WhiteBIT

WhiteBIT Review – Introduction

WhiteBIT is a centralized cryptocurrency exchange headquartered in Europe. Founded back in 2018, WhiteBIT is a growing name among crypto exchanges, offering a range of services to both beginners and experienced traders. With its user-friendly interface, strong security measures, and a wide selection of trading options, WhiteBIT has become a go-to platform for many in the crypto space.

Our WhiteBIT review will take a deeper look into this exchange, and explain its top features, trading options, fiat deposit and withdrawal methods, trading fees, and more.

Why Use WhiteBIT?

WhiteBIT stands out for its balanced approach to trading, catering to both beginners and professionals. It provides a wide range of crypto-to-crypto and fiat-to-crypto trading pairs, competitive fees, and robust security measures.

Key reasons to consider WhiteBIT:

• A clean, intuitive interface designed for easy navigation.
• Access to more than 350 trading pairs and over 300 cryptocurrencies.
• Strong focus on security, including advanced encryption and cold wallet storage.
• A variety of tools for trading, including spot and futures trading.

Is WhiteBIT Good for Beginners?

WhiteBIT is a solid option for newcomers to the crypto world. Its simple interface and helpful features like demo trading make it easy for beginners to get started without feeling overwhelmed.

For those just starting, WhiteBIT provides:

• Demo Trading: Practice trading without risking real funds, a feature designed to build confidence in new users.
• Quick Convert: Easy one-click conversion between fiat or crypto makes it simple to buy first Bitcoin without hassle.
• Guides and Support: Comprehensive beginner tutorials and an active support team help users navigate the platform.
• Fiat Integration: Beginners can buy crypto directly with fiat currencies like USD, EUR, and others.

Fiat Deposit Options – How To Buy Bitcoin on WhiteBIT

One of the biggest challenges for new users is buying their first cryptocurrency. WhiteBIT simplifies this process by supporting a variety of fiat deposit methods.

WhiteBIT accepts major currencies such as USD, EUR, GBP, TRY, UAH, and others, making it accessible to users in multiple regions. The table below has WhiteBIT’s currently supported fiat currencies and their available payment methods:

Overall, WhiteBIT does provide adequate fiat deposit options for most users. Larger exchanges such as Binance or Bybit typically have additional payment providers and methods, some of which can have lower or even no fees. On WhiteBIT, bank transfers do not have zero fees, but are nevertheless quite cheap. Credit and debit card deposit fees are in line with industry standards.

Fiat Withdrawal Options – How To Withdraw Money From WhiteBIT

WhiteBIT provides seamless fiat withdrawal options, ensuring that users can easily convert their crypto earnings back into fiat. All currencies available for fiat deposits are also available for withdrawals, including Euros and US Dollars.

Cheapest fiat withdrawal is at 0.1% through SEPA bank transfer. Other withdrawal providers are more expensive, so it may be prudent to find an alternative exchange or method if you’re dealing with large amounts.

Of course, crypto withdrawals are also fully available. Here are the most popular cryptocurrencies and their associated withdrawal fees:

• Bitcoin: 0.00025 BTC
• Ethereum: 0.00198 ETH on ERC20, 0.000223 on BEP20, 0.0007 on Optimism, 0.0007 on Arbitrum
• USD Tether: 6.44 USDT on ERC20, 1 USDT on TRC20 and other L2 networks
• Ripple: 0.25 XRP
• Cardano: 3 ADA
• Dogecoin: 2.5 DOGE
• Solana: 0.03 SOL
• Tron: 1 TRX

Every other crypto asset tradeable on WhiteBIT can be withdrawn from the exchange. Fees will depend on blockchain network and asset price. On cheaper blockchains you can expect withdraw fees around $0.20, and up to $5 on more expensive ones (Bitcoin and Ethereum).

Overall, withdrawal fees are fair and in line with other crypto exchanges, so there is no need to worry about WhiteBIT charging any premiums. Detailed fee structures are displayed transparently on the platform.

Is WhiteBIT Good for Trading Crypto and Altcoins?

For traders focused on frequent crypto trading and altcoin investing, WhiteBIT offers a rich trading ecosystem with a variety of features:

1. Diverse Trading Pairs: Access to more than 350 trading pairs and 300+ altcoins provides opportunities for both casual and professional traders.
2. Spot and Futures Trading: Trade assets immediately on the spot market, or leverage margin and futures trading for advanced strategies.
3. Low Fees: WhiteBIT’s competitive trading fees make it an attractive option for frequent traders.

