WhiteBIT is a new platform designed for traders who want to earn money on cryptocurrency . This platform offers several options for generating income, including a referral program. However, due to the fact that WhiteBIT entered the market relatively recently, many users have doubts about the reliability of the platform.
Content:
- What is WhiteBIT crypto exchange;
- The main advantages of the WhiteBIT exchange;
- WhiteBIT exchange web terminal and cryptocurrency exchange step by step;
- Verification conditions on the WhiteBIT crypto exchange;
- How to top up your balance and withdraw earnings from the WhiteBIT exchange;
- Crypto deposit from WhiteBIT;
- WhiteBIT exchange bonus programs;
- Regulation of the WhiteBIT crypto exchange;
- User Agreement;
- Helpdesk;
- Reviews of the WhiteBIT crypto exchange;
- Is WhiteBIT Crypto Exchange a Scam?
- Conclusion.
What is WhiteBIT crypto exchange
WhiteBIT is a new exchange that entered the market in 2018. The platform is designed for exchanging cryptocurrencies. WhiteBIT, according to customers, has a clear interface and provides legal services, which is confirmed by the relevant licenses.
The platform stands out from its peers in that it has managed to attract a large audience in a relatively short period of presence on the market. Part of the high demand for WhiteBIT services is due to the fact that the exchange supports several languages. Thanks to this, investors from different countries can conduct cryptocurrency transactions without wasting time searching for information about the features of the platform.
Despite this, WhiteBIT is focused on providing services to clients living in the CIS countries. The office of the company that owns the exchange is located in Lithuania. The main reason why the platform was registered in this country is the local legislation that is loyal to cryptocurrencies. Judging by the statements of the Estonian authorities, the attitude towards digital assets here will not change in the coming years. This suggests that even external factors will not affect the work of the exchange. Therefore, WhiteBIT can say that it offers reliable trading services.
The platform's popularity is facilitated by the availability of a wide range of digital assets. Users can conduct transactions with more than 330+ cryptocurrencies, including BTC , ETH , XRP , ADA, SOL and others:
The high popularity of WhiteBIT and the rapid expansion of its client base are also explained by the fact that the interface and functionality of the platform are in many ways similar to similar resources. But this platform offers several additional options. WhiteBIT provides investors with the opportunity to earn money on deposits. A special program, SMART Box, has been developed for this purpose. A separate function is provided for moving assets on the platform, with the help of which you can transfer cryptocurrencies from one account to another.
Among the advantages of the platform, traders highlight high performance. Built-in algorithms are capable of processing up to 10 thousand orders every second and a million TCP connections. Thanks to this feature, the probability of losing money due to a sharp change in the exchange rate is eliminated: the platform closes all transactions before this happens.
A simple trading platform has been developed for cryptocurrency trading, which users spend no more than 20 minutes studying. All available functions are located in convenient places: each instrument can be found very quickly.
Main advantages of the WhiteBIT exchange
The WhiteBIT trading platform allows you to conduct transactions with popular cryptocurrency pairs. Thanks to this, traders can always find a suitable asset to make a profit. WhiteBIT is characterized by a simple interface, even for novice speculators, which includes the following:
- a list of available assets displayed in a separate window;
- history of orders or previously completed transactions;
- chart for the selected cryptocurrency pair;
- window for opening orders to buy or sell.
WhiteBIT is a universal trading platform. It can be used both from a computer and from a mobile device, for which a special application has been developed. The latter has a similar set of functions. The application is adapted for iOS and Android devices.
The WhiteBIT trading platform stands out from its analogues with several features:
- user-friendly interface, understandable even for a novice trader;
- support for multiple languages, including Russian;
- high speed of order processing;
- no delays in executing applications;
- support for "live" chart;
- low transaction fees;
- a wide range of basic and additional functions that make trading easier and more convenient;
- support for popular payment systems.
An important feature of WhiteBIT is that the platform stores cryptocurrency in "cold" wallets. This minimizes the likelihood of hacking and theft of users' money. The platform developers have also implemented an anti-phishing system.
WhiteBIT exchange web terminal and cryptocurrency exchange step by step
The WhiteBIT exchange web terminal includes everything necessary for comfortable trading and contains:
- cup;
- schedule;
- window with trader balances;
- window with cryptocurrencies;
- transaction feed window;
- trading panel;
- window with trade statistics.
All panels are conveniently located, but only traders who speculate on prices with cryptocurrencies will use the terminal. Those people who just want to buy coins with a long-term perspective can use the exchange panel, which is more convenient. This separate section is designed for quick exchange of cryptocurrencies and is located on the main page of the exchange:
The exchange window differs from the rest of the site by its maximally simplified interface. This design was chosen so that any user, including those who have never carried out such operations, could immediately exchange coins.
To do this, you need to:
- Select the cryptocurrency for exchange from the list provided.
- Select the exchange direction (that is, the asset that you need to receive in exchange for cryptocurrency).
- Enter the number of coins and click "Exchange".
The operation usually takes place immediately. Exceptions may occur during periods of increased volatility .
