Last Updated: 3rs October 2021.
Millions of people do adopt cryptocurrency on a yearly basis and this grows yearly like that.
While many people have also found it difficult to tap into the cryptos space because of the limitations on how to get it.
We have then seen many exchanges platform offering ways for individuals to buy and being able to trade cryptos at the same time.
Binance, WhiteBit, Coinify is a good example of this exchanges platform that brings cryptos buying and selling into individual fingertips.
So in today’s WhiteBit review, I will help you determine if you should use it or not.
What is WhiteBit Exchange?
WhiteBit is a buying and selling platform of cryptocurrencies and a trading company that allows trading over 150 currency pairs within a platform.
The company was launched in the year 2019 in Estonia with a strong primary goal of expanding Blockchain technology.
WhiteBit company uses strong technology to meet up all KYC (Know Your Customer Verification) requirements.
The company also holds a European exchange and Custody license that is guiding the platform.
Part of what set WhiteBit aside from its competition is the fact that it has licenses for both trading fiat and cryptocurrencies and it also has the capacity to store its user’s assets.
The company state that its stores about 96% of their user’s cryptocurrency in cold storage and securing it with the advanced technology
Part of the measures that have been put into place is with the use of 2FA, Anti-Phsing software to not only protect cryptos but with its users.
Because the platform does introduce new amazing features regularly and its high trading volume
It has gain so much popularity and it has been listed in top exchanging sites like Coingecko.com.
As a result, the company has gained over 500,000 users in Europe, Asia, and other CIS countries.
Although, the company goal is a global reach, and it’s currently on its mission to achieve that.
WhiteBit Review – Features
Below are the features of WhitBit that this article outlined while you can find out more on the official website.
#1: Customizable Interface
The platform has a very standard customizable interface that allows its users to take control of their personal dashboards.
WhiteBit users can easily customize the title-based interface according to their taste.
And more importantly, the website is very easy to navigate around without so much problem.
By becoming a ==> WhiteBit user and playing around with the platform for fee minutes you can so much easily understand how it works without further guidance.
The trading section of the platform is very easy to use for both experienced traders and newcomers making the platform easy to use for everyone.
#2: Speedup & Quick Trading
This is another feature that sets the platform aside from its competitors.
The platform has the ability to process 10,000 trades in just one second, yes 1 second.
This is made possible by using a very powerful API.
And this seems to be one of the fastest processing rates in the crypto exchanges industry which adds additional value to the platform.
In any country where time is money, such users from that country can easily leverage this powerful fast trade processing to get more done.
#3: Instant Peer-to-Peer Transaction
The platform also has an instant-peer-to-peer transaction without the need for any confirmation.
Although, transactions done on the platform are fully regulated and the EU license covers crypto to crypto trading.
By using the PTP feature, you can easily send and receive money from the same users within the platform which is really great.
#4: Coin Staking
This seems to be the most amazing feature of the platform.
The reason I said that is because the users of the platform can currently stark their coins in their most suited plan and receive up to 9% return.
I must say that this is risk-free.
It means you don’t have to worry if the platform makes any money or not, you don’t have to worry if the money you stark goes in the right direction for the company or not.
What is sure is that you will surely get your return which is great.
This is also better than keeping money in the bank that may not yield a dime for years accept you enroll it in that direction.
You earn 9% without doing anything can help your financial need.
If not large but can at least helps you pay those small bills that do comes up urgently.
Is that not great? Yes, it is.
WhiteBit Review – Deposit And Fees
The WhiteBit platform actually has many fees listed on its platform.
But for the sake of this WhiteBit review article, we will only list the popular ones.
Or what we believe you should know and is applied to you at the same time.
WhiteBit Deposit Methods/Withdrawals
WhiteBit exchange platform supports up to 160 trading pairs, this includes crypto and fiat.
Like BTC/RUB, BTC/USD, BTC/UAH, and the likes.
The most popular means of payment is also what this platform also uses which is Visa and Master Card.
Some other methods are also available like Qiwi, Geo-Pay, Interkassa, and perfect money.
So it means with the above-listed payments methods, you will be able to deposits and withdraw with it.
The platform withdrawal fee depends on the individual account but the New and Basic Account can currently withdraw up to $500 daily.
While the enhanced account can withdraw up to $100,000 per day backed up with 2FA and other securities questions to make it possible.
In a world, the withdrawal fee of this platform is very lower to its competitors because it only charges you 0.0004BTC for every withdrawal made.
So the platform seems to be a good idea for most people and it is also recommended by me.
WhiteBit Trading Fees
The WhiteBit platform trading fees depend on the currency pairs that you are dealing with.
However, the maximum fee charged by the platform for trading is 0,1%.
This means no matter the currency pairs you have paired together to trade, you will never be charged more than 0,1% of the total month you want to trade.
WhiteBit Daily Fee For Margin Trade
This daily fee applies for using margin funds in trade.
Should be in case you don’t know what margin trade is.
