Is WhiteBIT a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether WhiteBIT is a good crypto exchange to start trading with. In this article you will learn whether WhiteBIT is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker 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.
| 💰 Account currency: | Cryptocurrencies, currencies |
| 🚀 Minimum deposit: | 0.0005 BTC |
| ⚖️ Leverage: | 1:10 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, USD, EUR |
| 💹 Margin Call / Stop Out: | No |
WhiteBIT Pros and Cons
👍 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.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
-
Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
-
Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
-
Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
-
Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
-
Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
-
Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for WhiteBIT Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. WhiteBIT offers traders the following conditions.
| 💻 Trading platform: | Own TradingView |
| 📊 Accounts: | Standard |
| 💰 Account currency: | Cryptocurrencies, currencies |
| 💵 Replenishment / Withdrawal: | Bank cards, cryptocurrency wallets |
| 🚀 Minimum deposit: | 0.0005 BTC |
| ⚖️ Leverage: | 1:10 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, USD, EUR |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | No data |
| ⭐ Trading features: | Many cryptocurrencies and tokens, 10 fiat, a demo token, a profitable referral program, investment (Crypto Lending), low fixed fees |
| 🎁 Contests and bonuses: | No data |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of WhiteBIT commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal 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 |
Investment programs of WhiteBIT
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. WhiteBIT offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
The WhiteBIT crypto exchange offers only one investment option - Crypto Lending. This is a system that allows any user of the platform to become an investor and passively earn interest on the deposit made to the program. To use it, you must register, verify your identity and go to the appropriate section of the site.
All current programs are presented in the Crypto Lending section. For each of them, the currency, the minimum and maximum deposit, and the deposit period are indicated. The uniqueness of the system is that the calculation of profitability is integrated into it. You simply enter the amount and, even without making a deposit, you know exactly how much you will earn under the Crypto Lending program. The pool has programs for almost all altcoins and tokens, the programs are constantly updated. Placement is for a period from 10 to 360 days.
The platform does not charge the investor additional fees for using the service. Interest is transferred after the end of the active program, together with the return of the deposit in the previously invested currency. The transfer is made to a special investment account of the user that is linked to the main account. Earned interest can be withdrawn by any method without restrictions.
The Launchpad by WhiteBIT offers the exclusive chance to purchase tokens of promising crypto projects at a fixed price before they hit the market.
Crypto Borrow. The tool allows you to borrow digital assets from us for any period and use them for trading, transfers, and withdrawals. Available assets on your Collateral Balance will be used as a pledge.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
WhiteBIT’s affiliate program
WhiteBIT provides a standard one-level referral program. To participate in it, you need to register and verify, then go to the "Referral program" section. In this section, there is a button "Get a link". Upon activation, you will receive a personal referral link that can be placed anywhere without restrictions.
Each user who follows your referral link will become your affiliate (referral). As soon as he registers, confirms the data, makes a deposit, and starts trading, you will receive income from his trades. The income is 50% of the referral's trading commissions.
The program is unlimited - you receive income from an affiliate for as long as he trades on the platform. The number of affiliates is not limited. You do not receive income from users invited by your affiliates. All data on your referrals and payments are available in the "Referral program" section. Payments are made once a calendar month - on the first day at 00:00 UTC.
Conclusion. Is WhiteBIT good for beginners?
The WhiteBIT cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, WhiteBIT could be considered as a good cryptocurrency exchange for a start.
- Is Lbank a Good Crypto Exchange for Beginners?
- Is CoinW a Good Crypto Exchange for Beginners?
- Is BitWell a Good Crypto Exchange for Beginners?
- Is ZB.com a Good Crypto Exchange for Beginners?
- Is Ledger Wallet a Good Crypto Exchange for Beginners?
- Is Bitcoiva a Good Crypto Exchange for Beginners?
- Is Unocoin a Good Crypto Exchange for Beginners?
- Is WazirX a Good Crypto Exchange for Beginners?
- Is Changelly a Good Crypto Exchange for Beginners?
- Is Coinburp a Good Crypto Exchange for Beginners?
- Is AEX a Good Crypto Exchange for Beginners?
- Is Bitexen a Good Crypto Exchange for Beginners?
- Is BitMart a Good Crypto Exchange for Beginners?
- Is Atani a Good Crypto Exchange for Beginners?
- Is AscendEX a Good Crypto Exchange for Beginners?
- Is Lykke a Good Crypto Exchange for Beginners?
- Is Catex a Good Crypto Exchange for Beginners?
- Is Celsius a Good Crypto Exchange for Beginners?
- Is Easy Crypto a Good Crypto Exchange for Beginners?
- Is Blockchain.com a Good Crypto Exchange for Beginners?
- Is Nexus Trade a Good Crypto Exchange for Beginners?
- Is Cryptopay a Good Crypto Exchange for Beginners?
- Is Felixo a Good Crypto Exchange for Beginners?
- Is BitoPro a Good Crypto Exchange for Beginners?
- Is EXMO a Good Crypto Exchange for Beginners?
- Is Satang Pro a Good Crypto Exchange for Beginners?
- Is Paxful a Good Crypto Exchange for Beginners?
- Is Bitkub a Good Crypto Exchange for Beginners?
- Is Pionex a Good Crypto Exchange for Beginners?
- Is Coinut a Good Crypto Exchange for Beginners?
FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
Related Articles
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.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.