Verification conditions on the WhiteBIT crypto exchange
Verification is an optional procedure for exchange clients. However, after fulfilling all the conditions offered by the platform, the trader removes the imposed restrictions. In particular, after passing verification, the limit on withdrawal of earnings increases, which is set at $100 by default. This procedure also simplifies the restoration of access to the account in case of loss of login and/or password.
To pass verification, you need to open the "Verification" section by clicking on the profile icon:
Next, you need to enter your personal data: last name and first name, date of birth, gender and full address of residence (country, city, etc.). This is the minimum amount of information that the client must provide. To remove all restrictions, you will have to go through the second stage of verification: provide the exchange with documents confirming your identity. These can be scans of your passport, driver's license or ID card.
But even after the last stage, the exchange does not remove all limits. To do this, you need to take a photo of your face, holding your passport (another identity document) and a sheet of paper with the inscription WhiteBIT, the current date and signature. The resulting photo must also be sent through the appropriate form. In short, the steps to verify your account look like this:
This data is sent to protect accounts from hacking and to prevent money laundering. After the verification procedure is completed, the exchange employees check the information provided. If necessary, specialists may request that certain documents be sent again. Therefore, several days to a week or more are allocated for completing the verification.
How to top up your balance and withdraw earnings from the WhiteBIT exchange
All transactions on WhiteBIT are recommended to be carried out after verification. To credit funds to the internal account, you need to go to the "Balance" tab, which appears when you hover over the profile icon. You can top up your balance in cryptocurrency or fiat money (dollars and other currencies). To credit funds, you will need:
- select the appropriate currency;
- click on the “Deposit” button located under the asset;
- copy the wallet address, which is generated automatically;
- Paste the address into the "Recipient Address" field.
Transfer of funds within the exchange is carried out instantly.
To deposit funds in fiat money, you need to:
- Select USD and click on "Deposit".
- Select the appropriate payment system from the list provided.
- Enter the transfer amount and click the “Request” button.
- Fill in all the fields in the new window and fulfill other conditions offered by the selected payment system.
Once this operation is completed, the money will be credited to the account. Such transactions are carried out instantly.
You can withdraw earnings from the crypto exchange balance through the section of the same name. But for this you will need:
- Select the type of currency in which the earnings will be withdrawn.
- Click on "Withdraw".
- In the new window, specify the wallet address to which the funds will be transferred and the amount.
- Click on “Request” and wait for payment confirmation.
Cryptocurrencies and fiat money are withdrawn according to the same scheme. In both cases, the exchange sets certain limits on such operations. Users who have recently opened an account can withdraw no more than $500 per day. For owners of advanced accounts, this limit increases to $100,000.
The exchange does not charge additional fees for replenishing the balance or withdrawing earnings. However, some payment systems charge a commission when conducting such transactions. The exchange charges 0.1% of the amount as a commission for each executed order.
Crypto deposit from WhiteBIT
For those who do not want to trade cryptocurrencies, but still want to receive passive income, there is a service on the WhiteBIT exchange platform called Cryptodeposit. It allows you to receive up to 19% per annum in cryptocurrency or stablecoins:
To start using smart staking, you need to follow three simple steps:
- top up the main balance;
- select the plan you like (10, 20, 30, 90, 180, 360 days);
- "stake" coins.
There is a huge number of cryptocurrencies to choose from for staking, starting with USDT and ending with BTC, ETH and other coins. The amount of time for staking is also flexible, and you can choose a period from 10 to 360 days, but it is worth understanding that the shorter the term, the lower the interest on the deposit will be. Therefore, if you want to get the maximum interest, then use the 360-day plan:
Note: When staking on the WhiteBIT crypto exchange, it is important to understand that you receive interest after the expiration of the selected plan. If you wish, you can withdraw funds earlier, but then you will not receive interest.
Bonus programs of WhiteBIT exchange
The exchange developers do not offer bonus programs yet. However, WhiteBIT clients can earn additional income if they take advantage of an additional cooperation condition. Each trader who registers on the exchange gets access to the referral program. For each invited user who not only creates his own account, but also carries out at least one transaction, WhiteBIT clients receive up to 50% of the platform's earnings.
Regulation of the WhiteBIT crypto exchange
The cryptocurrency market attracts the attention of many scammers. And given that this segment is not yet officially regulated in most countries, this opens up many opportunities for deceiving people. Therefore, before starting work with any platform that supports cryptocurrency transactions, it is recommended to familiarize yourself with the licenses on the basis of which the exchange operates. This information is published on official websites. The presence of a license often indicates that the platform offers reliable services.
The company that owns WhiteBIT is officially registered as a legal entity in Lithuania. That is, the activities of this company are regulated by local legislation. Additionally, the exchange is authorized in two more countries, the validity of which can be checked on the website of the relevant organization. This means that in case of violation of the terms of service, the relevant regulators may impose penalties. In addition, this may lead to the revocation of the license.
User Agreement
The user agreement provides information that determines the terms of cooperation between traders and the WhiteBIT exchange. Each user must familiarize themselves with the information provided before starting to work with the company. This is explained by the fact that even reliable exchanges can offer conditions that are not suitable for a particular person.
