you earn up to 60% commission for every trade your referral makes. Anyone can join the affiliate program provided you have completed and passed the KYC process.
The ambassador program is for key opinion leaders (KOLs), such as celebrities or legends with over 5,000 followers on social media with an audience of crypto lovers. The ambassadors are given tailor-made incentives for promoting WhiteBIT products to their followers.
Referral program
The referral program grants users a 40 to 50% commission on trade fees incurred by their referrals. After joining the program you receive a link and QR code that you can easily share with friends.
WhiteBIT Launchpad
The WhiteBIT launchpad lets users purchase tokens of promising crypto projects by holding WBT before their official launch on crypto exchanges.
All projects listed for the Launchpad are heavily vetted by the exchange and put up for voting by the community before official listing on the Launchpad.
The launchpad is an alternative way for the projects to raise money from the community. It allows for organic growth while giving them discounted tokens early on.
Once a project receives enough user votes, its tokens are distributed to participants over the vested period. Vesting means that the users receive the tokens gradually over time, as mentioned. Vesting helps prevent early investors from dumping on the market once it gets listed on the exchange.
If there are insufficient votes, the investors receive their invested amount back, ensuring transparency and fairness throughout the allocation process.
Conclusion
With over six years in the market, WhiteBIT has established itself as a leading cryptocurrency exchange. It offers a wide range of digital assets, robust security measures, high liquidity, and innovative features. The platform’s user-friendly mobile application and competitive trading fees have contributed to its popularity among beginners and experienced traders.
WhiteBIT continues to evolve and adapt to the dynamic cryptocurrency landscape by expanding its product offering. This makes it a top selection for active traders and users seeking to earn an extra coin passively.
Source: https://www.cryptopolitan.com/whitebit-exchange-explained/