WhiteBIT is the largest European exchange by traffic. It was founded in 2018, but has since grown to become a well-known name in more than 150 countries. It’s headquartered in Lithuania and is known for its thorough compliance with European regulatory frameworks. The platform has also obtained authorizations in Australia, Kazakhstan, Georgia, Argentina, and Turkey.

WhiteBIT is part of the W group ecosystem that serves 35 million users globally, while the exchange itself has over 8 million users. It provides a comprehensive platform for buying, selling, and trading cryptocurrencies such as Bitcoin, Ethereum, and others.

It delivers a range of trading options such as spot, margin, and futures trading with leverage. It places a strong emphasis on security through cold storage for most of its user funds, as well as various methods for identity verification. WhiteBIT is one of the top 3 secure exchanges according to CER.live, and it was the first crypto exchange to achieve CCSS Level 3 certification.

Although I will look at its features in detail further in this review, let’s have a few of them condensed.

Key Features

• A range of trading options, such as spot, margin, and futures, with leverage.
• Emphasis on security with features like cold storage, Web App Firewalls, regular audits, and more.
• It has its own utility token called WhiteBIT Coin (WBT), offering benefits like reduced trading fees.
• Nova Debit Card
• It has partnered with many prominent brands, such as FC Barcelona, FC Juventus, and VISA.
• Offers tools for passive income, and crypto acquiring solutions
• Comprehensive set of institutional services

Supported Markets & Geographic Availability

Depending on the services you’re interested in, WhiteBIT works in certain jurisdictions. Based on information provided on their official website, users from the following countries will not be accepted for any sort of services that require KYC, including trading.

The restricted countries are: Afghanistan, American Samoa, United States, Virgin Islands, United Kingdom, Territory of Guam, Iran, Libya, State of Palestine, Puerto Rico, Somalia, Democratic People’s Republic of Korea, Northern Mariana Islands, United States, Syria, Republic of Belarus, Russian Federation, Republic of Sudan, Yemen, Canada, Transnistria, the temporarily occupied territories of Georgia, the Turkish Republic of Northern Cyprus, Western Sahara, the Federal Republic of Ambazonia, Kosovo, South Sudan, Trinidad and Tobago, Venezuela, Myanmar and the temporarily occupied territories of Ukraine.

WhiteBIT also has other services, including their WhiteBIT Nova debit card. At the time of writing this review, the card itself is available in the following countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Norway, Iceland, Liechtenstein, and Ukraine.

Supported Cryptocurrencies, Trading Types & Platforms

The ambition to create a one-stop shop for crypto traders is evident in WhiteBIT’s effort to deliver a range of different trading methods. Users have plenty of options.

Spot Trading

Spot trading allows you to own the underlying asset in its entirety. In other words, when you buy BTC using a stablecoin on WhiteBIT, you own that BTC, and you can transfer it out of the exchange to another wallet.

Supported cryptocurrencies include, but are not limited to:

• Bitcoin (BTC)
• Ethereum (ETH)
• Solana (SOL)
• Ripple (XRP)
• WhiteBIT Coin (WBT)
• SUI (SUI), and hundreds of others.

Futures Trading

Unlike spot trading, when you engage in futures trading, you are not actually trading the asset but a synthetic version of it – a derivative. Futures trading in crypto are most commonly represented by perpetual futures contracts – a type of trading instrument that allows you to open and close positions with leverage without having to wait for certain expiration dates. You cannot withdraw the underlying assets as you do not actually own them. In this regard, it’s best to look at available trading pairs rather than supported assets.

WhiteBIT has hundreds of them, including, but not limited to:

• BTC/USDT
• ETH/USDT
• SOL/USDT
• XRP/USDT
• WBT/USDT, and hundreds of others.

Margin Trading

Margin trading is a form of spot trading, where you’re able to borrow funds and increase your buying power. You have to pay interest on the borrowed amount, and you also have to keep up a maintenance margin, meaning that this type of trading requires a lot more attention compared to traditional spot trading. It’s different than futures trading in that you are not trading perpetual futures contracts but rather the assets themselves.

Included cryptocurrencies are:

• Bitcoin (BTC)
• Ethereum (ETH)
• Solana (SOL)
• SUI (SUI)
• Chainlink (LINK)
• Litecoin (LTC), and hundreds of others

Crypto Conversions

If you don’t want to trade but you simply want to convert your stablecoins for a certain cryptocurrency, WhiteBIT has a very comprehensive way of doing so through its “Convert” function.

Features & Tools in Depth

WhiteBIT delivers an entire ecosystem of crypto-oriented features and tools, making sure that users have access to an all-in-one solution. Let’s have a closer look at the most important ones.

WhiteBIT Launchpad

The WhiteBIT launchpad provides a platform for users to participate in promising cryptocurrency projects at their early stages. It grants users access to project tokens before they become available on the open market.

The way it works is relatively straightforward. Here is a step-by-step breakdown:

Step 1: WhiteBIT initiates the process by accepting requests from projects to participate in voting.

Step 2: Selected projects then undergo a comprehensive evaluation by the exchange to ensure compliance.

Step 3: Projects that pass the evaluation are brought to the users.

Step 4: Users familiarize themselves with the projects and decide whether they want to participate or no. They can vote by simply clicking on the “Vote” button.

Step 5: Once a project gets enough votes, tokens are distributed to the participants who voted.

Step 6: Token distribution is carried out according to the pre-determined and pre-disclosed vesting schedules.

Step 7: The project’s token is added to the exchange.

WhiteBIT’s Crypto Lending

Those of you who wish to earn an APY on your cryptocurrencies can lend them on WhiteBIT. The platform supports a range of cryptocurrencies, and it offers various plans.

Notable features here include:

• Multiple plan options – Fixed and Flexible depending on the users’ needs.
• Auto-reinvestment for flexible plans.
• High yields – up to 18.6% APR (depending on the asset and the term).
• Support for a wide range of assets.
• High-end security: WhiteBIT has passed a range of third-party tests and audits, according to its official website. 96% of the funds are stored in cold wallets, with WAFs used to detect and block hacker attacks.
• Ease of access: Users can open and close positions in crypto lending products quickly. It doesn’t take more than a few moments to select a plan that suits your needs.
• Transparency: Funds are used to ensure the exchange’s cash flow, and the firm guarantees the transparency of its WhiteBIT crypto lending program.

WhiteBIT’s Auto-Invest

Dollar cost average is one of the most popular investment strategies, allowing you to size into a position without having to worry about current market movements as much.

WhiteBIT has an auto-invest feature, which allows users to create investment plans that are executed automatically. For instance, if you fund your account with $1000, you can set a plan to buy BTC worth $100 every other Monday.

However, the key advantage of WhiteBIT’s Auto-Invest Tool lies in its advanced customization options, which provide users with greater control and management over their investment strategies. Using this feature, they can:

• Set a low minimum order amount of as low as 0.001 USDT.
• Set a flexible investment frequency from hourly to monthly.
• Have the ability to set up a price range for purchasing assets, which allows users to adjust the number of iterations to execute their strategy.

WhiteBIT Coin (WBT)

WhiteBIT Coin is the native token of the cryptocurrency exchange, and it has multiple utilities. It’s also integrated into Whitechain—an EVM-compatible layer-1 network built on Go-ETH and integrated into the WhiteBIT ecosystem.

Notable features and benefits of WBT coin:

• Staking – users can stake WBT to earn passively through the platform’s staking functionality.
• Fee reduction – users who hold WBT coin can benefit from lower trading fees on WhiteBIT.
• Bonuses and rewards – WBT provides incentives for users, including increased referral interest rates and more.
• Free withdrawals – WBT holders might be eligible for free withdrawals for some ERC20 tokens.

WhiteBIT Nova Debit Card

WhiteBIT’s Nova Debit card is a VISA debit card that allows them to spend crypto for daily purchases. The goal is to bridge the gap between various digital assets and traditional finance by allowing you to make purchases directly from your crypto balance without having to first convert it to fiat.

The supported cryptocurrencies include:

• USDC
• BTC
• ETH
• XRP
• SOL
• NEAR, ADA, AVAX, WBT, EURI, EURR, and DOGE

Keep in mind that to sign up for the WhiteBIT Nova, you have to undergo an identity verification process, including the submission of documents and verifying your phone number. The card is also supported in specific countries. At the time of this writing, these are: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Norway, Iceland, Liechtenstein, and Ukraine.

Apart from cashback in BTC, the WhiteBIT Nova card also offers:

• Zero service or maintenance fees. There are also no fees for opening or closing the card, nor required deposit to activate it.
• A “spending priority” for which crypto asset to convirt first when making a payment.
• It’s compatible with Apple Pay and Google Pay.

WhiteBIT’s Institutional Services

Tailored to power users and institutions, some of WhiteBIT’s institutional services include:

• Market-making programs with some of the most competitive fees, which go as low as 0.012% for makers and 0.025% for takers
• Portfolio Margin with leverage from 1x to 10x, giving professional traders flexibility.
• Crypto-as-a-Service (CaaS) — a turnkey infrastructure solution that allows fintechs and businesses to launch crypto products in as little as four weeks.
• Token listing and VIP programs, collocation, and a broker program, and more.

The exchange also offers secure storage for digital assets, certified to ISO/IEC standards, cold wallets, and a broker program.

Fees & Costs

WhiteBIT implements a rather straightforward fee structure.

