WhiteBIT
Total reviews 52
2 complaints
3.9

How to trade on the WhiteBIT crypto exchange?


WhiteBIT offers cryptocurrency trading on the basic and professional terminal, use margin for work, exchange assets. Also on the site whitebit.com it is possible to trade on a P2P platform.

Trade

Crypto Exchange developed 2 interfaces for the trading terminal: basic (for beginners) and professional (with all possible tools). For convenience, you can switch from one to the other directly on the site and use different functionality. In order to place an order, you should log in to the WhiteBIT system and go to the “Basic Trading” section. In the window that opens, select a pair in the “Market” tab. Below the chart, there are forms to create an order to buy or sell digital assets.

In them select the type of order, specify the price, the number of coins (for stop orders also stop price). For limit offers, when filling the line “Quantity”, the parameter in the field “Total” will be calculated automatically. After entering all the data, you can click on “Buy” or “Sell”. It is important to check whether the funds have been transferred to the trading account before sending the order. Depending on the type of order placed, it will appear in the “Market Depth” tab instantly or after the specified conditions are reached. You can track its execution at the bottom of the terminal or in the “Active orders” section.

Top 5 best cryptocurrency exchanges

Exchange Bonuses Registration
1

Until 4000 USD

Registration Bonus
2

Until 10000 USD

Welcome Bonus
3

2 USDT

Welcome Bonus
4

1000 USDT

Bonus for futures trading
5

0%

Fee for withdrawal to bank card

Orders

WhiteBIT allows you to place several types of orders:

  • Market – order, which allows you to buy and sell cryptocurrency at the current price. Such orders are processed instantly, which is considered a plus. The disadvantage is that it is impossible to predict the exact price.
  • Limit – an offer to buy/sell an asset at a specific price specified by the user. The order is not executed instantly, but only after the appearance of a suitable value order. The amount specified in the order is deducted from the trader’s balance and reserved until its execution.
  • Stop-market – order, which is triggered when the price reaches the set stop price. Such an order helps prevent losses due to market volatility.
  • Stop-limit – order that has a Stop and Limit price. When the stop price is reached, the order is activated and executed as Limit.

The exchange also offers to place Conditional orders. They are triggered when another trading pair chosen by the user reaches the specified price. Such orders, as well as Stop, put a limit or market order on the selected pair, but the condition for their activation is reaching the price of another pair. The advantages of such orders include:

  • the use of direct correlation;
  • risk management;
  • saves time by only having to keep track of the main pair.

Decimal token

WhiteBIT has developed a new product – Decimal token (DECL). This is an intermediate asset that is needed to trade tokens whose price is less than 0.00000001 USDT. DECL is an internal off-chain token that has a fixed price of 0.0001 USDT. The stability of the coin’s value is achieved by the liquidity that the exchange provides in the order book.

Opening a currency pair with a Decimal token will give you the opportunity to trade with any digital asset with a price of up to 12 decimal digits. To enable traders to buy/sell the token without extra costs, the platform offers zero commission for the DECL/USDT pair. It is not possible to withdraw DECL or fund an account in this currency, as it is an internal exchange token. To use DECL to trade with coins priced less than 0.00000001 USDT, you need to do the following:

  • Make a deposit in USDT.
  • Trade USDT/DECL to get a Decimal token or use the exchange function.
  • Buy the selected digital asset for DECL.
  • Sell the currency for DECL and use the DECL/USDT pair to get USDT.

Margin Trading

WhiteBIT also offers this trading option. It involves using borrowed funds to conduct trades. This method allows increasing the potential income by increasing the assets that can be used in trading. A trader makes a deposit and receives a loan depending on the leverage. Options with x2, x3, x5, x10 and x20 are available on WhiteBIT.

Exchange

To start an exchange at the exchange site, you have to register in the system and log in to your personal account. You must also transfer money from the main account to the trading balance. This can be done using the “Transfer from the main account” button. In the “Trading” section, there is a tab “Exchange”, where you have to go to convert currencies. In it you need to select a pair for exchange. It is available to use the search bar of the coin by name. When the user enters the desired amount to exchange in the line “I give”, the parameters in the line “I receive” will be calculated automatically. If there is no currency in the list to receive, it means that it is not available for conversion. There are 3 parameters in the form:

  • Current rate – shows the exchange rate at the moment, updated every second.
  • Day rate – shows the percentage change over the last 24 hours.
  • Commission – displays the fees in percent (standard – 0.1%) in the currency for which the exchange occurs.

You can also use the “MAX” button. It will transfer the entire amount of the trading balance to the selected field and fill it in. The service notes a few more important points:

  • If you specify a certain amount in the “I give” line and there are no exchange offers for that pair in the glass, there will be no change in the “I receive” field.
  • If you enter an amount in the “I give” line that exceeds the amount available in the glass, an error message will appear under that field.
  • All funds will be returned to the account if there are no exchange offers at the time of operation confirmation.
  • To the balance will return part of the funds that were not used in the trades, if all bids on the selected pair were closed.
  • The price may change during the exchange.

