WhiteBIT: Comprehensive Review 2022 – Pros, Cons and Key Features

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WhitBIT is among the most innovative crypto exchanges to have been listed in the mainstream market. The platform not only simplifies trading but also introduces new concepts like staking and investment, to ensure that users get the most out of their time on the platform. 

Besides, with the options to trade in cryptos and fiat over a single platform, it even takes it further ahead for advanced users. However, similar to the added perks of signing up with the platform, it also lags behind in terms of communication and certain features for advanced trading. 

But, if you’ve made up your mind to sign up with the problem, this is the blog that might be of great help! 

This WhiteBIT Review will perhaps help you to make up your mind about whether to choose WhiteBIT. Here, we will go through the WhiteBIT reviews in-depth to give you a clear picture of the exchange. Once read, you’ll have a clear idea of what you’ll be signing up for.  

Pros And Cons Of WhiteBIT

Pros

  • BTC, along with hundreds of cryptocurrencies and tokens, and various fiat currencies, such as the US dollar and euro, are all available for trade.
  • Major trading quantities, strong liquidity, and a surveillance system backed by multiple layers of security.
  • Novice investing, live and leverage, P2P converter, and free multi-currency profile.
  • Most deposit/withdrawal methods include wallets, credit/debit cards, and transactions.
  • A straightforward and successful approach for participating in blockchain initiatives run by cryptocurrency exchange partners.
  • The price remains constant at 0.1% of the transaction value, with no extra fees or levies.
  •  

Cons

  • The exchange only communicates via its site and e-mails; there are no contact centers or other means of immediate connection.
  • Except for staking, there are no other additional investing possibilities.

WhiteBIT At A Glance

Website Homepage https://whitebit.com/ 
Year Founded 2017
Headquarters Tallinn, Estonia
Wallet Availability Yes
Hardware wallet availability Yes
Type of wallet Private key wallet
Number of coins 144
Number of coin pairings 400
Native token availability No
Exchange availability Yes
Customer Service 24/7 with no holidays
Mobile app Yes
Cloud storage No
Deposit Fee Free
Transaction Fee 0.10%
Withdrawal Fee Varied
Supported Nations   190

WhiteBIT Exchange: Company Overview

WhiteBit is one of the latest entrants in the market to have debuted in December 2018 that has recently acquired European exchange and custody licenses for its operations. Their staff comprises over 80 employees with expertise in the Fintech business, who present themselves as experts, completely prepared to introduce new and creative techniques to the crypto market.

From its very inception, the firm has amassed a customer base of over 200,000 active users globally! The website serves traders from over 190 nations, including the European Union, Asia, plus Latin America. Tallinn, Estonia, serves as its home. The service is entirely self-funded.  

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Besides regular trade volume, the platform has performed admirably. WhiteBit’s 24-hour trading activity has surpassed the $245,000,000 mark (as per Coingecko). Currently, it is regarded as one of the greatest exchanges in the sector to offer a variety of products at a low trading charge, making it popular amongst crypto fans globally. 

whitebit

Cryptocurrencies Supported In WhiteBIT Exchange

WhiteBIT supports over 400 trading pairs. It enables investors to have exposure to a wide range of commodities and markets. In terms of direct cryptocurrency purchases, consumers may get practically every one of the major assets for trade. 

Talking of the possible trading options, users signing up for the WhiteBIT exchange have the option to diversify their folios among hundreds of different crypto assets, including the likes of some prominent and potential crypto projects. Some major crypto projects available over WhiteBIT are listed in the table below.   

Ethereum ETH Tether USDT Cardano ADA Bitcoin BTC
Dogecoin DOGE Terra LUNA Avalanche AVAX USD Coin USDC
Aave AAVE The Graph GRT Hedera Hashgraph HBAR Axie Infinity AXS
Chainlink LINK Bitcoin Cash BCH Litecoin LTC Uniswap UNI
Filecoin FIL Stellar XLM FTX Token FTT Polygon MATIC
Ethereum Classic ETC Dai DAI VeChain VET TRON TRX
Shiba Inu SHIB Klaytn KLAY Kusama KSM NEO NEO
Monero XMR NEAR Protocol NEAR EOS EOS Tezos XTZ

Besides, the platform is also known for being an open forum for any potential crypto project with a chance of booming in the Blockchain. Therefore, investors or traders who like to take opportunities to maximize their profits will love the platform!  

Key Features Of WhiteBIT Exchange:

Suited For Both Beginners & Professionals 

The clean and intuitive UI of the WhiteBIT exchange favors beginners and seasonal professionals. Beginners can get started with the basics of crypto trading by signing up for a platform and tapping into advanced tools and research as they learn more. WhiteBIT also offers Trial Token, a free application that allows users to understand the fundamentals of cryptocurrency investing and practice existing ideas upon this DBTC/USDT pairing.

On the other hand, seasoned or professional traders also have the chance to test their advanced trading strategies over the platform. These users can leverage functionalities like stop limit or stop market orders to protect themselves from damages whenever the market is very volatile. Conditional Orders also allow users to reduce their hazards by analyzing the market that impacts the currency they want to trade.

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Therefore, no matter the type of user you are or your expectations from the WhiteBIT platform, it has you covered over multiple needs. 

Massive P2P Platform

One of the primary reasons behind traders appreciating the P2P market is the multiple payment options that it has to offer. WhiteBIT, among the several other crypto exchanges, does not support bank transfers or other forms of payment. This is where the platform’s P2P markets allow users to directly connect with other sellers and utilize their payment methods to settle transactions to buy any asset they might want. WhiteBIT’s P2P market offers over 100 crypto tokens and 50 different payment methods, while the P2P market provides users access to over 160 countries.

However, it should be noted that the platform doesn’t currently have the P2P market over the crypto exchange. Instead, users need to sign up with a separate exchange called Bitcoin Global to leverage the P2P functionality. But since it’s already affiliated with WhiteBIT, you have a better chance of quick transfer of funds between both the platforms without attracting any charges.  

Options To Multiply Profit With Margin Trading 

Margin trading can be an excellent option for traders with limited resources! This function by WhiteBIT allows users to access better chances of doubling their profits while risking ⅓rd or even less of your actual investment. This is one unique feature of the exchange that is talked highly of by advanced users since WhiteBIT currently offers up to 5x leverage to its traders. While this is not the highest by any means (some platforms offer 100x leverage), you still have a better chance of multiplying your profits without exposing your funds to many risks.

Besides, users signing up for the WhiteBIT platform can tap into personal and open REST APIs. This way, users can trade data like transaction history, latest trading activities, and total order books, via the REST APIs. But of course, since this is leverage, you’ll also be at a better risk of losing your funds; trade safely! 

Smart Staking 

WhiteBIT’s SMART Staking section allows traders to stake their assets for a certain lock-in period and earn profits off their funds. When you tie up your resources for 360 days, one could receive an additional up to 28% APY. This interest rate is uncommon in the cryptocurrency industry. Therefore, if you’re a long-term investor, this is yet another reason to sign up for WhiteBIT. 

One of the best aspects of WhiteBIT’s staking is the variety of digital assets you can put under a lock-in period. The platform saves its users from the rush of investing in a certain crypto token just for investing in it. You can get started with tokens like LTC, USDT, XLM, BTC, LINK, ETH, and TRX, among other options. However, the user also has the option to leverage their tokens for mere ten days. But of course, that would imply fewer returns. Therefore, before you’re set to stake any asset, ensure that you’ve checked in the lock-in period and returns you’ll be getting.

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Additional Features Of The Platform

  • WhiteBIT Trading View: Several exchanges offer distinct trading perspectives. One must decide which one would be ideal for them. These all display the trade volume, or at least a portion of the full order book, a pricing indicator of the selected cryptocurrency, and a purchase record. They usually have boxes for buying and selling as well.
  • Deposit Methods: The exchange provides 160 crypto and fiat trading pairs. Visa and MasterCard are accepted, as well as Qiwi, Geo-Pay, monobank, Advcash, Interkassa, Mercuryo, and Perfect Money.

The reality that fiat money transfers are accepted at all puts this platform as an entry-level exchange. This means that prospective cryptocurrency investors may take the necessary steps into the fascinating cryptocurrency world on this exchange.

  • WhiteBIT’s affiliate program: WhiteBIT’s affiliate network is yet another intriguing feature. To join, simply sign up, authenticate, and navigate the “Referral program” area. Now press the “Get a link” icon. That’s how simple it is! 

You will now be given a customized referral code that you would use everywhere you choose. Similar to all the referral schemes, you’ll be rewarded with something soon as anybody clicks on the link and starts trading.

The program has no cap; you will make money if transactions are done on the site.

