WhiteBIT Review 2023
WhiteBit is a crypto exchange with a large variety of trading pairs, P2P exchanges, investment and leveraged trading programs. 96% of digital assets the platform stores on cold wallets, thus ensuring their safety.
The site is suitable for both experienced traders and beginners, offering two types of interface for trading: basic (simpler) and professional (with many trading possibilities).
Account Signup and Verification
In order to start using exchanger services you have to register. This process is quick and easy for anyone, regardless of experience. Just follow the instructions:
- On the home page click Sign In;
Registration on WhiteBit exchange - Enter your email and password;
Registration on WhiteBit exchange - Enter the four-digit code you receive in your email;
- Registration complete.
Identity verification increases withdrawal limit up to 100 BTC per day (without verification – up to 2 BTC per day), allows you to work with fiat currencies and restore account in case of loss of 2FA code. To pass the verification process, you need:
- Hover over the profile icon and click Verification;
Verify at WhiteBit exchange - Enter your personal details (name, date of birth, address etc.) → Next Step;
Verify at WhiteBit exchange - Select a proof of identity and upload a picture;
Verify at WhiteBit exchange - Take selfies with a webcam or mobile app on the exchange;
- Verify completed.
Account Security
In order to increase the security of your account you need to go through a 2FA procedure. Two factor authentication will prevent an attacker from logging into your account, even if they have your username and password. The system will ask for an additional one time code each time you log into your account, withdraw funds and other sensitive activities. The following steps are required to enable 2FA:
- Click on the profile icon and select Security;
- Scan the qr code with the Google Authenticator app;
Two-factor authentication at WhiteBit exchange - Paste the six-digit code from the application in the appropriate field;
- Double-factor authentication is enabled.
Account is registered. What next?
For full use of the exchange, investing and trading, you need to fund your account and familiarise yourself with the platform’s functions. In the tutorial below you will find information on how to deposit and withdraw funds from WhiteBit.
Available funding and withdrawal options
To make a deposit on WhiteBit you need to:
- Hover over Balance → Total;
- Select the cryptocurrency you want to deposit your balance with, for example USDT → Deposit;
Fill account at WhiteBit exchange - Copy the address or scan the qr code and paste it in the sender wallet → confirm the transaction;
Fill account at WhiteBit exchange - Recharge your WhiteBit account.
The withdrawal process doesn’t take long either, and it’s pretty straightforward. To send the cryptocurrency, you need:
- Hold the cursor on Balance → Total;
- Select the currency you want to withdraw, for example USDT → Withdraw;
Withdrawal of funds from WhiteBit - Specify network, number of coins to withdraw → insert merchant wallet address → Withdraw Request;
Withdrawal of funds from WhiteBit - Money withdrawn from WhiteBit.
Trading conditions and instruments available at WhiteBit
The exchange offers a variety of trading tools: fast exchange, spot, margin trading, P2P exchange and others. The user-friendly interface makes the platform easy to understand.
Fast exchange
Fast exchange is a convenient feature for those who need to quickly exchange cryptoassets. The interface of this section is as simple as possible: simply select the cryptocurrencies between which you want to exchange, enter their quantity and confirm the exchange
Spot Market
The Spot Market contains many trading pairs with all popular cryptocurrencies. The trading interface is user-friendly and charts are available with TradingView. WhiteBit is one of the top 50 exchanges by trading volume on the spot market.
The basic one will be easier for beginners to understand, while the professional one has more features to apply more sophisticated trading strategies.
P2P
WhiteBit has its own P2P exchange platform – BitcoinGlobal. It is very easy to start using it: you do not even need to verify. The platform offers trading in 5 cryptocurrencies: BTC, USDT, ETH, TRX and HOGE. Almost all popular fiat currencies can be found in the trading pairs. The service doesn’t charge any trading fees for the first 30 days.
Marginal trading
Marginal trading on the exchange provides leverage up to 20x and a large number of popular trading pairs. The daily fee for borrowing funds is 0.098%.
Commissions and Limits
Standard trading commission at the site is 0.1%, and it can be lower for some trading pairs. The daily commission for margin trading is 0.098%. Deposit and withdrawal limits differ depending on the coin chosen. Withdrawal commissions are also different for each individual cryptocurrency.
How to trade on the WhiteBIT cryptocurrency exchange
The trading interface of the service allows you to freely understand the process of buying and selling cryptocurrencies. Our guide will help you understand the best tools to trade and the easiest way to buy/sell cryptocurrencies. To buy crypto on WhiteBit, you need to:
- Go to Basic via the Trade tab;
- Find the desired currency pair in the search box (for example, BTC/USDT);
- Select an order such as Market;
- Enter the amount you are going to buy the cryptocurrency → Buy;
Buying cryptocurrency on WhiteBit - Crypto-currency purchase complete.
The process of selling cryptocurrency is not very different from buying. To sell cryptocurrency, you need:
- Go to Basic under the Trade tab;
- Find the desired currency pair in the search box (for example, BTC/USDT);
- Select an order, for example Market;
- Enter the amount of cryptocurrency you want to sell → Sell;
Selling cryptocurrency on WhiteBit - Cryptocurrency sale complete.
Advanced services of WhiteBIT
In addition to basic services for cryptocurrency trading, the exchange provides the ability to invest via smart-stacking.
SmartStacking
SMART Staking is a tool that allows exchange customers to ear profit for holding funds in one of the available plans. The plans differ in terms of interest rates, duration of staking, and minimum and maximum storage amount.
Mobile app
The exchange has a mobile app that retains all the functionality of the service. It can be downloaded for iOS and Android. Thanks to the app, you can trade at any time using your mobile phone.
Reviews
You can find many positive reviews on WhiteBit. In any case, when looking at reviews, pay attention to the content because frequently the rating has nothing to do with what is written. To assess the reputation of the exchanger and find a large number of reviews, you can use TrustPilot
Benefits and drawbacks
FAQ
- Go to Basic at Trade;
- Find the desired currency pair (for example, BTC/USDT) through the search box;
- Find the order
- Select an order, for example Market;
- Choose an amount.
- Enter the amount you are going to buy/sell the cryptocurrency → Buy/Sell;
- Hold the cursor on Balance → Total;
- Choose a currency
- Select the currency you wish to top up your account with, for example USDT → Deposit;
- Copy the address or scan the qr code, and paste it into the sender wallet → confirm the transaction;
- WhiteBit account is funded
- Go to Basic under Trade;
- Find the desired currency pair (e.g. BTC/USDT) in the search box;
- Select an order, for example Market;
- Choose an amount.
- Enter the amount you are going to buy the cryptocurrency → Buy.
