Are you interested in learning more about Whitebit and how it stacks up against other cryptocurrency exchanges? Awesome, our comprehensive review covers everything from trading fees to user experience and will help you make an informed decision about whether Whitebit is the right exchange for you. Keep reading to find out more!
Whitebit is a centralized cryptocurrency exchange founded in 2018 by Ukrainian Volodymyr Nosov. It is headquartered in Estonia and is registered in Lithuania where it has the majority of its 200 employees. Whitebit is available in over 180 countries around the world, with the exceptions being the U.S., Virgin Islands, Canada, Spain, and OFAC countries.
The platform offers over 200 cryptocurrencies and trading products such as spot, margin, futures with up to 20X leverage, and earn products. Whitebit is estimated to have around 2 million users with the majority being based in Europe.
Whitebit supports over 270 cryptocurrencies such as BTC, ETH, SOL, ATOM, USDT, XRP, and over 350 trading pairs. Whitebit is also available on IOS and Android, where it has over 500,000 downloads, but it has a rather weak 2.8-star rating based on 3,000 reviews.
Overall, if you're looking for a reliable centralized cryptocurrency exchange that offers a wide range of trading products and supports a large number of cryptocurrencies, Whitebit is definitely worth considering.
Whitebit Signup & KYC
Signing up to Whitebit is a quick and simple process. Users only need to enter their email, create a password, and confirm that they are not resident in any of the restricted countries.
However, in order to deposit cryptocurrencies or begin trading, all users on Whitebit are required to pass KYC verification. This involves providing personal information such as full name, date of birth, country of residence, and address. Additionally, a valid government ID and a selfie will be required. Once the KYC verification process is complete, users can access increased withdrawal and trading limits.
Whitebit Products & Services
Whitebit offers a decent range of products and services for traders including spot trading, margin trading with up to 20X leverage, and futures trading with USDT as underlying collateral and up to 20X leverage.
Additionally, users can earn interest on their holdings by participating in crypto lending for assets such as BTC, ETH, USDT, and EOS. Whitebit has also developed their own non-KYC dex called WhiteSwap which supports three chains in Ethereum, Tron, and Polygon.
The user experience on Whitebit is quite pleasant overall with an interface that looks similar to other exchanges but is easy to navigate, making it accessible even for beginners.
The 24-hour spot trading volume on Whitebit tends to range between $500 million to $1 billion and max available leverage is 20X. Overall, Whitebit is a solid option for beginners and traders looking for a good variety of cryptocurrencies to buy or trade.
The spot trading fees on Whitebit vary between trading pairs but never exceeds 0.1% for makers and takers. Those that hold a minimum of 400 WBT token can receive further trading fees discounts.
These are competitive spot trading fees in the same league as well known exchanges such as Binance, Kucoin and Bybit. Having the same futures fees as spot fees does however mean that they are much less competitive for futures trading.
Whitebit offers a range of fiat deposit options for users, including the ability to deposit 10 different fiat currencies such as USD, EUR, and GBP. To make a deposit on Whitebit, users can choose from several methods including Visa/Mastercard, SEPA transfers, Advcash, and NixMoney.
The deposit fees for these options vary depending on the chosen method, with SEPA transfers being the cheapest at 0.2%. Credit/debit card deposits come with a higher fee of 1.5%-2%, while Advcash deposits have a fee of 1.5%. Those who opt for NixMoney deposits are charged a 1% fee. Overall, Whitebit offers a good range of deposit options with reasonable fees.
How to withdraw from Whitebit?
Whitebit offers users the option to withdraw the same 10 fiat currencies that they are able to deposit. The fiat withdrawal fees are 5 EUR for SEPA withdrawals, 1.5%-3.5% for USD bank withdrawals, 1.5% for GBP withdrawals and 4% for TRY withdrawals.
In terms of cryptocurrency withdrawals, Whitebit charges 0.0004 BTC for Bitcoin withdrawals, 0.005 ETH for Ethereum, 0.03 SOL for Solana and up to 20 USDT for ERC-20 Tether withdrawals. These fees are relatively competitive compared to other exchanges.
Whitebit is a solid European exchanges that mainly targets beginners while also offering something for the more advanced trader. The beginners are satisfied with a wide range of over 270 cryptocurrencies while traders have access to some futures trading with up to 20X leverage.
We like the user experience on Whitebit, the interface is modern, easy to navigate and looks good. Beginners should have no problem using this exchange even though KYC is required, which adds some friction.
In terms of spot fees, those are only 0.1% which is great and on par with the likes of Binance, OKX and Bybit. Whitebit's futures fees are however on the higher end and less competitive.
To get started, users can deposit cryptocurrencies or deposit fiat currencies with a wide range of currencies which includes USD, EUR and GBP. These fiat currencies can be deposited with a wide range of methods, some of which are free.
Overall, we are impressed with Whitebit and could see it growing it's user base assuming it manages to expand both the number of cryptocurrencies and it's product offering.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.