WhiteBIT Review

WhiteBIT Review

Daniel Chan

March 6, 2022

Cryptocurrency

What is WhiteBIT?

WhiteBIT is a centralized cryptocurrency exchange operating in 190 countries. The company was started in 2018, and as of now, it serves more than two million users from around the globe.

 WhiteBIT employs over 350 workers to provide a secure crypto gateway to countless traders and investors. it complies with both KYC and AML requirements and offers secure storage and insurance. They claim that their main goal is to achieve the mass adoption of blockchain technology and expand it as much as they can.

  • Web Address: www.whitebit.com
  • Main Location: Hong Kong
  • Cryptocurrencies: BTC, ETH, BCH, BNB, TRX, DAI and many more
  • Fiat Currencies:  USD, EUR, ZAR, JPY, IDR, GHS, MXN & more
  • Deposit Methods: VISA Card, MasterCard, Advcash, Perfect Money, Qiwi, Yandex, Interkassa, Mercuryo, Cryptocurrency
  • Deposit Fees: Varies
  • Trading Fees: 0.10%
  • Mobile App: Yes

My Overall Thoughts on WhiteBIT

WhiteBIT is a great cryptocurrency platform. It has all the necessary features and options to buy and trade efficiently. Along with the standard spot trading, WhiteBIT offers margin trading, with up to five times the leverage. With their professional, customizable trading platform, users can make their trading even more successful. But the platform also serves simple investors, offering the purchase of crypto assets directly with a credit or debit card.

In addition to the aspects above, there are many things I like about WhiteBIT. But if I had to summarize the three things that I genuinely love the most, they would be as follows:

1) WhiteBIT offers a variety of crypto assets:  WhiteBIT has more than 400 trading pairs available. This allows traders to experience diversity not only in assets but in markets too. As for the direct purchase of cryptocurrencies, users can buy almost all of the popular assets right away. If an asset is not available, users can swap it later on.

2) The platform has beginner-friendly and professional-grade trading:  Whether you are a beginner or a professional trader, you can get started with WhiteBIT right away. WhiteBit offers standard trading that is relatively easier to understand, as well as professional trading with numerous options.

3) Users can stake with great returns:  You can earn up to 28% APY on many assets if you lock them up for 360 days. This rate of return is rarely found in the crypto market. This is just another reason why I love WhiteBIT.

A couple of areas where WhiteBIT needs a little work are their customer support and educational content for new traders. While not a big deal, having better features in these areas can enhance the user experience.

Key Features & Advantages of WhiteBIT

WhiteBIT is designed to fulfill the needs of both traders and investors quite efficiently. Traders have access to several markets with the option to trade in full pro mode, while investors can buy crypto assets within seconds. And thanks to the quick swap option on the platform, it is even easier for traders and investors to swap fiat or cryptocurrencies.

In other words, WhiteBIT is an excellent choice for modern trading and investing. For a more in-depth explanation of the features and advantages of using WhiteBIT, check out the list below:

Negatives & Disadvantages of WhiteBIT

While WhiteBIT is unquestionably a great crypto exchange, it has some flaws. I also discuss these below in more detail.

What Services does WhiteBIT Offer?

WhiteBIT carries some of the greatest features a crypto exchange could have, including premium security, compliance with laws and regulations, trading options, and buying opportunities. Countless users also benefit from the variety of fiat currencies and payment methods that WhiteBIT accepts. I discuss these and other features and services of WhiteBIT below.

Buy cryptocurrencies instantly:  Letting users buy cryptocurrencies quickly and without hassle should be the priority of all crypto exchanges. We live in an advanced, fast, and efficient era, where almost everything can be done within seconds. So why not extend that to crypto? It seems WhiteBIT thought the same thing, as the platform allows users to buy crypto assets in mere seconds.

You can purchase almost any of the popular cryptocurrencies in seconds with credit or debit cards. Other payment methods might take a few extra minutes, but the process will still be fast and relatively efficient. The option to buy cryptocurrencies is not buried in complicated features. With a single click, you can access your balances and find the option to buy crypto assets right away.