Margin trade refers to the borrowing of funds or an asset from a broker platform in order to trade while using securities as collateral.
For example.
If your cash balance is $10,000 worth of securities and you bought $20,000 worth of securities.
The margin trade borrowed money is $10,000 and your cash balance is $10,000.
And if the value of the margin trade risen by 25% and the funds borrowed still remain $10,000.
Your total equities become $15,000.
So the total fee charge daily for using the margin trade fund is 0,098% of the total fund’s transactions.
The above-named fees are the ones I think you should know, other fees can be found here on the official website.
WhiteBit Review – Pros and Cons
Everything that has a good side does have a bad side as well.
So to make this WhiteBit Review article unbiased, we will use this section to covers the good side and the bad side of the platform.
WhiteBit Review – Pros
#1: It Has 2 Licences
To the fact this amazing platform has two licenses proofs it legitimacy and place it ahead of its competitors.
The license doesn’t just proofs its legitimacy but it also places you in a safe hand which is really great.
By choosing the company with the intention that it has licenses won’t only makes you fee like your fund is safe but it will also give you peace of mind in return.
#2: Many Deposits Option
The users of the platform are allowed to make deposits and withdrawals in various currencies, this includes fiat and cryptos which is great.
So with this, you are not tied down to just a payment method but have various options to choose from, if one doesn’t work one would.
Thus, making you have a better experience on the platform.
#3: Standard Security
The platform has very high maintained standard securities and this add value to the platform.
A platform with low security can’t cope with today’s technology and that is because
Thousands of attacks do launch on a daily basis to hijack people’s identities, personal information and have access to their funds.
By being sure you are dealing with a platform that has securities place you in the good mood and you shouldn’t feel you are doing much.
#4: Powerful API
The platform API is a very powerful one that can perform so many functions within the shortest time possible.
As you have known that APIs are great and it is what most platform runs on.
In fact, some companies do adopt other platform APIs rather than making theirs and that is because making a powerful one might be tricky.
#5: Reasonable Fee
The company offers a very reasonable and competitive fee on both withdrawal and deposit.
This doesn’t just set the platform aside from its competitors but also from a high withdrawal fee.
Most platform out there charges a very high withdrawal fee that makes your money useless before its gets to you.
I am very sure you won’t be in any way happy about that.
As a result, WhiteBit seems to be the best option.
WhiteBit Review – Cons
#1: No Demo Account
The platform doesn’t support the demo account feature.
Which is quite bad a little bit.
For those who don’t know what a demo account is.
A demo account is a virtual account that contains virtual money that ranges between $10,000 to $100,000.
This account is normally used for the purpose of learning how to trade or to learn how a particular system works when you are new to it.
So to me, I feel like it is not good enough has it doesn’t have because some beginners might actually need it.
#2: No Telegram Community
You will come to agree with me when I said that Telegram is the most popular crypto user’s fan base.
And that is because it has so many features that support and encourages crypto traders to keep using the platform.
By not having a telegram support platform doesn’t really good because many now prefer the platform to others.
That doesn’t mean it doesn’t have a presence but Telegram is excluded.
NOTE: The above mentioned outlined are what we believe it is good and bad about the platform while other WhiteBit Review content may say otherwise.
But you can never go wrong by following our advice.
Need Help Deciding?
I know you might need helo deciding if you use the platform or not and that is what I said at the beginning of this WhiteBit Review that I will help you decide if you should it or not.
In the real sense, many platforms are out there that can serve as an alternative to the WhiteBit Review.
Part of them that you can still compare together are
- WhiteBit vs Bitmmart
- WhiteBit vs Binance
And the likes like that.
But I recommend you use the WhiteBit platform likes that.
Not because it is only good and has many features.
But also provides the security of your funds and it has licensed.
That can help you be on the safe side. Your funds won’t only be safe but you will also have the rest of your mind that your fund is safe.
If for any reason, you still want to compare it to its competitors.
The WhiteBit vs Bitmart and Binance above is an article that we have reviewed here at SmartForexHub.
Do check them out.
If you have decided to use the WhiteBit, just get started here whitebit.com/sfh to claim some amazing bonuses.
Conclusion
The WhiteBit platform is trying to bring in new individuals to the crypto world hassle-free.
It is also trying to separate itself from its competitors out thereby providing multiple payments solutions to its users.
However, margin trade is not allowed on this platform which might be considered a negative against it.
You also need to keep in mind that margin trade is a very risky trade which is not good to get yourself into.
If it is a form of good trade, then the Chinese government won’t have to ban Margin trading in their country.
So, I don’t think you should be considered as a negative.
The platform is great and it is a big welcome idea for new users in the crypto world and the advanced one who wants to scale.
With that, we have to the end of this WhiteBit Review article.
So it is now your turn.
Are you ready to give WhiteBit a trial?
Do you have any questions about this WhiteBit review?
Do use the comment section below and consider sharing on your social media account.