Customer Support

WhiteBit features a consumer assistance system accessible 24 hours a day, seven days a week. In addition, their site contains web chat assistance, allowing consumers to ask questions immediately and obtain a reply in a handful of seconds. Finally, a detailed FAQ page on their site includes details about the platform’s core functionalities. It also has practical guidelines for the registering, funding, and withdrawing procedures.

Customers may also contact their help staff by email at [email protected] When users are having problems with the site, they may email a detailed explanation about the issue and a snapshot of the mistake. WhiteBit’s crew is highly attentive and quickly resolves client difficulties.

The firm has an active social media presence across several platforms. The corporation distributes product recommendations and updates to its customers through these channels. They have a website also on Medium, which is frequently updated.

Customers may also use the site to organize an appointment with the WhiteBit staff for a 15-min chat on any day that suits them. In addition, the exchange has attempted to simplify the investing procedure by offering multilingual help.

Trading Experience

Basic Trading With WhiteBIT 

As the name suggests, the Basic trading experience with WhiteBIT allows the users to leverage the functionalities that might be in demand for beginner users. For instance, the trading console is very generic, and users have access to various tools that streamline the exchange or swap of currencies for another, notable fiat to cryptocurrency pairings. 

The basic package also includes

  • Numerous centralized exchange interfaces.
  • A leveraged exchange market.
  • A peer-to-peer platform.
  • An efficient delivery.
  • A decentralized exchange.

However, this trading account has certain limitations, and the users always have the option to upgrade to the PRO trade feature.  

PRO Trade With WhiteBIT

The PRO trade account under WhiteBIT is an advanced version of the trading feature as it allows users to access a wide range of full-fledged trading tools. PRO includes several extra capabilities, such as leverage trading with upwards of 5x margin. Customers can add a variety of orders on both platforms, which helps mitigate risks. In addition, investors may utilize indications, see candlestick graphs, and view a market depths chart.

The leverage trading system is entirely or almost fully compatible with PRO Trade. For example, on WhiteBIT, high leverage lets you make five times as high as you would without margin on another deal.

Fees Structure

WhiteBit’s price model is not dependent on the maker-and-taker approach. Instead, the platform requires a minimum 0.10% trading cost, which is less than the industry standard of 0.25%. This cost is much cheaper in other trading pairings. If a purchase is processed, the precise price paid is displayed.

Furthermore, there have been no funding fees for BTC, ETH, USDC, or USDT. The lowest withdrawal amount is 0.001 BTC,  0 USDT, 10 USDC, and 0.02 ETH. Transfers may also be done using VISA or MasterCard on the site. All payments made with the following credit cards are subject to a 6.5% fee, with a minimum investment limit of 10 USD.

Furthermore, deposits made with USD Perfect Money and USD Advcash are subject to a 5% and 4.50% deposit charge, correspondingly. The minimum investment is 10 dollars. WhiteBit also charges withdrawal fees. The lowest Bitcoin withdrawal limit is 0.001 Bitcoin, and the charge is 0.0004. The minimal barrier for ETH is 0.02 ETH, with a cost of 0.003 ETH enforced.

Fund withdrawal is processed using credit cards, which are charged 4% and a $5 fixed amount. Therefore, the minimum withdrawal amount is 20 dollars. WhiteBit’s pricing system is cheaper than other crypto exchanges, giving the business a financial edge over competitors in the sector.

Currency Deposit fee Withdrawal fee Minimum Deposit Minimum Withdrawal
BTC free 0.0004 BTC 0.001 BTC 0.001 BTC
ETH free 0.003 ETH 0.02 ETH 0.02 ETH
USD Visa/MasterCard Interkassa 6.5% (min 1 USD, max 120 USD) 5 USD + 4% (min 0.1 USD, max 120 USD) 10 USD 20 USD
USD Perfect Money 5% (min 1 USD, max 500 USD) 1% (min 0.1 USD, max 100 USD) 10 USD 20 USD
USD Advcash 0% (min 0 USD, max 0 USD) 1.5% (min 0.1 USD, max 500 USD) 10 USD 20 USD
USDC free 2 USDC 10 USDC 10 USDC
USDT free free 0 USDT 0 USDT

How Secure Is WhiteBIT Exchange?

WhiteBit uses extensive safety methods to protect its network from malicious behavior. Google’s two-factor authentication is used to safeguard user profiles and avoid hackers. Users may activate 2FA by downloading the application. You may enable 2FA on the profiles by going to the “Security” area. Add the app’s 6-digit verification number or scan its QR code. Enter the access code, followed by Submit.

