WHITEBIT DETAILED REVIEW
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WhiteBIT Review
What is WhiteBIT?
WhiteBIT is a centralized cryptocurrency exchange that offers a wide range of trading pairs and features to its users. It supports trading in both crypto-to-crypto and fiat-to-crypto pairs, and provides a user-friendly interface for buying, selling, and trading digital assets.
The exchange has a variety of order types, including limit and market orders, and also offers margin trading, which allows users to trade with leverage. Additionally, WhiteBIT supports staking of certain cryptocurrencies, which allows users to earn rewards for holding and supporting the network.
WhiteBIT also has its own native token, called WhiteBIT Token (WBT). This token can be used to pay for trading fees on the exchange at a discounted rate, as well as to participate in token buybacks and burns.
The exchange also claims to have security measures in place, such as two-factor authentication, cold storage, and DDoS protection, to help protect user’s assets.
It’s also worth mentioning that as a centralized exchange, WhiteBIT can have some level of control over the users assets as well as some regulatory risks and also some transparency issues in terms of company’s financial performance and team’s background. It’s crucial for users to do their own research and evaluate the platform before depositing their funds.
➔ Open your free trading account with WhiteBIT now
(Risk warning: 75.59% of retail CFD accounts lose)
Key Features & Advantages of WhiteBIT
WhiteBIT is a cryptocurrency exchange that offers a wide range of features and advantages to its users. Some of the key features and advantages of WhiteBIT include:
- Support for multiple cryptocurrencies: WhiteBIT supports trading of a wide variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many others.
- Advanced trading tools: WhiteBIT offers advanced trading tools such as margin trading, stop-loss orders, and take-profit orders to help users manage their positions more effectively.
- High security: WhiteBIT places a strong emphasis on security, using cold wallets to store a majority of the user funds and implementing two-factor authentication, SSL encryption and other security measures to protect user accounts.
- Low fees: WhiteBIT charges low trading fees and has competitive withdrawal fees to make it more affordable for traders to open and close positions.
- User-friendly Interface: The exchange’s website and trading platform are designed to be user-friendly, with clear, easy-to-use interfaces that make it easy for both experienced traders and new users to navigate.
- Multilingual Support: WhiteBIT offers its services in multiple languages such as English, Chinese, Japanese, Korean, etc, which makes it easier for users to use the platform in their preferred language.
- 24/7 customer support: The exchange offers 24/7 customer support through live chat, email, and phone, which can help users quickly resolve any issues they may encounter.
- High Liquidity: WhiteBIT has a high liquidity in its order book which helps ensure that traders can quickly and easily open and close positions.
- AML/KYC in place: WhiteBIT ensures compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations to prevent any financial crime.
It’s important to note that exchange features may change over time, so it is recommended to check WhiteBIT’s website for the most up-to-date information.
Negatives & Disadvantages of WhiteBIT
Like any centralized cryptocurrency exchange, WhiteBIT has some potential drawbacks that users should be aware of before using the platform.
One potential drawback is that WhiteBIT is a centralized platform, which means that it has control over the users’ assets and can make decisions on how to manage them. This can be a disadvantage in terms of transparency, security and account freezes in case of exchange’s bankruptcy or regulatory issues.
Another potential drawback is that as a centralized platform, WhiteBIT is subject to regulatory risks. Depending on the jurisdiction where the exchange operates, there may be restrictions on the types of assets that can be traded on the platform, or the exchange may need to comply with certain regulatory requirements.
Additionally, It has been reported that the exchange has faced some issues with its customer support. Some users have reported slow response times, unhelpful responses, or difficulty in getting issues resolved.
It is important to note that, despite these issues, WhiteBIT claims to have security measures in place to protect users’ assets, such as two-factor authentication and cold storage, but it is always important to be aware of potential risks and do your own research before depositing funds on an exchange.
➔ Open your free trading account with WhiteBIT now
(Risk warning: 75.59% of retail CFD accounts lose)
What Services does WhiteBIT Offer?
WhiteBIT is a cryptocurrency exchange that offers a variety of services to its users. Some of the main services offered by WhiteBIT include:
- Cryptocurrency trading: WhiteBIT allows users to buy and sell a wide variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many others. Users can place buy or sell orders on the exchange’s trading platform, which provides real-time pricing and market depth information.
