Introduction
WhiteBIT exchange is one of the largest European crypto-to-fiat exchanges from Ukraine. As an entity that is grounded on the belief that blockchain technology is the future, the exchange endeavors to expand the horizons of the cryptocurrency community. Hence, the exchange is spread across a lot of countries in the world to serve more than 5 million users.
WhiteBIT meets the highest security requirements and is among the world’s top cryptocurrency exchanges in terms of reliability, with the high ratings according to audits by Hacken.io and the certification platform CER.live.
It gives its users more than just a safe environment. It is a centralized cryptocurrency exchange with approximately 600+ trading pairs on different markets, margin, and futures trading with up to 10x and up to 100x leverage. It provides users with an intuitive interface, a handy mobile app, passive income tools, and low trading fees.
Moreover, the platform has its own coin called WhiteBIT coin (WBT). Those holding these tokens will be eligible to receive benefits.
Table of contents
WhiteBIT Exchange Details
| Website | https://whitebit.com/ |
| Available on mobile | Yes |
| Number of supported coins/tokens | 300 |
| Number of supported trading pairs (spot, futures, margin) | 600+ |
| Native asset | WhiteBIT Coin (WBT) |
| Supported fiat currency | 9 |
| CEO | Volodymyr Nosov |
| HQ Location | Lithuania |
| Company Owner | Volodymyr Nosov |
History Overview
Volodymyr Nosov founded WhiteBIT in 2018, in Ukraine. In 2019, WhiteBIT launched a mobile app and other ecosystem products — Bitcoin Global, Whitechain, White Market, WhiteEx, GnCrypto, ByHi etc.
Since the beginning of 2022, the exchange has concluded numerous partnerships with Ukrainian government authorities and companies abroad and has started expanding to other countries.
As of press time, the company has offices in 8 countries worldwide and supports 13 languages.
a. Platform Interface
WhiteBIT has a flexible desktop interface that enables the users to set up all the elements according to the user’s desired order.
The app has an intuitive layout, containing all the tools for convenient trading on the go. WhiteBIT is compatible on iOS, and Android-based devices. Hence, the WhiteBIT widget allows users to easily keep track of trading pairs.
b. Key Features and Functions
WhiteBIT ecosystem consists of the following:
- WhiteSwap, a DEX
- Bitcoin Global, a P2P exchange
- Whitepay, a crypto payment processing solution for businesses
- WhiteEX, physical cards, usable for deposits on the WhiteBIT exchange
- Whitechain, fast, secure blockchain platform
- White Market: decentralized NFT marketplace
- GnCrypto: Global cryptocurrency news portal
The platform itself offers Spot, Futures, and Margin trading tools. Besides, users can make a passive income by holding the assets on WhiteBIT Earn.
Quick Exchange
The interface helps to exchange cryptocurrency in other crypto or fiat at the current market rate and vice versa.
Spot and Margin Trading
Spot trading allows buying and selling crypto assets for the user’s available funds. Margin trading on WhiteBIT allows customers to borrow the exchange’s funds for bigger profits. The possible leverage values are 1x, 2x, 3x, 5x, and 10x.
Orders
The platform has five orders with Limit, Market, Stop Limit, Multi-Limit, and Stop Market orders available for both Spot and Margin Trading. There is also an OCO order available only if trading with leverage. As a rule, the minimum order sum is 5,05 USDT. Yet, it can change depending on the asset chosen.
Derivatives
WhiteBIT provides perpetual futures contracts, which enable users to speculate on the asset’s prices without an ending date. The platform calculates the funding rate and makes settlements in USDT every 8 hours. There are more than 150 pairs on offer, including BTC-PERP, ETH-PERP, ADA-PERP, XRP-PERP
Crypto Lending
WhiteBIT’s Crypto Lending is a service that allows users to lend their cryptocurrency assets and earn interest over time. It provides a flexible way to grow digital holdings without active trading, with various term options and competitive interest rates. This product offers a secure and straightforward method to make passive income from idle crypto assets. WhiteBIT Crypto Lending allows to lend crypto assets to the exchange with returns ranging from 0.23% to 18.64%. You can choose deposit terms of 10, 20, 30, 90, 180, or 360 days. This is one of the most competitive offers on the global market.
Crypto Borrow
WhiteBIT Crypto Borrow allows to borrow digital assets for any period to use for trading, transfers, or withdrawals. Available assets on the Collateral Balance act as a pledge. The loan is activated when assets are transferred from the Collateral Balance, with fees calculated from the moment of transfer. To repay the loan, simply return the borrowed assets plus fees to your Collateral Balance.
Demo Token
This is a free asset that helps to explore WhiteBIT trading possibilities without the need to deposit real funds. Users can trade and transfer it to other traders.
WhiteBIT Codes
WhiteBIT codes is an instant and free way to transfer funds to other WhiteBIT traders. For that, the alphanumeric code is generated. WhiteBIT Codes are integrated into the ecosystem, so all ecosystem products accept WhiteBIT Codes.
Referral Program
Inviting friends can bring 40% of their trading fees monthly, which can be increased up to 50% for owning the platform’s native token, WBT.
