WhiteBit cryptocurrency exchange: how to trade, review, reviews

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WhiteBit crypto exchange review

WhiteBit is a new platform designed for traders who want to make money on cryptocurrency . This site 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.

OFFICIAL SITE WHITEBIT

Content:

What is WhiteBit crypto exchange

WhiteBit is a new exchange that entered the market in 2019. The platform is intended for exchanging cryptocurrencies. WhiteBit, according to clients, has a clear interface and provides legal services, which is confirmed by the appropriate licenses.

official site

The platform stands out from its analogues in that it has been able to attract a large audience in a relatively short period of presence on the market. Part of the high demand for WhiteBit’s services is due to the fact that the exchange supports multiple languages. Thanks to this, investors from different countries can conduct transactions with cryptocurrencies without wasting time searching for information about the specifics of the site’s operation.

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 Estonia. The main reason why the platform was registered in this country is local legislation that is friendly 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 operation of the exchange. Therefore, WhiteBit can say that it offers reliable trading services.

The popularity of the site is facilitated by the presence of a wide range of digital assets. Users can conduct transactions with more than 150 cryptocurrencies, including BTC , ETH , XRP , ADA, SOL and others:

coin rates

The high popularity of WhiteBit and the rapid expansion of its client base is also explained by the fact that the interface and functionality of the site 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 SMART Box program has been developed for this purpose. To move assets on the site, a separate function is provided, with which you can transfer cryptocurrencies from one account to a second.

Among the advantages of the site, traders highlight high productivity. Built-in algorithms are capable of processing up to 10 thousand orders every second and a million TCP connections. Thanks to this feature, the possibility of losing money due to a sharp change in exchange rates 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 learning. All available functions are located in convenient places: each tool can be found very quickly.

The 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 for even 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 buy or sell orders.

WhiteBit is a universal trading platform. You can use it 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.

android app

The WhiteBit trading platform stands out from its analogues in several ways:

convenient interface, understandable even for a novice trader;
support for several languages, including Russian;
high speed of order processing;
no delays in the execution of orders;
support for “live” schedule;
low transaction fees;
a wide range of basic and additional functions that make trading simpler and more convenient;
support for popular payment systems.

An important feature of WhiteBit is that the site stores cryptocurrency in “cold” wallets. This minimizes the likelihood of hacking and theft of user money. The platform developers also implemented an anti-phishing system.

WhiteBit exchange web terminal and cryptocurrency exchange step by step

The WhiteBit exchange web terminal includes everything you need for comfortable trading and contains:

cup;
schedule;
window with trader balances;
window with cryptocurrencies;
deal feed window;
trading panel;
window with trading 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 for the long term 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:

cryptocurrency exchange

The exchange window differs from the rest of the site in having the most simplified interface. This design was chosen so that any user, including those who have never carried out such transactions, could immediately exchange coins.

To do this you need:

Select a cryptocurrency for exchange from the proposed list.
Select the direction of exchange (that is, the asset that you want to receive in exchange for cryptocurrency).
Enter the number of coins and click “Exchange”.

The operation usually takes place immediately. There may be exceptions in moments of increased volatility .

Verification conditions on the WhiteBit crypto exchange

Verification is an optional procedure for exchange clients. However, after fulfilling all the conditions proposed by the platform, the trader removes the imposed restrictions. In particular, after passing verification, the limit on withdrawal of earnings increases, which by default is set at $100. This procedure also simplifies the restoration of access to your account in case of loss of your login and/or password.

To undergo verification, you must open the “Verification” section by clicking on the profile icon:

account verification

Next, you need to enter 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 a 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 next to your passport (another identity document) and a sheet with the inscription WhiteBit, the current date and signature. The resulting photo must also be sent through the appropriate form. Briefly, the steps to verify your account look like this:

steps to complete verification

This data is sent to protect accounts from hacking and to prevent money laundering. After completing the verification procedure, exchange employees check the information provided. If necessary, specialists may request that certain documents be resent. Therefore, it takes from several days to a week or more to complete 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 is completed. To credit money to your 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 deposit funds you will need:

select the appropriate currency;
click on the “Deposit” button located under the asset;
copy the wallet address that is generated automatically;
insert the address into the “Recipient Address” field.

replenishment of cryptocurrencies on the Whitebit exchange

Transfer of funds within the exchange is carried out instantly.

To deposit funds in fiat money you need:

Select USD and click on “Deposit”.
Select a suitable payment system from the list provided.
Enter the transfer amount and click on the “Request” button.
Fill out 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 your account. Such transactions are carried out instantly.

fiat account replenishment

You can withdraw earnings from the balance of the crypto exchange through the section of the same name. But for this you will need:

Select the type of currency in which earnings will be withdrawn.
Click on “Output”.
In the new window, indicate the address of the wallet 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 restrictions on such transactions. Users who have recently opened an account can withdraw no more than $500 per day. For advanced account holders, this limit increases to $100 thousand.

The exchange does not charge additional fees for replenishing your balance or withdrawing earnings. However, some payment systems charge a commission for such transactions. The exchange charges 0.1% of the amount as a commission for each executed order.

