Review of WhiteBIT — Take Investments To The Next Level

Looking for a universal licensed platform for trading and exchanging cryptocurrencies, then WhiteBIT might be a great option to consider!

Today, Finscanner will review this crypto-to-fiat exchange that operates in more than 190 countries and offers a wide range of crypto services for both new and professional traders. Our WhiteBIT analysis covers everything you need to know about their open solutions and services, containing the latest information.

  • WhiteBIT is an Estonian-based crypto exchange founded in 2018. It has several exchange interfaces — basic and pro-trade tools, margin trading platform, quick-swap service, peer-to-peer exchange, and a decentralized exchange. There are also smart staking and trading competition features.
  • The platform provides 150+ cryptocurrencies that users can purchase with fiat like USD, EUR, UAH, RUB via Visa and Mastercard, as well as Advcash, Qiwi, Mercuryo, Geo-Pay, Interkassa, monobank, and Perfect Money.
  • With a team of 350+ members, WhiteBIT has a global reach with a primary focus on European and CIS markets. It claims to have over 1 million users.

Pros

  • Large trading volumes & good liquidity
  • Sound security infrastructure
  • Flexible trading interface
  • Unchangeable low commissions
  • High yield staking option

Cons

  • Only website and email communication form, no alternative methods of prompt communication
  • Lock-up periods for staking
  • No choice of trading orders

NOTE: The above pros and cons are summarized from the Finscanner team’s point of view, while other WhiteBit reviews may say otherwise.

Profile

WhiteBIT’s platform is managed by “WhiteBIT Group’’-the companies Clear White Technologies Limited (Hong Kong), Whitebit Solutions LLP (England and Wales), Clear White Solutions Limited (BVI), unincorporated organizations and teams that provide WhiteBIT services and are responsible for such services.

  • Legal name: Whitebit Financial Company OÜ
  • Area of activity: Providing a virtual currency service
  • License number: FVT000351
  • Products & Services: Exchange, DEX, SMART Staking, Apps, Referral program, AML, Token listing
  • Verification: Yes
  • Native Token: No
  • Fees: Standard trading fee never exceeds 0,1%; Daily fee for using funds in margin trading 0,098%. Find detailed fee information here
  • Security: WAF, 2FA, Anti-Phishing software
  • Restricted countries: Afghanistan, Iraq, Iran, Yemen, Libya, Pakistan, Palestine, Somalia, Syria, Sudan, USA (except for SEO projects), Parts of Donetsk and Luhansk regions, Crimea

Main Features

WhiteBIT offers a wide range of features to trade or exchange crypto-to-crypto and fiat-to-crypto. It has several exchange interfaces:

  • Basic & PRO Trade. Both interfaces provide enough features for full-fledged trading. PRO has some additional features such as margin trading with up to 5x leverage. On both interfaces, users can place different types of orders to help prevent risks. Supported order types: market orders, limit orders, stop-limit orders, stop-market orders, stop-conditional orders, and market-conditional orders.
  • Quick swapping (Exchange). The feature allows you to swap one of 16 cryptocurrencies for euros, rubles, or hryvnia, as well as for several crypto coins.
  • P2P (Bitcoin Global). A marketplace where users can quickly buy and sell cryptocurrency to each other without KYC. It is available in 160+ countries. The platform supports over 100 currencies and half a dozen payment methods. The 1-month is 0% fee.
  • DEX (WhiteSwap). It is an automated market-making (AMM) exchange with a WSE governance token.

Smart Staking

One of the distinctive advantages of WhiteBIT in the highly competitive environment of crypto exchanges is SMART staking. Users who prefer not to trade or simply hold can deposit their assets on the exchange at interest.

Currently, the exchange already offers over 120 plans. Users can deposit their funds for periods from 10 days to a year. The profit depends on the size of the deposit and the duration of the assets on the exchange — from 0.4% to 45%. For example, the annual interest rate for BTC, ETH, USDT is 28%, 28%, and 30%, respectively.

Additional features

  • WhiteBIT mobile iOS and Android apps allow users to have quick access to the prices of digital assets they need and trade anywhere anytime.
  • Demo token WhiteBIT allows users to hone their trading skills, study the market features and instruments, work out their trading strategy in a comfortable atmosphere and without any risks.
  • WhiteBIT referral program allows users to receive 40% of every trading fee paid by the people they have invited to sign up on the exchange via the referral link.
  • WhiteBIT listing allows projects to submit an application to list their newly developed token/coin on the exchange.

Conclusion

The main criteria for determining the overall assessment are the pricing of the services, onboarding difficulty, support quality (customer service), and service popularity. In terms of the vast amount of reviews provided by Finscanner’s partner TrustPilot, the overall customer experience in working with WhiteBIT is an above-average score.

Being a relatively young crypto exchange, it has already managed to get a significant user base. The noteworthy advantages of WhiteBIT are smart staking, low fees, and commission.

Expert review of WhiteBIT

WhiteBit is a promising licensed cryptocurrency exchange that has made quite an impression in the crypto world. The first thing that catches one’s eye is the extremely enjoyable commission, as well as highly profitable staking. Combined with multiple deposit and withdrawal options and a simplistic interface, many novice traders and investors can enter the trading game with greater ease and convenience. In addition, the platform has introduced basic training and testing demo version, which are also helpful for new users.

The exchange continues on its growth trajectory, making additional changes to improve the user experience. At the moment, it has no registered instances of a scam. The latest CMC trading volume speaks for itself. Over the past 3 years, it has increased approximately by 3000%.

Are you ready to start using WhiteBIT?

All you need to do is to go to the Finscanner marketplace, search for the WhiteBIT profile and hit the “Apply” button. Next, you need to set up your account and pass KYC verification (users without KYC have withdrawal limits). The procedure can take up to 24 hours. After processing, the user will be informed about the result via Email. Download the mobile app (if necessary).

If you still have any questions left, feel free to contact us directly today!

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Finscanner

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