WhiteBIT Review 2024

WhiteBIT is a Ukrainian cryptocurrency exchange founded in 2018, currently processing an average of $2.5B trading volume on a daily basis. This number, in addition to some security measures such as 96% of assets being kept on cold wallets, makes it seem like a reliable and trustworthy exchange, but is it really safe? In this WhiteBIT review, we will delve into its features and weaknesses, and see if it's secure for your funds.

WhiteBIT; Company Information + Regulation

WhiteBIT is a centralized crypto exchange led by Volodymyr Nosov as CEO. Now registered in Lithuania, this centralized exchange has expanded its reach to serve over 4 million users across more than 190 countries. With an impressive daily trading volume, the company has cemented its position as one of Europe's largest crypto exchanges. WhiteBIT operates under the EU's legal framework, and is licensed in multiple countries, including:

• Spain
• Poland
• Czech Republic
• Bulgaria
• Lithuania

WhiteBIT Specifics Table

In this part of the article, we provide a summary table including main features and parameters of the exchange for you. Table of specifics:

WhiteBIT User Levels Features

This exchange offers a tiered user level structure that rewards active traders with reduced fees and exclusive privileges namely "VIP Program". Reaching the 1^st VIP level and achieving higher statuses is possible through reaching certain levels of trading volume and average balance. Here's a breakdown of the main user levels and their benefits:

Fees and Commissions on WhiteBIT

Commissions and costs on this exchange are relatively low, considering the average amount in the industry. Here's a detailed breakdown of the fees you can expect:

Spot Trading Fees:

• Standard fee: 0.1% (maker and taker)
• Discounts available based on 30-day trading volume and WBT holdings
• Maximum discount: Up to 80% for takers and 100% for makers

Futures Trading Fees:

• Standard fee: 0.035% (taker), 0.01% (maker)

Margin Trading Fees:

• Daily interest rate: 0.0585%

Withdrawal Fees:

• Vary by cryptocurrency (e.g., 0.0005 BTC for Bitcoin withdrawals)
• Some free withdrawals available for WBT token holders

Futures and Margin Trading: Main Specifics

For traders looking for more potential profits in exchange for more risk, WhiteBIT offers both futures and margin trading options.

Futures Trading:

• Perpetual contracts with no expiration date
• Leverage up to 100x
• Lower fees compared to spot trading
• Available for major cryptocurrencies like BTC, ETH, and XRP

Margin Trading:

• Leverage up to 10x for spot trading
• Cross-margin mode available
• Ability to long or short various crypto pairs

WhiteBIT provides risk management tools like stop-loss and take-profit orders for minimizing the possibility of fund losses.

Registration and Verification on WhiteBIT Exchange: Complete Guide

Getting started on WhiteBIT is a straightforward process. Here's a step-by-step guide to registering and verifying your account:

1. Visit the WhiteBIT website and click "Sign Up"

2. Enter your email address and create a suitable password
3. Agree to the terms of service and click "Continue"
4. Confirm your email address by providing the code sent to your inbox

Afterwards, begin the KYC (Know Your Customer) verification process:

• Submit your personal information (name, date of birth, address)
• Upload a valid government-issued ID (passport, driver's license, etc.)
• Submit a selfie holding your ID and a handwritten note with the date and "WhiteBIT"

Once verified, you'll have full access to the exchange's features, including higher deposit and withdrawal limits. The exchange offers multiple verification levels, with higher levels granting additional benefits and higher limits.

Platforms and Applications Available on WhiteBIT

Same as many other cryptocurrency exchanges, WhiteBIT offers a proprietary platform for trading assets. This facility is accessible through iOS & Android apps, as well as browsers. Through this platform, you can access useful features including advanced chart, 24/7 customer service, top security, passive income services, etc. WhiteBIT Mobile App Links:

• Android
• iOS

Also, the company offers trading through TradingView, a popular chart analysis platform suitable for traders. Download Links:

• Android
• iOS
• Windows
• Linux
• MacOS

WhiteBIT Security & Safety Measures

When it comes to crypto platforms, security is a vital factor for users and institutions. The mentioned exchange has taken several measures for safety of funds and data:

• Cold Storage: 96% of user funds are stored in offline, cold wallets to prevent hacking attempts;
• Two-Factor Authentication (2FA): Adding an extra layer of security beside of the passcode/password;
• Web Application Firewall (WAF): used for detecting and blocking malicious traffic;
• Withdrawal Address Whitelisting: Users can restrict withdrawals to pre-approved addresses only;
• Security Audits: Done by Hacken, a cybersecurity firm, for security assessment and detecting vulnerabilities

WhiteBIT Payment Methods

The exchange supports fiat deposits for those interested. It provides deposits and withdrawals via a number of options, including:

• Bank Transfer: SEPA for EUR, SWIFT for other currencies:
• Credit/Debit Cards: Visa/Mastercard
• Third-party Payment Processors: Advcash, PayUnicard, NixMoney
• Cryptocurrencies: Digital Wallets/other exchanges

WhiteBIT Trust Scores and Evaluations

This exchange has garnered generally positive reviews and trust scores from various evaluation platforms, including, but not limited to the CoinGecko. These ratings are from both users and experts:

• Trustpilot: 3 out of 5, based on over 310 reviews

• CoinGecko: 8/10, evaluated based on the platform's algorithms

While WhiteBIT has strong trust scores from industry evaluators, it's important to note that user experiences can vary. The exchange has shown a commitment to addressing user concerns and continuously improving its services.

Exchange Support: Working Time and Contact Info

WhiteBIT offers 24/7 customer support to assist users with any issues or queries. You can contact the team by these methods:

• Live Chat: Available directly on the WhiteBIT website
• Email Support: support@whitebit.com
• Ticket System: Accessible through the user's account
• Phone Call: +380 44 339 59 96

Response times may vary depending on the complexity of the issue and current support volume.

Copy Trading Services and Investment Options on WhiteBIT

The exchange offers innovative investment options for users looking to diversify their trading strategies:

Staking Services:

• Earn passive income via staking supported tokens;
• Various lock-up periods available with different APY rates.

Lending Platform:

• Lend your digital assets to earn interest;
• Borrow against your crypto holdings.

Token Sales and Launchpad:

• Participate in initial exchange offerings (IEOs) for new projects;
• Exclusive access for WBT token holders.

These services provide WhiteBIT users with diverse options to potentially increase their crypto holdings beyond traditional spot trading.

Writer's opinion and conclusion

WhiteBIT exchange is a reliable European exchange founded in 2018, with several security measures such as Hacken.io cybersecurity audits, using cold storage, and Web Application Firewall. In conclusion, it's a suitable exchange for users, especially risk-oriented traders, since it provides margin trading and futures contracts. However, thorough research is always essential before getting started with a new platform.