From a humble beginning as a small and ambitious startup to becoming one of Europe’s largest crypto exchanges, WhiteBIT has come a long way since its launch in 2018. With over 5.5 million users, it now plans to expand into new markets with an aggressive growth strategy. This guide explores everything you need to know about WhiteBIT, including its origins, its expanding lineup of products, and the factors fueling its growth. Here’s what to know. 

What is WhiteBIT?

WhiteBIT is a centralized cryptocurrency exchange that has quickly risen to prominence. The platform was launched in Ukraine in 2018 and has since amassed a growing user base of more than 5.5 million across 150+ countries.

As of January 2024, WhiteBIT averages around $6 billion in spot trading volume (24h). 

WhiteBit’s growing ecosystem of products includes the WhiteBIT Coin (WBT), its homegrown Whitechain blockchain, a decentralized exchange, a mining pool, and a crypto debit card, among others. We cover each in detail later in the guide.

Background and founder

WhiteBIT was founded in Kharkiv, Ukraine, by Volodymyr Nosov. His vision was to create a secure and transparent crypto trading platform that could rival already established players in the industry starting with the European market. 

Nosov’s commitment to user trust and regulatory compliance set WhiteBIT apart from its early days. The platform focused on offering simple yet powerful tools to serve both new and experienced traders while prioritizing accessibility and security.

Key WhiteBIT features

Here are some of WhiteBIT’s most distinctive attributes that make it a popular choice among crypto traders and investors:

• Enhanced security protocols: WhiteBIT ranks among the top secure exchanges globally, as per CER.live rankings. Its advanced security infrastructure includes cold wallet storage for 96% of funds, Web Application Firewall (WAF) to prevent attacks, and mandatory KYC and AML policies. The platform also conducts regular third-party audits.
  
• High liquidity and trading volumes: With daily spot trading volumes reaching as high as $11 billion and futures trading volumes nearing $40 billion, WhiteBIT offers deep liquidity across its markets. This ensures smooth order execution for both retail and institutional traders.
  
• Multilingual 24/7 customer support: WhiteBIT provides round-the-clock customer service in multiple languages, including voice support.
  
• Advanced trading tools: WhiteBIT integrates basic and TradingView charting terminals to make life easy for all traders. Features include over 100 technical indicators, customizable charts, and leverage up to 100x for futures trading.
  
• User incentive programs: WhiteBIT offers trading competitions, airdrops, and affiliate programs to reward user engagement. Its unique demo token feature allows users to test strategies risk-free, which further adds to its beginner-friendly approach.

How does WhiteBit differentiate itself?

WhiteBIT presents itself as a user-focused platform that adapts to market demands while offering value beyond traditional exchange services. Here’s how WhiteBIT positions itself in a competitive market:

Ethical practices

WhiteBIT’s response to geopolitical challenges, particularly the Ukraine conflict, underscores its ethical approach to humanitarian issues. 

The platform reports providing critical support to affected individuals and communities by facilitating cryptocurrency donations through its Whitepay solution.

Competitive fee structure

WhiteBIT offers a transparent and cost-effective fee structure, with spot trading fees capped at 0.1% and futures trading fees starting at 0.0585%. This straightforward pricing model caters to both casual and high-frequency traders.

Users holding WBT benefit from up to 80% reductions on taker fees and zero maker fees, providing additional cost-saving opportunities. Meanwhile, the WhiteBIT VIP program provides up to 100% discount on fees. These competitive rates have made WhiteBIT an appealing choice for traders seeking affordability without compromising features.

Advanced trading tools

WhiteBIT supports a diverse range of trading options, including spot, margin, and futures markets, with leverage up to 100x. The platform also integrates TradingView for advanced charting and technical analysis, ensuring traders have access to essential tools for market evaluation.

Instead of repeating earlier details, it’s worth noting that WhiteBIT balances these advanced features with accessibility, offering tools like a demo token to help new users practice trading strategies. This dual approach accommodates both experienced traders and newcomers.

Passive income opportunities

WhiteBIT goes beyond trading by offering robust passive income options. Users can lend their assets through flexible and fixed-term programs or participate in the WhiteBIT Launchpad to support early-stage projects while earning potential rewards.

The platform’s auto-invest feature adds convenience, allowing users to automate recurring investments and steadily grow their portfolios. These offerings ensure that even inactive holdings can contribute to long-term wealth generation.

Regional and global impact

WhiteBIT claims to combine local engagement with global ambitions. It highlights partnerships with organizations such as FC Barcelona, Turkish football clubs, and Ukrainian charities as evidence of its regional focus. 

At the same time, the company plans to expand into highly regulated markets like the U.S.

Educational initiatives

The platform emphasizes its investment in blockchain education as a key differentiator. WhiteBIT has collaborated on initiatives like the “Game-Changing Tech” course with FC Barcelona, which aims to equip users with practical blockchain knowledge.

The company positions these efforts as a way to build a more informed and loyal user base.

Balanced ecosystem growth

WhiteBIT claims to focus on diversified growth by balancing its trading infrastructure with additional blockchain solutions. The ecosystem includes products like Whitepay for crypto payments and White.market for trading gaming skins. 