Information about past transactions is displayed in the history of the exchange. It can be found at the bottom of the page. It displays the last 5 transactions on the selected pair.

P2P trading

WhiteBIT offers P2P trading on the Bitcoin Global platform. It allows you to exchange cryptocurrency and fiat money quickly and easily. In order to work on the site you need to pass a quick registration, stating only your e-mail address. There are no identity checks or additional commissions. After registering, you can reply to other people’s ads or publish your own. Offers can be filtered by currency, payment method or location.

During a transaction, the currency is deposited in the account until payment is received. It pays the other user without the involvement of the platform or third parties. After confirming receipt of payment, the assets are transferred to the buyer from escrow. After the transaction, both traders can leave feedback on the transaction. To transfer assets to a Bitcoin Global account, you can use codes or a balance transfer. Each user can trade for a month with 0% commission after creating an account on Bitcoin Global. There are no fees for WhiteBIT codes. Advantages of the P2P platform include:

  • instant transfers using codes;
  • bonuses for attracting users;
  • the ability to trade with other users from around the world;
  • work with USDT and Bitcoin.

WhiteBIT codes

The exchange offers the creation of WhiteBIT codes. These are assets that are packaged in a free set of letters and numbers. It makes it possible to transfer digital assets and fiat funds to other users and buy/sell it on Bitcoin Global’s P2P platform. The codes can also be exchanged at affiliate services. This way you can transfer funds from anywhere. You can transfer the code to anyone, but you can only activate it on the exchange by registering before doing so, or on the affiliate platforms.

To create a new combination of characters in the web version of the platform, you need to go to the “Create a code” page in the “Codes” section. In the form select the currency and specify the amount for which the code will be generated. You also need to protect the code with a password and add a description (optional). The password must be written or memorized. After pressing the “Create” button the code will be sent to the e-mail, which must be entered to confirm the operation. If 2-factor authentication is enabled, you must also enter a 2FA code.

When the code is created, the user will be redirected to a page where they can see information about the code, download a PDF or go to a history page. There will also be a QR that can be scanned to activate the code. You can also create codes in the WhiteBIT mobile app. To do this, do the following:

  • Press the “Create code” button. Make sure that the balance is sufficient. If the balance is positive, you can choose an asset from the list.
  • Specify the amount. You can protect the code with a password. If you want, you can add a description.
  • Confirm the creation by entering the 2FA code and the combination of characters sent to the e-mail.
  • After confirmation, a QR will appear. It will also be possible to share information about the code via social networks. The data about the created codes is displayed on the page “My Codes”.

Creation of a code is available only using the funds of the main account. The money after activation is also credited to the main balance. If the user received a WhiteBIT code from another trader, he can activate it. To do this, you need to do the following:

  • Enter the code in the “Activate Code” section, enter the code in the appropriate field.
  • Specify the password, if it was used for protection.

A message will appear about the activation of the code, which will indicate the amount for which it was created. You can go to the page with the main account. You can also activate a code through the exchange’s proprietary application. To transfer a WhiteBIT code to another user, you need to copy it. You can also use a QR or PDF of the code. This data can be sent to another user by mail, via messenger or social networks, in an SMS message.

DEX

WhiteBIT offers the WhiteSwap platform. It is a market maker and decentralized bank operating on Ethereum and Tron. There is no traditional exchange stack and no intermediaries on the platform. The pool is defined by a smart contract, which includes several functions that allow exchanging coins, adding liquidity, etc. A Governance token is used to operate, giving you the ability to participate in decisions regarding the project. The token on WhiteSwap is WSD. To get it, you can:

  • To bring in liquidity.
  • Get WSS and invest in a steaking pool.
  • Get WSD.

It is also possible to buy a management token directly. The advantages of the platform include:

  • Distribution of 87% assets between traders.
  • It takes 0.5% of delegated tokens to make an offer.
  • Large selection of liquidity pools on Ethereum and Tron.

Storing assets on users’ personal wallets without transferring keys, which achieves a high level of security.

Token listing

The service offers to apply for coins to be added to the listing. Projects are listed on the exchange within 48 hours of applying. The site has a “Token Listing” section, where a special form can be filled out. In it you need to specify the name and website of the project, contact email, position and personal Telegram or WhatsApp. If desired, you can add a note. In the same section there are reviews of partners who have already added their coins listing company. The advantages of the project include:

  • A large number of users. Now there are more than 2 million people registered on the crypto exchange.
  • KYC friendly policy. You can trade without verification, make deposits without limits and withdraw up to 2 BTC in the equivalent of any asset.
  • Personal manager. Answers to questions and solving any problems around the clock.
  • Fiat Gateway. Ability to withdraw fiat to Visa or MasterCard in a few clicks.
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