Introduction
WhiteBIT exchange is the largest European crypto-to-fiat exchange from Ukraine. As an entity that is grounded on the belief that blockchain technology is the future, the exchange endeavors to expand horizons of the cryptocurrency community. Hence, the exchange is spread across 150 countries in the world to serve more than 3 million users.
WhiteBIT meets the highest security requirements and is among the world’s top 3 cryptocurrency exchanges in terms of reliability, with the highest AAA rating according to audits by Hacken.io and the certification platform CER.live in 2022.
It gives its users more than just a safe environment. It is a centralized cryptocurrency exchange with approximately 350 trading pairs, margin and futures trading with up to 20x leverage. It provides users with an intuitive interface, a handy mobile app, passive income tools, and low trading fees.
Moreover, the platform has its own token called WhiteBIT token (WBT). Those holding these tokens will be eligible to receive benefits.
WhiteBIT Exchange Details
| Website | https://whitebit.com/ |
| Available on mobile | Yes |
| Number of supported coins/tokens | 270 |
| Number of supported trading pairs | 350+ |
| Native token | WhiteBIT Token (WBT) |
| Supported fiat currency | 6 |
| CEO | Vladimir Nosov |
| HQ Location | Lithuania |
| Company Owner | Vladimir Nosov |
History Overview
Vladimir Nosov founded WhiteBIT in 2018, in Ukraine. In 2019, WhiteBIT launched a mobile app and other ecosystem products — Bitcoin Global, WhiteSwap, and Gagarin Show.
Since the beginning of 2022, the exchange has concluded numerous partnerships with Ukrainian government authorities and companies abroad and has started expanding to other countries.
As of press time, the company has offices in 8 countries worldwide and supports 11 languages.
Platform Interface
WhiteBIT has a flexible desktop interface that enables the users to set up all the elements according to the user’s desired order.
The app has an intuitive layout, containing all the tools for convenient trading on the go. WhiteBIT is compatible on iOS, and Android-based devices. Hence, the WhiteBIT widget allows users to easily keep track of trading pairs.
WhiteBIT Exchange Key Features and Functions
WhiteBIT ecosystem consists of the following:
- WhiteSwap, a DEX
- Bitcoin Global, a P2P exchange
- Whitepay, a crypto payment processing solution for businesses
- WhiteEX, physical cards, usable for deposits on the WhiteBIT exchange
- Gagarin Show, an educational and entertainment cryptocurrencies show
The platform itself offers Spot, Futures, and Margin trading tools. Besides, users can make a passive income by holding the assets on WhiteBIT Earn.
Quick Exchange
The interface helps to exchange cryptocurrency in other crypto or fiat at the current market rate and vice versa.
Spot and Margin Trading
Spot trading allows buying and selling crypto assets for the user’s available funds. Margin trading on WhiteBIT allows customers to borrow the exchange’s funds for bigger profits. The possible leverage values are 1x, 2x, 3x, 5x, 10x, and 20x.
Orders
The platform has five orders with Limit, Market, Stop Limit, and Stop Market orders available for both Spot and Margin Trading. There is also an OCO order available only if trading with leverage. As a rule, the minimum order sum is 5,05 USDT. Yet, it can change depending on the asset chosen.
Derivatives
WhiteBIT provides perpetual futures contracts, which enable users to speculate on the asset’s prices without an ending date. The platform calculates the funding rate and makes settlements in USDT every 8 hours. There are four pairs on offer, BTC-PERP, ETH-PERP, ADA-PERP, and XRP-PERP.
Demo Token
This is a free asset that helps to explore WhiteBIT trading possibilities without the need to deposit real funds. Users can trade and transfer it to other traders.
WhiteBIT Codes
WhiteBIT codes is an instant and free way to transfer funds to other WhiteBIT traders. For that, the alphanumeric code is generated. WhiteBIT Codes are integrated into the ecosystem, so all ecosystem products accept WhiteBIT Codes.
Referral Program
Inviting friends can bring 40% of their trading fees monthly, which can be increased up to 50% for owning the platform’s native token, WBT.
WhiteBIT Token (WBT)
The platform has its native asset, WhiteBIT Token (WBT). Those who hold and own the token can use valuable bonuses to make trading handier and more profitable. These include reduced trading fees, free AML checks through the exchange’s website page, free ETH and ERC20 token withdrawals, and increased referral rates.
Supported Cryptocurrencies
WhiteBIT hosts approximately 350 trading pairs and over 270 assets, including 4 stablecoins and 6 fiat currencies: EUR, USD, UAH, KZT, GEL, and TRY. Stablecoins are DAI, USDT, TUSD, and USDC.
Apart from Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and others, WhiteBIT provides access to all popular cryptocurrencies, continuously expanding the choice by listing new projects.
Supported Fiat Currencies on WhiteBIT exchange
WhiteBIT exchange supports 6+ fiat currencies including US Dollar, Euro, etc.
Trading Fees
WhiteBIT provides trading on favorable terms, as the fee never exceeds 0.1%. Due to holding or owning the exchange’s native token, it’s possible to get rid of the maker’s fee completely and get up to a 90% discount on the taker’s fee.
The fee for using the funds for trading with leverage also doesn’t exceed 0.1% and is paid only if at least part of an order is executed.
Accepted Payment Methods
The exchange customers can simply deposit money directly from their bank cards in EUR and USD via Checkout.com. Checkout.com is a digital payment platform with end-to-end cloud payments.
To ensure even more convenient services, WhiteBIT cooperates with Mercuryo and Utorg. They are the trusted fiat gateways that allow people to buy crypto directly for fiat. Both solutions help purchase digital assets already for 25 fiat currencies.
Depositing is available via AdvCash, GeoPay, SEPA, PayUnicard, NixMoney, Visa, and Mastercard bank cards. The fees depend on the payment method, ranging from 1 to 3.5%.
Support Team
WhiteBIT’s support team is ready to help and solve customers via chat around the clock. Users can reach the support team from the app and the browser version. The answers to queries come within a couple of minutes.
Safety and Security
WhiteBIT is among the top 3 secured exchanges according to the CER.live rating. It also passes regular audits by Hacken, a known crypto security auditor.
The company scrutinizes users’ security. They can turn on 2FA for additional account protection and enable anti-phishing code to validate the incoming technical emails from the exchange.
There is also a whitelist, which allows working only with chosen addresses. If it’s turned on, sending crypto to addresses apart from the ones in a whitelist is impossible.
Achievements
Recently WhiteBIT exchange added a new trading pair to its portfolio. The latest pair added to its portfolio was BTC/TRY. In the last quarter of 2022, WhiteBIT released its own token WhiteBIT Token. Additionally, WhiteBIT exchange received the highest AAA rating according to audits by Hacken.io and the certification platform CER.live in 2022. Furthermore, WhiteBIT became the official cryptocurrency exchange partner of FC Barcelona.
Pros and Cons
WhiteBIT is a centralized cryptocurrency exchange that boasts a high level of security and a range of features that appeal to novice and experienced traders. Following are the pros and cons of the exchange.
Pros
- Up to 0.1% trading fees can be additionally reduced by holding or owning WBT
- Adjustable up to 20x leverage
- Over 270 assets and approximately 350 trading pairs on offer
- Perpetual futures trading with one of the lowest market fees
- Convenient mobile app with all necessary trading tools
- High-level security
Cons
- Supports only 6 fiat currencies
- The leverage is limited to 20x
- No possibility to trade without KYC
Final Score
- Services offered: 4/5
- Cryptocurrency support: 4/5
- Fees: 4/5
- Security: 4/5
- Review Score: ⅘
Summary
To sum up, WhiteBIT is a centralized cryptocurrency exchange that offers a variety of features for both novice and experienced traders. The platform has several advantages: low trading fees, an adjustable leverage of up to 20x, a wide selection of assets and trading pairs, low-cost perpetual futures trading, a user-friendly mobile app, and robust security measures.
However, the platform has some drawbacks such as support for only six fiat currencies, limited leverage options, mandatory KYC for all transactions, and a lack of direct support channels.
Overall, WhiteBIT is a good choice for traders who prioritize security and are looking for various trading options.
FAQs
The exchange requires a person’s data: ID documents, name, age, residence address, and selfie with documents. After sending the data, the exchange’s support team considers it and gives a decision within 24 hours.
Depositing is possible through AdvCash, GeoPay, SEPA, PayUnicard, NixMoney, Visa, and Mastercard bank cards.
The trading fee is at most 0.1%. It’s possible to reduce the trading fee even more if a user holds or owns the platform’s native token, WhiteBIT Token (WBT). The discount can go as high as 90% for takers and 100% for makers.
Currently, the exchange supports 6 fiat currencies: EUR, USD, UAH, KZT, GEL, and TRY.
The exchange doesn’t provide its services to citizens or residents of the following countries and territories: Afghanistan, American Samoa, the U.S. Virgin Islands, Guam, Iran, Yemen, Libya, Palestine, Puerto Rico, Somalia, North Korea, the Northern Mariana Islands, the USA, Syria, Sudan, South Sudan, Transnistria, the temporarily occupied territories of Georgia, Nagorno-Karabakh, Northern Cyprus, Western Sahara, Ambazonia, Kosovo, Republic of Belarus, Russian Federation, and the temporarily occupied territories of Ukraine.
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Source: https://coinedition.com/whitebit-exchange-review/