WhiteBit Review

WhiteBit is a cryptocurrency trading platform that was launched in 2019 in Estonia. The primary goal of the company is to expand the use of blockchain technology and build a strong crypto community by providing easy-to-use and secure exchange services.

With their user-oriented approach, the platform is constantly evolving and has introduced a variety of powerful features that helped them gain popularity amongst cryptocurrency traders around the world.   

A key feature that separates WhiteBit from other exchanges is that it has licenses for trading in both fiat and cryptocurrencies. Furthermore, it also has the capacity to store its customers’ assets. The exchange is listed in the top 100 crypto exchanges today due to its high trading volume per day.

It also offers more than 150 currency trading pairs on its exchange, including Bitcoin, Ethereum, and the US dollar. The platform is focused on bringing the fastest order execution speeds and improving liquidity to facilitate its users. They have introduced a wide array of exciting features that is sure to excite crypto enthusiasts around the world.

Company

WhiteBit was launched in December 2018 and has obtained European Exchange and Custody licenses. The Chief Executive Officer of the company is Vladimir Nosov. Glib Ushakov has been the Chief Financial Officer of the company while Jay Bernadotte is the Chief Operating Officer. Their team consists of over 80 members who are experienced in the Fintech industry and are fully equipped to bring new and innovative practices to the crypto world.

Since its launch, the company has built up a user base of more than 200,000 from all over the world. The platform caters to traders belonging from over 190 countries, including the EU, Asia, and South America. Its headquarters is located in Tallinn, Estonia. The platform is self-funded.  

The exchange has shown strong performance in terms of the daily trading volume. According to coingecko, WhiteBit has reached over $245,000,000 in its 24-hour trading volume. It is  one of the best in the industry. Moreover, the platform provides a range of services with a minimal trading fee that has made it a favorite amongst crypto enthusiasts worldwide. 

Features

WhiteBit provides some powerful features that place it ahead of its competitors. The platform has a customizable user interface that allows users to take control. Users can easily customize the tile-based interface according to their preferences. Their website is easy to navigate through and very convenient to use for experienced cryptocurrency traders as well as newcomers.

Another incredible feature of the platform is its speed and quick trading performance. WhiteBit can process up to 10,000 trades in one second! That is one of the fastest processing rates in any crypto exchange. It also allows over 1,000,000 TCP connections. Users can take advantage of this high-speed performance in an industry where time is money, and the markets are very volatile.

The exchange has an unstoppable API. Users are given access to all of their trading features and data streams. WhiteBit provides its users with both private and public REST APIs. 

Public REST APIs consist of market data like the current order book, trade history, and recent trading activity. While private REST APIs give users the ability to manage their orders and funds. It allows users to place orders, cancel them, see their active orders, see their trading volume and principal balances, make deposits and withdrawals, transfer funds to other users as well as see their deposit and withdraw history.  It allows them to become more confident while making their trades.

Moreover, the platform allows instant peer-to-peer transactions without any need for confirmation. All operations performed on the platform are fully regulated. The EU licenses cover any crypto to crypto or crypto to fiat exchange operations. 

The fee structure of the exchange is also very competitive and is on the lower end of the crypto industry price spectrum. Multiple order types are also supported. These include market orders, limit orders, stop orders, and conditional orders

WhiteBit also has a lucrative affiliate program. Users are liable to get up to 40% of the fees paid by their referrals whenever they make a trade. A referral link is provided by the site for users to share amongst their friends and get the opportunity to earn extra money while trading. 

A smart staking feature is also available on the platform. Users can deposit their cryptocurrency into the platform and choose one of the recommended plans on the exchange. There are 15 plans available, all offering different interest rates and have different deposit limits. 

Users can stake their coins in the plan that is most suited to their needs and earn up to 9% interest without any significant risk involved. All the funds are kept in a Smart Box whose safety is guaranteed by the platform itself. It is a convenient way to multiply your capital. Users are also provided with their investment history.

The platform has also developed an app, which is compatible with both Android and iOS to making trading on the go possible. Their website is translated into multiple languages to cater to their international users.

Fees

WhiteBit does not have a fee structure based on the maker and taker model. Instead, the exchange charges a flat trading fee of 0.10%, which is lower than the industry average of 0.25%. In some trading pairs, this fee is even lower. The exact amount of the fee charged is shown whenever an order is placed.

Moreover, no deposit fees are charged on Bitcoin, Ethereum, USDC, and USDT. The minimum limit for withdrawals is 0.001 BTC, 0.02 ETH, 10 USDC, and 0 USDT, respectively. The platform also allows deposits to be made via VISA or MasterCard. Any deposits made from these credit cards are charged with a fee of 6.5%, and the minimum deposit limit is 10 USD. 

Moreover, deposits made from USD Perfect Money and USD Advcash are charged with a deposit fee of 5% and 4.5%, respectively. The minimum deposit limit is 10 USD. 

