WhiteBIT: Is it a reliable exchange? What are its pros and cons?

If you are a crypto enthusiast then you must be interested in exploring all that is related to the crypto world. With websites like Cryptoknowmics, you can stay abreast with its crypto calendar pro and can know about the ongoing developments taking place in the crypto space. This may include the price movement of cryptocurrencies or any upcoming events. If you are interested in crypto trading, then there are many popular names including Binance, Coinbase, Bittrex, Gemini, Kraken, and others. But how much are you familiar with WhiteBIT? Maybe not. So today we are going to tell you all about it. So stay till the end of this article. 

WhiteBIT: what is it?

WhiteBIT can be defined as an Estonia-based exchange with a Europan Exchange and Custody license. It has over 3 million users in CIS counties, Asia, and Europe. WhiteBit has been associated with several different blockchain projects including Matic, Dash, and Tron). You can download the WhiteBIT app from the Google play store and can know about its features. 

Advantages of WhiteBIT

WhiteBIT is a licensed exchange that is appealing to both professional traders as well as beginners in terms of its features. Also, they boast of having a competitive Support team. But this is not the only advantage to know about. The platform puts focuses on some other features that are of much help to its users. Other advantages include a customized user interface, robust API, competitive fees, and instant execution of orders via a trading engine carrying 10,000 trades each second.

Not for US citizens

But there is one downside which is the exchange is not accessible to US investors.

What are other mechanisms provided by WhiteBIT?

WhiteBIT not only provides Limit and Market Orders, but also facilitates in Stop-Market, Conditional-Limit, Stop-Limit, and Conditional-Market Orders on Spot trading. Besides all these, WhiteBIT also facilitates Margin Trading including Trigger-stop-market orders, Limit, and Market. 

Stop-Limit and Stop-Market Orders let users avoid losses at the time of market volatility. Conditional Orders on the other hand let users lessen the risks by controlling the market that affects the currency they like. WhiteBIT also contains a Demo Token, a free tool that is helpful for users in knowing the fundamentals of crypto trading and examining their strategies on the DBTC/DUSDT pair. Futures Trading allows users to trade BTC futures on the WhiteBIT exchange. The absence of the expiry date is one such characteristic feature of such contracts. 

Offers Public and Private REST APIs

WhiteBIT also facilitates public and private REST APIs. Talking about the former one, it offers market data such as the current order book, trading history, and recent trading activity. In the case of Private REST APIs, it lets management of funds and orders by the user. 

Lets users earn up to 30% APR

WhiteBIT also lets users earn up to 30% APR via SMART Staking. At present, the plans include cryptocurrencies, DASH, XDN, ETH, BNOX, BTC, and others. The holder receives the interest rate by the end of the holding period. 

Trading view

There is a difference in the trading views of different exchanges. It is up to you to make out which one suits you better. The similarity they have is the appearance of the order book or some part of it, and also the price chart of the selected crypto, and its order history. They usually have to buy and sell boxes. 

Trading fees

In the case of WhiteBIT, there is no difference between the fee charge of takers and makers. Their fee model is known as the ‘flat fee model’. Their flat trading fee begins at 0.10%. The industry average is around 0.25%, Hence, the WhiteBIT trading fees are competitive. There has been a steady decline in the industry averages, and 0.1% – 0.15% are becoming the new industry average slowly.

Withdrawal fees

Coming withdrawal fees, must not be overlooked. When you withdraw Bitcoin, 0.0003 BTC will be a fee charged by WhiteBIT. In terms of the industry average, the withdrawal fee is below. The fee limit to withdraw BTC depends on the user to user. There is a need of checking for withdrawals that crosses the limit of 2 BTC per day. Overall, the fee charge at WhiteBIT comes with a more competitive benefit in comparison to other cryptocurrency exchanges present today. 

Trading pairs

WhiteBIT underpins more than 450 trading pairs with fiat and crypto. These include Bitcoin/United States Dollar and Bitcoin/EURO. You can prefer Geo-Pay, Visa, Monobank, Advcash, and MasterCard for deposits and withdrawals. 

Security

Now comes the major issue, that every crypto trader would want to know. It is security. In the case of WhiteBIT, the exchange does keep up to security methods via storage of 96% of crypto assets are kept in cold storage. Moreover, there is another provision of security applied by users. This is 2FA or Two-Factor authentication. Other security measures include biometric confirmation and IP-detection features. 

Ending note

So this is all you need to know about the WhiteBIT exchange. You can also explore more topics like Ukraine retail, and crypto topics on the leading crypto websites like Cryptoknowmics.