The platform supports margin trading with up to 10x leverage, and futures trading with 100x leverage. Experienced traders will have zero problems and no learning curve, as WhiteBIT’s trading interface is similar to most competitors. Basic customization and TradingView charts are available, as are typical market, stop-limit, stop-market, multi-limit, and OCO orders.

We did find a couple of negative aspects. For example, we weren’t able to resize windows on the trading screen. Additionally, the order book and recent trades windows can not be removed. But in general, we had no issues executing trades on spot or futures. Complete beginners can still use the Convert at any point for easy buying or selling with just a couple of clicks.

TradingView Integration

For some, the best part of trading on WhiteBIT can be the fact you do not need to trade on the platform directly. WhiteBIT is fully integrated with TradingView, meaning you can execute trade on the exchange directly through TradingView charts.

There are no additional fees or costs associated. WhiteBIT is one of few trusted brokers on TradingView. Check WhiteBIT’s broker page on TradingView for more information.

Altcoins and Volume

As mentioned, WhiteBIT lists over 300 altcoins that can be traded on the platform. Compared to MEXC‘s or Gate.io‘s 2,000+ altcoins, highly experienced traders may be disappointed by this number. However, unless you always need to trade the latest tokens, the list of available altcoins will be sufficient for diversified investing.

Most traded coins on WhiteBIT are of course Bitcoin, Ethereum and Solana. These are followed by Dogecoin, Stellar, XRP, Cardano, Pepe, Litecoin, Arbitrum, Sui, Shiba Inu, Avalanche, Cosmos, Polkadot, and Toncoin. Volume and liquidity on altcoin pairs is fairly high. This is a medium-sized exchange often in the top 30 by volume in spot and derivatives. Unless you are opening 6-figure positions, you will have no issues executing orders at desired prices.

Trading Fees

Day traders of course want to know all about trading fees.

• Spot fees are set to 0.1% per transaction, no matter the order type (maker or taker). This is in line with industry’s cheapest exchanges.
• For margin trading: daily fee is 0.0585%.
• For futures trading, fees start at 0.01% for maker (limit order), which is the same as other cheapest crypto exchanges. Futures taker fees (market order) are set to 0.035%. making WhiteBIT one of the top 3 cheapest crypto exchanges for derivatives trading.

Fees can be further reduced by holding specific amounts of WBT, exchange’s native token. Holding 1,500 WBT reduces all maker fees to zero.

Jump to WhiteBit fees section for more information, or compare fees of all crypto exchanges.

Best WhiteBIT Features

WhiteBIT is packed with features that appeal to a wide range of users. Here’s a look at some of its standout offerings:

1. User-Friendly Interface

The platform’s clean, intuitive design ensures a smooth experience for both beginners and advanced traders. Key metrics and tools are accessible without clutter. We didn’t find any aspect of the exchange hard to use, and the platform takes care of new user needs with specific features such as Convert.

2. Strong Security Measures

WhiteBIT takes security seriously, employing top-tier measures like two-factor authentication (2FA), cold wallet storage, and DDoS protection. Over 96% of assets are stored offline, reducing the risk of hacks. Independent security audits confirmed this one of the most secure exchanges, and it even has an insurance fund in place.

3. Subaccounts

The subaccount trading feature allows users to isolate their assets and trade without risk to main portfolio, and allows easier tracking of profits and losses when testing new trading strategies.

4. Gift Cards

WhiteBIT is one of very few exchanges with gift cards. You can purchase Spotify, XBOX, PlayStation, Google Play, Steam, Roblox, Twitch, and other gift cards directly on the platform. We would love to see this integration on more exchanges!

In addition, you can also generate gift codes to send crypto to friends or family. Your friends can then use the code to add the balance to their WhiteBIT accounts. This can be cheap way to send crypto to others, or even used as a gift for special occasions.

5. WhiteBIT Gift Card – WhiteEX

WhiteEX are physical or virtual cards that can be used to replenish the balance on the WhiteBit exchange. These are similar to mobile pre-paid cards. This can be another excellent way to introduce friends to crypto, and fund their first investment.

WhiteEX gift card can even be purchased on big gaming websites such as G2A and Kinguin. You will pay a noticeable USD premium, but for some users it may be worth it due to G2A’s and Kinguin’s large number of payment methods, including PayPal, Paysafe and over 200 more.

