WhiteBit Exchange – project overview and reviews
Review of the WhiteBit Cryptocurrency Exchange
The company WhiteBit positions itself as a secure and reliable platform for cryptocurrency operations, offering the opportunity to purchase, sell, and manage digital assets. In this review, we will consider the key aspects of the operation of this company.
Platform Information
The WhiteBit exchange was created in 2018. Due to its novelty, there is almost no unconfirmed data on the company’s operations, so the main volume of information requires confirmation on the official resource whitebit.com.
Visual Design of the Website
The web page design looks modern and informative. The site features engaging animations and a sufficient amount of valuable information. However, there is a somewhat negative aspect in the form of an advertising banner offering 18% annual deposits for six months, which appears to be an anomalously high rate, especially for a short period.
Financial Aspects
There are 58 currency pairs on the WhiteBit exchange, which is also listed on CoinMarketCap. This allows verifying the financial status of the company. The daily trading volume on the exchange is around 18 million US dollars, which, while not a high figure for major global platforms, seems acceptable for a new exchange primarily oriented toward the CIS and Eastern European countries.
Advantages of the WhiteBit Exchange
- Speed and Security
– due to instant order execution, reliable API operation, and the use of cold wallets. However, although it is claimed that 96% of client assets are stored on cold wallets, this storage method has limitations in terms of promptly accessing assets for market operations. - Simplicity and Convenience
– thanks to the simple user interface, 24/7 support, and an effective WAF (Web Application Firewall) protection system. It is worth noting that WAF is a reliable means of protection against external threats and DDoS attacks. - Savings and Profitability
– due to low fees, instant internal transfers, and a referral program. The fees on the WhiteBit platform are indeed low: there is no deposit fee, and the withdrawal fee, for example, for Bitcoin, is 0.0005 BTC. The trading fee is 0.1%.
The trading interface on the exchange platform is similar to other trading platforms, ensuring stable operation without noticeable technical glitches. Mobile applications are available on both Google Play and the Apple Store.
Social and Legal Aspects
The company actively engages in social networks, having accounts on Reddit and Medium.
Verification Process
The verification procedure on the WhiteBit platform is mandatory and ensures the security of a trader’s account, as well as allows restoring access to the exchange in case of password loss. When using the platform without verification, the withdrawal limit is $100.
Verification Stage includes the request for trader documents, such as a passport, ID card, or driver’s license. The data provided by the user is protected and not shared with third parties, solely used to ensure client security.
Legal Information
The WhiteBit exchange is registered in Estonia, indicating a certain level of cryptocurrency regulation. The legal address of the company in Estonia is Whitebit Financial Company OÜ, Sepise tn 1 Lasnamäe linnaosa, Tallinn Harju maakond 11415. In addition to registration, the company also possesses two licenses for financial activities.
Conclusions
The operation of the WhiteBit exchange leaves mixed impressions. The company has licenses and a stable platform, but the ambiguity in operational transparency and the lack of feedback do not allow us to recommend this exchange at the moment. Due to the youth of the cryptocurrency segment, potential negative aspects at WhiteBit can be attributed to inexperience, with hopes for further development and improvement. However, at present, we recommend exercising caution when considering this cryptocurrency exchange.