WhiteBit also charges withdrawal fees. The minimum withdrawal limit of Bitcoin is 0.001 BTC, and the fee charged is 0.0004 BTC. For Ethereum, the minimum threshold is 0.02 ETH, and a fee of 0.003 ETH is imposed. 

For withdrawals made to credit cards, the fee charged is 4% plus a $5 flat fee. The minimum withdrawal limit is 20 USD.  

The fee structure of WhiteBit is lower than most cryptocurrency exchanges, which provides the platform with a competitive advantage over others in the industry. 

Verification: Is KYC required?

KYC verification is a process in which users have to provide evidence of their personal information with official documents. The purpose of this verification process is to increase the protection of user’s funds and account information. 

WhiteBit requires KYC verification before it grants its users full access to the platform’s features. Users will not be able to deposit or withdraw any funds from the platform unless they complete this process. 

Users can find the details of this process in the Verification section. The process can be completed by following these simple steps:

  1. Enter all personal information required, including your name, phone number, and residential address. All the required fields must be filled with accurate information.
  2. Upload the picture of a government issued document to provide proof of your identity. This document can be your passport, driver’s license, or national ID card. The picture should clearly show all written information on the document and must also contain your photo. 
  3. Users must ensure that the document they are providing is legitimate. Otherwise, the platform may choose to suspend your account. 
  4. Upload a second picture of yourself. You must be holding the document and a piece of white paper with the current date, WhiteBit, and your name written on it by hand. Make sure that the picture is taken in good lighting and is clear. 
  5. Click on the “Send” option. Your status will be changed to “Sent.”

After the submission of your documents, the verification process can take from 1 to 24 hours before your status is changed to “Approved.” If authentic documents and appropriate pictures are not submitted, the KYC process might not go through. In this case, the user can be barred from using the services of the platform. 

If you want to make changes to the documents submitted, you must send a written request via email.

Countries

WhiteBit has users from all over the world, including South America, Asia, Canada, Australia, and Europe. However, the platform does not allow residents from selected countries. These countries are Afghanistan, Yemen, Iran, Iraq, Pakistan, Somalia, Syria, North Korea, USA, Libya, and the occupied territories of Ukraine. The KYC verification of residents of these countries is not accepted. 

Deposit & Withdrawal

WhiteBit has tried to make the deposit and withdrawal process as simple as possible for their user’s convenience. To make a deposit, users must follow these simple steps:

  1. Log on to the website and go to the “Balance” page.
  2. Select the asset that you want to deposit.
  3. Click on the deposit button. The website will prompt a form to be opened. Information regarding the selected asset will be displayed along with the option to change the asset. The total balance, order amount, and main balance will also be displayed.
  4. Copy the deposit wallet address provided by WhiteBit. You can also scan the QR code of the wallet.
  5. Open the wallet from which you want to make the deposit. 
  6. Paste the copied address in the “receiver’s address” section and press confirm.
  7. After all necessary confirmations, the deposit will be added to your WhiteBit account. 

It is important to note that users must ensure that deposits should only be made in cryptocurrencies supported by the platform. Otherwise, it can result in a loss of funds. 

WhiteBit also allows deposits made with fiat currencies. To do so, users must follow these steps:

  1. Log on to the “Balance” page and select the fiat that you want to deposit. 
  2. Select the merchant that you want to use. WhiteBit supports Advcash, Interkassa, and Perfect Money for EUR & USD deposits. For RUB and UAH deposits, Advcash, VISA/MasterCard, Yandex Money, QIWI, or Interkassa can be used.
  3. Enter the amount of fiat currency that you wish to deposit.
  4. The total amount, along with the fees charged, will be displayed automatically.
  5. Click on the “Request” button to confirm the deposit.

WhiteBit will automatically connect you with the service that you have chosen. After all the required confirmations are made, the amount will be credited to your principal balance. 

A similar process is conducted to make withdrawals. 

  1. Go to the balance and select the asset that you wish to withdraw.
  2. Click on the “Withdrawal” button.
  3. A form will be automatically opened. Enter the wallet address in which you wish to make your withdrawal.
  4. Enter the amount you want to withdraw. 
  5. Click on the withdrawal request button.
  6. WhiteBit will send a withdrawal confirmation email. You need to access this email and click on the confirmation link.
  7. The withdrawal process will start processing only after you have confirmed via email.

Users should note that the withdrawal requests are processed within a few hours. In some instances, this can take up to 24 hours if the network is congested. 

Account: Register & Login

WhiteBit is a very user-friendly platform. Getting registered on the website can be done in just a few steps. These are:

  1. Log on to the WhiteBit website and click on Register.
  2. Enter your name, email address, and password.
  3. Read the user agreement and accept the terms and conditions of the platform.
  4. Click on the Sign-Up button. 
  5. An email will be sent to the address you have provided. Click on the activation link in the email to start your account.

