What is WhiteBIT?
WhiteBIT is an exchange from Lithuania with a European Exchange and Custody license. The exchange allegedly has over 4 million users in Europe, Asia, and the CIS countries.
On the date of last updating this review (18 January 2023), WhiteBIT had a decent 24 hour spot trading volume: USD 352 million. On this date, it placed them at place no. 38 on the list of the exchanges in the world with the highest 24 hour trading volume. Unsurprisingly, Binance was topping the list that day (as any other day) with a spot trading volume of USD 15.6 billion.
WhiteBIT Advantages
WhiteBIT markets itself as a licensed crypto exchange with features for both new and professional traders. Also, they highlight the competence of their Support team.
But that’s not all of the promoted advantages of this platform. The platform also emphasizes a few other features that they find helpful for its users. A few of these is that the user interface is customizable, orders are executed instantly through the help of a trading engine performing 10,000 trades per second.
In addition, fees are competitive (more on that below), and the platform offers a strong API.
WhiteBIT Referral Program
Another advantage that we feel deserves to be mentioned separately is the WhiteBIT Referral Program. Through this program, you can get up to 50% of all trading fees generated by your referrals.
Simply create an account here, share your personalized affiliate link with your friends, and you can just sit back and enjoy your passive earnings. It’s as easy as that!
Tools
Aside from Limit and Market Orders, WhiteBIT has Stop-Limit and Stop-Market Orders on Spot trading – but – it does not have Conditional orders. OCO (One Cancelled Other) orders are available on Margin trading, which also includes Limit and Market.
Stop-Limit and Stop-Market Orders allow users to prevent losses when the market is too volatile.
OCO means that as soon as one of the orders is partially or completely executed, the second order is automatically canceled.
WhiteBIT also has Demo Token, a free tool that helps users to learn the basics of crypto trading and test their strategies on the DBTC/DUSDT pair.
Futures trading let users trade futures on Bitcoin, Ethereum, XRP, LTC and others on the WhiteBIT exchange.
Mobile Support
The WhiteBIT platform is not only available for desktops, but also for Android and Apple mobile phones. Most traders in the crypto world today carry out their trades via desktop (around 70% or so). However, there are naturally people out there that want to do it from their smartphones as well. If you’re one of those people, then WhiteBIT can still be for you, seeing as it has a native mobile application.
API
WhiteBIT provides both public and private REST APIs. Public REST APIs provide such market data as the current order book, recent trading activity, and trade history. Private REST APIs allow you to manage both orders and funds.
Pros of trading with WhiteBIT
It supports large trading volumes, high liquidity, and a multilevel security system.
It offers basic trading for beginners, spot and margin trading, P2P exchanger, and a free multi-currency account with a variety of options for depositing/withdrawing funds, such as e-wallets, bank cards, and transfers.
WhiteBIT is highly focused when it comes to security and offers many features, such as two-factor authentication, anti-phishing measures, and an insurance fund of up to $30 million.
Cons of trading with WhiteBIT
Communication with the Exchange is only through the website and email; there is no call center or alternative methods of prompt communication.
WhiteBIT is not available to users in the US and several other regions due to regularity issues.
Commissions and fees
It generally charges low trading fees of around 0.10%. The platform charges a commission when withdrawing funds. The commission is fixed and depends only on the type of assets.
Withdrawal Limits
Withdrawal fees depend on blockchain fees and the price of an asset. They can be changed without notice. Always check the information on the withdrawal page.
Deposit Methods and Restricted Jurisdictions
Deposit Methods
The exchange supports 450+ trading pairs with crypto and fiat, including BTC/USD, BTC/USDT, and BTC/EUR. Deposits and withdrawals are possible with Visa and MasterCard, as well as Advcash, Geo-Pay, monobank. The fiat currencies available for trading are USD, UAH, EUR, KZT, TRY, GEL, GBP, PLN, CZK, BGN, and AUD.
The fact that fiat currency deposits are permitted at all also makes this exchange an “entry-level exchange”, meaning an exchange where new crypto investors can take their first steps into the exciting crypto world.
Restricted Jurisdictions
At the moment, WhiteBIT does not allow US investors to trade on the exchange. Neither are investors from any of the following countries allowed:
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 territories of Ukraine.
However, if you are not from any of the countries listed above, try it out!
WhiteBit Exchange Review: Conclusion
WhiteBit Exchange is one of the strongest apps, particularly for those to whom security and low fees come first. The features provided by the platform serve both beginners and experienced traders. It is a very strong choice for those who are looking to get involved in cryptocurrency, as it is a user-friendly platform that is worth your time. Read Shimining and feel-mining review
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