WhiteBit is a centralized cryptocurrency trading exchange launched in Estonia in December 2018. The main focus in its activity is made on fast order execution and enhancement of liquidity for its users. Introducing a vast selection of interesting features, the platform has managed to attract cryptocurrency enthusiasts from different parts of the world. There is a self-funded company behind the platform that is headquartered in Tallinn, Estonia. The company has received the license of European exchange and custody license.
The main objective of the platform is the expansion of blockchain technology and the creation of a strong cryptocurrency community. The company has managed to build a huge customer base since it was founded. At the time of writing, over 300K people have created accounts on the platform from more than 190 countries of the world.
Since the platform has licenses for fiat and cryptocurrency transactions as well as for storage, the customers can trade with fiat and store their assets using the storage facilities of the exchange. At the time of writing, the exchange delivers over 160 currency trading pairs. Being customer-oriented, the platform continues to develop all the time. The introduction of powerful features helps the exchange to become popular among the traders from different countries. One of the powerful features is a customizable user interface enabling users to take control of the situation. The navigation is also easy and convenient for both beginners and experienced traders. The tile-based interface can be easily adjusted to the tastes of users.
The competitive edge of the platform is a quick trading performance. The trading engine is able to 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. Taking into account the volatility of the cryptocurrency industry, these are very important 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 take advantage of trading features and data streams using these facilities. The team provides both private and public REST APIs. Public API gives access to the commonly available information such as order book 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, transfer assets to others. Being entirely regulated, the platform also 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 6 languages available including Spanish and Japanese.
In November 2020, the platform launched its decentralized exchange WhiteSwap on Ethereum. 87% of its governance tokens are planned to be delivered to the community with a vesting schedule for a team and advisors of the project. This automated market-making decentralized exchange is a fork from Uniswap V2. It gives more investment opportunities to the members of the ecosystem.
The platform offers a smart trading feature allowing to deposit money for a certain staking period depending upon the plan. In general, there are 15 different options for users who can select among diverse deposit limits.
Staking coins, the members of the community are able to get up to 9% interest without risk. The funds are securely protected during the whole staking period. It’s also possible to close a Smart plan ahead of time, but the interest won’t be accrued then.
WhiteBit fees and referral program
The platform offers a competitive fee structure with numerous order types such as limit orders, market orders, stop orders, conditional orders for the convenience of traders. There is no maker-taker model as all participants are charged with a flat fee of 0.10% which may be even lower in some cases.
The company presents an attractive affiliate program with up to 40% of fees paid by the referrals as they trade. Customers should use their referral links for sharing to take advantage of this chance to earn additional money.
The company follows the AML/CFT compliance thus making sure that all suspicious activity is going to be blocked on the exchange. There is a necessity for KYC verification before the platform grants access to all its services and features. Depositing and withdrawals become available for users only after the completion of the verification procedure. The team promises to provide approval within 24 hours after all necessary documents and pictures are submitted by users.
The platform is known for its attentive attitude to security and sophisticated security measures that were introduced for the protection of the ecosystem. The measures include two-factor authentication for the prevention of hacking attacks.
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. Web application firewall, employed by the company, is used for the detection of hackers’ attacks with the goal to block them.
In order to feel safe, the company stores the majority of users’ funds in cold wallets. Thus, over 96% of all assets are kept offline, hence unavailable for hackers in case of intrusion.
WhiteBit customer support
The team of the company tries its best to deliver good service to its customers providing customer support round-the-clock. The site is equipped with a live chat where users who faced the problem can get support within the shortest possible time. It often takes seconds to get the answer. If the problem is not urgent, users can browse for the answer in a detailed FAQ section. The detailed guidance will also tell you how to register, deposit, and withdraw without difficulty.
The CEO of WhiteBit is Vladimir Nosov, a serial entrepreneur. He previously was a co-founder of the Viva Parquet company and Head of Sales Operations in PromoGroup Ltd. in Ukraine.
Glib Ushakov taking the position of CFO in WhiteBit was previously a Vice President in Kharkiv Basketball Club and CEO of Next Chain, a blockchain-based company.
The COO of the company is Jay Bernadotte, aka Max Yeremenko, who used to be a creative director at Plarium, where he developed new departments. He also used to be a game designer and freelance strategic consultant.
The team included highly experienced financial executives with vast expertise in the sphere of fintech. The company mentions such partners as Dash, Tron, Matic, and others on its Medium page.