WhiteBIT is the biggest European centralized crypto exchange. Its primary focus is fast order execution and enhancement of liquidity for its users. The platform has attracted cryptocurrency enthusiasts worldwide due to its wide range of valuable features.
The platform focuses on the expansion of blockchain technology and the creation of a strong cryptocurrency community. More than 3M people from 150+ countries use it.
Since the platform has licenses for crypto and state currency transactions and storage, the customers can trade and hold assets using the exchange facilities. Currently, the exchange delivers over 450 trading pairs.
As a customer-oriented company, it is continuously developing. The introduction of powerful features helps the exchange to become popular among traders from different countries. One of the powerful features is a customizable user interface that lets clients take control of the situation. The navigation is also easy for both newbies and experienced traders. The tile-based interface can be easily adjusted to the user’s preferences.
The competitive edge of the platform is quick trading performance. The trading engine can process up to 10 thousand trades per second, which is one of the fastest parameters in the industry. The exchange is also able to process more than a million TCP connections. Considering the cryptocurrency industry's volatility, these are critical parameters.
The powerful API is one more solution offered by the exchange aiming to provide developers with access to the trading features of the platform. Thus, tech-savvy users can use these facilities to take advantage of trading features and data streams. The team provides both private and public REST APIs.
Public API gives access to information such as order books and trading history. As for private REST APIs, they provide such data as order and funds management. Using API, customers can place or cancel orders, monitor the trading volume, balances, deposit, withdraw, and transfer assets to others. Besides, the platform offers instant peer-to-peer transactions.
The team has come up with a mobile app developed for iOS and Android-based devices. It has also implemented multilingual versions of the platform so that users from different countries could feel convenient when using the service. At the time of writing, there are 10 languages available, including Spanish and Japanese.
In November 2020, the platform launched its decentralized exchange WhiteSwap on Ethereum. 87% of its governance tokens will be delivered to the community with a vesting schedule for a team and project advisors. This automated market-making decentralized exchange is a fork from Uniswap V2. It gives more investment opportunities to the ecosystem members.
WhiteBIT SMART Staking
The platform offers a unique tool for passive income that allows depositing funds in specific plans and receiving a percentage from holding them for particular periods.
Community members can get up to 30% interest without the risk of assets stealing. The funds are protected over the whole staking period. It's also possible to close a SMART Staking plan ahead of time, but the interest won't be accrued in this case.
Margin trading on WhiteBIT
Margin trading is another great feature of the platform. Simply put, it’s a type of trading involving using funds borrowed from the crypto exchange to make deals with more capital. WhiteBIT offers trading with 1x, 2x, 3x, 5x, 10x, and 20x leverage.
In general, margin trading has a relatively simple principle. With 100 USDT on your balance, you can use the 5x leverage and increase your trading potential to 500 USDT.
Futures trading on WhiteBIT
WhiteBIT offers trading perpetual Bitcoin futures. Those are the contracts with no expiry date. The essential part of perpetual contracts is the mechanism of funding, which makes it possible for the contracts to stay as close as possible to the spot prices. Traders pay one another based on their positions. The positive funding rate makes the traders in long positions pay those in the short position and vice versa.
WhiteBIT fees and referral program
The platform offers a competitive fee structure with numerous order types such as limit orders, market orders, stop orders, and conditional orders for the traders’ convenience. The standard trading fee is 0,1%, which may be even lower in some cases. The daily fee for using funds in margin trading is 0,098%.
The company offers an attractive referral program, with up to 40% of fees paid by the invited friends as they trade. Customers should use their referral links for sharing to take advantage of this chance to earn additional money.
The platform is well-known for its attentive attitude to security. It follows the AML/CFT compliance, thus making sure that all suspicious activity will be blocked on the exchange. Besides, the platform uses identity verification and two-factor authentication to prevent hackers' attacks.
Any operations on the exchange become available for users only after completing the verification procedure. The team promises to provide approval within 24 hours after users submit all necessary documents.
Additionally, anti-fishing measures were added to the pack of security features. It's easy to enable them in the corresponding section of the platform. The web application firewall employed by the company is used to detect and block hackers' attacks. The company stores 96% of users' funds in cold wallets, making assets unavailable to hackers.
WhiteBIT customer support
The company does its best to deliver good service to its clients by providing customer support round-the-clock. The website has a live chat where users can get support within the shortest possible time. It often takes seconds to get the answer. Users can also browse for the answer in a detailed FAQ section if the issue is not urgent. The detailed guide will also tell users how to sign up, deposit, and withdraw funds without difficulties.
The WhiteBIT CEO, Volodymyr Nosov, is a well-known entrepreneur. Previously, he was a co-founder of the Viva Parquet company and Head of Sales Operations in PromoGroup Ltd. in Ukraine. The vice president of the company is Oleksii Kovalev.
The team includes highly experienced financial executives with vast expertise in fintech.