WhiteBIT Review

Whether you’re a seasoned investor or a novice in crypto, you’ll need a reliable exchange with extensive functionalities to trade, manage, and stake your cryptocurrencies. A growing interest in various crypto exchanges leads many people to Binance, Coinbase, or WhiteBIT. Reviews highlight that the latter platform is great for European investors, so let’s put it to the test.

So, what is WhiteBIT? The leading European crypto exchange, WhiteBIT, offers a reliable and safe platform for traders. Users can enjoy competitive fees and many cryptocurrencies to buy, sell, and trade! So, if you’re looking for an easy-to-use and safe crypto exchange, WhiteBIT might be a great choice.

I’ll cover the most critical aspects in this WhiteBIT review, so you can make an informed decision about using this platform. Let’s go over the pros and cons, what makes WhiteBIT exchange unique and how you can sign up for it!

Verdict at a glance: WhiteBIT is a well-established cryptocurrency exchange that offers a secure, reliable, and feature-rich trading platform. Its competitive fees and wide range of tools allow beginners and experts to enjoy a smooth experience. However, the WhiteBIT crypto exchange is unavailable in some countries.

What is WhiteBIT?

WhiteBIT is a Europe-based cryptocurrency exchange founded in 2018. Its current CEO, Volodymyr Nosov, founded the company in Ukraine before moving its headquarters to Lithuania.

A fun fact about WhiteBIT is that the company bought the Eurovision microphone at the 2022 auction organized by the Ukrainian music group Kalush Opera. It cost $900,000, and the money, as its CEO stated, went to support the Armed Forces of Ukraine!

The platform claims to have over 4 million users worldwide, so its quick rise in popularity is impressive. According to the daily trading volume, WhiteBIT averages $2.5 billion and is the largest Europe-based cryptocurrency exchange platform.

WhiteBIT supports numerous cryptocurrencies, including assets like Bitcoin and Ethereum. You’ll find various altcoins and lesser-known cryptocurrencies to choose from, too! By trading on WhiteBIT, you can have a diversified portfolio of digital assets and trade them at a relatively low cost.

You’ll find a lot of tools, trading pairs, and other advanced features that we’ll look at in this WhiteBIT review. So, if you want to try margin trading or staking, you can access such features on WhiteBIT. Also, it has its own native token, WhiteBIT Token (WTB), that might catch your interest!

WhiteBIT Review: PROS

The platform is beginner-friendly. Nevertheless, some advanced features are suited for seasoned traders. In this WhiteBIT review, I will look at the platform’s most highlighted features, benefits, and drawbacks.

User-Friendly Interface

If you’re just starting in the Web3 world, the WhiteBIT crypto exchange has an intuitive interface that allows you to explore the platform at your own pace. It’s easy to navigate, with a clear layout that allows you to quickly find what you need. The website offers short descriptions of different products and trading options.

In this WhiteBIT review, I want to highlight that the website has a handy tracker of important information and changes. You can access it on WhiteBIT’s homepage and get the latest news about price changes there. It’s a great tool that gives you more insights into your trading options on the WhiteBIT crypto exchange!

You’ll find a link to WhiteBIT’s blog to read some educational material before diving into the trading world. It’s divided by topics, and the recommended articles are highlighted to catch your attention. So, once you’re done with this WhiteBIT exchange review, you can pick some topics to read on their blog!

WhiteBIT is dedicated to onboarding new traders. In addition to easy navigation and intuitive design, the WhiteBIT crypto exchange platform offers a comprehensive support system with attentive customer support and numerous articles in its help center.

People who prefer to trade on the go will enjoy WhiteBIT’s mobile application. It’s available on Android and iOS, so everyone can access it anytime. WhiteBIT’s mobile apps have a sleek and intuitive interface similar to its dashboard, staying true to its philosophy.

