Review on WhiteBIT by Denis Bukanov

WhiteBit is a licensed cryptocurrency exchange launched in 2018 in Estonia. Although the project is rather young, it is already in the TOP-100 sites for trading volumes. I checked the information on Coinmarketcap and found out, the daily trading volume is more than 20,000 BTC or $950 million.

When choosing a platform to work on, I, first of all, pay attention to liquidity since, in my opinion, it has a crucial influence on the quality of trading. Moreover, it is essential when it comes to little-known coins. Another detail worth attention to is that there are more than 180 cryptocurrencies available, and I must say, and I did not even hear of many of them. And besides, those little-known coins have pretty high liquidity, and some of them can be traded with high leverage.

The WhiteBit community is growing, the number of traders and investors is constantly increasing along with the trading volumes. The exchange has licenses for exchange operations with fiat and cryptocurrencies, as well as for storing clients' assets. Licenses were issued by Estonian regulators, that is, the site officially operates within the legal framework of the European Union, and it really inspires confidence.

I myself noticed that the exchange has a high-speed interface, and this applies to any platform. I mean, my orders were processed equally quickly, both in the web version and in the mobile application. It is especially critical for me because, as a rule, I use high-frequency trading.

As far as I know, creators claim the exchange can proceed over 10 thousand transactions per second and over 1 million TCP connections. I can`t comment anything on it, as I am a regular user, I can only praise the team for such performance speed at my user level.

The only thing that I don't really like is KYC. Although verification on the WhiteBIT exchange is not mandatory, still, without it, users have access to only limited functionality, and that`s not enough for me. For example, unverified users have no access to fiat currencies. And, in my opinion, trading fiat is one of the key advantages of this exchange.

Besides, unverified users face withdrawal limits, and they are quite significant. It can also cause discomfort when operating the site. So, if you plan to work seriously with the WhiteBIT exchange, then the KYC procedure is what must be done.

Well, I must note, I understand, those rules are not just creators’ whim or something like that - it is a requirement of the European regulator. Like I told, the exchange has official licenses (exchange license, custodian license) issued in Estonia. Work in the legal field obliges the platform to follow the current legislation of the European Union, and unfortunately, it is impossible to obtain anonymity and legal protection at once.



I like a convenient and logical interface that can be personalized to my liking. A very cool feature WhiteBIT code is a tool that allows you to quickly and conveniently transfer funds from one exchange account to another. Creation is available from the main account. One code is used to transfer one cryptocurrency. To create a code, you just need to go to "Profile" - "Codes".

Another thing I regularly use is SMART staking. It's an additional feature of WhiteBIT that allows earning interest on deposits. The exchange offers several plans, depending on the staking period, for different cryptocurrencies. According to the information on the site, you can earn up to 28% of the deposit amount in a year, simply by keeping funds on balance. It may seem like a too fantastic result, especially for those new to this market. But I would say this is not much if you are ready to take on more serious risks, then study farming. Yes, it is difficult and risky, but you receive passive income just for keeping your coins on the balance sheet, and that's all! For a beginner, it's just the perfect option!