Your account will be successfully registered, and you can now access the platform’s features.

Once your account has been made, you can Log In by clicking on the Login button and then entering your email and password. You can now start trading. 

Safety & Security

WhiteBit employs advanced security measures to safeguard their platform from any undesirable activity. The two-factor authenticator by Google is used to protect user accounts and prevent hacking. To enable 2FA, users can download the app. You can activate 2FA in your accounts through the “Security” section. Add the 6-digit authentication code provided by the app or scan the QR code. WhiteBit will appear in the application. Enter the authentication code and then press Enter.

Users are also provided with Anti-Phishing measures to add an additional layer of protection. This can also be enabled through the “Security” section. Moreover, the platform stores more than 96% of all their funds in cold wallets. It keeps the funds offline and therefore protects the assets from any unauthorized access or cyber-attacks. The platform also uses a Web Application Firewall that helps detect any hacker attacks and then blocks them. 

WhiteBit uses a risk-based approach to prevent money laundering and financial terrorism. The AML/CFT compliance makes sure that all ongoing transactions are monitored to detect any suspicious activity compared to the user’s normal activities. This is done on the basis of a subjective assessment. 

The customer’s KYC and account activity is kept in mind while determining the validity of the transaction. If the transaction seems to be inconsistent with the information available to the system, it is flagged. A compliance officer thoroughly examines it and then makes the final decision whether the transaction will go through or not. 

The company ensures that its employees are trained and up to date with all applicable laws and security measures of the system. Periodic training is also conducted to ensure that the staff is made aware of any new practices the company has adopted. 

Customer Support

WhiteBit has a customer support service that is available 24/7 without any holidays. Their website is equipped with live chat support where users can ask their queries directly and receive a response in a matter of seconds. There is also a comprehensive FAQ section available on their platform that contains information regarding the basic functions of the platform. It also includes user guides regarding the registration, depositing, and withdrawal processes.

Alternatively, users can reach their support team through email  support@whitebit.com. If they are facing some issues regarding the platform, they can send a detailed explanation of their problem and attach a screenshot that shows the error occurring. WhiteBit team is very responsive and caters to its customers’ issues in no time. 

The company has a strong social media presence on several platforms like Twitter, Reddit, LinkedIn, Facebook, Instagram, and Medium. The company provides its users with product updates and news on these platforms. They also have a blog on the Medium website, which is regularly updated. 

Users can also schedule a meeting with the WhiteBit team on the website and have a 15-minute discussion with them on a day that is convenient for them. They are also active in the Telegram community. The exchange has tried to make the trading process easier by providing multi-lingual support. Their website is also translated into languages like Chinese, Japanese, Russian, Estonian, and English. 

Conclusion

WhiteBit is a relatively new but promising cryptocurrency exchange that has made a decent impression in the crypto world. It is a licensed Estonia-based platform that has some remarkable features for crypto traders around the world. Their platform caters to all novice and experienced traders due to its simplistic interface and competent support function. But these are not the only advantages of the platform. 

Like all other exchanges, WhiteBit has some pros and cons. Let’s take a look at them.

Pros

  • It has obtained two licenses, which proves its legitimacy.
  • Users can make deposits in crypto or fiat.
  • The trading interface can be configured according to the user’s preferences.
  • They have an excellent referral program.
  • They have maintained a sound security infrastructure.
  • Their order processing speed is one of the highest in the industry with 10,000 transactions per second.
  • They have a very competitive and reasonable fee structure for all trades.
  • The API offered by the platform is very powerful.
  • It allows users to earn money on their deposits without any risk.

Cons

  • The platform does not support margin or index trading. 
  • There is no demo account feature available.
  • Although they have a presence, they are not active in the Telegram community.
  • It is a very young platform and is constantly being updated.

WhiteBit is separating itself from its competitors by providing multiple deposit and withdrawal options and supporting both cryptos as well as fiat currencies. It allows newcomers to enter the trading game with more ease and convenience. 

The fact that no margin trading is allowed might be considered negative. But it is important to realize that margin trading is very high-risk, and by using leverage, traders can earn or lose a large amount of their assets. Not all traders prefer this technique and especially not inexperienced traders. 

The exchange is relatively new and is continuously trying to improve its products and features. They are listing new tokens and are even open to recommendations by the users. There is a dedicated token listing request on their website where users can submit what token they would like to be added to the mix. New tokens are being added to the product mix constantly. The exchange has also shown excellent performance in terms of trading volumes.

However, for the platform to continue towards its growth trajectory, it is necessary to make some minor changes to improve the user experience. The addition of a testing demo version of the trading interface with fake money can prove very beneficial to users. 

Once they can test out the platform’s features, they are more likely to register for an account and start depositing funds. It will help users gain confidence in themselves and the platform as well. Moreover, the exchange will benefit from more social media engagement and improved customer support services.