Robust Security Measures

When exploring whether is WhiteBIT safe, you’ll encounter extensive information about the safety measures for the WhiteBIT exchange. Ranking the best security efforts can be subjective since cybersecurity experts recommend introducing numerous safety tips at the same time. Notably, WhiteBIT has plenty of security measures in place to attribute to this fact!

Firstly, you’ll encounter two-factor authentication (2FA). It’s a standard practice in the crypto world because 2FA protects your account from unauthorized access. You’re the only one in control of your assets and information!

Secondly, WhiteBIT has anti-phishing measures. Phishing is a type of cyberattack where attackers use various methods to steal your sensitive data like passwords, banking details, etc.^[1] WhiteBIT allows you to add your anti-phishing code. It’ll be attached to any system emails you get! Just make sure the emails are sent from the domain whitebit.com before replying.

Thirdly, you’ll need to pass an identity verification to use the WhiteBIT crypto exchange with full access. If you don’t complete the KYC verification, you can only trade “demo tokens”. However, this security measure prevents identity theft, money laundering, and other illegal activities. It’s one of many efforts to keep this exchange reliable and safe!

Also, it’s important to address another security feature in this WhiteBIT review called the Anti-money Laundering (AML) checks. It continuously ensures that there is no suspicious activity in the exchange’s transactions. You can check the address for involvement in money laundering for currencies like BTC, TRX, and ETH (ERC-20).

Are you the type of person to never press that logout button? The WhiteBIT crypto exchange has an automatic logout after some time of inactivity. Of course, logging back in can be annoying. However, it’s better to be safe than leave your devices unattended and risk unauthorized access to your account!

On top of everything else, WhiteBIT allows you to manage and whitelist your addresses. It’s a necessary step when you make withdrawals. Whitelisting helps you identify the addresses you trust and closely monitor your transactions. Also, you can cancel sessions on your devices in case someone tries to steal your account information.

In this WhiteBIT review, I want to highlight that the platform has a AAA rating and, according to cer.live, is in the top 3 most secure crypto exchanges in the world. Another audit by Hacken confirmed that WhiteBIT is among the top 2 most secure exchanges globally. So, the answer to your question “Is WhiteBIT safe?” is a definite yes!

Also, the platform stores 96% of digital assets on cold wallets. It protects the WhiteBIT crypto exchange from hackers or unauthorized access via the internet. In case something happens to users’ assets, WhiteBIT has an insurance fund to cover over $30 million worth of crypto stored in cold wallets!

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Supported Cryptocurrencies

One of the biggest advantages of using WhiteBIT is that you can easily trade the most popular cryptocurrencies. Whether that’s Bitcoin (BTC), Ethereum (ETH), Solana (SOL), or Dogecoin (DOGE), you’ll find something suitable for your needs on WhiteBIT. Reviews on Reddit state that the crypto exchange continues to introduce new coins periodically too!

The platform supports over 270 various cryptocurrencies as of writing this WhiteBIT review. You can trade over 480 pairs of currencies as WhiteBIT supports crypto-crypto and crypto-fiat trades. So, I’m sure most traders can find their favorite coins on this exchange.

Also, the WhiteBIT crypto exchange has its native token, WhiteBIT Token (WBT). If you acquire WBT, you can get various discounts on fees while trading on WhiteBIT. Remember that you need to evaluate WBT for yourself before investing!

While it’s not the most extensive selection compared to other exchanges like Binance or Coinbase, WhiteBIT is a decent choice for beginners and seasoned traders. According to WhiteBIT reviews from users, it’s more than enough to diversify their portfolios.

The exchange continuously updates its list of cryptocurrencies, so keep an eye out for them. You might be able to influence some listing because the community is what makes any exchange thrive!

Advanced Trading Options

We’ve come to the fun part of this WhiteBIT review and that’s the trading! The platform offers various options for both beginners and experienced traders. You’ll find the usual spot trading and order types like Stop-Limit and Stop-Market orders. It allows you to trade based on specific market conditions, so you can conveniently execute orders with a few clicks.