- Margin trading: WhiteBIT offers margin trading, which allows users to trade with leverage, and increase their potential returns. However, it also increase the risk of potential loss.
- OTC Desk: WhiteBIT offers an OTC (over-the-counter) trading desk service for users who wish to trade large amounts of cryptocurrency without affecting the market price.
- Staking: WhiteBIT offers staking services for some cryptocurrencies which allows users to earn rewards for holding and supporting the network by keeping their coins in a “staking” wallet.
- Spot trading: WhiteBIT allows users to trade the cryptocurrency at the current market price.
- Instant buy/sell: WhiteBIT offers instant buy/sell options for some cryptocurrencies which allows users to quickly purchase or sell the selected coin without the need to go through the order book.
- Deposit & Withdrawals: WhiteBIT accepts multiple deposit options and allows users to withdraw their funds in multiple cryptocurrencies.
- APIs : WhiteBIT provides APIs which allows users to automate their trading or to build custom integrations with their trading platform.
It’s always recommended to check WhiteBIT’s website for the most up-to-date information on the services they offer and their terms and conditions.
WhiteBIT prides itself on offering a vast selection of cryptocurrencies for its users to trade with. It has a wide range of over 400 trading pairs, providing traders with a diverse range of options for their trading needs. The list of cryptocurrencies available on WhiteBIT includes but not limited to: BTC, ETH, XRP, SOL, SAND, MATIC, DOGE, BNB, DAI, TRX and BCH. This is simply a sample of what’s on offer, as the exchange continually adds and updates its offerings to stay current with the latest crypto projects and market trends in the blockchain industry. The platform also offer option to swap between assets for users to trade more efficiently.
➔ Open your free trading account with WhiteBIT now
(Risk warning: 75.59% of retail CFD accounts lose)
WhiteBIT offers mobile applications for iOS and Android devices, allowing users to trade cryptocurrencies on the go. The apps provide access to full-featured charts, allowing users to switch between time stamps and use indicators for technical analysis. This enables users to trade assets from anywhere without compromising on their trading experience.
The mobile apps can be downloaded from the App Store or Google Play and should work on most iOS and Android devices. If there are any issues with downloading the app on an Android device, WhiteBIT also provides an APK file that can be downloaded directly and installed manually. This allows users to start trading as soon as they download the WhiteBIT mobile app on a compatible device.
WhiteBIT caters to both professional and beginner traders by offering two options for trading: Pro Trade and Basic Trade. Pro Trade includes advanced features and options for experienced traders who want more control and insights into their trades. Basic Trade, on the other hand, has a simplified interface that is more beginner-friendly, allowing for easy order placement. Although Basic Trade has fewer options, it allows for efficient trading without overwhelming new users.
I would recommend starting with Basic Trade for new traders. This will give you the opportunity to familiarize yourself with the markets and movements before moving on to the more advanced Pro Trade option. This approach will help you reduce the risk of losing money while you learn to understand the markets better.
WhiteBIT’s Pro Trade option offers an advanced trading interface with a wide range of tools to support trading. One of the key features of the platform is its advanced trading charts, which provide a detailed overview of the market performance of a selected asset. These charts include information such as the highest and lowest value of the asset in the past 24 hours or during a selected time period, making it easy to track the performance of an asset over time. Additionally, the platform integrates various optional indicators that can be used to help evaluate future market conditions and possibilities.
The order book is also prominently displayed on the right panel of the platform, allowing traders to easily execute orders and manage their positions. The interface is clear and precise, making it easy for users to navigate and make trades efficiently. Overall, the Pro Trade option of WhiteBIT is equipped with necessary tools for professional traders to access and operate the market.
➔ Open your free trading account with WhiteBIT now
(Risk warning: 75.59% of retail CFD accounts lose)
WhiteBIT offers a massive affiliated peer-to-peer (P2P) trading platform, known as Bitcoin Global, that provides an alternative way to buy and sell digital assets. One of the advantages of P2P markets is that they offer a wider range of payment options compared to traditional cryptocurrency exchanges. This is particularly useful for users who want to buy assets using bank transfers or other payment methods that may not be supported by traditional exchanges.