WhiteBIT Token (WBT)
The platform has its native asset, WhiteBIT Coin (WBT). Those who hold and own the coin can use valuable bonuses to make trading handier and more profitable. These include reduced trading fees, free AML checks through the exchange’s website page, free ETH and ERC20 token withdrawals, and increased referral rates.
c. Supported Cryptocurrencies
WhiteBIT hosts approximately 500+ trading pairs on spot, 150+ trading pairs on futures market and over 300 assets, including 6 stablecoins and 9 fiat currencies: EUR, USD, UAH, KZT, GEL, PLN, GBP,, BGN and TRY. Stablecoins are DAI, USDT, TUSD, EURT, BRZ, and USDC.
Apart from Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and others, WhiteBIT provides access to all popular cryptocurrencies, continuously expanding the choice by listing new projects.
d. Supported Fiat Currencies on WhiteBIT exchange
WhiteBIT exchange supports 9+ fiat currencies including US Dollar, Euro, etc.
e. Trading Fees
WhiteBIT provides trading on favorable terms, as the fee never exceeds 0.1%. Due to holding or owning the exchange’s native coin, it’s possible to get rid of the maker’s fee completely and get up to a 90% discount on the taker’s fee.
The fee for using the funds for trading with leverage also doesn’t exceed 0.1% and is paid only if at least part of an order is executed.
f. Accepted Payment Methods
The exchange customers can simply deposit money directly from their bank cards in EUR and USD via Checkout.com. Checkout.com is a digital payment platform with end-to-end cloud payments.
To ensure even more convenient services, WhiteBIT cooperates with Mercuryo and Utorg. They are the trusted fiat gateways that allow people to buy crypto directly for fiat. Both solutions help purchase digital assets already for 25 fiat currencies.
Depositing is available via AdvCash, GeoPay, SEPA, PayUnicard, NixMoney, Visa, and Mastercard bank cards. The fees depend on the payment method, ranging from 1 to 3.5%.
Support Team
WhiteBIT’s support team is ready to help and solve customers via chat around the clock. Users can reach the support team from the app and the browser version. The answers to queries come within a couple of minutes.
Safety and Security
According to an audit by Hacken.io, WhiteBIT meets the high security standards and ranks among the top most reliable exchanges. It also passes regular audits.
The company scrutinizes users’ security. They can turn on 2FA for additional account protection and enable anti-phishing code to validate the incoming technical emails from the exchange.
There is also a whitelist, which allows working only with chosen addresses. If it’s turned on, sending crypto to addresses apart from the ones in a whitelist is impossible.
Achievements
In the last quarter of 2022, WhiteBIT released its own coin, WhiteBIT Coin (firstly – token). The exchange received the high ratings according to audits by Hacken.io and the certification platform CER.live. WhiteBIT has established official partnerships with prominent organizations such as the Ukrainian national football team, FC Trabzonspor, the Ministry of Digital Transformation, and the National University of Kyiv-Mohyla Academy. Additionally, it has partnered with Cryptology, Metalist 1925, BIHUB, and Lifecell. Notably, FC Barcelona, ESL Faceit, and VISA are recommended as part of a global shortlist, underscoring WhiteBIT’s commitment to establishing strong affiliations in the industry.
Pros and Cons
WhiteBIT is a centralized cryptocurrency exchange that boasts a high level of security and a range of features that appeal to novice and experienced traders. Following are the pros and cons of the exchange.
Pros
- Up to 0.1% trading fees can be additionally reduced by holding or owning WBT
- Adjustable up to 100x leverage
- Over 300+ assets and approximately 600+ trading pairs on offer
- Perpetual futures trading with one of the lowest market fees
- Convenient mobile app with all necessary trading tools
- High-level security
Cons
- Supports only 10 fiat currencies
- No possibility to trade without KYC
Final Score
- Services offered: 4/5
- Cryptocurrency support: 4/5
- Fees: 4/5
- Security: 4/5
- Review Score: 4/5
Summary
To sum up, WhiteBIT is a centralized cryptocurrency exchange that offers a variety of features for both novice and experienced traders. The platform has several advantages: low trading fees, an adjustable leverage of up to 100x, a wide selection of assets and trading pairs, low-cost perpetual futures trading, a user-friendly mobile app, and robust security measures.
However, the platform has some drawbacks such as support for only six fiat currencies, limited leverage options, mandatory KYC for all transactions, and a lack of direct support channels.
Overall, WhiteBIT is a good choice for traders who prioritize security and are looking for various trading options.
FAQs
The exchange requires a person’s data: ID documents, name, age, residence address, and selfie with documents. After sending the data, the exchange’s support team considers it and gives a decision within 24 hours.
Depositing is possible through AdvCash, GeoPay, SEPA, PayUnicard, NixMoney, Visa, and Mastercard bank cards.
The trading fee is at most 0.1%. It’s possible to reduce the trading fee even more if a user holds or owns the platform’s native token, WhiteBIT Token (WBT). The discount can go as high as 90% for takers and 100% for makers.
Currently, the exchange supports 10 fiat currencies: EUR, USD, UAH, KZT, GEL, and TRY.
The exchange doesn’t provide its services to citizens or residents of the following countries and territories: Afghanistan, American Samoa, the U.S. Virgin Islands, Guam, Iran, Yemen, Libya, Palestine, Puerto Rico, Somalia, North Korea, the Northern Mariana Islands, the USA, Syria, Sudan, South Sudan, Transnistria, the temporarily occupied territories of Georgia, Nagorno-Karabakh, Northern Cyprus, Western Sahara, Ambazonia, Kosovo, Republic of Belarus, Russian Federation, and the temporarily occupied territories of Ukraine.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