Hundreds of crypto assets:  WhiteBIT has not compromised on the variety of cryptocurrencies they offer. While the selection of cryptocurrencies you can buy directly is meager, you can swap your purchase quite easily with any other asset you want later on.

WhiteBIT offers more than 400 trading pairs. This gives traders massive diversity when it comes to their trading needs. Below is a sampling of crypto assets that are available at WhiteBIT:

  • BTC
  • ETH
  • XRP
  • SOL
  • SAND
  • MATIC
  • DOGE
  • BNB
  • DAI
  • TRX
  • BCH

This is simply a glimpse—there are hundreds of other assets available. WhiteBIT also constantly adds and replaces crypto assets to keep up with the latest crypto projects and offer what is trending in the blockchain industry.

Mobile apps available for iOS and Android:  While the WhiteBIT mobile applications for iOS and Android allow users to buy cryptocurrencies, they are specifically designed for trading. Through the app, you have access to everything, including full-fledged charts in which you can switch between time stamps and use indicators. This means you can trade assets from anywhere you want, without compromising on your experience.

You can start trading as soon as you download the WhiteBIT mobile app to a compatible device. The app should work on most iOS and Android devices. If you are having difficulties downloading the app on your Android device, WhiteBIT has provided the APK file of their app that you can download directly and install afterward.

Professional and beginner-friendly trading options:  WhiteBIT recognizes that some traders already know what they are doing and others are still learning. Their exchange allows traders to choose between two options: Pro Trade and Basic Trade. Pro Trade helps users gain insights by including special features and options. For less-experienced traders, Basic Trade removes complications and provides a simple, beginner-friendly interface. Although Basic Trade has fewer options, you will be able to place orders quite efficiently.

If you are new, I recommend you start with Basic Trading, explore all the options for a month or so, and then switch to the Pro Trade option for the best possible experience. This will reduce the risk of losing money, because you will have taken time to understand markets and their movements.

Advanced trading interface with all necessary tools:  WhiteBIT’s Pro Trade option gives you all the trading tools you need in a clear and precise way. The most important aspect of any trading platform is the trading charts, and at WhiteBIT, they are quite advanced.

These charts give an overview of the market of a selected asset and how it is performing. It also provides details about the highest and the lowest value of the asset in the past 24 hours or during the selected time. The charts also integrate countless optional indicators to help you evaluate future possibilities and market conditions. The order book is displayed on the right panel of the platform. Traders can execute orders from the order book within seconds.

Massive affiliated P2P platform:  One of the reasons traders and investors appreciate the P2P market is that it offers several payment options. Countless crypto exchanges, including WhiteBIT, do not support bank transfers or other  payment options. With P2P markets, you can get in touch directly with other sellers and use their payment methods to buy whatever asset you want. The P2P market offered by WhiteBIT supports more than 100 currencies and more than 50 payment methods. The P2P market is available in more than 160 countries.

The P2P market offered by WhiteBIT is not available on the WhiteBIT platform. They have created a separate exchange for their P2P services, called Bitcoin Global, and users have to register on that particular platform separately. But since it is affiliated with WhiteBIT, you can easily transfer your funds between both platforms without paying extra charges.

Multiply profits with margin trading:  Margin trading can offer numerous benefits to traders who have limited resources. Margin trading can give you the upper hand, allowing you to multiply your profits without putting a lot of funding in. But of course, the risk of losing your money is greater, too, compared to simple spot trading.

For margin trading, WhiteBIT currently offers 5x leverage to traders. This is not the highest by any means—some platforms offer leverage up to 100x—but you can still greatly multiply your profits without exposing your funds to as much risk.

Staking is available for countless assets:  Traders can stake their assets and earn profits on them through WhitBIT’s SMART Staking section. WhiteBIT claims that the highest interest traders can earn on any asset is about 28%, which is very  impressive. The best thing about WhitBIT’s staking, though, is the variety of assets you can stake. You do not have to go out of your way to buy assets you do not actually desire just to stake them. You can stake USDT, BTC, ETH, LTC, XLM, LINK, TRX and many other crypto assets for potential returns after the agreed period.

