Overview of WhiteBIT crypto exchange

WhiteBIT is a European cryptocurrency exchange founded in 2018 by Vladimir Nosov, a serial entrepreneur focused on creating first-class digital products in the fintech industry.

The company has Ukrainian roots and was originally based in the city of Kharkov and later moved its headquarters to Vilnyus, Lithuania. WhiteBIT has 4+ million users, and it is one of the largest cryptocurrency exchanges in Europe.

The move from Ukraine to Europe was intended to ensure the safety of the company's employees and continuous access to the exchange's services for its users. The growth and success of WhiteBIT is largely due to Nosov's management, which allowed the company to establish itself as a leading player in the global cryptocurrency market.

WhiteBIT has two European licenses for storage and exchange of funds, passed an independent audit by CER and was named the second safest crypto-platform in the world.

Verification on WhiteBIT

Verification on the WhiteBIT exchange is mandatory for all users who want to use the exchange's features. It is necessary to protect the exchange from fraud and money laundering.

There are two ways to pass verification on WhiteBIT:

• Standard verification. To pass it, you need to provide the following documents:

- A scan or photo of your passport or driver's license.
- Selfies with the document in your hand.

• Verification via the Diya app.

To pass it, you need to install the Diya application on your smartphone and open it. Then it is necessary to go to the "Electronic signatures" section and choose "Create signature". After that it is necessary to scan the QR code that will appear on the screen of the WhiteBIT exchange and sign the form, giving the exchange an opportunity to process your documents from the application.

Confirmation through Diya will take only a few minutes, as this process is automated. In the case of standard verification, the user will have to wait up to 24 hours, as their documents will be submitted for review by the exchange staff.

After you pass the verification, your account will be activated and you will be able to use all the features of the exchange.

WhiteBIT is expanding its ecosystem by launching a test network of its own blockchain built on Geth (Go-Ethereum), which is compatible with contracts and solutions from the Ethereum ecosystem. Whitechain's blockchain runs on a Proof-of-Authority (PoA) consensus mechanism in which trusted network participants generate new blocks and confirm transactions. When Whitechain Blockchain Mainnet was launched, the WBT exchange token officially became a native blockchain coin. In addition to low transaction fees, the network's TPS is quite high, with a maximum of 153.5 and an average transaction fee of 0.00002566 WBT.

Also included in the WhiteBIt ecosystem are numerous online communities created by users and communities formed around certain services.

The exchange ecosystem consists of the following products: 

• WhiteSwap Decentralized Exchange.
  WhiteSwap is a decentralized exchange (DEX) that is powered by AMM (automated market maker) technology. WhiteSwap was launched in 2021 by the WhiteBIT exchange. On WhiteSwap you can trade cryptocurrencies without intermediaries. Trading on the exchange is done through liquidity pools that are created by users. Users who provide liquidity are rewarded in the form of WhiteSwap tokens (WSD).
  In addition, anyone can buy these tokens for USDT or fiat. WSD is a management token that allows you to become a co-owner of the platform and develop the project together with the creators. It can also be steamed on WhiteSwap and earn extra interest on it.

• Whitepay is a crypto-processing platform that provides businesses and charitable organizations with the ability to accept cryptocurrency payments: crypto-acquiring, POS terminals and payment pages. Whitepay supports over 140 cryptocurrencies and several fiat currencies.
  Whitepay is the first cryptocurrency processor whose transactions are verified by Chainalysis. Chainalysis helps protect customers and companies from fraud, financial crime, and avoid sanctioned entities.

• White.Market is a P2P platform for trading CS:GO skins. By selling skins here, users can exchange their cryptocurrency for fiat. The security of trading on the platform is ensured by 24/7 monitoring. In addition, the skins of users who have placed them on the platform are not frozen, that is, yuezr can use them until the sale to the buyer. In addition, the commissions on white.market are lower than the market ones, and the deposit and withdrawal process allows using both bank cards and cryptocurrency wallets.

• WhiteEx: With this feature, users can buy a card for any amount they want. If a person wants to own cryptocurrency but doesn't know how to start, buying cards on WhiteEx can be an ideal option. One can either purchase an e-card online or get a physical card from the exchange's partners in stores. In addition, buying such cards is an alternative way to fund your account on the WhiteBIT exchange.

• WB Soul: With this exchange product, you can "embody" your identity in the blockchain world while maintaining complete privacy of personal information. This feature opens up new perspectives of user interaction, at the level of trust, and allows you to transfer the features of your personality to the blockchain level.

• The Gagarin Show is an entertaining YouTube show about cryptocurrencies and blockchain. The show was launched in 2020 by the WhiteBIT exchange and quickly gained popularity. The host of the show, Vladimir Nosov, is the CEO of WhiteBIT. Together with him, the show features various guests, including cryptocurrency experts, entrepreneurs, show business stars and just people who are interested in cryptocurrencies. Each episode of the show discusses current news in the cryptocurrency world, highlights various aspects of cryptocurrency use, and discusses issues related to blockchain. The show is also a platform for sharing opinions and discussions about cryptocurrencies.

