WhiteBIT exchange review

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WhiteBIT is a relatively new exchange (est. 2018) on the up-and-coming. Their platform is available on the Web , as well as mobile apps for iOS and Android , on English, Russian, Chinese, Estonian, and Japanese.

I will divide this review into 5 sections covering WhiteBIT’s most salient features: reliability security and trading interest-bearing accounts KYC/AML Pro Business user support.

Reliability

WhiteBIT is a Crypto exchange that is licensed in Estonia — the undisputed leader in Blockchain regulation in the Baltics. Estonia is a great jurisdiction for licensing, with its advanced economy, very high regard for the rule of law, and full membership in the European Union. WhiteBIT also possesses an e-money license, also issued by Estonia. These licenses are considered European licenses.

Photo gallery with WhiteBIt’s cofounders: Vladimir Nosov, Glib Ushakov, and Oleg Kiyan

WhiteBIT is led by a full team of over 80 employees. The founding team has been running the exchange for over 2 years and growing it at a steady pace, having formed partnerships with big-name projects like Dash , Tron , and Matic . In fact, their strong network of partners — including Holdex 🦄 — and several channels for support is one of the most salient features of WhiteBIT’s value proposition.

Security and trading

There have not been any reported hacks on WhiteBIT’ since its launch.

A focus of WhiteBIT’s marketing is stressing its fast and secure trading platform. WhiteBIT claims to store 96% of their funds in cold wallets. There have not been any reported hacks on WhiteBIT’ since its launch.

When we verified the site’s security through the Observatory by Mozilla, we found that WhiteBIT receives a score of B-, a very good score and way above the F that is so commonplace when testing other exchanges. The Observatory by Mozilla has helped over 225,000 websites improve their site security.

Besides security, there is a focus on speed and ease of trading. The site is most definitely speedy. With quick loading speeds while on the trading dashboard, as well as orders that execute in real-time. WhiteBIT’s current engine is capable of performing over 10,000 trades per second.

WhiteBIT fees

Rest assured, WhiteBIT is not one of those zero-fee exchanges that are selling your data — their approach reflects a commitment to low fees.

WhiteBIT’s fee structure is straightforward and simple. There are no differences between takers and makers, with all trades incurring a flat-fee of 0.1%. Whereas most exchanges charge 0.25% and give discounts to makers, a lot of top exchanges are bringing their fees down to the 0.15-0.20% range. Yet, WhiteBIT’s fees remain hypercompetitive and in some trading pairs go below their standard 0.1%. Rest assured, WhiteBIT is not one of those zero-fee exchanges that are selling your data — their approach reflects a commitment to low fees.

There are other fees for deposits and withdrawals as well as fiat onboarding via several methods, including credit cards. Most Crypto deposits are free. See the [full WhiteBIT schedule of fees][Fees].

Liquidity

WhiteBIT prides itself on enjoying deep liquidity and over 100 trading pairs (see the full list of trading pairs ).

Common trading pairs like Bitcoin and US dollar ($BTC/$USD), Bitcoin and Tether ($BTC/$USDT), Ether and US dollar ($ETH/$USD), Ether and Tether ($ETH/$USD), Stellar and Tether dollar ($XLM/$USDT) which represent 80% of the volume traded in WhiteBIT enjoy little slippage, which is no small feat for an exchange supporting 300,000+ users and $125M of daily volume.

Interest-bearing accounts

WhiteBIT offers the opportunity to earn interest on a select number of Cryptoassets with Smart Staking, which act essentially like time deposits. These work in a similar way to traditional Crypto staking but without relying on a mining reward. They have plans in USDT , DASH , and others (check WhiteBIT’s plans ) for up to 9% in interest paid at the end of the period.

Screenshot of Smart Staking plans

KYC / AML

At the moment, U.S. citizens are not allowed to register with WhiteBIT.

WhiteBIT complies with 5AMLD which is the latest directive by the European Union on AML/CFT. Upon logging in the first time, you will notice a warning that in order to deposit or withdraw you will need to submit to undergo KYC verification. 5AMLD requires Cryptocurrency exchanges like WhiteBIT to comply with the same requirements as banks for AML/CFT.

The KYC process is straightforward and consists of uploading a passport image, a residential image, and a selfie. WhiteBIT verifies the documentation and then allows you to deposit and withdraw freely.

Enhanced due diligence may be carried out for business entities and those in high-risk countries per the EU’s definition. At the moment, U.S. citizens are not allowed to register with WhiteBIT.

Pro Business user support

WhiteBIT’s focus on speed, low-fees, and security naturally draws a number of professional traders as well as business or institutional users. What is interesting is that WhiteBIT makes most of the special features normally reserved for VIP users available to their whole userbase.

Trading View of WhiteBIT’s main dashboard

For starters, the trading view is customizable, so you can change the dashboard to fit your needs specifically. There is no right or wrong way to do trading views, so this feature is definitely useful to cater to a wide variety of trading styles.

A few of these special features deserve their own sections:

APIs

WhiteBIT provides well-maintained public and private REST APIs for obtaining market data as well as for placing orders and managing your account, respectively. The documentation is clear and facilitated in several programming languages, as is available in both GitHub and Postman. WhiteBIT APIs are released with semantic versioning.

API keys can be generated in-app. Overall, these APIs give a wide range of possibilities to more sophisticated traders as they cover the full functionality of the platform.

Spot and Margin trading

WhiteBIT is largely a Spot trading platform. On the completion of a trade order, you can withdraw the Crypto without restrictions. WhiteBIT supports Limit, Market, Stop-Limit, Stop-Market, and Conditional Orders. Limit Orders are to set a price to buy/sell while Market Orders are to do so immediately. Stop Orders are a safeguard against volatility while Conditional Orders monitor the trading pair you are interested in. Altogether, these functions allow for peace-of-mind and highly tactical trading strategies.

Very recently, WhiteBIT has enabled Margin trading, which means a trader can use a leveraged position by a broker to place an order without committing the full amount with their own funds, the broker covering the difference and charging a daily fee for the loaned funds. This makes WhiteBIT one of a handful of exchanges that support a full margin trading terminal. At the moment, up to 5X margin can be obtained, which is set to expand to 25X.

Token listing

WhiteBIT supports a variety of Cryptoassets. If you want to list a token in WhiteBIT, [submit an application][Listing]. WhiteBIT will provide you with personalized attention throughout the process.

Let us know if you apply to be listed in WhiteBIT, we can provide you with a recommendation. Holdex wants all its Partners to succeed.


To conclude, WhiteBIT is a highly recommended exchange. Here, I was able to cover the basics to evaluate what makes WhiteBIT a trustworthy and capable exchange that supports both fiat and Crypto, and pro traders and starters alike. I am confident that WhiteBIT will continue to increase its profile as it continues its global expansion while continuing to serve the Eastern European market.

Before finishing my review, I want to mention a very interesting feature called DEMO Token , which we will be covering on its own later on. This is a free tool for beginners to learn Crypto trading without risking any money. Currently, a sort of fantasy trading league is going on as a Tournament, the winner to receive 1 BTC.

Another reason to give WhiteBIT a try!

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