WhiteBIT Review
OVERVIEW
WhiteBit was founded in December 2018 and has received European Exchange and Custody licenses. The company’s chief executive officer is Vladimir Nosov. Glib Ushakov has been the firm’s Chief Financial Officer, while Jay Bernadotte is its Chief Operating Officer. A team of over 80 specialists in the Fintech field has been assembled, and they are ready to introduce cutting-edge concepts to the crypto world.
More than 200,000 people have joined the company since its launch, making it one of the world’s best cryptocurrency exchanges. The platform caters to people from over 190 countries, including the EU, Asia, and South America. Its headquarters are in Tallinn, Estonia. The platform is self-funded.
Although the exchange has shown strong performance in daily trading volume, coingecko estimates WhiteBit crypto has reached over $245 million in 24-hour trading volume. It is one of the biggest firms in the business. WhiteBit’s services, with a minimal trading fee, have made it a favorite among crypto enthusiasts in many countries.
What is Whitebit?
White Bit was established in 2018 in Estonia as a crypto trading platform. The company’s primary objective is to help the crypto industry be more productive by providing simple-to-use and secure cryptocurrency exchange services.
The platform’s user-oriented approach, coupled with many powerful features, helped it gain popularity among cryptocurrency traders worldwide.
WhiteBit stands out from other exchanges by holding federal and crypto currency licenses. It also can store its customers’ assets, which is another key difference. The Whitebit crypto exchange is ranked in the top 100 cryptocurrency exchanges today because of its high daily trading volume.
The platform provides faster order execution and improved liquidity to help its users. It has more than 150+ currency trading pairs on its exchange, including Bitcoin, Ethereum, the US dollar, and many more. The platform aims to make its users’ operations quicker and more stable by reducing liquidity. It has some exciting features that will surely excite crypto fans worldwide.
Features of White bit
WhiteBit exchange has some features that set it apart from its competitors. The platform’s tile-based interface is customizable according to users’ preferences. User-friendly websites make it easy to get started and profitable for cryptocurrency traders and newcomers.
The fast and efficient WhiteBit platform has many incredible features. It can handle up to 10,000 trades in a second and allows up to 1,000,000 TCP connections. This fast processing rate is invaluable when time is money, and the markets are quick to change.
WhiteBit crypto has an unlimited API. Users’ trading capabilities and data streams are provided to them. There are both public and private REST APIs available from White Bit.
The platform allows for instant, peer-to-peer transactions without any confirmed steps. The EU cryptocurrency licenses cover any fiat-to-crypto or crypto-to-crypto transfers.
Whitebit Fees
WhiteBit exchange does not charge a maker or taker fee based on the maker and taker model, unlike the majority of exchanges. The fee is instead set at 0.10%, which is lower than the industry average of 0.25%. This fee can be as low as 0.05%, or as high as 0.50%.
Coin | Deposit Fee | Withdrawal Fee | Minimum Deposit | Minimum Withdrawal |
Bitcoin | Free | 0.0004BTC | 0.0005BTC | 0.001BTC |
Ethereum | Free | 0.00173ETH | 0.01ETH | 0.02ETH |
BNB (BEP2) | Free | 0.002BNB | 0.009BNB | 0.02BNB |
BNB (BEP20) | Free | 0.00063BNB | 0.009BNB | 0.02BNB |
Ripple | Free | 0.25XRP | 1XRP | 25XRP |
Cardano | Free | 1ADA | 3.3ADA | 6ADA |
Solana | Free | 0.01SOL | 0.03SOL | 0.07SOL |
DogeCoin | Free | 5 DOGE | 15 DOGE | 30DOGE |
Is KYC required for Verification?
Users must pass KYC verification to increase the security of account information and user funds. The purpose of the verification process is to increase the level of protection. Before users can use WhiteBit’s features, they must undergo KYC verification. They will not be able to deposit or withdraw any funds from the platform until they do.
To verify an account, you can find the information on this page. To finish the process, perform the following steps:
- To complete this form, you must enter your name, phone number, and residential address, including all required fields. It must contain accurate information.
- To prove your identity, you can present a government-issued document such as a passport, driver’s license, or national ID card. The document’s photo must show all of its written information and your photo.
- You must ensure that the document you submit is lawful before submitting it. Otherwise, the platform may suspend your account.
- It would be best if you took a second photograph of yourself holding the document and a white piece of paper with the current date, White Bit, and your name written on it in good lighting. Make sure the photograph is clear and takes good advantage of the light.
- Click on the “Send” button to change your status to “Sent.”
The whitebit KYC process can take 1 to 24 hours to become approved after submitting your documents. The KYC process may not occur if genuine documents and appropriate photos are not submitted. You may be denied service.
Whitebit Pros and Cons
Pros
- It has been granted two licenses, which proves its validity.
- A user can make deposits in crypto or fiat.
- The trading interface can be customized according to the user’s preferences.
- They have an excellent referral program.
- One of the highest order processing speeds in the industry is attributed to their 10,000 transactions per second.
- All trades are priced fairly and are competitive and affordable.
- The APIs offered by the platform is very powerful.
- Users can earn money on their deposits without any risk by using it.
Cons
- There are no margin or index trading facilities on the platform.
- No demo account features are available.
- The platform is constantly being updated, so it is very young.
Safety And Security
WhiteBit exchange uses advanced security measures to safeguard its platform from undesirable activity. The Google two-factor authenticator is used to protect user accounts and prevent hacking. It enables 2FA, and the app must be downloaded. It adds an extra layer of protection to users; the platform also provides Anti-Phishing protection. It can be enabled by selecting the ‘Security’ section. The platform stores more than 96% of its funds in cold wallets, keeping them offline and protecting assets against unauthorized access or cyber-attacks. Website Firewalls keep hackers off the system and then block them.
Customer Support
WhiteBit has a 24/7 customer support service that is available without any holidays. Their website is equipped with live chat support, allowing users to ask questions and get answers in real-time. The FAQ section on their website answers common questions about the platform, including how to register, deposit, and withdraw. It also provides user guides for the same.
Whitebit Review- Final Thought
WhiteBit is a cryptocurrency exchange that has made a strong impression in the cryptocurrency world. It is a licensed Estonia-based firm with some significant features for crypto enthusiasts worldwide. White Bit caters to enthusiasts of all levels and types of traders because of its simple interface and intelligent support system. However, these are not the only advantages of the platform.
