WhiteBIT Review
As a licensed exchange, WhiteBIT offers its clients the opportunity to invest in cryptocurrencies by using more than just one trading platform. Have a look at the detailed WhiteBIT exchange review.
Those who are new to trading or just getting started can find that there are several different exchanges to choose from, each offering something slightly different. WhiteBIT is one of those choices, with the firm being an investment broker for beginners who are looking to buy and sell currency pairs without dealing with all sorts of complicated terms and conditions.
Trading fees
WhiteBIT charges a trading fee of 0.10% to 0.15%. This is competitive for the cryptocurrency industry, as most other exchanges charge between 0.20%-0.25percent. An order placed on the Live Trading page will clearly show the exact amount that you will pay in fees before placing your order.
There are also lower-fee trading pairs available for some cryptocurrencies, which you can find on the Deposit Address page next to each cryptocurrency’s ticker symbol, or the Live Trading page, once an order has been placed.
Security
Due to the recent security breaches on major exchanges, people are looking for low-risk alternatives. WhiteBIT is doing its best to prove that you cannot beat a full reserve. The security platform of this trading platform is trying to solve all issues with one solution: storing 96% of all assets in cold storage (offline) and only providing access through their exchange platform for withdrawals. All sensitive data like usernames, passwords or IP addresses are automatically encrypted and stored offline (in secure vaults).
WhiteBIT offers its customers a trading facility protected by state-of-the-art cyber security technologies like biometric authentication, multifactor authentication, and encryption of all sensitive data including passwords, which makes it completely UN hackable.
SMART Staking
WhiteBIT gives users the possibility of SMART Staking. The option to earn as much as 30% per year on their balance with no risk. The only requirement is that there must be a minimum deposit, which varies for each cryptocurrency and can be consulted in the menu of your dashboard.
The user deposits money (the amount they want) into his WhiteBIT account and then selects how long they want to keep that money deposited. Once the time has passed it will return its initial value + an amount depending on what staked coin was chosen and how much time it was kept (ex: If you put 100$ in Lite coin you will receive 115$ after 1 month). While the money is immediately available for withdrawal if not staked, once it starts to stake everything is frozen.
KYC Registration
You can prove your identity by using WhiteBIT’s mobile app, which is available on the App Store and Google Play. Just download it, go to KYC, complete the registration, upload a selfie with an ID document and then wait for an e-mail confirmation from them. As soon as they have verified your documents, you will receive an e-mail stating that your account is now activated. From this point onwards, you can use the full functionality of the platform. If you do not provide all necessary data during registration or KYC, WhiteBIT reserves the right to close any business relationships with its users.
Conclusion
WhiteBIT is an exchange where you can buy and sell cryptocurrency conveniently. An easy-to-use trading terminal and mobile application, both functional and simple to use, make trading very comfortable for everyone.
Many trading tools are available for experienced traders with expertise in technical analysis; however, the leverage is only up to 5x which isn’t ideal. Traders can use different types of orders including limit order, market order, or stop-loss order.
WhiteBIT offers a demo token for training and testing strategies before they start trading with real coins. Traders can earn on the demo tokens as well – it is easy to do since they trade just like regular ones.
The most important feature of WhiteBIT certainly is that its security leaves no room for doubt: 2FA, SSL encryption, offline storage, DDOS protection, etc. On top of that, everything is designed in such a way to prevent hacking attempts from succeeding at all costs.
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