Getting Started with WhiteBIT Exchange
WhiteBIT is one of the most popular centralized crypto exchanges in the world. It has millions of users worldwide and is definitely one of the largest CEX in Europe. The history of the exchange starts back in 2018 and since then the company has not been involved in major scandals, prioritizing user safety and compatibility with the laws of major markets. WhiteBIT app is licensed to trade fiat and cryptocurrency assets, and the exchange itself features hundreds of different trading pairs for every taste and color.
In this WhiteBIT exchange review, you will learn about all the features of the platform and how to start trading without much effort. Ready to dive into cryptocurrency trading? Let us help.
Navigating WhiteBIT
WhiteBIT Exchange offers users dozens of different tools for trading, WhiteBIT staking, as well as analyzing and managing their crypto portfolio. Any self-respecting crypto-enthusiast has on his wallet WhitebBIT token, believing in the sustainable development of the project. In other words, it is not just a trading terminal, but a whole ecosystem with its own community and plans for the future.
Key components of the ecosystem include:
- Trading Terminal
- WhiteBIT Launchpad
- Crypto Loans
- WhiteBIT Coin (WhiteBIT Token)
- Whitechain
- WhiteSwap
- White.market
And actually this list can be extended further, but we have taken the most popular services and subprojects of WhiteBIT Exchange. Now let’s analyze them in detail.
WhiteBIT Trading Terminal
Most crypto-enthusiasts come to WhiteBIT for trading. Several options are available for users, ranging from simple swap (exchange of one asset for another at the current rate) and spot trading to margin orders and futures. Also within the trading terminal there are often held trading competitions, the prizes of which are impressive cash rewards.
WhiteBIT Launchpad
Cryptocurrencies are constantly evolving and are enriched by the arrival of new ideas. These ideas are logically embodied in projects that enter the market and start changing its landscape. However, without initial investments and support from major players, it can be hard to launch your product. That’s why WhiteBIT crypto Exchange launched its own Launchpad, where it shows promising projects and encourages users to become early investors by buying tokens.
So far, WhiteBIT Launchpad already has 2,483 registered users and 6 launched projects. The total amount of investments is $2,500,323.
WhiteBIT Crypto Loans
Don’t want to trade? No problem, lend your cryptocurrency to others at a nice interest rate. WhiteBIT Exchange allows its users to invest idle cryptocurrency at high interest rates (about 17% per annum on average).
The system also works the other way around. If you urgently need funds for trading, exchange or other needs, you can borrow them from WhiteBIT at low interest rates and pledge your current assets on the exchange.
WhiteBIT Coin
WhiteBIT coin is a native token of the exchange, which is used to receive bonuses during trading and use other components of the ecosystem. The main bonus for WBT holders is reduced commissions. Discounts have their own levels depending on the number of tokens on the balance. Here is a summary table of the current levels:
Level | WBT on main balance | Maker fee discount | Taker fee discount |
1 | 400 WBT ≈ 4,310 USDT | 10% | 5% |
2 | 1,000 WBT ≈ 10,775 USDT | 20% | 10% |
3 | 5,000 WBT ≈ 53,875 USDT | 40% | 15% |
4 | 10,000 WBT ≈ 107,750 USDT | 60% | 20% |
5 | 15,000 WBT ≈ 161,625 USDT | 80% | 25% |
6 | 30,000 WBT ≈ 323,250 USDT | 100% | 30% |
7 | 50,000 WBT ≈ 538,750 USDT | 100% | 35% |
8 | 100,000 WBT ≈ 1,077,500 USDT | 100% | 40% |
9 | 1,000,000 WBT ≈ 10,775,000 USDT | 100% | 70% |
10 | 3,000,000 WBT ≈ 32,325,000 USDT | 100% | 80% |
Other components of the ecosystem also have their own peculiarities and offer interesting opportunities for traders. However, researching them would take too much time, so we recommend that you familiarize yourself with them on the official WhiteBIT Exchange website.
The Basics of Trading on WhiteBIT
On WhiteBIT coin trading is easy and smooth. Thanks to years of development and evolution, the platform’s trading terminal is a convenient and easy-to-understand solution for beginners and experienced crypto-enthusiasts. Below you will find a step-by-step guide to your first exchange.
How to Make a WhiteBIT Deposit
WhiteBIT Exchange is constantly expanding the list of possible ways to replenish your account. At the moment, we can distinguish four main ways:
- Credit/Debit cards, SEPA, and other services
- P2P
- On-chain transfer
- Payment terminals
Credit/Debit Cards, SEPA, etc.
This is the easiest way to replenish your balance with national currency through different providers. All instructions are located in the interface and are shown to users after selecting the desired WhiteBIT deposit method. The only thing to keep in mind is that different providers cover different national currencies. For example SEPA – EUR; Visa/Mastercard – UAH, KZT; PayUnicard – GEL, USD, EUR; AdvCash – EUR, USD, TRY, GBP, KZT.
P2P Trading
P2P trading means that you can exchange your local currency on non-cryptocurrency accounts for cryptocurrency, which will be immediately credited to your account. Here, WhiteBIT serves only as a marketplace to ensure the security of the exchange and convenience of use.
On-chain Transfer
Users can fund their account by direct transfer within the blockchain from their own wallet or another exchange’s account. Everything works as simply as possible – on WhiteBIT you need to copy your wallet address, and on another account you need to paste it and send funds.
Payment Terminal
In some European countries, it is already possible to deposit WhiteBIT using payment terminals. However, the availability of such terminals in your location is not guaranteed.