These offerings, WhiteBIT asserts, cater to a wide range of users, from casual traders to enterprise clients, without overemphasizing any single area.

Debit card launched in partnership with Visa

WhiteBIT’s debit card, launched in collaboration with Visa, enables users to convert cryptocurrencies into fiat for payments or ATM withdrawals globally. This practical tool enhances the real-world utility of digital assets, bridging the gap between crypto and traditional financial systems.

Integrated with Whitepay, the card supports hassle-free crypto transactions for everyday purchases, underscoring WhiteBIT’s efforts to make digital currencies more functional for its users. Its launch highlights the platform’s focus on connecting crypto with practical use cases.

Community-centered innovations

WhiteBIT highlights community-driven programs, such as voting for Launchpad projects and its Bug Bounty rewards system, as examples of user participation. These initiatives are designed to improve platform reliability and engagement by involving users in the process of identifying vulnerabilities and shaping the platform’s development.

Proven scalability

WhiteBIT has experienced fivefold growth since 2022. This led the company to expand its workforce to over 1,100 members and opening offices globally. The company states that it now supports more than 1300 institutional clients, suggesting its ability to scale operations effectively while maintaining operational quality.

The WhiteBIT ecosystem

WhiteBIT provides a comprehensive ecosystem of products designed to serve a wide range of users. These include:

Spot, margin, and futures trading

Users can trade over 600 pairs and leverage advanced tools for margin and futures trading. WhiteBIT offers competitive fees capped at 0.1% for spot trading and 0.0585% for borrowed funds.

Whitechain

At the core of the WhiteBIT ecosystem lies the platform’s homegrown blockchain, the Whitechain. It uses the proof-of-authority (PoA) consensus mechanism to achieve scalability, security, and efficiency. 

For those out of the loop, the PoA model relies on a select group of trusted validators who verify transactions and maintain the network. Unlike energy-intensive proof-of-work (PoW) blockchains, PoA ensures high throughput, low computational costs, and a sustainable, energy-efficient infrastructure. 

This design makes Whitechain well-suited for large-scale applications requiring rapid transaction processing.

Whitechain’s technical architecture focuses on scalability, which makes it easier to handle a high volume of transactions without compromising speed or security. 

The blockchain powers various elements of the WhiteBIT ecosystem, including decentralized finance (DeFi) tools, payment systems like Whitepay, and the WhiteSwap decentralized exchange. Transaction fees are settled using WhiteBIT Token (WBT).

WhiteBIT Coin (WBT)

WhiteBIT Coin (WBT) is the native asset of the Whitechain blockchain.

Beyond Whitechain, WBT is interoperable across Ethereum and Tron blockchains, where it operates as an ERC-20 and TRC-20 token.

WBT operates on a carefully calibrated deflationary model. Its total supply is capped at a maximum supply of 400 million coins. The platform carries out weekly token burns to reduce the circulating supply consistently. 

You can also lock your WBT stash to access additional rewards, such as higher lending yields, free transactions, and increased referral commissions.

As of Jan. 21, 2024, the WBT price is hovering above $28. As you can see in the price chart (all time) below, the WBT has generally done well since it’s launch despite the inherent volatility and unpredictability of the crypto market.

Whitepay and WhiteEX

Whitepay and WhiteEX represent WhiteBIT’s ongoing efforts to improve crypto’s usability for everyday transactions and business applications. 

Merchants can use Whitepay to offer customers a secure, efficient, and scalable method to pay with cryptocurrencies. 

Whitepay supports multiple cryptocurrencies and provides businesses with the tools to manage transactions and streamline accounting processes.

With WhiteEX, users can load their accounts, convert crypto to fiat, and access their funds across different platforms. 

WhitePool mining

WhiteBIT launched WhitePool in 2024 to revolutionize Bitcoin mining by enabling users to combine their computing power. It empowers miners to pool resources, which then improves their chances of earning rewards (while also lowering individual operational costs). 

WhitePool promises a solid and transparent platform equipped with advanced mining tools that optimize hashing performance.

With a hashrate exceeding 7 EH/s, WhitePool is making it easy for even smaller players to compete alongside major mining operations.

Decentralized exchange and marketplace

WhiteSwap, WhiteBIT’s decentralized exchange, adds to the platform’s ecosystem by offering a secure and trustless trading environment. 

It lets you trade peer-to-peer straight from your wallet without requiring an intermediary. The DEX is built on Whitechain and supports easy integration with other blockchain networks. 

In addition to WhiteSwap, White.market broadens WhiteBIT’s ecosystem by targeting the gaming sector. This marketplace specializes in the trading of gaming skins, allowing players to buy, sell, and exchange in-game items securely. 

Is WhiteBIT the right choice for you?

As discussed, WhiteBIT has evolved significantly since its launch in 2018. It has grown from “just another crypto exchange” into one of Europe’s largest trading platforms with a growing global footprint. With millions of users and a diverse ecosystem that includes products like Whitepay and Whitechain, the platform has steadily expanded its services and partnerships. 

Its emphasis on security and user experience has further contributed to its rising popularity. However, as with any exchange, carefully evaluate its features, reputation, and suitability to your specific requirements before deciding whether it is the right choice for you in the long run.

Frequently asked questions

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