The P2P market provided by WhiteBIT’s affiliate, Bitcoin Global, supports more than 100 currencies and over 50 payment methods. This allows users to find a seller that accepts a payment method that works for them. The P2P market is also available in more than 160 countries. Additionally, since the P2P market is affiliated with WhiteBIT, users can easily transfer funds between the two platforms without paying extra fees.
Note that the P2P market offered by WhiteBIT is not available on the WhiteBIT platform, instead it is a separate exchange, users have to register on Bitcoin Global separately. But since it is affiliated, you can easily transfer your funds between both platforms without paying extra charges.
WhiteBIT offers margin trading, a feature that can help traders increase their profits even with limited resources. Margin trading allows you to trade with leverage, essentially borrowing money from the exchange to make larger trades. This can result in greater profits, but it also increases the risk of losing money.
WhiteBIT currently offers 5x leverage for margin trading. While this leverage may not be as high as some other platforms, it is still a significant amount and can greatly increase profits without exposing your funds to as much risk as higher leverage levels. It’s important to note that before using margin trading feature, users should be familiar with the additional risks and have a good understanding of trading strategies and risk management.
WhiteBIT offers a feature called SMART Staking, which allows users to earn profits on their assets by staking them. According to the exchange, the highest interest rate that traders can earn on any asset is about 28%, which is a very competitive rate. One of the benefits of WhiteBIT’s staking feature is the variety of assets that can be staked, including popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Stellar (XLM), Chainlink (LINK), and TRON (TRX), as well as USDT, among others.
It’s important to note that the shortest staking plan available at WhiteBIT is ten days, but shorter staking periods will have lower returns. Before staking an asset, it’s important to carefully review the time period you are opting for and the returns you will be getting to make sure it aligns with your investment goals.
Overall, the staking feature is a great way for users to earn passive income on their assets and it provides a good amount of flexibility with the assets available for staking, it’s important to evaluate the returns and the period of staking that aligns with the users investment strategy.
➔ Open your free trading account with WhiteBIT now
(Risk warning: 75.59% of retail CFD accounts lose)
WhiteBIT’s exchange layout is designed to be user-friendly and easy to understand, making it accessible to all traders, regardless of their level of technical knowledge or experience in the crypto industry. The platform is intuitive and user-friendly, and the registration process is straightforward and takes only a few minutes.
WhiteBIT makes it simple and uncomplicated for traders to buy or trade crypto assets. The options available on the website are clearly separated and labeled, so users can easily find and use the features they need. This makes it easy for anyone to navigate the platform, even those who are new to the crypto space.
WhiteBIT has a referral program in place that allows users to earn money by referring others to the platform. By sharing a unique referral link, users can earn a commission of 40% on the trading fees paid by individuals who sign up for the exchange through their link.
There’s no cap on the number of referrals a user can bring, so the earning potential through this program is limitless. To help users gauge the potential earning through referrals, WhiteBIT also provides a calculator that shows the estimated earnings based on the referred user’s trading volume.
This referral program can be a great way to earn some passive income while promoting the platform. It’s important to keep in mind the terms and conditions of the referral program and also the fees structure of the exchange before sharing the referral link. It’s also important to follow laws and regulations on referral marketing and avoid any kind of unwanted or unauthorized promotion.
WhiteBIT prioritizes security and account protection on their platform, by meeting all know your customer (KYC) and anti-money laundering (AML) requirements. They use various security measures to protect users’ assets, including cold storage for 96% of digital assets to safeguard against potential hacking or breaches.
In addition to protecting assets, WhiteBIT also offers security measures for user accounts. Users can enable two-factor authentication and anti-phishing security mode to add an extra layer of protection to their account. They also have the ability to check their login sessions and locations to ensure that only authorized access to their account.
By having strong security and account protection measures in place, WhiteBIT provides users with peace of mind when it comes to the safety of their assets and personal information. It is important to note that no platform is completely immune to security risks, therefore users should always use unique and strong passwords, and avoid storing large amounts of assets in online wallets if they are not actively trading.
