WhiteBIT Review 2023

WhiteBIT is one of the largest and most popular exchanges in Europe. It was founded in 2018 in Ukraine by Volodymyr Nosov, the company’s CEO. The exchange currently employs over 750 people responsible for providing client services and introducing new instruments.

The users of the exchange have access to a user-friendly trading platform for performing exchange transactions and more. The company covers 150 countries, providing services to more than 3 million users. WhiteBIT provides access to over 200 markets and 179 assets.

In terms of fiat money, the exchange supports 4 currencies, including USD, EUR, BGN, CZK, GBP, GEL, KZT, TRY, UAH, PLN (information source is Coinmarketcap). The exchange continues to develop rapidly, providing an increasing number of trading instruments for its clients.

WhiteBIT Rating

Total score	8,1
Commissions	9
Security and regulation	9
Markets	8
Passive income	7
Account opening	8
Deposit and withdrawal	8
Trading platforms	10
Analytics	8
Education	7
Customer support	8
Bonuses	7

WhiteBIT Pros and Cons

Basic information

The standard trading fee on WhiteBIT is lower than the market at only 0.1%, and for some pairs it is even lower. For margin trading, the daily fee does not exceed 0.078%. Overall, we established that the fees of the exchange are lower than average in the market.

Trading fees

The important advantage of the exchange is that all trading fees are fixed, which means they do not depend on the trading volume or other parameters. The only exception are certain pairs – users can find out information about it directly on the trading page. This model is more beneficial for users with small trading volumes, who do not wish to perform a large number of transactions in order to reduce fees.

Non-trading fees

This category includes cryptocurrency and fiat withdrawal fees. There are no fixed fees in this respect. If a user wants to withdraw cryptocurrency, the withdrawal fee will be different for each specific asset. For example, Ethereum withdrawal fee is 0.00367, Litecoin – 0.001 LTC. There are also cryptocurrencies that can be withdrawn for free, for example Kishimoto Inu, EROS, EarnX, etc.

A withdrawal fee is almost always paid for withdrawals of national currencies. The fee depends on the payment system that is being used. The highest fee is paid if you use AdvCash wallet – 1.5%. In all other cases, the withdrawal fee is not higher than 1%.

Average commission compared to competitors

Margin lending

For margin trading, WhiteBIT offers average level of fees and a rather high leverage – up to x20. This means that traders can execute transactions for an amount that is 20 times higher than their actual deposit.

It is important to consider the important specifics of cryptocurrency margin trading. You need to consider the high volatility of cryptocurrencies, which is much higher than fiat money. It means that a user will have to also face high risks. The yield, however, can also turn out to be through the roof. Observing the rules of risk management and an effective trading strategy will help you improve your earning chances.

The minimum order for margin trading on the platform is 0.0001 BTC. The daily fee for using funds in margin trading is fixed at 0.078%. The standard trading fee is 0.1%. This percentage cannot be considered very beneficial, especially if a user chooses a small leverage. A number of competitors offer lower fees, for example Binance charges from 0.0000% to 0.94% depending on the specifics of trading.

Reliability and securities are probably the most important issues for many users choosing a cryptocurrency exchange. Therefore, let’s discuss this topic further.

First, we need answers to the following questions:

• Is the company prepared to provide information about its place of registration?
• Does it hold an official license?

WhiteBIT is an official supplier of trading services. It is managed by a group of companies that are a part of WhiteBIT holding. You can find the full list of companies of the group in the User Agreement on the official website: www.whitebit.com/terms. UAB Clear White Technologies is the operating company of the holding. It is registered in the Republic of Lithuania. Under the law of this EU country, sale, exchange, storing and other transactions related to virtual assets are registered types of activity of the exchange.

As for the license, the information about it has changed in recent years. Initially, the exchange fulfilled all licensing conditions under the provisions of the law, and obtained a license for Providing a virtual currency service in the Republic of Estonia for Whitebit Financial Company OÜ. The license number: FVT000351.

However, at the moment, this company is not the main company of the WhiteBIT group, UAB Clear White Technologies is. Address: 26, J. Basanavičiaus Street, Vilnius, LT-03224 Republic of Lithuania. The company is the operator of WhiteBIT cryptocurrency exchange. The company is registered as a Virtual currency exchange operator and a Deposit virtual currency wallet operator, which is an analog of licensing.

In addition, CLEAR WHITE TECHNOLOGIES LIMITED based in Hong Kong provides services to the clients of the exchange. At that, this type of activity is not subject to licensing in that jurisdiction.

Once you’ve made sure that the exchange operates officially, you need to assess the security of user funds. The exchange employs the latest data security instruments, keeping personal information and assets of users reliably protected. There is no information about successful cases of user funds theft in open sources.

Two-factor authentication is one of the security mechanisms. In addition, many features of the exchange become available to clients only once he/she passes identity verification. This is a very important option, as it allows the exchange to quickly weed out fake accounts and provide a proper level of security for real users.

The exchange redirects practically all assets of the clients to cold wallets with no Internet access, which is the most secure way of storing cryptocurrency. At the same time, all trading transactions remain available to users at any time.

Asset variety is an undisputable advantage of WhiteBIT. Trading is available at basic and professional levels. At the same time, the conditions, for example fees, remain unchanged. Users also have access to the futures market, as well as passive income options, for example SMART lending.

In terms of altcoins, their choice can be considered average at 170 options. Users can choose popular types of cryptocurrencies, for example Ethereum, Litecoin, Ripple, as well as various little-known options with high volatility - Kusama, SuperFarm, etc.

Pros and cons of market diversity on WhiteBIT

WhiteBIT Markets

Cryptocurrencies (spot)

Practically all popular cryptocurrencies are available for users of the crypto exchange. Trading is offered on more than 200 trading pairs.

Notably, rare cryptocurrencies are very rare here, although there is a potential for them here, and a rather big one.

Cryptocurrencies (Futures)

In terms of futures, users can trade using only two currencies: BTC and USDT. The fee in this category is minimal, not even reaching 0.1%. Taker fee is 0.03% and maker fee is 0%. The leverage is standard for the platform at x20. In terms of the minimum order, it does not exceed 0.001 BTC. The minimum step is the same – 0.001 BTC.

Users are offered an opportunity to earn passive income on WhiteBIT through SMART lending. Under the program, you can earn up to 30% APY. The name may sound intimidating to a newcomer. However, this is just about storing cryptocurrencies at an interest. It is somewhat similar to a bank deposit, but you can earn higher income here at a higher price risk.

How does SMART lending work? Everything is simple:

• First, a user has to make a deposit.
• The next step is choosing one of the Plans available for storing funds at an interest.
• And then, you just comply with the conditions and earn comparatively low interest.

It is important to take into account the fact that income from lending is directly related to the chosen cryptocurrency. Therefore, a client of the exchange is recommended to review the entire page with available plans here: www.whitebit.com/smart-staking, and make the choice only then. The screenshot below shows how the interest changes depending on the chosen plan even for one currency.

Registering on the website of the exchange is a mandatory step that opens access to the features of the platform. It is very simple on WhiteBIT and takes no more than 20 minutes.

However, it is also important to consider that every user must pass verification. If you cannot perform such an operation, you will have to pass verification the standard way – send scanned copies of identity documents.

Residents of which countries can trade at the exchange

At the time when this review was prepared, the platform featured information on a number of countries and territories whose residents cannot trade on the exchange. The list includes the following: Afghanistan, American Samoa, the U.S. Virgin Islands, Guam, Iran, Yemen, Libya, Pakistan, 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. This information may change, but the updated list is always available directly in the registration form on the website of the exchange.

How to open an account on WhiteBIT:
a step-by-step guide

Below, the users will find information on how to register, which fields to fill out and how to do it, and what the specifics of verification are. The registration on the platform is performed as follows.

Step

1

First, click on Sign Up in the top right corner of any page.

Step

2

Next, you will see a short registration form. You will need to provide your email and also come up with a password. Note that there are certain requirements for the password: 8+ symbols, capital, lowercase, number, symbol.

Step

3

After that, a user needs to confirm their agreement with the User Agreement and Privacy Policy, as well as to confirm that he/she is not a resident of a country, where the exchange does not operate. All you need to do is tick the boxes.

Step

4

Once you’ve completed all the necessary steps, click Continue.

Step

5

Next, you need to solve a captcha – move a piece of a puzzle to complete the picture. Conditions may differ.

Step

6

The next step is confirming your e-mail. Enter the verification code sent to your e-email in the corresponding field on the screen.

Once you’ve confirmed your email, you will see the form for logging in. You will need to enter the information you’ve specified before, and repeat the captcha task. If your information is correct, your Personal Account will open automatically, and you will be able to start trading right away.

Minimum deposit

Account types

Once the registration is complete, a user receives access to their main account, which can be used for trading. However, for funding the account, a client will have to choose which deposit he/she would like to make (spot or margin), as the latter envisages additional use of borrowed funds.

Despite the fact that the platform does not offer a wide choice of payment systems for deposits and withdrawals, the most popular and convenient payment options are available. Often, users choose the option of performing transactions with a debit/credit card. It is quick, convenient and safe. In addition, traders do not need to register external wallets to transfer or receive a certain amount. As for fiat transactions, this option can indeed be considered the most convenient and beneficial one.

