WhiteBIT

WhiteBIT – a platform whose purpose is to provide digital asset exchange services. Exchange was launched in November 2018 by a team of professionals. The developers have created a simple, convenient and legal platform for trading.

In our review we will take a closer look at the features implemented by the project and find out whether WhiteBIT is a scam or a reliable platform for cryptocurrency trading.

 

Why WhiteBIT?

WhiteBIT is a young exchange, which appeared on the financial market in 2018. In such a short period the project was able to attract a large number of clients. The site’s interface whitebit.com is presented in several languages, which indicates the orientation to the international market, but the main customers are the citizens of the CIS. The main office of the project is located in Lithuania. The country was not chosen by chance, because the state is known for its loyal attitude to cryptocurrency. The company provides its clients with favorable and comfortable conditions for cooperation. In the listing at the moment added more than 350 currency pairs. Among the most popular ones we can highlight – BTC/USD, BCH/BTC, BTC/USDT, NEO/ETH and LTC/BTC.

 

In many ways the site is similar to its competitors, but there are a number of additional features. For example, the site offers a Cryptolanding investment program, which allows you to earn on deposits. The site also has a free WhiteBIT codes tool to move assets within the system. In this way, the user can move funds from the main account to an additional account. Another advantage is the high performance. By using SPA technology, the platform can handle up to 10,000 orders per second and 1,000,000,000 TCP connections. The trading itself is done through a simple and straightforward platform. An experienced trader will need no more than 15-20 minutes to understand the functionality provided.

 

The trading terminal includes the following functionality:

• window with the list of active markets;
• history of the last closed transactions;
• chart with market trends;
• form of purchase and sale.

To ensure that users have round-the-clock access to the trading platform from any location, a mobile application was created. With the help of a smartphone, the client will be able to use the functionality of the service even on the road. Both iOS and Android versions are available.

 

Among the main advantages of the platform can be distinguished:

• simple and straightforward interface;
• Russian-language interface;
• high performance;
• charting TradingView;
• low commissions;
• the cold method of storing cryptocurrency;
• broad functionality;
• additional functions;
• Sync with popular payment systems;
• mobile application;
• antiphishing.

 

How to exchange cryptocurrency on the whitebit.com platform?

To exchange foreign currency, you can use a special section on the website whitebit.comwhich has a simplified design. The section was specially designed for users who want to quickly and easily exchange assets without getting immersed in trading itself. To make an exchange, you need to select the desired currency to exchange and the currency to receive. After selecting the currency, enter the number of coins and click on the “Exchange” button. Often the exchange occurs instantly.

 

 

Verification on the White Beat platform

Verification is present on the platform whitebit.comHowever, it is not a mandatory process. The advantage of passing the verification is an increase in the withdrawal limit (because without it the limit is $100) and quick restoration of access to the exchange in the case of its loss to 2fa or loss of the password. To start the verification process, you should go to the “Confirmation” tab. The company provides several levels of identity verification. First of all it is necessary to fill the personal data:

• NAME;
• date of birth;
• gender;
• country, city and residence address.

 

After entering the data, you can proceed to the next stage of verification – sending documents. This section allows the user to send one of the suggested documents: passport, ID-card or driving license.

 

The next step is to upload a selfie with the document and a sheet that says WhiteBit, today’s date and signature.

The information collected is primarily needed to protect users’ assets in the event of hacking. After all the stages are passed, all that remains is to wait for the process of verification of the specified information. Verification takes anywhere from a few days to a few weeks on average.

 

Deposit and withdrawal

To start depositing, you need to go to the “Balance” tab on the main page. The exchange provides an opportunity to deposit both cryptocurrency and fiat funds (How to Make Money on Cryptocurrency?). To enter cryptocurrency you need:

• select the desired currency and click on “Deposit”;
• copy the generated digital wallet address;
• insert the address in the “Recipient Address” field and wait for the transfer of funds.

To enter fiat money, you should click on the “Deposit” button next to the value of USD. Then a form opens in front of the user, in which he should choose a payment system and the amount that the client wants to transfer to his account. After choosing the parameters it is necessary to click on “Request” and the system will automatically redirect to the payment system site. After following the instructions, funds will be credited to the trading account.

Withdrawal of earnings

To withdraw funds, you need to choose cryptocurrency or fiat in the same “Balance” tab, then click on “Withdraw” and fill out the appropriate form:

• insert the address of the wallet to transfer funds;
• enter the number of coins;
• read the information about the commission;
• click on “Request to withdraw funds”.

To withdraw fiat money, you need to do the same steps and specify the payment system for crediting funds. The maximum amount that a client can withdraw from the project depends on the type of his account:

• new and basic account – $500 per day;
• extended account – $100,000 per day.

WhiteBIT crypto exchange commission

The commission for trading operations is 0.1% for all. The advantage is that the exchange does not charge for deposit and withdrawal of funds. However, you should take into account that the withdrawal of earnings will be charged commission of the payment system.

 

White Beat Bonuses

There are no bonuses for users at this time.

Referral program

For traders who want to earn extra income on the exchange whitebit.com, a referral program is provided. Thus, customers have the opportunity to invite new users to the project and receive up to 40% of the commission. Also, the commission of the client will be 0.1%.

