WhiteBIT is a Lithuanian exchange that holds a European Exchange and Custody license. According to reports, the exchange has over 4 million users throughout Europe, Asia, and the Commonwealth of Independent States (CIS). WhiteBIT Exchange is among the largest European cryptocurrency exchanges in this field.
Let’s find out the information on the WhiteBIT exchange, its benefits and drawbacks, fee structure, how to sign up and other details in this article with Betomon.
What is WhiteBIT?
WhiteBIT is a Lithuanian exchange that holds a European Exchange and Custody authorization. The exchange currently serves more than 4 million customers across Europe, Asia, and the CIS countries.
WhiteBIT has a large daily spot trading volume of USD 352 million as of the latest research (18 January 2023). They were ranked number 38 on the global list of exchanges with the greatest 24-hour trading volume as of this date. Binance, with a spot trading volume of USD 15.6 billion, was unsurprisingly at the top of the list that day.
WhiteBIT Pros & Cons
WhiteBIT presents itself as a regulated cryptocurrency exchange providing tools for both beginners and expert traders. Additionally, they emphasize the proficiency of their Support staff.
However, there are other benefits to this platform as well. The exchange promotes a few key characteristics that they believe would benefit its customers, including customizable user interfaces and immediate order execution using a trading engine that can execute 10,000 transactions per second.
Furthermore, the platform provides a robust API and competitive fee structure (we will show you later in this post) as well.
Pros:
- Diversifies digital assets and trading pairs
- Supports multiple funding methods in a variety of fiat currencies
- Offers WhiteBIT Earn program
- Provides WhiteSwap decentralized exchange
Cons:
- Not accessible in some areas, such as the United States, Belarus, and Russia.
- Relatively new.
WhiteBIT Referral Program
We believe that the WhiteBIT Referral Program is an additional benefit that needs to be mentioned. You can get up to 50% of any trading fees that your referrals produce through this program.
To start making passive income, you just need to register here, send your friends your personal affiliate link, and rest. That’s how simple it is!
WhiteBIT Trading Tools
WhiteBIT provides Stop-Limit and Stop-Market orders for Spot trading along with Limit and Market orders but it does not support Conditional orders. In addition to Limit, Market, and Trigger-stop-market orders, Margin trading also offers OCO (One Cancelled Other) orders.
Users can stop losses when the market becomes significantly unpredictable by using Stop-Limit and Stop-Market orders.
OCO means that the second order is immediately canceled as soon as the first order is partially or fully completed.
With Conditional Orders, traders may reduce the risk by managing the market that influences the currency they are interested in.
WhiteBIT also offers Demo Token, a free tool enabling users to practice their trading strategies on the DBTC/DUSDT pair while learning the fundamentals of cryptocurrency trading.
On the WhiteBIT exchange, customers may trade futures on different currencies, including Bitcoin, Ethereum, XRP, LTC, and others.
Mobile Support
The WhiteBIT platform is accessible on both desktops and Apple and Android smartphones. Approximately 70% of traders in the cryptocurrency industry now execute trades on desktops. However, other individuals prefer to do it from their smartphones. If you’re one of those individuals, WhiteBIT might still be an option for you as it includes a native mobile app.
WhiteBIT API
WhiteBIT suggests REST APIs in both public and private domains. Public REST APIs offer market data such as the current order book, recent trading activity, and transaction history. Private REST APIs enable you to manage orders and funds.
WhiteBIT Trading View
You should decide which one is most appropriate for you as different exchanges present differing trading views. In general, they display the order book, or a least a part of it, a price chart of the selected cryptocurrency, and order history. Usually, buy and sell boxes are also available. The following is the spot trading interface on WhiteBIT:
Whether this above trading viewpoint is appropriate for you is a decision that only you can determine. Eventually, you may customize the trading view to fit your personal preferences using different setup options.
WhiteBIT Fees
WhiteBIT Trading fees
This exchange doesn’t charge separate fees for takers and makers. This company’s fee structure is referred to as a “flat fee model,” which means that it doesn’t matter whether you are a maker in the trade (someone who places an order that doesn’t currently have a taker in the order book) or a taker in the trade (who is grabbing a new order instantly)
Both takers and makers pay 0.10%, which is a rather competitive spot trading charge. According to a comprehensive analysis of this topic, the industry average for takers is 0.2294% and for makers is 0.1854%. The daily cost of borrowing and using funds for margin trading is 0.078%, which is competitive as well.
