WhiteBIT Review 2023
WhiteBIT is a crypto exchange with a lot of trading pairs, investment options and leveraged trading service. The platform stores 96% of digital assets of its users on cold wallets, thus ensuring their safety.
The site is suitable for both experienced traders and beginners, offering three types of markets: spot, margin and futures.
WhiteBIT сrypto exchange was launched in 2018. The trading platform is currently used by 3.5 million+ customers and the project team consists of more than 1000 people. The company is headquartered in Vilnius, Lithunia. WhiteBIT focuses on the European market and offers its services to the citizens of 190 countries.
Sign up and Verification
In order to start using the exchange you have to register on it. 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.
To pass the verification process, you need:
- Hover mouse pointer over the profile icon and click Verification;
Verifying on WhiteBIT exchange - Enter country of residence → Start;
Account verification on WhiteBIT. Step 1 - Prepare your documents to checking, agree with a privacy policy → Next;
Account verification on WhiteBIT. Step 2 - Enter the required personal info: name and surname, gender, birthday date, address → Next;
Account verification on WhiteBIT Step 3 - Select the country issued the document and its type → Next;
Account verification on WhiteBIT. Step 4 - Set a type of document and upload its photo → Next;
Account verification on WhiteBIT Step 5 - Take selfie with help of a web camera or mobile app on the exchange;
- Verification is completed.
KYC verification takes 24 hours. You will be informed by email that you passed it.
Account Security
In order to increase the security of your account you need to enable the 2FA security option. 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 do other activities.
The following steps are required to enable 2FA:
- Click on the profile icon and select Security;
Security option - Scroll the page down to Two-factor authentication option;
- 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;
- Click Enable → 2FA-authentication is enabled.
The exchange has single-level two-factor authentication, but WhiteBIT also uses anti-phishing software for enhanced customer security.
The account is registered. What next?
To fully use the exchange, investing and trading, you need to top up your account and familiarize yourself with the platform’s functions. An instruction below will take you through the process of depositing and withdrawing funds from WhiteBIT.
Deposit and withdrawal methods
To make a deposit on WhiteBIT you need to:
- Hover mouse pointer over Balance → Total;
Total menu - Select the cryptocurrency you want to deposit, for example USDT → Deposit;
Topping up an account on WhiteBIT exchange - Select the replenishing method at Address by blockchain field and set the blockchain type (ERC20 for example). This type of blockchain must be used in your wallet too;
Topping up an account at WhiteBIT exchange - Replenish your WhiteBIT account.
You can deposit fiat currencies (for example, USD) to your account and then buy the desired cryptocurrency.
The withdrawal process doesn’t take long either, and it’s pretty simple. To withdraw the cryptocurrency, you need:
- Hover the cursor over Balance → Total;
Total menu - Select the currency you want to withdraw, for example USDT → Withdraw;
USDT withdraw from WhiteBIT - Specify network, number of coins to withdraw → insert wallet address → Withdraw Request;
Setting up withdrawal request on WhiteBIT - Money has been withdrawn from WhiteBIT.
WhiteBIT trading conditions and tools
The exchange offers a variety of trading tools: fast exchange, spot, margin trading and others. The user-friendly interface makes the platform easy to understand.
Quick 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 is a type of terminal where you can buy and sell cryptocurrencies and other assets. The main feature of the platform is the instant delivery of cryptocurrency from seller to buyer.
The Spot Market contains a lot of cryptocurrency trading pairs. It has a user-friendly interface and provides an option of using TradingView charts. WhiteBIT is one of the top 50 exchanges by trading volume on the spot market.
Margin trading
Margin trading service on the exchange provides leverage up to 20x and a lot of popular trading pairs. The daily fee for borrowing funds is 0.078%.
Futures trading
Futures trading is a WhiteBIT futures trading service. The exchange offersperpetual futures trading for 13 coins, in particular on BTC, ETH, MATIC, LTC, TRX and others. Contracts are settled in USDT. The service supports leverage up to x20 for each of the presented coins.
Fees and Limits
Standard trading commission at the site is 0.1%, and it can even be lower for some trading pairs. The daily commission for margin trading is 0.078%. Deposit and withdrawal limits differ depending on the coin chosen. Withdrawal commissions are also different for each cryptocurrency.
To read more about commissions and limits, please visit the official platform’s website.
How to trade on the WhiteBIT cryptocurrency exchange
Our small guide will help you to check the best tools to trade and the easiest way to buy/sell cryptocurrencies on WhiteBIT. To buy crypto on exchange, you need to:
- Click Spot in the Trade menu;
- Choose cryptocurrency pair you want to use in the search field (for example, BTC/USDT);
- Select an order type, for example, Market;
- Enter the amount of coins you are going to buy → Buy;
Buying cryptocurrency on WhiteBIT - Cryptocurrency purchase complete.
The process of selling cryptocurrency is not very different from buying. To sell cryptocurrency, you need:
- Click Spot in the Trade menu;
- Choose the currency pair you want to use in the search field (for example, BTC/USDT);
- Select an order type, for example Market;
- Enter the amount of cryptocurrency you want to sell → Sell;
Selling cryptocurrency on WhiteBIT - Cryptocurrency sale complete.
Other WhiteBIT services
In addition to basic services for cryptocurrency trading, the exchange provides the ability to invest via smart-stacking.
Crypto Lending
Crypto Lending is a tool that allows exchange customers to earn profit for holding funds on the exchange with one of the available plans. The plans differ in terms of interest rates, duration of staking, and depositing amount of crypto.
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 for reviews, pay attention to the content because frequently the exchange rating doesn’t relate with what is written in the review. To check the reputation of WhiteBIT and find a lot of reviews, you can use TrustPilot.
Pros and Cons
FAQ
- Click Spot in Trade menu;
- Select a crypto currency pair (for example, BTC/USDT) in the search field;
- Select an order type, for example Market;
- Enter the amount of cryptocurrency you are going to buy/sell → Buy/Sell;
- Click Balance → Total;
- Select the crypto currency you want to top up your account with, for example USDT → Deposit;
- Copy the address or scan the qr code, and paste it into your wallet → confirm the transaction;
- The WhiteBIT account is funded.
- Click Trade → Spot;
- Select a crypto currency pair (e.g. BTC/USDT) in the search field;
- Select an order type, for example Market;
- Enter the amount of crypto you are going to buy → Buy.