SMART staking from WhiteBIT

For those who do not want to trade cryptocurrencies, but still want to receive passive income, there is a service called SMART staking on the WhiteBIT exchange platform. It allows you to receive up to 30% per annum in cryptocurrency or stablecoins:

smart staking

To start using smart staking, you need to follow three simple steps:

top up your main balance;
choose the plan you like (10, 20, 30, 90, 180, 360 days);
“stake” coins.

There are simply a huge number of cryptocurrencies to choose from for staking, starting from USDT and downloading 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 you should understand that the shorter the period, the lower the interest on the deposit. Therefore, if you want to get the maximum percentage, then use the 360-day plan:

staking plans

Note: When staking on the WhiteBIT crypto exchange, it is important to understand that you receive interest after the selected plan expires. If you wish, you can withdraw funds earlier, but then you will not receive interest.

WhiteBit exchange bonus programs

The exchange developers do not yet offer bonus programs. However, WhiteBit clients can receive additional income if they take advantage of the additional terms of cooperation. Every trader who registers on the exchange gets access to the referral program. For each invited user who not only created his own account, but also carried out at least one operation, WhiteBit clients receive up to 40% of the site’s earnings:

whitebit referral program

Regulation of the WhiteBit crypto exchange

The cryptocurrency market attracts the attention of many scammers. And given the fact that this segment is not yet officially regulated in most countries, this opens up many opportunities for deceiving people. Therefore, before starting to work with any platform that supports transactions with cryptocurrencies, it is recommended that you familiarize yourself with the licenses on the basis of which the exchange operates. This information is published on official websites. Having a license often indicates that the platform offers reliable services.

The company that owns WhiteBit is officially registered as a legal entity in Estonia. That is, the activities of this company are regulated by local legislation. Additionally, the exchange has issued 2 European licenses, the validity of which can be checked on the website of the relevant organization. This means that if the terms of service are violated, the relevant regulators may impose penalties. In addition, this may result in license revocation.

Terms of use

The user agreement contains information defining the terms of cooperation between traders and the WhiteBit exchange. Each user must familiarize themselves with the information provided before working 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 as part of cryptocurrency trading. This operation is always associated with certain risks. In particular, coin transactions are not regulated in most countries. Therefore, traders themselves must bear the risks associated with a sharp change in the exchange rate, the possible closure of certain projects that 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 external factors (including the introduction of a ban on transactions with cryptocurrency at the state level) are a risk that every speculator bears.

risk warning

WhiteBit undertakes to provide the services with due diligence. That is, the exchange must take all possible measures aimed at protecting clients. To do this, the site uses available technical capabilities to store coins and fiat money in internal accounts. However, if the user is not registered on the exchange, then the latter undertakes only to transfer data about completed transactions to a specific blockchain network. WhiteBit is not responsible for losses incurred during transactions with cryptocurrencies, lost profits and other opportunities to the extent permitted by applicable law. Traders are also required 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 fulfill or improperly fulfills the terms of cooperation, then the exchange has the right to limit or completely block access to the account, including the money stored in the account. The site usually informs users about these actions, explaining the reasons for the decision, as well as providing ways to remove restrictions.

Each customer is responsible for any damage caused. This also includes the damage caused by the company to third parties or in connection with violation of relevant legislation. In particular, customers are responsible for fraudulent activities. In such cases, the exchange may impose penalties, including for negative consequences that occurred due to user decisions. Similar penalties are provided for actions of clients that violate current legislation.

WhiteBit is not responsible for failure to fulfill its obligations in cases where this is impossible due to force majeure. In particular, such situations include changes in legislation that limit the activities of the exchange.

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 irregularities 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 to carry out maintenance operations. Typically, the site informs about such actions in advance. But traders must agree that the exchange reserves the right not to notify of such transactions in emergency circumstances.

Support

WhiteBit strives to offer only quality services. Therefore, the site quickly solves all problems that arise. For this purpose, there is a support service that can be contacted by email, built-in online chat or through social networks.

Reviews of the 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 site on the Internet, but they exist:

whitebit reviews

This circumstance undermines the confidence in WhiteBit on the part of novice traders. But the availability of licenses from well-known regulators and the experience of other speculators show that this site is reliable.

Among the advantages of WhiteBite, 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 that produce similar 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 transactions with coins are not regulated by law, and therefore traders are forced to bear high risks and are also 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 operating in 2019, is now viewed with some caution. Another concern is the fact that the exchange was able to gain a large customer 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 appropriate licenses) and the legislation of Estonia, in which 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 about the platform are rarely found on the Internet. Therefore, some traders continue to cautiously consider the possibility of cooperation with the platform. But those speculators who have already carried out several operations 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 2019. But despite this, the platform was able 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 Estonia. WhiteBit offers favorable terms of cooperation and the ability to make transactions with more than 150 currency pairs. The exchange offers a similar set of functions to its competitors and several additional options. However, in comparison with similar sites, it is clear that WhiteBit still needs some changes.

OPEN AN ACCOUNT ON THE WHITEBIT EXCHANGE