 

 

Complaints about WhiteBIT

Since the project appeared on the financial market less than a year ago, there are few reviews on the Internet from clients. At the moment, the company has a good reputation among users. Customers note the user-friendly and simple interface, low commissions. Of the disadvantages highlight the lack of a demo account.

 

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Regulation of the whitebit.com crypto exchange

There has always been a fairly large number of fraudsters in the financial sphere. To protect yourself from a negative experience of cooperation with an unscrupulous company, you should check the availability of the license, as well as the relevant documentation on the official website of the project. Let us consider in more detail how the organization is regulated.

Regulator

The exchange platform operates openly and transparently. That is why the company was registered in Lithuania, which is loyal to cryptocurrency. Transparent policy is a big plus and provides security to customers. Headquarters address: 26, J. Basanavičiaus Street, Vilnius, LT-03224 Republic of Lithuania. All necessary documentation is available to users. At the moment we have asked for information about availability of the license from company representatives, as soon as the information is received, we will post it in our review.

WhiteBit User Agreement

The “User Agreement” is a document that contains the basic rules of cooperation with the company, as well as the obligations of both parties. Every client should read the agreement before registering. Let’s consider some points in more detail. The user should be aware and accept the fact that the risk of loss when trading or owning digital currencies can be high. Digital currency services are not currently regulated in most countries (by the financial authorities or any other regulator). Therefore, the customer should carefully consider whether trading or holding digital currency is appropriate for them in light of your financial condition and possible risks.

 

Organizer agrees to provide services with due diligence, due care and in accordance with these terms of use. WhiteBIT’s liability is limited to the use of reasonable technical efforts to ensure that the transferred cryptocurrency is received. When initiating cryptocurrency transactions for a user who is not registered with the system, WhiteBIT’s liability will be further limited to ensuring that the necessary technical data is transmitted to the cryptocurrency network. To the extent permitted by law, the entity will not be liable for any losses, lost profits, loss of opportunity, loss of data, indirect losses, unless the losses incurred are caused by a violation of the terms of use.

 

The organizer has the right to suspend a user account and block all or part of the cryptocurrency contained in it if the client fails to fulfill or improperly fulfills the terms of use.

 

The user shall be liable for any damages caused and for all liability actions brought against the company for infringement of any third party rights or for violation of applicable laws. Nothing in the Terms of Use shall exclude or limit the customer’s liability for fraud, penalties for any other negative consequences caused by their negligence, breach of terms and conditions arising by operation of law or any other liability which cannot be limited or excluded by law.

 

If the company is unable to perform the services specified in the terms of use due to factors beyond its control, including the case of force majeure, change of law or sanctions policy, the organizer will not have any liability to the user with respect to the services provided under this agreement and for the period of time coinciding with the event.

 

All services are provided on an “As Is” basis without any express or implied warranty. Whitebit Financial Company OÜ will endeavor to maintain the site, but all online services suffer from occasional disruptions and outages, and Whitebit Financial Company OÜ is not responsible for any disruption or loss that the user may suffer as a result. Thus, organizer does not provide any guarantee that access to the site will not be interrupted or that there will not be any delays, failures, errors, omissions or loss of transmitted information. WhiteBIT will use reasonable efforts to ensure that the customer can access the site normally in accordance with the terms of use. Arranger may also suspend use of the site for maintenance purposes and will use reasonable efforts to notify the user of such suspension. Client acknowledges that this may not be possible in an emergency.

 

Customer Service

You can contact the support service by one of the suggested options:

• email: [email protected];
• online chat;
• social media.

 

Is WhiteBIT a scam?

WhiteBIT is a young project that appeared on the Internet in early 2019. In a relatively short period the platform was able to attract a lot of users. The company is focused mainly on the residents of the CIS countries, but the interface is also available in other languages. The headquarters is located in Estonia, from where the company is regulated. The platform provides its users with favorable, and most importantly, comfortable conditions for trading cryptocurrency. There are 150+ currency pairs in the listing of the exchange at the moment. The most popular are BTC/USD, BCH/BTC, BTC/USDT, NEO/ETH and LTC/BTC. In many aspects, the organization is similar to its competitors, but there are differences in functionality.

Those users who want to earn extra income can take part in an affiliate program and receive up to 40% of commission. To enable traders to access the trading platform around the clock, a mobile app has been developed. There is both an Android version and an iOS version. Although the company appeared on the site relatively recently, the first reviews from users can be found on the Internet. In general, the site has a positive reputation. Having analyzed the opportunities implemented by the company, can we say that WhiteBIT is a scam and fraud? No, because the organization is reliable and works in accordance with the legal framework.

 

Conclusion

WhiteBIT – is a young company that appeared on the market not so long ago. The service provides customers with a platform for cryptocurrency trading. Since 2019, the project has gained popularity among users. The main clients are traders from the CIS countries. For its users, the organization provides profitable and transparent trading conditions. However, trading itself is a risky process, so before starting cooperation it is necessary to soberly assess your own capabilities and risks. At the moment, the platform looks good among the competitors, but there is still work to be done. If you have cooperated with the company, leave your impressions about the service on our website.