Anti-Phishing techniques are also supplied to customers as an added degree of security. It is also allowed under the “Security” area. Furthermore, the site keeps 96% of all money in cold vaults. It maintains the assets offshore, protecting them from unwanted access or computer hackers. The network also employs a Web application firewall, which assists in detecting and blocking hacker assaults.

To avoid financial fraud and monetary terrorism, WhiteBit employs a risk-based strategy. AML/CFT conformity ensures that all existing activities are tracked to spot any questionable behavior that differs from the user’s typical operations. This is done based on a qualitative evaluation. 

The user’s KYC & profile activities are considered while establishing the transaction’s legitimacy. First, the action is detected if it appears contradictory to the data accessible to the system. Then, a safety officer carefully reviews it before deciding whether to proceed with the transactions.

The organization guarantees that its workers are adequately informed and updated on all relevant regulations and network security protocols. Regular teaching is also provided to ensure that all employees are informed of new procedures the organization has implemented.

Account Opening With WhiteBIT Exchange

Complete these procedures, and the WhiteBIT profile will be set up, allowing you to participate in online trading more effectively.

Step 1: To get started, you must visit the WhiteBIT site and select the ‘register WhiteBIT Now’ button.

Step 2: Users must furnish their information to create the profile once they’ve followed through the second phase.

Step 3: The third step is to properly examine the terms of service and accept the network’s contract terms.

Step 4: When you hit the Sign-Up icon, the profile will be established on the site.

Step 5: Users will also receive the verification mail to the submitted e-mail address. 

Once done, you’re all set to get started with your own trading experience! 

Customer Satisfaction

WhiteBIT has a high rating of 4 stars out of 5 on Trustpilot. We can also report that 35% and 44% of the 550+ reviews are rated 5 stars and 4 stars, respectively, with relatively few negative reviews.

The innovative staking tool and the WhiteBIT mobile app are mentioned in almost all the reviews. Some reviews praised its security mechanism, but many others considered it highly user-friendly and intuitive.

This is a wonderful platform for everyone interested in investing in cryptocurrency, regardless of experience or education, and WhiteBIT will assure maximum client contentment.

WhiteBIT Vs. Competition

WhiteBIT is one of the most prominent crypto trading platforms when it comes to the multiple features and functionality that it has to offer! While the crypto trading platform is simple, it also has the tools that experienced professionals require. In addition, by introducing several earning methods around cryptos, the platform has the attention of all its competition. 

However, similar to the excellent pros of the platform, it also has its concerns, primarily around customer satisfaction. Therefore, if WhitBIT doesn’t seem to be the perfect platform for you, let’s evaluate its performance compared to KuCoin, one of its primary competitors, in the section below. 

WhiteBIT vs. KuCoin

Like WhiteBIT, Kucoin stands out as a leading cryptocurrency trading platform and ecosystem, consistently delivering the best trading experience. In addition, the platform is also focused on providing easy-to-use trading features. Overall, WhiteBIT and KuCoin have established a powerful presence in the digital asset ecosystem and come with an exhaustive collection of crypto assets. 

  1. Supported Cryptos: KuCoin takes the lead with 640+ crypto tokens, while WhiteBIT is a bit limited due to its limited crypto tokens. 
  2. Maker/Taker Fees: Both platforms have a similar maker/taker fee at around 0.10%, making them equal in this aspect. 
  3. Withdrawal fee: WhiteBIT charges a lower withdrawal fee, in comparison to the competition.

Looking at this insightful review concerning both platforms, we can say that both WitheBIT and KuCoin are competitive. Still, the former takes over the latter with multiple deposit methods, less withdrawal, and a better reputation for security, making WhiteBIT a clear winner in terms of competition. 

Final Verdict

Should You Consider Using WhiteBIT?

  • Instantly purchase cryptocurrencies: All cryptocurrency exchanges should prioritize allowing consumers to buy cryptocurrencies fast and easily. We live in a technologically sophisticated, quick, and efficient world in which practically anything can be done in seconds. 

So why not apply it to cryptocurrency? WhiteBIT appears to have had the same thinking since the site lets users purchase crypto products in moments.

Almost every prominent cryptocurrency may be purchased in seconds using card payments. 