Electronic wallets can also be used for financial transactions with cryptocurrency. This payment option is mostly used by experienced clients of the exchange. As for GeoPay, this mechanism is not widely used at the moment, but it has a great potential to increase its popularity.

You can find the latest information on deposits and withdrawal here: www.whitebit.com/ru/system-page

Deposit and withdrawal options and processing time

Availability of all these options allows every user to choose the most convenient method to deposit and withdraw funds. Despite that there are exchanges that offer a wider choice of payment systems, the clients of the exchange are offered optimal fees, which helps avoid unnecessary expenses.

Official website of the exchange is the main WhiteBIT trading platform. All key instruments and options for executing financial transactions are available there. Traders can register, deposit and withdraw funds using their preferred method. Also, additional passive income options are also available on the website.

In addition to the main website, clients of the exchange can also perform the same operations using the mobile version or apps of the exchange.

Notably, usability of each of the platforms is rather high-level. Navigation is rather simple, and the design does not distract from the main tasks. All news and special offers are shown in a way that even a beginner can notice. For example, right now, the users that buy crypto through one of the mobile network operators can improve the conditions of their internet plan.

Pros and cons

Upon opening any of the markets, a user can view all required information to enable him to quickly understand the situation of a specific pair at the exchange.

In addition, unlike many other crypto exchanges, WhiteBIT immediately provides information on the minimum order, fees, etc. Below, you can see a screenshot of a standard page for basic trading through the web app of the exchange.

Comparison table of features

Trading platforms. Comparison with competitors

Trading platform specs

Since WhiteBIT operates in line with all of the latest trends, its platforms (web and mobile versions and the apps) are practically the same.

In each case, verification is also required. There are two reasons you can’t do without it:

• It provides access to key features of the platform;
• The exchange uses it to improve security.

As for the basic features of the exchange, they are also the same on all types of platforms. It is very convenient for those, who prefer to alternate between using the main or web version, as well as apps.

Probably every expert can say that the information on the website of the crypto exchange is provided quite briefly and concisely. Users can find more information in the Blog section. To access it, just click on the Blog button in the footer on the homepage. The blog features news of the exchange, its features and options, security, etc.

In addition, the exchange regularly publishes useful information about the cryptocurrency market. You can read it to make your trading more deliberate and profitable.

Pros and Cons

The easiest way to find educational materials on trading is to go to the Blog we mentioned above. Users of WhiteBIT can learn about what Markets are and peruse the section to make subsequent transactions profitable. The blog also provides comprehensive information about the fees, futures and other options.

In addition, novice traders can check out video tutorials. There are quite a few of them on the YouTube channel of the exchange.

The quality of WhiteBIT customer support service can be assessed as high. Clients are provided with several channels of contacting operators. You can write to one of the email addresses or use the Live chat (you can find the button at the bottom of the screen). Both options are available for registered and unregistered users.

If a client needs an urgent response to a question (for example, if he is having issues with registration), the live chat is the best option. In this case, a response will come within seconds. However, if the issue requires clarification or provision of confirming documents, it is better to send such a request to email. In this case, the response will not be as prompt, but the specialists of the exchange will be able to study the issue in detail and provide a full answer.

Communication channels:

You can contact technical support using following options:

• Live chat – button at the bottom of the screen on the exchange’s website;
• Email address: listing@whitebit.com and support@whitebit.com.

Also, clients of the exchange can use the FAQ section, which features answers to the most popular questions. Additionally, you can visit the social media pages of the crypto exchange. There you will be able to learn about news and latest trends, as well as get tips on how to use the platform services.

Customer support languages

Customer support service responds to queries in English, Japanese, Chinese, Russian, Ukrainian, Estonian, Spanish, Georgian, Turkish and German. At the same time, the methods for contacting the support service of the exchange always remain unchanged.

In addition to the standard set of services, the exchange has a number of bonus offers for its clients. At the moment, the exchange offers a referral program that allows those who ‘bring a friend’ to earn additional profit. The system works very simply.

Any user can get a special referral link, which you can use when you register on the website of the crypto exchange. You can publish this link anywhere: on your personal website, forum, as an ad or even on your social media. It is used to attract visitors of these resources, encourage them to register on the platform and become its users.

As soon as someone registers on the exchange using a referral link, the partner of the exchange (the person who posted the link) receives a specific bonus – up to 40% of the trading fees of the referred client. Accordingly, no effort is needed, but at the same time, you can earn quite a decent additional profit.