So, if you already have the answer to the question “What is WhiteBIT?”, but are struggling with such jargon as “futures trading”, spot trading can be a good start for you! It’s like any regular trading option with a straightforward flow.

However, don’t fret if you click this option on the website and get lost on the following page. You’ll be greeted with a typical trading window showing you all the necessary information to make an informed decision! It’s always best to learn about investing before making any transactions, so take your time and browse through the list.

And if you’ve already answered the question “What is WhiteBIT?” and know about spot trading, you can find other options for such an experienced trader like yourself. For example, futures and margin trading can be a great choice to get more leverage.

Futures trading offers up to x100 leverage, while margin trading grants you x10 leverage. Keep in mind that these trading options have different fees attached to them. Thus, your earned amount might be lower due to withdrawal limits and other trading costs.

Also, WhiteBIT offers Bitcoin Global, a peer-to-peer crypto exchange. You can instantaneously trade BTC and Tether (USDT) and enjoy zero fees in the first month of trading!

There’s another WhiteBIT feature, Competition, that allows you to participate in games against other traders and win cryptocurrencies. You’ll be matched with traders of similar expertise, and you’ll race against them to trade more assets, reach a certain earnings threshold, etc. Such gamification brings fresh excitement to the platform.

Various Earning Options

Besides traditional crypto trading, WhiteBIT offers several ways for people to earn more money. For example, you can stake your crypto and earn rewards for holding certain coins. It’s a popular way to earn additional money in the crypto space, but there are more earning options I want to talk about in this WhiteBIT review!

Additionally, you can refer friends to use WhiteBIT and participate in the platform’s referral program. Thanks to this program, you can earn back up to 50% of the exchange fees! Simply refer friends with your unique link and get them to use WhiteBIT for their trading needs.

The best part is you can invite an unlimited number of referrals, so your earning potential can increase exponentially. You’ll find a handy calculator on the website that will help you estimate how much you can earn from your potential referrals.

If you’re familiar with microloans, you’ll be happy to learn that you can lend your crypto to other traders and earn interest.^[2] WhiteBIT offers a straightforward way to lend cryptocurrencies. You can choose the acceptable rate, lending period, and amount! However, crypto lending isn’t available in some countries.

Also, WhiteBIT has a Launchpad, a featured list with the most promising coins. You can buy them at a fixed price before they hit the market. There aren’t many projects that need fundraising as of writing this WhiteBIT review. However, that might change shortly!

The launchpad feature isn’t new, as other exchanges have used it to help fundraise upcoming projects with the help of their communities. There are some risks associated with it, so be mindful of where you put your money.

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WhiteBIT Review: CONS

Despite being a versatile and feature-rich platform, there are drawbacks that I’ll highlight in this WhiteBIT exchange review. While we got the answers to questions like “What is WhiteBIT?” and “Is WhiteBIT safe?”, another question should arise, and that is “Can I use WhiteBIT?”. Let’s look at the platform’s availability in certain countries and its fiat support!

Geographic Restrictions

One of the biggest cons, as noted in this WhiteBIT review, is the geographic restrictions. While the platform is dedicated to onboarding new traders, it isn’t the case for a handful of countries where potential users need to find suitable alternatives.

Don’t get me wrong, WhiteBIT is available in over 217 countries. As the largest European-based exchange, its main operations happen within the continent. So, whether you’re based in the Netherlands, Spain, or other European countries, you’re likely to enjoy the benefits of using the WhiteBIT crypto exchange!

However, there are 19 countries and territories where the platform is unavailable. Here’s the list of them as of writing this WhiteBIT review:

1. Afghanistan,
2. Belarus,
3. Canada,
4. Iran,
5. Libya,
6. Myanmar,
7. Nicaragua,
8. North Korea,
9. Palestinian Territories,
10. Russia,
11. Somalia,
12. South Sudan,
13. Sudan,
14. Syria,
15. Trinidad and Tobago,
16. United States,
17. Venezuela,
18. Western Sahara,
19. Yemen.

