Review of WhiteBIT Crypto Exchange

WhiteBIT TLDR

For those in a rush, here is a quick rundown of the information contained in this WhiteBIT exchange review:

• Setting up a WhiteBIT account is easy with a solid onboarding process
• WhiteBIT offers their own coin that gives users multiple benefits
• WhiteBIT has an Earn program where users can earn a return on a variety of assets
• In addition to their centralized exchange platform, WhiteBIT has integrated decentralized exchanges on Ethereum, Tron, and Polygon into their WhiteSwap decentralized exchange

Overview of WhiteBIT Exchange

WhiteBIT Exchange is a European crypto exchange with over 270 crypto assets available across over 520 trading pairs. They offer spot, futures, and margin trading while also offering an Earn program and decentralized exchange for users in addition to their WBT Coin program.

WhiteBIT has never been hacked and is fairly easy to use while offering a fairly comprehensive knowledge base.

Is WhiteBIT Safe?

WhiteBIT has never been hacked and requires users to use 2FA in order to make almost any transaction, helping ensure account security. They also allow you to set up an anti-phishing code that will be included in any communication from them. There is a bug bounty program offered to those that can find issues in the platform’s security.

WhiteBIT stores 96% of digital assets on cold wallets and uses WAF to detect and block hacker attacks. Crypto assets stored in cold storage are protected with a multisignature access system. There is no proof of reserves available.

WhiteBIT also has an insurance fund to protect users’ assets, funded by contributions from transaction fees. The insurance fund insures the assets on WhiteBIT’s cold storage under a coverage plan which amounts to $30 million USD.

Please note that account verification on the exchange is mandatory. In addition, identity verification is required to make any deposits and withdrawals, create and activate WhiteBIT codes, use the Buy Crypto function and more.

What Cryptocurrencies Does WhiteBIT Support?

WhiteBIT supports over 270 crypto assets available across over 520 trading pairs. Here’s a look at some of the most popular assets they list:

• Bitcoin (BTC)
• Ethereum (ETH)
• WhiteBIT Coin (WBT Coin)
• USD Tether (USDT)
• Cardano (ADA)
• Solana (SOL)
• Chainlink (LINK)
• Dogecoin (DOGE)
• Ripple (XRP)
• USD Coin (USDC)
• Litecoin (LTC)
• Avalanche (AVAX)

For a full list of WhiteBIT’s supported cryptocurrencies, check out this page.

What are WhiteBIT Fees Like?

WhiteBIT has extremely competitive trading fees which start at 0.1% for both maker and taker trades. This trading fee can be further reduced by using the WhiteBIT Coin (more on this later). These trading fees are in line with other exchanges, and are about as low as you’ll find with an exchange.

For deposits, there are no fees for crypto, apart from some obscure ones such as SafeMoon, while the rest are free. Fiat deposits have varying deposit fees depending on currency and funding method, with some bank transfer options being free. There are deposit minimums for digital assets and fiat currencies.

For withdrawals, there are withdrawal fees for crypto that are reasonable for the most part. Fiat withdrawals incur percentage fees that depend on currency and method just like for deposits, with some being free as well. There are withdrawal minimums for both crypto assets and fiat currencies.

For a detailed fee breakdown, check out this page.

Is WhiteBIT Easy to Use?

WhiteBIT is quite easy to use, with a good onboarding process and prompts when first using the exchange. They offer a mobile app for iOS and Android which makes it even easier for users to access the platform.

There are simplified and more complex trading options available making the platform good for a variety of users.

Customer Support Services

There is a fairly comprehensive FAQ page for WhiteBIT where users can find most of the answers they might be looking for. Any questions outside of the FAQ have to be directed to their support email. There is no live chat support.

Best WhiteBIT Exchange Features

Apart from the above benefits regarding security, trading fees, supported assets, and more, WhiteBIT has some great features for users to access. Below we’ve noted the best features of WhiteBIT exchange.

WhiteBIT Coin (WBT Coin)

WhiteBIT uses WBT Coin as a way to give users extra benefits such as trading fee discounts depending on their balance of WBT Coin. This includes up to 90% of taker fees, 100% off maker fees, an increased referral rate, and free daily withdrawals of ERC-20 tokens. You can see some of the tiers in the below image.

WhiteSwap

WhiteSwap is WhiteBIT’s decentralized exchange option. It allows users to do all the things they might on a platform such as UniSwap including providing liquidity, exchanging a variety of tokens, and participating in governance.

WhiteBIT Earn

WhiteBIT offers an Earn program where users can loan crypto assets to the exchange and earn passive income in return. Users can deposit a variety of digital assets for periods of 10, 20, 30, 90, 180, and 360 days in order to earn. APRs depend on the period of the loan. WhiteBIT has a staking program in the works as well.

Setting Up a WhiteBIT Account

It’s easy to set up an account with WhiteBIT Exchange by following the below steps:.

1. Navigate to WhiteBIT.com and click “Sign Up” in the top right corner, or download the app for your mobile device and start the process there.

2. Next, enter an email address and create a password that has 8 or more characters, with at least one lowercase letter, one capital letter, one number, and one symbol. You can also enter a referral code at this stage. Tick the two boxes, then click “Continue”.

3. Verify your email by using the 4-digit code sent to the email you used to create the account. Enter the code, then click “Continue”.

4. You can then log in to your account, where you will be immediately prompted to set up two-factor authentication (2FA). There is an alternative option to skip, but we recommend setting up 2FA to further secure your account.

5. If you haven’t already set up a 2FA app on your phone, you can now download one. If you have, skip this step and use your 2FA app to scan the QR code shown on the following page.

6. After successfully setting up 2FA you’ll see the below:

7. Once you click “Continue”, you’ll be prompted to verify your identity.

8. Like 2FA, you can skip this step, but then you’ll be able to do very much with your account, so we recommend completing ID verification. Click “Start Verification” to get started.

9. You’ll then have to enter your country of residence. Then click “Start”.

10. Assuming you’re not in a restricted country, you’ll then need to provide information such as your name, address, and date of birth. Then click “Next”.

11. You’ll then need to upload an identity document such as a driver’s license, national ID card, or passport. Choose the type, click “Next”, then upload the images of the document.

12. The final step for ID verification is to take a selfie. Once done successfully you’ll just need to wait for WhiteBIT to verify the information you provided.

13. If you didn’t already set up 2FA, you’ll now have to do so. Once WhiteBIT is finished verifying the information you provided and you’ve set up 2FA, you’ll have access to all your account’s features.

Conclusion: WhiteBIT is Worth it

Assuming you’re in a jurisdiction that is allowed to use WhiteBIT, it’s a great option. They accept a variety of fiat currencies while also having a wide selection of digital assets and trading pairs.

Their trading fees are some of the lowest in the industry and can be further lowered with WBT Coin holdings. If you’re a European user looking for a new crypto exchange, WhiteBIT is worth checking out.