The shortest staking plan available at WhiteBIT is ten days. But of course, shorter periods mean fewer returns. Before you stake any asset, be sure to check the time period you are opting for, along with the returns you will be getting.

Easy-to-understand exchange layout:  The advanced technology of crypto exchanges like WhiteBIT can be confusing and intimidating to those who are not tech savvy or familiar with the industry’s complicated features and terms. But WhiteBIT offers a great, easy-to-understand user experience.

The platform is well-developed, keeping amateur traders and investors in mind. The whole signup process takes only a minute. Buying or trading crypto assets is not an unnecessarily complicated procedure. Also, every option available on the website is separated from the others, so it’s clear that you are using the options you actually want to use.

40% commissions through referrals:  You can earn free money through referrals on WhiteBIT. You get 40% of the trading fees your referrals pay. Just be sure they sign up using your unique referral link.

There is no limit to how many referrals you bring. WhiteBIT even provides a calculator to show you how much you can earn through referrals, depending on their trading volume.

Great security features and account protection:  WhiteBIT meets all KYC and AML requirements and focuses on making their platform secure. They claim that 96% of their digital assets are stored in cold wallets for better protection. They use various methods to detect hackers and breaches.

They offer security measures for their users’ accounts as well. Users can enable two-factor authorization and anti-phishing security mode, so no one will be able to access your details. You can even check your sessions and from where you have logged in to make sure it is only you accessing your account.

Things I Don't Like About WhiteBIT

There are two things that I don’t like about WhiteBIT, as they might create some trouble for traders and investors.

Below-par customer support:  The customer support at WhiteBIT is old-fashioned and not up to par. You cannot get in touch with them through live chat, phone calls, or by any other quick, personal means. You have to submit a descriptive ticket detailing your problem and wait for them to reply.

If you are lucky, you might receive an answer within a few hours, but it might take them a day or two to get back to you. If WhiteBIT really wants to satisfy their customers, they will have to work on their customer support and contact options.

No learning portal:  WhiteBIT does not offer any learning tools, such as guiding content, news, updates on the latest market conditions or informational articles. If you want to get started at WhiteBIT, you will already have to know the basics of trading and investing. I recommend you watch some videos or read articles before joining the platform so that you won’t face trouble investing or trading your money.

WhiteBIT Fees

WhiteBIT Deposit Fees

The deposit fee at WhiteBIT varies widely, mainly because they have several payment options. The following lists the deposit fee with respect to different payment methods:

  • Crypto Deposits: Almost all crypto deposits are free
  • Advcash (EUR, USD, UAH, RUB): 1.5%
  • Perfect Money (EUR, USD): 3%
  • Visa/Mastercard Interkassa (EUR, USD, UAH, RUB): The fee ranges between 2.7% and 4.5%, depending on the fiat currency.
  • Qiwi (RUB): 2.5%
  • VISA/Mastercard (RUB): 3%
  • Yandex (RUB): 2.5%
  • GeoPay VISA/Mastercard (UAH): 5 UAH + 0.8%
  • UAH Visa/Mastercard: 0.7%

The minimum and maximum amount of deposit vary for each available method.

WhiteBIT Trading Fee

The trading fee at WhiteBIT is only 0.1%. This fee is incredibly good compared to other crypto exchanges. However, the platform does not offer any discounts on the fee like other platforms do. But even without discounts, you can enjoy trading at a reasonable price.

WhiteBIT Fiat Withdrawal Fees

The fiat withdrawal fee varies from method to method. The following fees apply when withdrawing fiat currencies through WhiteBIT:

  • Advcash (EUR, USD, RUB): 1.5%
  • Advcash (UAH): 4.5%
  • Perfect Money (EUR, USD): 3%
  • Visa/Mastercard Interkassa (EUR, USD): 3.5% + 5 USD/EUR
  • Visa/Mastercard Interkassa (RUB): 4% + 50 RUB
  • Visa/Mastercard Interkassa (UAH): 0.7%
  • Qiwi (RUB): 3%
  • VISA/Mastercard (RUB): 3% + 30 RUB
  • Yandex (RUB): 2.5%
  • GeoPay VISA/Mastercard (UAH): 0.8%
  • UAH Visa/Mastercard: 0.7%

WhiteBIT Crypto Withdrawal Fees

Although crypto desposits are free, crypto withdrawals at WhiteBIT are not. The fee differs for each crypto asset. To see these fees, you can visit the fee page of the platform.

