A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Whitebit consists of four parts: general information, fees, deposit methods and security.
Whitebit is an exchange registered in Estonia with an exchange license from the Estonian authorities. Other Estonian exchanges also include: Crex24, Coinsbit, ChaoEX, CoinMetro, B2BX, STEX.com, LATOKEN, Escodex, 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.
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 an appropriate trading platform accepting US-investors.
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 cryptocurrency 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 of 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.
Whitebit Withdrawal fees
Over to the withdrawal fees then. These are also very important to consider. When withdrawing BTC, the exchange charges you 0.0005 BTC. This withdrawal fee is also far below the industry average.
All in all, the fees charged at this exchange is a competitive advantage against most other cryptocurrency exchanges out there today.
At this trading platform, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors. The fact that fiat currency deposits are permitted at all also makes this exchange an «entry-level exchange», meaning an exchange where new cryptocurrency investors can take their first steps into the exciting cryptocurrency world.
Our security score is the result of testing the webpage of each exchange at Observatory by Mozilla (https://observatory.mozilla.org/) which has helped over 125,000 websites by teaching developers, system administrators, and security professionals how configure their sites safely and securely.
Whitebit’s security score is C+, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is actually above average when it comes to the exchanges listed in our Cryptocurrency Exchange List (a majority only receives an F in the Observatory-test).
Moreover, 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 take security matters very seriously.
We hope you have enjoyed reading the above review. We also recommend checking out the following cryptocurrency exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: