WhiteBIT Review: Learn More About The Exchange’s Features And Pricing

Cryptocurrency is gradually integrating into the modern world. Even traditional financial organizations that previously denied cryptocurrencies are trying to introduce crypto into their work, and large corporations are investing in cryptocurrency.

The number of people who want to get acquainted with cryptocurrency is growing every day. The easiest and safest way to do this is through cryptocurrency exchanges. However, one should only trust those exchanges that have already earned the trust of users.

One of them is WhiteBIT, the largest European crypto exchange originating from Ukraine. Over 3 million people in more than 150 countries have already tested this exchange’s services. Let’s use WhiteBIT as an example to analyze how a safe cryptocurrency exchange works.

Trading opportunities 

WhiteBIT is a trading platform that provides any user with the opportunity to choose a way of earning that suits their goals and experience, such as spot, margin, or futures trading.

Spot trading is the most common and easy way to buy cryptocurrency on WhiteBIT. Spot trading involves the direct purchase or sale of cryptocurrencies using only the trader’s funds and not those borrowed from the exchange.

This type of trading is considered the safest because the traders cannot lose more than they already have on the balance and avoid borrowing. The main disadvantage of spot trading is that traders are limited by their balance and cannot take full advantage of favorable trading opportunities.

In turn, margin trading has a leverage of up to 20x. A trader can increase the purchasing power and the number of potential earnings by borrowing money from the exchange.

For example, if you consider buying bitcoin for $500, you need to invest $100 and use the 5x leverage.

Just like spot trading, margin trading has its pros and cons. The opportunity to increase earnings with borrowed funds is accompanied by risks of losing amounts that exceed your capital.

More experienced users tend to trade perpetual futures contracts. On WhiteBIT, there is no fixed execution date, so the position can be opened for as long as necessary.

Futures trading fees are lower than those on the spot market. Also, just like with margin trading, it is possible to open Long and Short positions and use up to 20x leverage, gaining access to an asset by paying only a part of its cost.

There are many trading pairs on the exchange, both popular ones (for example, ETH USDT) and lesser-known ones.

Users can select from Limit, Market, Stop, and Conditional orders. Conditional orders were created by WhiteBIT and allowed users to target the needed pair.

It is possible for users to trade not only cryptocurrency but also fiat. The exchange supports more than 30 fiat pairs, including the US dollar and euro. 

Fees and Restrictions 

WhiteBIT fees are quite nice for both beginners with small transaction amounts and experienced users with larger ones.

The exchange has a standard trading fee – 0.1% and a daily fee for using margin funds – 0.098%. It is worth noting that for some pairs, the trading fee may be different, but it never exceeds 0.1%. The withdrawal fee depends on the current value of the asset and the fee of the blockchain itself. 

Today, WhiteBIT works with users from more than 150 countries around the world, and the exchange interface itself is available in 10 languages. At the same time, it should be kept in mind that there are countries where the exchange is not available. These include Afghanistan, the USA, Iran, Libya, the Democratic People’s Republic of Korea, Transnistria, the Republic of Sudan, the Russian Federation, etc. A complete list of unsupported countries can be found upon registering on the exchange.

The good news for US citizens is that WhiteBIT is planning to expand to the US market.

Support

The fact that WhiteBIT is an international company aimed at different markets is evidenced by the ability to receive help in many languages: English, Chinese, Spanish, Estonian, Arabic, Ukrainian, Turkish, Georgian, German, etc.

The support service works 24/7 and is ready to answer any questions, most of which are resolved within a few minutes. For the convenience of customers, the exchange has implemented several channels of communication with support:

  • create a ticket by clicking the Support button on the exchange;
  • send an e-mail to the address of the support service;
  • ask your question in the Telegram chat.

WhiteBIT is a great example of a growing exchange that places significant emphasis on the security of users, a variety of trading tools, and competitive fees. This makes WhiteBIT an excellent choice for both beginners and those who have been in cryptocurrency for a long time.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts