Interested in cryptocurrencies? Then you’ve probably heard of WhiteBIT. It is one of the largest and most popular cryptocurrency exchanges in Europe. Founded on November 19, 2018, it has already proven its reliability and security. One of the exchange’s unique features is its licenses for operations with both fiat money and cryptocurrencies. Let’s take a look at its other features, characteristics, and advantages.
Earlier we wrote: Detailed Review of Binance Crypto Exchange – Registration, Security, Pros and Cons, App
WhiteBIT – Advantages And Disadvantages
WhiteBIT cryptocurrency exchange has become one of the most popular in Europe for good reason. Several undeniable advantages contribute to this:
- A wide range of cryptocurrencies and trading pairs.
- The ability to deposit and withdraw funds via bank card.
- Trading cryptocurrencies without KYC (profile verification).
- Moderate fees for deposits/withdrawals and trading.
- Short-term and long-term SMART staking plans with returns up to 45%.
- Margin trading in BTC/USDT, ETH/USDT, and ETH/BTC pairs.
- Customizable web interface.
- Interface and support in eight languages, including Ukrainian.
- Funds stored in cold wallets, two-factor authentication, and other security systems.
- Telegram community for instant assistance.
- Referral program.
Users find very few disadvantages. Most often mentioned is the KYC verification for fiat currency operations to protect against cyber fraud. It is very thorough and can take a significant amount of time. Compared to the advantages, these are minor issues, so it’s worth trying to register.
WhiteBIT – How To Register
Don’t want to waste time filling out huge forms during registration? WhiteBIT values its customers’ time, so to start working, you only need to provide your email and create a secure password. The step-by-step procedure looks like this:
- Go to the WhiteBIT website and find the yellow “Sign Up” button in the upper right corner, click it.
- In the pop-up window, enter your email and password, and a referral code if you have one.
- Confirm that you have read and accepted the User Agreement and Privacy Policy, as on most websites.
- Confirm that you are not a citizen and/or resident of the countries listed there.
- Check your email and confirm it.
After this, you can use the trading functionality. The interface is quite simple and intuitive. Even beginners usually manage to set up their profile and start using the exchange’s capabilities within the limitations of an unverified account.
Why Do You Need Verification? It significantly expands the possibilities, including access to fiat currencies. To verify, you need to provide a photo of your passport, ID card, or driver’s license, as well as a selfie with this document, and fill in the profile with your full name, gender, date of birth, and address.
WhiteBIT Apps For Android And iOS
For user convenience, WhiteBIT offers mobile apps available on the App Store and Google Play. They support most trading functions, so the mobile interface is almost identical to the web version. Security is ensured by two-factor authentication, biometric recognition, and automatic logout (which can be customized).
In unclear situations, you can use the bot embedded in the mobile app or get instant support in the Telegram community. To avoid missing anything important, set up push notifications.
WhiteBIT – How To Deposit And Withdraw Funds
WhiteBIT supports the deposit of both cryptocurrencies and fiat money. Some assets can be deposited without a fee. For other operations, the platform charges between 1% and 10%. For fiat currency deposits, Visa and Mastercard can be used. Generally, any fiat deposit incurs a fee.
The minimum deposit limit depends on the currency and the type of deposit for fiat currencies. For Bitcoin, the minimum deposit is 0.0005 BTC, and for USD, it is 10 USD.
To withdraw cryptocurrency, you need to specify the address and the desired amount. The fee also depends on the token. For Bitcoin, it is 0.0004 BTC with a minimum withdrawal amount of 0.001 BTC.
The withdrawal time depends on the currency and withdrawal method, but most operations are completed within a few hours.
How To Fund Your WhiteBIT Balance Using Visa Or Mastercard – Video
To see how to fund your WhiteBIT balance using Visa or Mastercard, watch the video:
What Are WhiteBIT Codes
WhiteBIT codes are one of the convenient tools that distinguish the trading platform from similar exchanges. It is secure alphanumeric information that can be transferred to another WhiteBIT or Bitcoin Global user for quick transfers in any currency.
To create a code, you need to go to the “Codes” tab and top up the main balance with the cryptocurrency or fiat you want to transfer. The exchange does not set minimum or maximum amounts for code creation. They can be created even without verification. Verification is only needed for transfers over 2 BTC or fiat currencies. There are no fees.
WhiteBIT – Functionality
WhiteBIT cryptocurrency exchange offers extensive opportunities for trading digital assets:
- The “Trade” tab – “Exchange” for operations with crypto and fiat.
- SMART staking – an opportunity to earn passively by holding currencies on the exchange.
- Margin trading with a 5x leverage for three pairs: BTC/USDT, ETH/USDT, and ETH/BTC.
Additionally, WhiteBIT offers two trading interfaces – for beginners and experienced traders, maximum support, and security.
Conclusions
WhiteBIT is a relatively young exchange with excellent conditions for users. It is one of the most convenient, customer-friendly, and secure exchanges. Moreover, it has never been involved in scandals or hacked.
FAQs About WhiteBIT
Up to 2 BTC can be withdrawn without verification, and after verification – 100 BTC.
It is a demo currency that costs nothing but allows you to better understand the exchange’s functionality and practice trading.
The exchange uses its own insurance fund of 30 million USD to protect client funds from losses.
The standard verification time is up to 24 hours. However, it can take longer if more information about a risky client needs to be checked.