➔ Open your free trading account with WhiteBIT now
(Risk warning: 75.59% of retail CFD accounts lose)
Things I Don’t Like About WhiteBIT
WhiteBIT is a cryptocurrency exchange that offers a wide range of features and advantages to its users, however, like any other exchange it also has its downsides. Some of the things that users may not like about WhiteBIT include:
- Limited deposit options: WhiteBIT may not offer as many deposit options as other exchanges, which can make it more difficult for some users to fund their accounts.
- KYC/AML process might be too strict or lengthy: Some users may find the know-your-customer (KYC) and anti-money laundering (AML) verification process at WhiteBIT to be too strict or time-consuming, which could make it difficult for them to use the platform.
- Low trading volume: If an exchange does not have enough trading volume, it can be difficult for traders to find buyers or sellers for their positions, which can negatively impact their trading experience.
- Limited support for fiat currencies: Some users may prefer to trade with fiat currencies, and WhiteBIT may not support as many fiat currencies as other exchanges.
- Limited customer support: Some users may have issues with the exchange’s customer support, which could be slow to respond or not very helpful in resolving problems.
- Limited geographical coverage: Some countries may not be able to access WhiteBIT exchange, which can be a drawback for some users.
- Platform downtime or outages: Some users may experience issues with platform downtime or outages, which can disrupt their trading activities and cause frustration.
It’s worth noting that while these are some of the things that users may not like about WhiteBIT, the features and services offered by the exchange may vary. It’s always a good idea to check WhiteBIT’s website or contacting their customer support for the most up-to-date information on their services, terms and conditions.
WhiteBIT Fees
WhiteBIT Deposit Fees
WhiteBIT is a centralized cryptocurrency exchange, and like most exchanges, it charges deposit fees for some of the assets it supports. The fees vary depending on the asset being deposited and the deposit method used. Generally, deposit fees for cryptocurrency assets are lower than those for fiat assets.
As an example, as per the information present on their website on Jan 2021, for cryptocurrencies, deposits are free of charge for Bitcoin, Ethereum, and Litecoin, among others. While for Fiat currencies, deposit fees may vary depending on the payment method used, and it can be around 1.5%.
It is important to note that the fees may change over time, so it is best to check with the exchange directly or check their website for the most up-to-date fee information. Also, please note that some deposit methods can be subject to additional fees imposed by the payment processor, such as bank transfer fees.
➔ Open your free trading account with WhiteBIT now
(Risk warning: 75.59% of retail CFD accounts lose)
WhiteBIT Trading Fee
WhiteBIT, like most cryptocurrency exchanges, charges trading fees in order to operate and maintain its platform. The trading fee is a small percentage of the total value of a trade, which is taken from the trader when they execute a trade. WhiteBIT’s trading fee is based on the 30-day trading volume of the user and it can be reduced as the trading volume increases.
WhiteBIT offers one of the lowest trading fees in the industry, with most trading pairs having a trading fee of 0.1%. There is also a 0.05% discount fee for users who hold and use the platform’s native token (WBT).
It’s important to note that while trading fees can be an important consideration when choosing an exchange, they should not be the only factor that is considered. Other factors such as security, supported cryptocurrencies, trading tools, and customer support should also be taken into account when choosing an exchange. It’s always a good idea to check WhiteBIT’s website for the most up-to-date information on their trading fees, as they may change over time.
WhiteBIT Fiat Withdrawal Fees
WhiteBIT charges withdrawal fees for fiat currency withdrawals, the fees vary depending on the withdrawal method used, and it may also vary depending on the currency being withdrawn.
As per the information present on their website on Jan 2021, for fiat withdrawals, the fee for wire transfers is 0.5%, and the minimum withdrawal amount is 50 USD. For other payment method, the fee and the minimum withdrawal may vary, and it’s best to check directly with the exchange or check their website for the most up-to-date fee information. It’s important to note that some withdrawal methods may also be subject to additional fees imposed by the payment processor, such as bank transfer fees.
It is also worth mentioning that some exchanges, have a limit on the amount users can withdraw in fiat currency per day or per week, it is important to check the exchange’s policy regarding these limits before making a withdrawal.
