WhiteBIT is a rapidly growing cryptocurrency exchange that allows you to trade with over a hundred cryptocurrencies, including the popular BTC, ETH, LTC and DOGE. Here you can not only buy cryptocurrency for fiat money, but also exchange one token for another, trade and invest. Crypto exchange WhiteBIT entered the market in 2018 in Estonia, one of the most progressive countries in the world in terms of economy.
The company occupies prominent positions in the rankings of top aggregators CoinMarketCap and CoinGecko. It has over 500,000 registered users and almost a million visits a week. The daily trading volume is also impressive- about a billion dollars. Although the services of the cryptocurrency exchange are temporarily unavailable for US residents, users from the European Union and the Russian Federation are well aware of it.
Registration and Verification
Unlike most crypto exchanges, WhiteBIT does not force new users to fill out huge registration forms. It is enough to enter e-mail, password and referrer ID (if any). After confirming the email address, you can use the trading functionality. The interface is simple and intuitive enough to quickly set up your profile and use the capabilities of the crypto exchange within the limits of an unverified account.
To access all features, including support for fiat currencies, you need to verify your identity. To do this, you will need a photo of your passport, ID card or driver’s license, as well as a selfie with this document. Additionally, you will need to fill out the profile with information about your full name, gender, date of birth and address. All this is necessary to protect users from fraudsters, and the company from lawsuits.
WhiteBIT tries to ensure that the KYC verification procedure takes no more than 24 hours. If you have to resort to the services of third-party services to search for users in watchlists and sanctions lists, it can be delayed. Only in such a rare case, it may take more than a day to complete the verification.
Applications for Android and iOS
Mobile applications can be installed through the App Store or Google Play. The developers were able to implement most of the trading functions, so the mobile interface is almost indistinguishable from the web version. Security is provided by two-factor authentication, biometric recognition and automatic logout of the account (it can be configured if desired).
In addition to the bot built into the mobile application, users can get instant support in the Telegram community. The exchange also gives its traders the opportunity to keep abreast of the latest news, exchange rates- there are widgets and push notifications for this.
How to Deposit and Withdraw Funds?
WhiteBIT supports depositing cryptocurrencies and fiat funds. Most assets are easy to deposit into an account without commission. Only from some operations the platform takes from 1% to 10%. To buy bitcoin or altcoin, just select the desired cryptocurrency and network, specify the address, amount, and click on the payment confirmation button.
To enter fiat currency, you can use Visa and Mastercard cards, as well as Qiwi and Yandex systems. As a rule, a fee is charged for any fiat deposit. The amount depends on the type of replenishment. For example, when entering from a card through Interkassa, the commission is the highest- 4%, when using Qiwi or Yandex even less- 2.5%, AdvCash- only 1.5%.
The minimum deposit limit depends on the currency and type of deposit for fiat currencies. For bitcoin, the minimum deposit is 0.0005 BTC, for the dollar- 10 USD, and for the ruble- from 100 to 500 RUB. To withdraw cryptocurrency from the account, you need to specify the address and the desired amount. The fee depends on the token. For example, for bitcoin, this is 0.0004 BTC with a minimum withdrawal amount of 0.001 BTC.
Security and Support
The reliability of a cryptocurrency exchange is evidenced by its willingness to comply with international financial regulations. I am glad that WhiteBIT has a license for “Provision of services for the exchange of virtual currency for fiat currency” (FVT000351) and an ISO / IEC 27001 certificate. Although WhiteBIT does not require verification from all clients (it is not required for cryptocurrency exchange), verified accounts have more options.
For example, the Bitcoin withdrawal limit increases from 2 to 100 BTC per day after passing KYC. The crypto exchange uses all possible tools to protect users’ assets. Firstly, 96% of the funds are stored in cold wallets, and WAF is used to block hacker attacks. Secondly, the cryptocurrency exchange uses anti-phishing systems and two-factor authentication to protect user accounts from scammers. As an additional protection system, WhiteBIT uses an insurance fund in the amount of 30 million US dollars.
The fund is designed to protect users’ assets, and it is replenished by transaction fees. Online support is available 24/7 in eight languages, including Russian. In most cases, it takes several hours to resolve user issues. With some exceptions, this process can take up to a day. Most often, these are questions related to the KYC procedure or the need to unlock an account.
Advantages and Disadvantages of WhiteBIT
Advantages
Large selection of cryptocurrencies and pairs for exchange and trading;
The ability to deposit and withdraw funds through a bank card;
Cryptocurrency trading without KYC;
Moderate commission for deposit/withdrawal of funds, trading;
Short-term and long-term SMART staking plans with an income of up to 45%;
Trading pairs with the US dollar and BTC, ETH, BCH and other tokens;
Margin trading in BTC/USDT, ETH/USDT and ETH/BTC pairs;
Personalization of the web version interface to suit your needs;
Interface and support in eight languages, including Russian and English;
Storage of funds in cold wallets, two-factor authentication and other security systems;
Instant support in the Telegram community;
Nice referral program.
Disadvantages
A thorough KYC procedure may take some time;
KYC verification is required to work with fiat currencies to protect against cyber fraudsters;
There are no WhiteBIT codes in mobile applications.
The Bottom Line
WhiteBIT is a relatively young cryptocurrency exchange that has managed to win the loyalty of hundreds of thousands of users in just a couple of years. It is important that since its formation, WhiteBIT has not been featured in scandals. Now there are more than half a million registered accounts on the platform, of which about a hundred thousand are active daily.
The attitude of the platform towards its customers is indicative in the situation with POODL. The project made a token swap from one version to another, but did not inform the WhiteBIT administration about it. As a result, trading and withdrawal of the old version of coins on the platform became impossible. In this situation, the WhiteBIT management decided to pay compensation to its POODL holders, despite the fact that the responsibility for the loss of funds lay entirely on the shoulders of the POODL project itself.
The presence of certificates, a strict KYC procedure, and the many security systems of the exchange also inspire confidence. Given tightening financial regulations, don’t expect KYC to speed up or get easier any time soon. It remains to wish the company to further develop the work of the support service and update the interface of mobile applications in order to save users from persistent problems with authorization.