Spot trading fees

• For market makers: 0.1%
• For market takers: 0.1%

The fees are relatively standard compared to other exchanges. For example, Binance fees use the same starting baseline.

Futures trading fees

• For market makers: 0.01%
• For market takers: 0.055%

Market-making fees are lower compared to some of the popular exchanges, while the market-taker fees are more or less within the industry average.

Margin and borrowing fees

The daily fee for using funds in margin trading and borrow products is currently set at 0.0585%.

Withdrawal and Deposit

All deposits to WhiteBIT are free of charge. Withdrawal fees depend on the blockchain, as well as the price of the asset and they can be changed without notice. Therefore, always check this page for official confirmation when you want to initiate a withdrawal.

Fiat & Deposit/Withdrawal Options

If you want to deposit fiat into your WhiteBIT account, you have plenty of options.

The fiat deposit methods include:

• Bank cards: you can deposit directly to your account using Mastercard or Visa.
• Bank transfer: you can deposit funds directly from your bank account.
• Additional deposit methods, such as Volet and Checkout, are also available.
• You can also deposit through Apple Pay.

The fiat withdrawal methods include:

• Bank cards: you can withdraw funds directly to your bank card via a Card Transfer.
• Bank account: you can exchange crypto for fiat and initiate a withdrawal to your bank account.
• Additional methods include Volet and Checkout.

Security, Regulation & Trustworthiness

WhiteBIT is generally considered a secure crypto exchange, and there have been no reports of security breaches. On the contrary, it had reported that they’ve successfully frozen over $150M in funds associated with illicit activities in the global fight against crypto crime.

That said, the exchange integrates numerous user-facing security features and safeguards such as:

• Two-Factor Authentication
• Passkey
• Anti-phishing emails
• Identity verification and AML checks
• Logout time
• Address management
• Device management

In terms of securing user funds, the exchange has undergone multiple audits from firms such as Hacken, while also:

• WhiteBIT stores 96% of all funds in cold wallets.
• Multisig access system.
• Uses WAF to detect and block attacks.
• Maintains an insurance fund to protect user assets, replenished with contributions from transaction fees.
• ISO 27001 standardization
• PCI DSS 4.0 and CCSS v.8.1 Level 3 certification.

Step-by-Step Guide: Getting Started on WhiteBIT

Getting started on WhiteBIT is relatively straightforward because of its streamlined user interface. Below is a simple, easy-to-follow step-by-step guide.

Step 1: Get your account secured

Getting your secured is the first step in your WhiteBIT journey, and we recommend doing it before you even start the verification process.

Go to Account -> Settings -> Security.

From there, activate Passkeys (if you are used to them), and activate your two-factor authentication (2FA). You can perform additional security measures such as labeling addresses, creating an allowlist, setting up a logout time, and more.

Step 2: Get your account verified

You will need to verify your identity, as most of the services on the platform are gated behind the KYC. Fortunately, the process is quick and straightforward.

Step 3: Fund your account

Regardless of whether you want to start trading or use any of the other products of WhiteBIT, you will need funds.

Go to Deposit -> Choose preferred method.

You can deposit crypto directly to your account, and it’s free. Alternatively, you can fund your account with one of the available fiat options, such as:

• Bank card
• Bank transfer
• Additional options: Volet, Checkout, Apple Pay

Step 4: Use WhiteBIT

Once you have funds, you are ready to use the platform’s products. Depending on your goals, you can start:

• Trading spot cryptocurrencies
• Engage in futures trading
• Lend crypto to earn a fixed interest rate
• Participate in the WhiteBIT Launchpad, and more.

WhiteBIT Verdict & Final Thoughts

WhiteBIT is one of the leading cryptocurrency exchanges for users in the European Union. It has never been hacked and maintains a clean security profile with no reported incidents. It has a comprehensive suite of tools and features, essentially turning it into more than just an exchange but rather an entire ecosystem with products such as a crypto launchpad, lending, a functional crypto debit card, a comprehensive suite of institutional services, and much more. Although it lacks an actively-maintained proof-of-reserves report, the exchange remains a preferred choice for many traders, institutions, and casual retail users.

Frequently Asked Questions (FAQs)

Is WhiteBIT allowed in the United States?

No, the United States has been explicitly listed as a country where its services are not supported.

Is WhiteBIT exchange legit?

Yes, WhiteBIT is considered a legitimate and secure exchange, offering a range of crypto-oriented products and services.

Has WhiteBIT been hacked?

No, there are no reports indicating any security breach in WhiteBIT’s systems. It maintains a clean record.

Where is WhiteBIT based?

WhiteBIT’s headquarters are based in Vilnius, Lithuania. The firm was founded back in 2018 and is privately held.

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