Some trading pairs also offer significantly lower costs. When you place an order, the precise amount will be displayed on the Live Trading page.
Withdrawal Limits
Withdrawal fees are determined by blockchain fees as well as asset prices. They could change without notification. Kindly update the details on the withdrawal page frequently.
Deposit Methods and Restricted Regions
Deposit Methods
More than 450 crypto and fiat trading pairs are supported by the exchange, including BTC/USD, BTC/USDT, and BTC/EUR. You may make deposits and withdrawals via Advcash, Geo-Pay, monobank, and Visa and MasterCard. The following fiat currencies can be traded: USD, UAH, EUR, KZT, TRY, GEL, GBP, PLN, CZK, BGN, and AUD.
This exchange is considered an “entry-level exchange” since it allows deposits in fiat currencies, which enables new cryptocurrency investors to make their first steps into the fascinating world of cryptocurrencies.
Restricted Regions
US investors are not yet able to trade on the WhiteBIT exchange. Additionally, investments from the following nations are not permitted:
Afghanistan, American Samoa, U.S. Virgin Islands, Territory of Guam, Iran, Yemen, Libya, State of Palestine, Puerto Rico, Somalia, the Democratic People’s Republic of Korea, The Northern Mariana Islands, Syria, Russian Federation, Republic of Belarus, Republic of Sudan, Transnistria, temporarily occupied territories of Georgia, Turkish Republic of Northern Cyprus, Western Sahara, Federal Republic of Ambazonia, Kosovo, South Sudan, and temporarily occupied regions of Ukraine.
What Cryptocurrencies Does WhiteBIT Support?
More than 350 trading pairs and over 270 crypto assets are supported by WhiteBIT. The following are some of the most popular assets available:
- Bitcoin (BTC)
- Ethereum (ETH)
- WhiteBIT Token (WBT)
- USD Tether (USDT)
- Cardano (ADA)
- Solana (SOL)
- Chainlink (LINK)
- Dogecoin (DOGE)
- Ripple (XRP)
- USD Coin (USDC)
- Litecoin (LTC)
- Avalanche (AVAX)
How to create an Account on WhiteBIT?
By following the procedures below, it’s become very easy to set up an account on the WhiteBIT Exchange.
- Visit WhiteBIT.com and click on the “Sign Up” button in the upper right corner. You may either download the app and start the process there.
2. Proceed by entering an email address and creating a password consisting of at least eight characters, containing at least one lowercase letter, one capital letter, one number, and one symbol. You may also submit a referral code( if any) at this step. Click “Continue” after ticking the two boxes.
3. Use the four-digit code provided to the email address you used to register for the account to confirm your email. After entering the code, select “Continue.”
4. You can then log in to your account, and the platform will request you to enable two-factor authentication (2FA). We advise adding 2FA to further safeguard your account, however you can choose not to implement it.
5. You may download a 2FA app on your phone if you haven’t already set up one. If you have, go directly to the next page and use your 2FA app to scan the QR code.
6. Once successfully set up 2FA, you’ll notice the floating
7. You will be asked to verify your identification after clicking “Continue”.
8. Similar to 2FA, you can skip this step, but it will limit the number of things you can do with your account, therefore, we recommend you carry out ID verification. To begin, click “Start Verification.”
9. Enter your country of residence then click “Start”.
10. You will next be required to provide personal details such as your name, address, and date of birth, assuming you are not in a prohibited country. After that, select “Next.”
11. You have to submit an identity document such as a driver’s license, national ID card, or passport. Select a type, then click “Next” to upload the document’s photos.
12. Taking a selfie is the final step in the ID verification process. After completed, you just need to wait for WhiteBIT to confirm the information you provided.
- You will now need to set up 2FA if you haven’t previously. You will be able to access all of your account’s features when WhiteBIT has completed verifying the details you submitted and you have enabled 2FA.
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