Financial products on WhiteBIT

Cryptodeposit

The financial products provided by exchanges aim to enable users to earn without trading cryptocurrencies. The WhiteBIT exchange has created "Cryptodeposits" for this purpose.

In essence, a cryptodeposit is a staking, as the user can choose the cryptocurrency they want to lend and the term of the deposit, and receive interest payments in return. The deposit term can range from 7 days to 365 days. The longer the deposit period, the higher the interest rate. The interest rate on cryptodeposits on WhiteBIT depends on the cryptocurrency and the deposit term. For example, the interest rate on a 365-day BTC deposit is 17.39%.
Interest on cryptocurrency deposits is accrued daily and paid at the end of the deposit term.

The exchange offers a variety of assets to deposit into the cryptodeposit. On average, the rate when depositing coins for a year is 17.39%.

Interestingly, unlike many other exchanges, WhiteBIT allows you to deposit different stablecoins into cryptocurrencies. For example, if you deposit USDT, the user can get 18.64% annualized interest: if you deposit 1000USDT, you will get 1186.4USDT at the end of the year without doing anything.

WBT is the native token of the exchange

WBT is a native token of the WhiteBIT exchange. It was issued in 2021 and is used to pay commissions on the exchange, gain access to exclusive features and participate in various promotions and giveaways. The total issuance of WBT is 1 billion tokens.

Advantages of using WBT on the exchange:

• Commission Discount. Users who use WBT to pay commissions receive a discount of up to 100%.
• Increased referral program up to 50%.
• Ability to withdraw up to 1000 ERC20 coins per day without paying blockchain commissions.
• Opportunity to get a card for cryptocurrency payments (for owners of 10+ WBT tokens).
• Access to WhiteBIT Launchpad. Users with 200+ WBT tokens can participate in Launchpads from the exchange.
• Access to exclusive features. Users who hold WBT tokens get access to exclusive features, such as participation in closed sales, etc.
• Opportunity to participate in promotions and giveaways. WhiteBIT regularly organizes promotions and raffles in which WBT holders can participate.

WhiteBIT implements advanced security measures to keep users' funds and personal data safe. These include two-factor authentication, encryption, and offline cold storage for most user funds. The platform also undergoes regular security audits to identify and fix any vulnerabilities.

In addition to security, WhiteBIT is also known for its transparency and regulatory compliance. The company is licensed by European Union regulators, complies with anti-money laundering (AML) regulations and Know Your Customer (KYC) requirements.

WhiteBIT has a responsive customer support team that is available 24/7 to help users with any questions or concerns.

• WhiteBIT employs a variety of measures to ensure that customer funds are protected. First, most user funds are stored in offline cold storage wallets, which are not connected to the Internet and are therefore less vulnerable to hacking attempts. These wallets are protected by multiple levels of encryption and require multiple levels of authentication before funds can be transferred from them.
• Second, WhiteBIT uses KYC and AML to always understand who its customers are.
• Third, WhiteBIT conducts regular security audits to identify and fix any vulnerabilities in its system.

In the event of a security breach, WhiteBIT has an insurance policy that covers losses resulting from cyberattacks and other security incidents.

Exchange Partners

WhiteBIT Exchange cooperates with various companies and organizations.

The main partners of the Exchange are FC Barcelona, TRABZONSPOR, LifeCell, Kyiv Mohyla Academy, FaceIt and the National Football Team of Ukraine.

Within the framework of cooperation with FC Barcelona, media presence during matches of the main teams is expected, as well as star collaborations, joint projects and much more. In addition, the exchange will collaborate with soccer club legends to popularize advanced technological and sports solutions.

An interesting partnership is undoubtedly the cooperation with Kyiv Mohyla Academy. This collaboration is part of WhiteBIT's global efforts to popularize and spread blockchain. WhiteBIT and NaUKMA will carry out joint activities in the field of blockchain technology development, regulation of virtual assets and cryptocurrency circulation. First of all, we are talking about the development of certified educational programs, master's programs, thematic events and other scientific, methodological, educational and informational interaction. So, we are waiting for the blockchain faculty.

And, of course, we can't help but talk about WhiteBIT's collaboration with the National Football Team of Ukraine: as part of the cooperation, WhiteBIT brand will be represented at soccer matches, contests for fans will be held, interactive zones will be created, and the first events in support of the soccer club will be organized in Kyiv. In addition, WhiteBIT invites the audience to take part in various projects aimed at popularizing innovations and active introduction of digital currencies in the sphere of sports and in society as a whole.

WhiteBIT's official website is www.whitebit.com. Users can create an account, deposit and start trading cryptocurrencies on it. The site is available in several languages, including English, Russian, Chinese, Spanish, Portuguese, and others. 

Those who prefer mobile trading can download the WhiteBIT app for iOS and Android devices.

