WhiteBIT Fees and Minimum Deposit - TU Expert review
After considering a crypto exchange’s security, examining its fees is the next crucial step. Lower fees translate to higher potential profits. Newcomers to crypto trading may also want to consider the minimum deposit required to start trading, as they might prefer to begin with a smaller investment.
Traders Union analysts have assessed WhiteBIT fees and minimum deposit requirements to help prospective crypto traders make informed decisions.
Short introduction of WhiteBIT
The WhiteBIT exchange is a universal platform for trading and exchanging cryptocurrencies. In addition to basic (simplified) trading, there are spot and margin trading. Bitcoin, Litecoin, Ethereum, Ripple, DASH, and dozens of other altcoins are traded on the exchange. Fiats are represented by the USD and the EUR. For margin trading, 1:10 leverage is provided. In addition to active trading, there is the possibility of investing in a blockchain project with interest payments (from Crypto Lending). The exchange has a standard referral program, and trading commissions are fixed. There is a TradingView web terminal and a mobile trading application. The company offers its own GitHub solution for the cryptocurrency business.
👍 Advantages of trading with WhiteBIT:
•Bitcoin, dozens of altcoins and tokens, 10 fiat currencies, including the USD and the EUR;
•large trading volumes, high liquidity, multilevel security system;
•basic trading for beginners, spot and margin, P2P exchanger, and free multicurrency account;
•most options for depositing/withdrawing funds such as e-wallets, bank cards, and transfers;
•a simple and profitable system for investing in blockchain projects of crypto exchange affiliates;
•the commission does not change - 0.1% of the trade amount, and no additional fees or charges;
•FAQs on the basics of crypto trading, a demo token for education and training.
👎 Disadvantages of WhiteBIT:
•communication with the exchange only through the website and email, there is no call center or alternative methods of prompt communication;
•there is no advanced training, except for Crypto Lending.
WhiteBIT Commissions and Fees
The WhiteBIT cryptocurrency exchange charges a commission for all transactions in the amount of 0.1% of the trade amount. The amount of the fee is not influenced by third-party factors such as the trader's trading volume, asset type, trade volume. But for some assets, the commission may be lower. The exact amount of the commission can always be found on the "Trades" page when placing an order.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | 0,01% per order | Yes |
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Crypto market:
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Spread – the difference between the buy and the sell price of an asset.
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Commission per lot.
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Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
Why is it important to consider the minimum deposit at a cryptocurrency exchange?
Accessibility: The minimum deposit helps traders determine if they can afford to start trading on an exchange.
Risk Management: Exchange-set minimum deposits ensure traders have sufficient funds to cover potential losses and fees, preventing financial overextension.
Platform Suitability: The minimum deposit amount can be an indicator of the exchange’s target audience and trading volume, aiding traders in selecting a platform aligned with their goals.
Cost Considerations: Assessing minimum deposit requirements helps traders account for trading expenses.
Are the fees and minimum deposit requirements at WhiteBIT suitable for beginners?
Based on the results of the analysis, Traders Union experts have concluded that the fees charged by the broker are average. There are companies with lower fees. The broker offers a low minimum deposit, but average fees do not make this broker a good choice for novice traders.
FAQs
Can the minimum deposit differ depending on the trading account type?
Yes. Brokers often encourage clients to deposit large amounts to the account by offering better trading conditions.
Is there a dependence between the fees and the deposit amount?
If a broker offers several account types, there is often a dependence. The more money you deposit, the higher the level of your account will be, and, accordingly, the lower the fees.
Can the level of the fees change if different accounts imply the use of different platforms?
Yes. Some brokers offer different trading platforms on different types of trading accounts. In this case, the size of the fee may change.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.