WhiteBIT Review: Safety, Fees, Pros, and Cons

It’s time to take a look at a young but rapidly growing crypto exchange, WhiteBIT, that continues to move up in the ratings of trading platforms.

So, let’s talk about WhiteBIT. We have thoroughly studied the exchange’s functionality to tell you about its services, pros, and cons.

History of WhiteBIT

The history of the exchange began relatively recently, in 2018. The company was founded by entrepreneur Volodymyr Nosov, now its CEO, ain Kharkiv, Ukraine.

The platform acquired two European licenses and is actively developing its functionality and markets. It is now available in 150 countries, has over 2.5 million users, and is considered the largest crypto exchange in Europe.

Products and services

During its existence, the exchange has implemented a number of products available to crypto investors with different backgrounds and goals. We will briefly go through each of them, highlighting the main ones.

Basic trading

The trading interface of the exchange’s web version has two types: Basic trading and PRO Trade. Basic trading, as the name already implies, is intended for users just getting started with the platform and cryptocurrency in general.

On this page, you will find a chart, order book, and trading history of the selected trading pair. Here you can also switch to another trading pair and view the same data about it.

It is very convenient that you can view your Main and Trade balance on this page to manage your assets properly.

The pair chart has many settings, which will be difficult to list here. Among them, you can also find drawing tools that can help a lot in technical analysis.

Let’s move on to the main part. There are two blocks under the chart: for buying and selling the selected asset. Here you can choose one of 6 trading orders, fill in the fields indicating the asset amount and price, and confirm the application. You can find all your active orders right under these blocks.

In this section, as well as in PRO Trade and Margin trading, you can rearrange the blocks yourself, making the interface as convenient as possible for you.

The trading fee on WhiteBIT is only 0.01%. The number of trading pairs exceeds 400.

PRO trade

In the PRO version, only a few main blocks remain, and the rest are hidden in tabs. It helps professional traders to focus on the most important things, but it will be difficult for beginners to find what they need on the screen immediately.

Margin trading

The margin trading interface almost copies the PRO Trade section with a few exceptions. On this page, users can select the leverage, view additional information about fees, and use the calculator to find out the potential profit.

WhiteBIT now has up to 20x leverage available for margin trading, and the fee for using borrowed funds is 0.098%.

Exchange

It is a very convenient section for those who want to quickly and easily change cryptocurrency without delving into the process of creating orders. Users only need to select currencies, enter the amount of one of them and confirm the exchange. The operation is performed instantly at the market price.

P2P

For P2P trading, WhiteBIT has dedicated a separate platform, Bitcoin Global. You will need to create a separate account, after which you can directly trade with other users.

You can use the filter by choosing crypto, location, and payment method or post your own offer. During the trade, the assets are locked in a secure escrow system to avoid fraud by one of the parties.

Also, the P2P function is represented by WhiteBIT Codes, which users can generate and send to each other, thus transferring assets fee-free.

Futures trading

Futures appeared on WhiteBIT quite recently and are currently represented by the BTC/PERP pair. These are perpetual futures contracts with no precise expiration date and a special mechanism ensuring that the asset’s price in the futures market approaches the spot price.

Users can use leverage, and the fee for using borrowed funds is paid not to the exchange but to each other.

Trading competitions

This exchange really doesn’t forget to entertain its users. On WhiteBIT, several giveaways or contests for every taste are regularly running in parallel.

Trading competitions, which are held in partnership with various crypto projects, have gained particular popularity. Even a separate section for this activity was placed in the exchange app.

Everyone can show their trading skills in competitions by making the largest trading volume on a particular pair. Users who enter the Top-20 receive rewards in the project’s crypto, depending on their place in the ranking.

It is a good way to upgrade your skills and earn if a worthy reward is at stake.

Demo token

Some WhiteBIT products deserve special attention, as they are not common for every crypto exchange. Therefore, we decided to take a closer look at them, so that you do not overlook them among other services.

One of these products is the Demo Token. These are free tokens that you can use to practice trading and explore the exchange’s functionality. There are two types of Demo tokens: DBTC and DUSDT, representing demo versions of BTC and USDT, respectively.

You can get a Demo Token in the WhiteBIT Codes section and trade them on the DBTC/DUSDT pair in the Basic or PRO Trade section.

SMART staking

It is another outstanding exchange product that allows you to receive passive income in cryptocurrency with really high-interest rates.

It looks like an analog of a bank deposit. Users deposit funds on a SMART Staking plan and receive interest after the plan expires. Moreover, the plan can be canceled anytime, and the assets will return to the balance instantly. However, in this case, you will not make a profit.

The duration of plans can be 10, 20, 30, 90, 180, or 360 days, and interest rates can reach 30% a year. The longer you keep the funds, the higher the rate.

Let’s take a look at the interest rates on the most popular assets: USDT – 30% a year; BTC, ETH, SOL, XRP, DOGE – 28% a year.

As you see, they are much higher than most other platforms offer for staking. In essence, SMART Staking is crypto lending, and such high-interest rates are backed by funds from margin trading.

Perhaps, the only drawback is that you cannot re-deposit to the same plan until it expires. Though, this is fully offset by the availability of alternatives and high-interest rates.

Deposits and withdrawals

You can make deposits and withdrawals on WhiteBIT in both cryptocurrency and fiat. There are currently 4 national currencies available on the exchange: USD, EUR, UAH, and KZT. Besides, you can use over 30 fiat currencies for buying crypto with a credit card or e-wallet.

Users can withdraw assets to crypto wallets, e-wallets, bank cards, or use the exchanger.

There are no fees for deposits in almost all currencies. However, there are minimum deposit amounts that differ for various assets.

When withdrawing funds, you will face not only minimum withdrawal amounts but also withdrawal fees, which also vary for different assets. For example, the minimum withdrawal amount for USDT is 10 USDT, and the fee is 1 USDT.

Please note that operations with fiat currencies are only available to users who have passed identity verification. Also, for unverified users, the withdrawal limit is 2 BTC per day, and for verified ones, it is 100 BTC.

Regulation and headquarters

WhiteBIT has offices in 8 countries. WhiteBIT is regulated by European Exchange and Custody licenses.

Security

A high level of security is the real pride of WhiteBIT. It has an AAA rating, and the exchange enters the Top 3 safest trading platforms according to CER and the Top 2 best-secured exchanges based on an independent Hacken audit.

The exchange complies with the AML policy, and 96% of assets are stored in cold wallets. In addition, WhiteBIT provides many extra layers of security, from automatic logout to AML check of crypto addresses.

24/7 customer service

Support service is another advantage of the exchange. The customer support team reacts to messages and resolves issues in no time. You can also contact support in the WhiteBIT community chat, where the community managers will promptly and individually address any of your issues.

WhiteBIT customer support is available 24/7 and assists in over 8 languages.

WhiteBIT: pros and cons

Well, it’s time, to sum up, the advantages and disadvantages of the exchange, which we identified in the process of compiling this review.

Pros:

• High-security level;
• Low trading fees;
• Beginner-friendly interface of the Basic trading page;
• Passive income option with high interest;
• 400+ trading pairs;
• Demo Token to practice trading;
• Fiat gateway;
• Large trading volume and high liquidity.

Cons:

• No call center for customer support;
• Not enough pairs for margin and futures trading.

We hope this review was informative enough and helped you to decide whether it is worth trying to trade on WhiteBIT.