6. White.Market: Counter Strike Skins Marketplace

WhiteBIT offers another unique feature in the crypto exchange market: a Counter Strike 2 skins marketplace. Anyone who heard about CS:GO skins before knows this is a massive market with millions of buyers and sellers.

WhiteBIT’s market allows a secure peer-to-peer platform for trading CS2 skins. All you have to do is connect with your Steam account, connect your email and Steam Trade link, and get the mobile app for added security. You can buy skins with your crypto balance, or sell CS2 skins for cryptocurrency.

There are even more features that make WhiteBIT stand out from other competitors, including a Bitcoin mining pool, a decentralized launchpad platform, a crypto POS solution for businesses to accept crypto payments or donations, and even a decentralized exchange. Truly, WhiteBIT is one of the most innovative exchanges in the market, and worth a consideration for all your trading needs.

Is WhiteBIT a Safe Exchange?

Safety is a top priority for WhiteBIT, and the platform employs multiple layers of protection to secure user funds and data.

Regulatory Compliance

• WhiteBIT adheres to AML (Anti-Money Laundering) and KYC (Know Your Customer) regulations. This compliance ensures a secure environment for legitimate traders while preventing fraudulent activity. KYC on WhiteBIT is mandatory for all users.
• There are no major governments or institutions providing regulatory approvals or certificates to this exchange. WhiteBIT does not hold an approval in United States, Canada, United Kingdom, India, Singapore or other major markets.
• Services are restricted to users from USA, Canada, UK, Russia, and several other countries including all sanctioned ones such as Iran or North Korea. See all WhiteBIT restricted countries.

Asset Safety

• Cold Storage: Over 96% of user funds are stored in multi-signature offline wallets, significantly reducing the risk of fund thefts.
• Hot Wallet Management: Only a small fraction of funds are stored in hot wallets for operational purposes, adding an extra layer of security.
• Proof of Reserves: No proof of reserves (PoR) reports are being published.
• Hacks and Thefts: No hacks or stolen assets have been recorded on WhiteBIT.
• Bug Bounty: An active bug bounty program ensures bugs or vulnerabilities get reported and fixed instead of exploited.
• Insurance Fund: a 30-million USD insurance fund is ready to compensate users for any losses.

User Account Security

WhiteBIT offers robust tools to protect user accounts:

• Two-factor authentication (2FA) for all accounts through Passkey or authentication app.
• Anti-phishing codes to safeguard against email scams.
• Regular security audits to identify and fix vulnerabilities.
• Withdraw whitelists ensure additional verification is required for non-whitelisted addresses.
• Account logout time can be set from 30 minutes to 14 days to ensure accounts can’t be accessed from compromised devices.
• Device management and login history along with immediate email notifications for every login will ensure you are always aware when your account is being accessed.

Is WhiteBIT legit?

There is zero evidence WhiteBIT is scam or fraudulent. The exchange was launched in 2018 in Ukraine, and is now headquartered in Lithuania. It doesn’t hold any regulatory approvals from major countries, but this is not uncommon for mid-sized exchanges.

WhiteBIT has never been hacked, and is being regularly audited by reputable companies. Hacken rated it among top 3 most secure exchanges, and Cer.live gave it a AAA rating for security.

Unfortunately the exchange hasn’t yet implemented Proof of Reserve reports to provide transparency into their customer deposits. However, there are no credible reports of scams, lost funds, or hacks. Over 96% of of customer funds are deposited into cold (offline) wallets to ensure these assets remain unaffected in case of security breaches, with a sizeable insurance fund on top.

User account security is among the best in the industry, with 2FA, anti-phishing codes, and whitelists providing additional security.

WhiteBIT is also a proud sponsor of FC Barcelona, along with several other companies and organizations. They also work closely with the Ukrainian government to provide donations and support to their troops.

WhiteBIT FAQS:

Our team of exchange experts will be happy to provide answers to other questions, so get in touch with us.

Final Verdict – Is WhiteBIT a Good Exchange?

WhiteBIT is a reliable and secure centralized cryptocurrency exchange that offers a range of features catering to both beginners and advanced traders. Its user-friendly design, solid fiat deposit and withdrawal options, and focus on security make it an appealing choice for anyone looking to trade crypto or explore blockchain technology.

Features Score: 62 / 100

3.9

Total Rating: Very Good

Whether you’re a first-time investor or an experienced trader, WhiteBIT’s blend of accessibility, security, and innovating features ensure a positive experience. If you’re looking for an exchange that combines ease of use with powerful trading tools, WhiteBIT is worth exploring.