  • Hundreds of cryptocurrency assets: WhiteBIT really hasn’t skimped on the number of cryptos available. While the number of cryptos available for purchase directly is limited, you may simply exchange your buy for any other commodity afterward. WhiteBIT provides over 400 crypto-to-crypto pairings.
  • Mobile apps available for iOS and Android: Although the WhiteBIT smartphone apps for android & Ios enable users to purchase cryptocurrencies, they are primarily intended for trading. It’s all available through the application, featuring comprehensive graphs with the ability to move among date stamps and employ indications. This implies you may exchange commodities from any place in the world without sacrificing your expertise.
  • Professional and beginner-friendly trading options: WhiteBIT understands that several traders are experienced while most are still discovering. Their platform offers traders two choices: Professional Trading and Basic Trading. 

Professional Trading helps consumers obtain information by adding extra tools and alternatives. Basic Trading reduces complexity and offers a basic, novice-friendly layout for less-experienced users. 

  • Multiply profits with margin trading: High leverage can provide several advantages to investors with scarce funds. Leverage can give you an edge by enabling you to double your earnings without investing much money. However, the danger of incurring losses is higher when matched to basic live trading.

WhiteBIT now provides traders with 5x leverage for leverage trading. That’s not even the biggest leverage available—some platforms provide up to 100x leverage—but you may still considerably double the earnings without putting the cash at many hazards.

  • Staking is available for countless assets: Traders may use WhiteBIT’s SMART Staking feature to stake their investments and earn from them. According to WhiteBIT, the greatest interest rate traders may make on just about any investment is around 28%, which is really outstanding. The finest part of WhitBIT’s staking is the diversity of assets available. Users don’t have to acquire items they don’t really want simply to stake them.

High leverage can provide several advantages to investors with scarce funds. Leverage can give you an edge by enabling you to double your earnings without investing much money. However, the danger of incurring losses is higher when matched to basic live trading.

  • Easy-to-understand exchange layout: For people who are not computer knowledgeable or aware of the sector’s sophisticated features and phrases, the complex innovation of cryptocurrency exchanges like WhiteBIT might be bewildering and daunting. However, WhiteBIT provides a fantastic, simple-to-use user experience.

The platform is well-designed with inexperienced market participants in consideration. The entire registration procedure takes a couple of minutes. Therefore, purchasing or exchanging digital currencies is not an overly complex process. Furthermore, each choice provided on the site is isolated from everyone else, making it apparent that you are just utilizing the alternatives you wish to use.

  • 40% commissions through referrals:  At WhiteBIT, you may make extra handouts by referring others. You receive 40% of the transaction fees paid by the referrals. Just make sure they use the specific referral code.

There is no restriction on the number of references you may bring. WhiteBIT has a calculator that will tell you approximately what you may earn from referrals based on the trading activity.

  • Great security features and account protection:  WhiteBIT complies with all KYC and other regulations and is committed to making its system safe. They say 96% of all crypto assets are housed in hardware wallets for added security. They employ a variety of techniques to identify intruders and vulnerabilities.

Shortcomings Of WhiteBit

  • Poor customer service: WhiteBIT’s consumer service is inadequate. Users cannot contact them by chat session, voice calls, or any quick, direct ways. You must write a detailed ticket outlining your issue and wait for a response.

When you’re fortunate, you could get a response within the next few hours, but this could take somebody another day or more to respond. So when WhiteBIT is serious about satisfying its clients, it must improve its client service.

  • There is no learning portal: WhiteBIT does not provide any educational aids, such as instructional material, articles, the flow of the business, or educational articles. To somehow start using WhiteBIT, you must be familiar with the fundamentals of buying and selling cryptos. Whenever you access the site, we propose that people study a few courses or study several blogs so that you don’t have any problems trading.

This WhiteBIT review covers all aspects of trading, fees, and functionalities you can access from the platform. Now that you’ve read until here, we hope you have an idea of whether or not you’d like to sign up for the platform. 

Overall, WhiteBIT seems to be an appealing option for both new and advanced traders, especially for all the output that it has to provide to the users. However, since every user’s requirement is unique, we suggest you do your research before signing up for any platform. 

FAQs

 What is the maximum leverage that I can use over the WhiteBIT platform?

The WhiteBIT platform allows users to utilize up to 1:20 leverage for their users in the platform! This way, users have a chance to capitalize on their earnings while ensuring that they get the maximum return on their investments.

 Can I trade in Forex pairs on the WhiteBIT crypto platform?

Currently, the WhiteBIT platform doesn’t support trading in Forex pairs. However, given the platform's rate, it won’t be long before we finally might have Forex trading as an option on it too.

 I am a US citizen, can I sign up with WhiteBIT?

Currently, the platform has limited its operations to US citizens, forbidding them from accessing the platform's services. Therefore, you might want to look out for your options.

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