Note: WhiteBIT withdrawal is done in the same way as depositing. Detailed instructions can also be found in the interface.
Making Your First Trade
Trading cryptocurrency is easy! Now we will show you how to make your first transaction in a few clicks:
- Transfer your funds to the trading balance. After replenishment, they will end up on the main balance, trading from which is not possible. To transfer, go to the main balance and click on the “Transfer” button next to the currency you are interested in
- Enter the amount and click “Confirm”
- Now click on “Trade” in the top navigation menu and select “Spot”
- Select any trading pair that contains the currency in which you will fund your balance
- Research the asset you are going to buy. On WhiteBIT token price and other information is placed right on the interface.
- Click on “Market Order” to create a buy order at the current price of the asset.
- Enter
- Click “Buy”.
Done! You have made your first cryptocurrency trade. Now you can continue building your portfolio or move on to other features like WhiteBIT staking or futures trading.
Safety and Reviews of WhiteBIT
WhiteBIT crypto exchange is a company with a big name and a good reputation. But how are things in the technical part of user security? In brief, it is good.
The company has a license from the European Union regulators and also complies with all Anti-money Laundering laws. In addition, like most centralized cryptocurrency exchanges, WhiteBIT has mandatory KYC verification. All of these practices allow us to say that traders using the platform do not risk losing their funds due to negligence or security breaches.
Checking WhiteBIT Trustpilot Reviews for User Opinions
WhiteBIT Trustpilot review is one way to read opinions from real users. The average rating of a company on the service is 3 out of 5 based on 316 reviews. This seems questionable, however, let’s delve deeper into these feedbacks.
45% of users have rated the company with a score of just 1. But most of these reviews accuse the WhiteBIT app’s team of things that have nothing to do with problems with the exchange itself. For example, withdrawal problems, changes in policies and rules, or delays in verifying transactions. In fact, much of the negative user experience might not have happened if traders had read the rules of using the platform more often.
At the same time, 43% of users rated the company with 5 points. And here most of them emphasize the features of the platform itself. This emphasizes the quality of the technical component of trading on WhiteBIT.
Interestingly, the support service responded to 100% of negative comments on WhiteBIT Trustpilot. And tried to help each user with problems.
WhiteBIT Crypto Exchange Security Features
WhiteBIT crypto exchange takes the safety of its users seriously. Therefore, the team has prepared a number of protective measures designed to ensure the safety of traders’ funds. For example:
- Two-factor authentication (2FA). This feature helps to prevent your account from unauthorized logins
- Anti-phishing. WhiteBIT checks every transaction to ensure it won’t go to unhealthy crypto wallets seen in frauds
- Address management. And in contrary, platform allows traders to have a list of trusted wallets which are totally safe to interact with
- Passkey. Another layer of security, which is aimed at preventing hackers from accessing traders’ accounts
- Identity verification. KYC allows all traders to feel safe and sure about WhiteBIT won’t be shut down the next day because of money-laundering activities
- Device management. If a trader has some concerns about the current security status, they can cancel all opened sessions or track devices and close the one which is unknown to the owner.
So, as you see, WhiteBIT crypto exchange has dozens of strong security features, which boost the level of traders’ confidence.
The Verdict Is…
WhiteBIT has established itself as one of the most popular centralized crypto exchanges globally, providing a robust and secure platform for users. With its focus on compliance with European regulations, numerous trading options, and a growing ecosystem, WhiteBIT app appeals to both beginner and seasoned traders alike. The platform’s user-friendly interface, variety of trading tools, and unique features like the WhiteBIT Launchpad and crypto loans make it an excellent choice for those seeking a comprehensive trading experience. Despite a few downsides, such as limited communication channels and a lack of advanced educational resources,
WhiteBIT continues to be a reliable exchange with a strong reputation in the market. If you’re looking for a secure, feature-rich, and easy-to-navigate crypto exchange, WhiteBIT might be the ideal choice for you.
Here’s the summary of our WhiteBIT Exchange ranking:
Pros | Cons |
Wide variety of trading pairs, including fiat and crypto assets | Communication limited to website and email |
Licensed and compliant with European regulations | No advanced training resources beyond Crypto Lending |
Offers various trading options, including spot, margin, and futures trading | |
Features a native token (WBT) that offers discounts and benefits for holders | |
Secure platform with strong security measures like 2FA and anti-phishing protections |
FAQ
WhiteBIT offers a competitive flat fee structure of 0.10% for both makers and takers. Additionally, for margin trading and borrowing, the platform charges a daily fee of 0.0585%.
To make a WhiteBIT withdrawal, navigate to the “Total” or “Main” balance page and find the asset you want to withdraw. Then, click the “Withdraw” button next to the asset, which will take you to a separate withdrawal page. Select your preferred method, network, and address type (if applicable). Check the details in the confirmation window and enter the security codes sent to your email and authenticator app. Then, press the confirmation button.
Yes, WhiteBIT offers multiple customer support options: Voice Support is available 24/7 in English (call is charged according to your mobile operator’s rates), and WhiteBIT Help Center is accessible via the “Help” section, users can submit requests, view the status of their inquiries, or use the chatbot for real-time support.
WhiteBIT Coin (WBT) is the utility token of WhiteBIT, the largest European cryptocurrency exchange. Established in 2018, WhiteBIT has grown to over 3 million users worldwide, and WBT holders can access various benefits, such as reduced trading fees and ecosystem privileges.