Pros and Cons of WhiteBIT

Pros
  • Instant buying of crypto assets
  • 400+ crypto pairs available
  • Professional and beginner-friendly trading
  • Staking is available for countless assets
  • Margin trading with up to 5x leverage
Cons
  • Limited customer support - no live chat
  • No learning portals or guides

Verdict

WhiteBIT is an impressive all-around cryptocurrency exchange filled with beneficial options that are essential in the current generation of trading. Through their simple and advanced trading platforms, WhiteBIT has not only evolved how one can trade but also made it easier for all types of traders.

With the easy and hassle-free signup process, anyone can start trading and investing with WhiteBIT right away, even before completing the verification process. With their staking and referral programs, WhiteBIT also allows users to earn extra few bucks without really doing anything. If you want to trade and invest with extra benefits like margin trading, staking, and P2P market, WhiteBIT is an excellent choice.

If you want to research some more options before you open an account with WhiteBIT, take a look at this article on the best crypto exchanges. There's also a quick comparison table below so you can make a quick judgement based on key information.

Comparison Table of the Best Crypto Exchanges in the USA

eToro
Pionex
Coinmama
Gemini
Uphold
Crypto.com
Crypto Exchange
Crypto Exchange
eToro
Pionex
Coinmama
Gemini
Uphold
Crypto.com
Fiat Currencies
Fiat Currencies
USD
USD, TWD
USD, EUR, AUD, CAD, GBP, JPY
USD, AUD, CAD, EUR, GBP, SGD, HKD
USD, GBP, EUR, CHF, AUD, JPY & 21 more
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY & 10+ more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA & 75 more
BTC, ETH, LTC, SOL, DOT, TRX & 120+ more
BTC, ETH, ETC, UNI, LINK, LTC, BCH, DOGE, MATIC, EOS, AAVE, COMP, OMG, YFI, WBTC
BTC, ETH, BCH, DOGE & 90+ more
BTC, ETH, ADA, DOGE, COMP, DOT & 125+ more
BTC, ETH, LTC, XRP, CRO, ADA, DOT, SOL, DOGE & 250+ more
Deposit Methods
Deposit Methods
PayPal, Debit card, Credit card, Wire transfer, Online banking
Credit card, Cryptocurrency
Credit card, Debit card, Fedwire, Apple Pay, Google Pay
Bank transfer (ACH), Debit card, Wire Transfer, Cryptocurrency
Bank Transfer (ACH), Bank Transfer (SEPA), Debit/Credit Card, Wire Transfer, Faster Payments Service, SWIFT, Cryptocurrency
Bank Transfer (ACH), BPAY, SEPA, Credit/Debit card, PayPal, TransferWise, Fedwire, SWIFT, Cryptocurrency
Trading Fees
Trading Fees
1%
0.05%
2.93% - 3.90% (depending on loyalty level)
From 0.25% (maker) and 0.35% (taker)
Fees included in the spread
Exchange: from 0.4%, App: Free (included in spread)

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. "Virtual currencies are highly volatile. Your capital is at risk."

Frequently Asked Questions

Is WhiteBIT available in the US?

WhiteBIT is available in about 190 countries, including the US. Traders and investors from the US can join the platform and perform all the financial activities without restrictions.

Can you trust WhiteBIT?

WhiteBIT is one of the most secure crypto platforms available now, due to their compliance with KYC and AML laws and storage in cold wallets.

What is the trading fee at WhiteBIT?

The trading fee at WhiteBIT is fixed at 0.1% for all traders, despite how much you trade.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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