Also, WhiteBIT is restricted in Transnistria, temporarily occupied Georgian territories, the Turkish Republic of Northern Cyprus, the Federal Republic of Ambazonia, Kosovo, and temporarily occupied Ukrainian territories.

Restrictions in some of these territories make sense. After all, the crypto space often lacks regulatory frameworks and is scrutinized by governments. For example, Afghanistan and Libya banned all crypto transactions a few years ago. Other countries aren’t that strict, but they limit crypto trading in various ways.

Just like when using Binance, access to WhiteBIT Exchange USA is restricted. Also, you won’t be able to use it if you’re living in Canada. Notably, strict rules and regulations in these regions limit people’s exposure to crypto trading and, consequently, to WhiteBIT USA. There's a waiting list available but you can't trade on it yet!

So, all North Americans should look for different exchanges. For example, you can use Coinbase with few limitations in the US! Keep in mind that you shouldn’t use WhiteBIT USA with a VPN, whether you’re American or use an American gateway. You’ll need to go through a KYC process and might get in trouble for using WhiteBIT Exchange USA.

Thus, these restrictions are often due to regulatory requirements and compliance. WhiteBIT USA can’t fully operate because the US Securities and Exchange Commission has deemed some digital currencies as unregistered securities.

Notably, such restrictions limit the accessibility of WhiteBIT services on a global scale, especially WhiteBIT USA. It’s a significant barrier for potential traders, and it undermines one of the core principles of the crypto world – accessibility.

Limited Fiat Currency Support

Another drawback of the WhiteBIT exchange is its limited support for fiat currencies. Its competitors like Binance or Coinbase offer many more fiat currencies to complete transactions,  make deposits, etc. It’s a necessary feature to bridge the gap between Web2 and Web3 spaces, so exchanges put a lot of effort into adopting native currencies.

As of writing this WhiteBIT review, the platform has very few options for fiat currencies. You’ll find U.S. dollars, British pounds, and euros, as well as other popular currencies. However, if you want to use, let’s say, the Brazilian real to buy crypto, you won’t be able to do so on WhiteBIT.

It’s inconvenient for traders who like to perform transactions with their local currency. Also, it’s harder for such people to acquire cryptocurrencies because they need to exchange their local money for dollars, euros, or pounds beforehand.

However, such limitations are understandable. In this WhiteBIT review, we’ve already looked at the many benefits of this exchange. With limited resources, the platform has robust security measures, advanced trading options, and more. So, it’s understandable that the focus of WhiteBIT isn’t fiat currencies.

Still, the platform should consider adding more options for fiat currencies and make it accessible to various people globally. They wouldn’t have to rely on third-party currency conversion services and would increase the appeal of WhiteBIT!

WhiteBIT Fees

An important aspect when choosing what exchange to use is what you’ll earn once you deduct the fees! From holding to withdrawing, you’ll need to be aware of various fees to meet your financial goals. Luckily, WhiteBIT offers competitive fees compared to other exchanges and focuses on providing a reliable service to its users.

WhiteBIT has a straightforward fee structure. The maker and taker fees are both 0.1% when choosing spot trading. Compared to other exchanges, these fees are standard. Also, you can reduce them if you hold a WhiteBIT Token (WBT) because the platform offers discounted rates for trading if you acquire its native token!

If you’re looking at futures trading, the taker fee is 0.035%, and the maker fee is 0.01%. While there are some fluctuations in the taker fee, it’ll never exceed the 0.035% mark, as noted by WhiteBIT. The fees are pretty low and competitive in the futures trading market! For example, Binance has 0.05% taker fees and 0.02% maker fees for regular traders.

Another fact that we need to look at in this WhiteBIT exchange review is the fees in margin trading and borrowing. You’ll incur a daily fee of 0.0585% for using your funds when choosing this trading option. So, keep in mind that your total earned income will be slightly lower!

Also, you need to check the withdrawal fees for every cryptocurrency you have. All of them have different withdrawal limits and fees, so check out WhiteBIT’s website to learn more about them. You’ll even find a detailed table for stablecoin transactions that will make your trading much easier.

When using native fiat currencies, you’ll also have to check for transaction costs. WhiteBIT has plenty of information about deposit fees and withdrawal costs outlining different transaction methods like Mastercard or ApplePay. Make sure you check it out before you start trading to avoid any unexpected costs.

How to Sign Up to WhiteBIT

Once you read the advantages outlined in this WhiteBIT review, you might want to start using this exchange. It won’t take you long before you start trading because the process is straightforward. Let’s go through the signup steps!

Step 1: Visit the WhiteBIT Website

Go to the official WhiteBIT website and click the "Sign Up" button. It’s the first step towards creating the account and becoming a verified user! Also, you can register using the WhiteBIT mobile application if that’s what you prefer.

Step 2: Fill in the Registration Form

You’ll need to provide details about yourself, like your email address. Also, create a strong password so that your account stays secure. Don’t forget to agree to the terms and conditions before proceeding!

Step 3: Verify Your Email

You’ll need to verify your email address before going further. Check your inbox because you should receive your 4-digit code. Go back to the signup window and enter it when prompted.

Step 4: Complete KYC Verification

Go to “Account settings” and press “Verification”. After filling out the necessary information like your name, country of residence, and date of birth, you’ll need to present your ID for verification.

You can take a photo of an ID card, passport, driving license, or residence permit and submit it.

Afterwards, the last step is video verification. You’ll need to open the camera and turn your face side to side. That’s it – now you’re a verified user of WhiteBIT!

Keep in mind that you won’t be able to use the service if you’re from the US as the WhiteBIT exchange USA has restrictions.

Step 5: Start Trading

The verification process is relatively quick, so you can deposit funds into your account and start trading in record time! Make sure to check out the WhiteBIT fees for withdrawals before you dive into crypto trading.

Pros

• Very low trading fees
• Exceptional functionality
• Mobile trading app

Main Features

• Very competitive trading fees
• An intuitive mobile app
• Up to 100x leverage available

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Pros

• A very well-known crypto exchange platform
• More than 500 different cryptos available
• Two-factor authentication

Main Features

• Over 500 different cryptocurrencies available
• Strong security
• Small withdrawal fees

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

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Conclusions

WhiteBIT stands out as one of the leading European crypto exchanges with robust security measures, a user-friendly interface, and various trading options. It’s suitable for both novice and experienced traders, as I’ve detailed in this WhiteBIT review. Its intuitive design and comprehensive list of supported cryptocurrencies make it an attractive exchange!

While you can enjoy competitive fees and various earning opportunities like staking, you should know about WhiteBIT’s drawbacks. One of the biggest limitations of this platform is geographic restrictions, so check if you can use it from your country. Also, WhiteBIT has limited support for fiat currencies, so crypto exchanges like Binance or Coinbase could be a better choice.

Nevertheless, many users choose the WhiteBIT exchange. Ranking its various advantages and accounting for the drawbacks, this cryptocurrency exchange focuses on user satisfaction and includes numerous features, making it a go-to platform for European traders.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Alkhalil, Z., Hewage, C., Nawaf, L. and Khan, I., 2021. Phishing attacks: A recent comprehensive study and a new anatomy. Frontiers in Computer Science, 3, p.563060.

2. Kondratiuk, D., Seijas, P.L., Nemish, A. and Thompson, S., 2021, March. Standardized crypto-loans on the Cardano blockchain. In International Conference on Financial Cryptography and Data Security (pp. 579-594). Berlin, Heidelberg: Springer Berlin Heidelberg.