The user agreement states that WhiteBIT is not responsible for losses that clients incur in the context of cryptocurrency trading. This operation is always associated with certain risks. In particular, operations with coins are not regulated in most countries. Therefore, traders must bear the risks associated with a sharp change in the rate, the possible closure of certain projects that have issued digital assets, and other factors. That is, the exchange is responsible only for its activities. The trader must understand that any changes caused by the influence of external factors (including the introduction of a ban on cryptocurrency transactions at the state level) are the risk that each speculator bears.
WhiteBIT undertakes to provide services with due diligence. That is, the exchange must take all possible measures aimed at protecting customers. To do this, the platform uses available technical capabilities to save coins and fiat money on internal accounts. However, if the user is not registered on the exchange, the latter is only obliged to transfer data on transactions to a specific blockchain network. WhiteBIT is not responsible for losses incurred during cryptocurrency transactions, lost profits and other opportunities to the extent permitted by applicable law. Traders are also obliged to take risks associated with the possibility of data loss and indirect losses, provided that this does not contradict the rules of WhiteBIT Financial Company OU.
If the client does not comply with or improperly complies with the terms of cooperation, the exchange has the right to limit or completely block access to the account, including the money stored in the account. The platform usually informs users about these actions, explaining the reasons for the decision taken, as well as providing ways to remove restrictions.
Each client is responsible for the damage caused. This also includes the damage caused by the company to third parties or in connection with the violation of relevant legal provisions. In particular, clients are responsible for fraudulent actions. In such cases, the exchange may impose penalties, including for negative consequences that occurred due to the decisions of users. Similar penalties are provided for the actions of clients that are contrary to current legislation.
WhiteBIT is not responsible for failure to fulfill its obligations in cases where this is impossible due to force majeure circumstances. In particular, such situations include changes in legislation that limit the exchange's activities.
All services are provided on an "As is" basis. That is, the company makes efforts to maintain the functionality of the site and trading platform, but does not exclude the possibility of failures for various reasons. WhiteBIT is not responsible for losses incurred by speculators in such circumstances. That is, the company does not provide any guarantees that can protect traders from losses arising from failures and other disruptions in the operation of the site and trading platform. At the same time, the organizer undertakes to make reasonable efforts to ensure that such consequences do not arise.
WhiteBIT also has the right to suspend the operation of the site and trading platform for maintenance operations. Usually, the platform notifies about such actions in advance. But traders must agree that the exchange reserves the right not to notify about such operations in emergency circumstances.
Helpdesk
WhiteBIT strives to offer only high-quality services. Therefore, the platform promptly solves all emerging problems. For this purpose, there is a support service, which can be contacted by e-mail, built-in online chat or through social networks.
Reviews of WhiteBIT crypto exchange
WhiteBIT is a relatively new project, which, although it has an extensive customer base, has not yet become a major player. Therefore, there are few reviews about the platform on the Internet, but they exist:
This circumstance undermines the trust in WhiteBIT from novice traders. But the presence of licenses from well-known regulators and the experience of other speculators show that this platform is reliable.
Among the advantages of WhiteBIT, most clients highlight the user-friendly interface and low commission fees. However, the exchange does not have a demo account, which is inconvenient for novice speculators.
Is WhiteBIT Crypto Exchange a Scam?
Despite the fact that cryptocurrencies, as well as projects issuing such digital assets, have existed for a long time, many users are wary of this market segment. Most of the concerns are due to the fact that operations with coins are not regulated by law, which is why traders are forced to bear high risks and are constantly faced with fraudulent activities.
In this regard, new projects that appear on the market are often perceived as another scam. Therefore, it is not surprising that WhiteBIT, which only started working in 2018, is now treated with some caution. Concerns are also raised by the fact that the exchange was able to gain a large client base in a short period of time.
WhiteBIT is an officially registered trading platform, the activities of which are regulated by two third-party organizations (confirmed by the relevant licenses) and the legislation of Lithuania, where the platform is registered. That is, the activities of the exchange are strictly controlled, which eliminates the possibility of fraud on the part of the owners. At the same time, due to the fact that WhiteBIT appeared relatively recently, reviews of the platform are rare on the Internet. Therefore, some traders continue to consider the possibility of cooperation with the platform with caution. But those speculators who have already carried out several transactions on the exchange say that the latter always fulfills its obligations and does not limit the withdrawal of funds.
Conclusion
WhiteBIT is a young cryptocurrency exchange that has been operating since 2018. But despite this, the platform has managed to gain a large customer base, which proves the high reliability of the services offered. This is confirmed by the presence of two licenses issued by third-party regulators, as well as the official registration of the company of the same name in Lithuania. WhiteBIT offers favorable terms of cooperation and the ability to make transactions with more than 330+ currency pairs. The exchange offers a similar set of functions to its competitors and several additional options. However, in comparison with similar platforms, it is clear that WhiteBIT still needs some changes.
OPEN AN ACCOUNT ON THE WHITEBIT EXCHANGE
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