In essence, all the same features are available to users. If we are not talking about active trading, it is possible to use the application.

WhiteBIT charges a fixed commission of 0.10% of each order executed on the platform.

Trading fees may vary for some pairs, but never exceed 0.1%.

The daily commission for using funds in margin trading and borrowing is 0.0585%.

Spot trading involves buying and selling cryptocurrencies at the current market price, while margin trading allows traders to borrow money from the exchange to expand their trading opportunities.

With margin trading, traders can make larger trades than their account balance allows, giving them the opportunity to potentially increase their profits.

For example, 5-fold leverage for margin trading, implies that a trader can trade with a sum 5 times larger than his initial deposit.

WhiteBIT futures trading allows traders to speculate on the future price of a cryptocurrency without actually owning the underlying asset. Futures contracts are agreements to buy or sell a cryptocurrency at a predetermined price at a later date. Futures trading provides traders with the opportunity to profit from both the rise and fall of cryptocurrency prices, as well as to further insure themselves against potential losses.

WhiteBIT offers futures trading for several cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple and others.

To start margin trading on WhiteBIT, you need to choose the type of order you want to use. Three order types are available:

• Limit order is a delayed order type, which will be executed only when the market value of the asset reaches the price set by the trader.
• A stop order is also a pending type of order that acts as a kind of insurance. If the price of the cryptocurrency moves in the direction opposite to the order, when the stop limit is reached, the order will be converted to a market order and the cryptocurrency will be sold at the market price to avoid a loss.
• A market order is an instant sale of a cryptocurrency at the current market price.
• Multi-Limit Order - this order allows to create a grid of limit orders for buying or selling an asset with upper and lower price limits, the number of orders (from 2 to 15), and the choice of progression to form prices.
• OCO Order allows to place two orders together. As soon as one of them is executed, the other is automatically canceled. OCO combines limit and stop-limit orders to manage risks.

Once you have chosen the type of order you want to use, you must enter the amount of the asset you want to trade and the leverage you are going to use. The system will calculate the necessary margin.

In a short order, you sell coins/tokens at a higher price, wait for the price to drop, and then buy the same amount of the asset at a lower price. If you go long, you buy the asset at a lower price, wait for the price to rise, and then sell it at a higher price.

Afterwards, you need to return the borrowed funds and lock in your profit.

WhiteBIT offers up to 10x leverage for margin trading, which means that a trader can have up to 10x more money than he or she has.This is quite a lot of leverage and a good prospect for income.

• WhiteBIT crypto borrow is a service that allows users to borrow digital currencies for a certain period of time and use them for trading. The process of borrowing digital currencies from WhiteBIT is simple and involves using funds from a collateral balance to secure the loan. In order to use the crypto-loan feature on WhiteBIT, a user must have enough assets on their collateral balance. The loan is granted when the user's assets are transferred from their collateral balance to secure the loan. The fee for borrowing digital currency is calculated from the first second after the loan begins. 
• WhiteBIT Coin (WBT) is the native coin of the Whitechain blockchain that is part of the WhiteBIT ecosystem. The exchange aims to stimulate the mass adoption and popularization of blockchain technology by introducing the most efficient trading and stacking tools on the most favorable terms.

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Support Service

The WhiteBIT support team is available 24/7 to help users with any questions or problems they may have. The support service is available via email, phone (and users can call from both within and outside of Ukraine) and chat on the exchange. In addition, the exchange also has a "Help Center" tab, where each user can find answers to the most common questions without having to talk to anyone.

Expert opinion of Cryptology.KEY traders about WhiteBIT exchange

WhiteBIT is one of the largest exchanges in the world, and at the same time it has Ukrainian roots. This undoubtedly gives privileges to Ukrainian users, as on WhiteBIT you can pass verification in minutes with the help of “Diya”, unlike other exchanges, where you have to wait up to 24 hours for the documents to be reviewed. The exchange is constantly developing and introducing new products into its ecosystem. In addition, WhiteBIT is serious about popularizing cryptocurrency and blockchain technology - this is evidenced by innovative solutions of the platform such as WhitePay, as well as cooperation with other organizations (e.g., NaUKMA). It is on this platform that Ukrainian users can feel “at home”: here you can make deposits using hryvnia, the exchange has a Ukrainian interface and even the ability to call support in case of questions. The platform offers absolutely various ways to earn money, except for trading cryptocurrencies: holders of native tokens can receive additional privileges, and the “cryptodeposit” function gives you the opportunity to increase your capital by providing liquidity.

The exchange was founded in 2018, and since then it has attracted the attention of more than 4 million users, also due to the constant improvements of WhiteBIT features and ecosystem. It is impossible not to emphasize the security of WhiteBIT: the creators have done everything to ensure that users' assets are safe. And one of the key points is without a doubt that 96% of all assets are stored on cold wallets.

To learn more about trading cryptocurrencies on the WhiteBIT platform, sign up for a trading course at CRYPTOLOGY trading school.