A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of WhiteBIT consists of four parts: general info, fees, deposit methods and security.
WhiteBIT is an exchange from Estonia with the Exchange and Custody licenses from the Estonian authorities. Other Estonian exchanges also include: Crex24, Coinsbit, CoinMetro, B2BX, STEX.com, LATOKEN, Bitnordex, P2PB2B, BTCbear, Jubiter and Kriptomat. Estonia is definitely a market leader in the Baltics when it comes to being the domicile country for crypto exchanges.
The exchange has over 300,000 users in Europe, Asia, and the CIS countries. It has partnered with many different blockchain projects (Dash, Tron, Matic, to name a few).
WhiteBIT markets itself as a licensed crypto exchange with features also for professional traders. Also, they highlight the competence of their support function.
But that’s not all of the advantages with this platform. The platform also emphasizes a few other features that they find helpful for its users. A few of these are that the user interface is customizable, orders are executed instantly through the help of a trading engine performing 10,000 trades per second. Fees are competitive (more on that below), and a strong API is offered by the platform.
WhiteBIT does not allow US-investors on its exchange. But if you’re from the US and you’re looking for an exchange that is just right for you, don’t worry. Use our Exchange Finder to find the right trading platform for you.
Aside from Limit and Market Orders, WhiteBIT has Stop-Limit, Stop-Market, Conditional-Limit, and Conditional-Market Orders.
Stop-Limit and Stop-Market Orders allow users to prevent losses when the market is too volatile.
Conditional Orders let users minimize their risks by monitoring the market that affects the currency they’re interested in.
Not long ago WhiteBIT also introduced Demo Token, a free tool that helps users to learn the basics of crypto trading and test their strategies on the DBTC/DUSDT pair.
WhiteBIT provides both public and private REST APIs. Public REST APIs provide such market data as the current order book, recent trading activity, and trade history. Private REST APIs allow you to manage both orders and funds.
SMART Staking allows users to earn up to 15%. The plans currently include USDT, DASH, AYA, VNDC, and MB8 (more apparently coming soon). The interest rate is accrued at the end of the holding period.
WhiteBIT Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at WhiteBIT:
WhiteBIT Trading fees
This exchange doesn’t charge different fees between takers and makers. Their fee model is instead something that we call a “flat fee model”. They have a flat trading fee startng at 0.10%. The industry average is arguably around 0.25% so these trading fees charged by WhiteBIT are definitively competitive. That is even though the industry averages are steadily decreasing, and 0.10% – 0.15% are slowly becoming new industry averages.
Some trading pairs also have even lower fees. The exact amount is displayed on the Live Trading page when an order is placed.
WhiteBIT Withdrawal fees
Over to the withdrawal fees then. These are also very important to consider. When withdrawing BTC, the exchange charges you 0.0004 BTC. This withdrawal fee is also below the industry average.
The withdrawal fee limits vary from user to user. New and Basic Accounts can currently withdraw 500 USD (or equivalent) per day. Enhanced Accounts: USD 100,000 (or equivalent) per day with two-factor authentication enabled. Verification is required.
All in all, the fees charged at this exchange is a competitive advantage against most other cryptocurrency exchanges out there today.
The exchange supports 160 trading pairs with crypto and fiat, including BTC/USD, BTC/USDT, BTC/RUB, and BTC/UAH. Deposits and withdrawals are possible with Visa and MasterCard, as well as Advcash, Qiwi, Mercuryo, Geo-Pay, Interkassa, and Perfect Money.
The fact that fiat currency deposits are permitted at all also makes this exchange an “entry-level exchange”, meaning an exchange where new crypto investors can take their first steps into the exciting crypto world.
This trading platform stores 96% of all assets in cold storage. As with most other exchanges, you can also enable two factor authentication to log in. There are also IP-detection features, biometrics confirmation and more. All in all, WhiteBIT seems to focus on security.
Finally, WhiteBIT also complies with 5AMLD, which means users have to pass KYC verification to make deposits or withdrawals.