In summary, while the fiat withdrawal fees on WhiteBIT may be relatively low, users should take into account any additional fees that may apply, as well as withdrawal limits, when making their withdrawal plans.
WhiteBIT Crypto Withdrawal Fees
WhiteBIT, like many other cryptocurrency exchanges, charges withdrawal fees in order to cover the costs associated with processing and sending transactions to the blockchain network. Withdrawal fees are generally a small fixed amount per transaction, or a small percentage of the total withdrawal amount.
WhiteBIT’s withdrawal fee varies depending on the cryptocurrency you wish to withdraw and the amount you withdraw. It can also change depending on the network fees of the blockchain network at that time.
To check the current withdrawal fee for your desired cryptocurrency, you should check the WhiteBIT website or contact their customer support. It’s also worth noting that withdrawal fees can vary over time, so it’s important to check for the most up-to-date information before making a withdrawal.
Some other cryptocurrency exchanges may offer lower or higher withdrawal fees, so it’s important to compare the withdrawal fees of different exchanges before choosing one to use. You should also take into account the trading fee and deposit fee when you are comparing the costs of different exchanges.
Pros and Cons of WhiteBIT
WhiteBIT is a centralized cryptocurrency exchange that offers a wide range of features and services to its users. Here are some of the pros and cons of using WhiteBIT:
Pros:
- Wide range of assets: WhiteBIT supports trading in a variety of cryptocurrencies and fiat currencies, providing users with a diverse selection of assets to trade.
- Advanced trading interface: The exchange offers a comprehensive trading interface with advanced charting tools and order types, providing traders with the necessary tools to evaluate market conditions and execute trades.
- P2P market affiliate: WhiteBIT has an affiliate exchange, Bitcoin Global, which offers a peer-to-peer (P2P) market where users can buy and sell digital assets using various payment methods.
- Staking: WhiteBIT offers a staking feature that allows users to earn profits on their assets by staking them.
- Referral program: WhiteBIT has a referral program that rewards users with a commission of 40% on the trading fees paid by individuals who sign up through their referral link.
- Security Measures: WhiteBIT provides security features to protect user’s assets and account such as cold storage, two-factor authentication and anti-phishing security mode
Cons:
- Centralized: WhiteBIT is a centralized exchange, which means that it has control over users’ assets, and it is subject to regulatory risks.
- Slow customer support: Some users have reported slow response times or difficulty in getting issues resolved with the platform’s customer support.
- Fees: While the fees on WhiteBIT are relatively low, users should be aware of the deposit and withdrawal fees that may apply, as well as withdrawal limits, when making their plans.
- KYC/AML: WhiteBIT has a strict policy on Know Your Customer (KYC) and Anti Money Laundering (AML), which may not be suitable for everyone
It’s crucial to keep in mind that while WhiteBIT may offer a wide range of features and services, it is important to research and evaluate the platform, including its fees, security measures, and reputation, before depositing funds.
➔ Open your free trading account with WhiteBIT now
(Risk warning: 75.59% of retail CFD accounts lose)
Verdict
WhiteBIT is a reputable cryptocurrency exchange that offers a wide range of features and advantages to its users. Some of the key features of WhiteBIT include:
- A large selection of cryptocurrencies available for trading.
- Margin trading with leverage and low trading fees.
- High level of security measures and encrypted user data.
- User-friendly interface and easy-to-understand exchange layout.
- 24/7 customer support, multilingual platform and mobile app.
On the other hand, there are also some potential downsides to using WhiteBIT, such as:
- Limited deposit options and low trading volume.
- Stringent KYC/AML process and limited support for fiat currencies.
- Geographical restrictions and Limited customer support.
- Platform downtime or outages.
Overall, WhiteBIT is a solid choice for cryptocurrency traders who are looking for an exchange with a wide variety of coins, low trading fees and a user-friendly interface. However, it is always a good idea to research and compare different exchanges before deciding which one is right for you. It’s important to consider the features that are most important to you, such as security, supported cryptocurrencies, trading tools, fees, customer support, and geographic location.
➔ Open your free trading account with WhiteBIT now
(Risk warning: 75.59% of retail CFD accounts lose)
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