A Crypto Exchange Without Limitations WhiteBIT markets itself as a licenced crypto exchange with features for professional traders with its consistent and all-round customer service which caters for the needs of its growing users on a 24 x7 basis
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media.
Joining the ever competitive world of crypto exchanges is WhiteBIT, a European cryptocurrency CEX exchange with exchange and custody licenses from Estonia. It boasts of having one of the lowest trading fees in the industry, trading about 160-plus cryptocurrencies and has over 300,000 exchange users from Europe, Asia and CIS countries in partnership with established cryptocurrencies and platforms such as Dash, TRON, Matic and others.
The company markets itself as a licenced crypto exchange with features for professional traders with its consistent and all-round customer service which caters for the needs of its growing users on a 24 x7 basis. Some important highlights that would add to the list of advantages obtained on the platform is the customizability offered by its user interface, instant execution of orders that's aided by a trading engine performing 10,000 trades per seconds making it one of the very few exchanges with a fast and efficient trading engine.
Fees are competitive, ranked among the lowest in the industry with only 0.10 per cent fees for both takers and makers, and have integrated in its system a very powerful API that supports third-party trading applications for clients.
KYC is an integrated measure to check the type of users in a trading platform and the source of their wealth. WhitBit offers no kyc trades, unlimited deposits, withdrawals up to 2 BTC daily, still compliant with 5AMLD for users who want to go beyond 2 BTC they will need to pass the compulsory KYC checks.
Margin trading and DeFi on WhiteBIT trading terminal
Margin is one of the oldest means of trading, where traders get access to a larger sum with a small balance portfolio by borrowing funds from a third party. For example, users with 1 BTC balance with a 10x leverage will have access to a margin balance of 10 BTC, which allows them to get 10x profit on their trades. There are no limitations to the amount of leverage users wish to trade margin on but following correct risk management strategies is advised. However, there are some measures put in place by WhiteBIT to ensure safe margin trading for users.
Margin call: This is a notification set in place by WhiteBIT to alert traders of an unprofitable trade position which may be liquidated anytime. Users can respond to such call to actions by either replenishing the balance on the margin to give more time in the case of a possible rebound of the trade, lower their margin position or completely close the trade thereby reducing the chance of getting 100 per cent liquidated.
DeFi: Among all proponent CEX exchanges for DeFi projects, WhiteBIT seems to be the most actively involved in the listing of these asset classes issued from the decentralized finance section of the blockchain industry. It's a fact that WhiteBIT have been very much involved in the growth of the DeFi sector and is becoming the first exchange to integrate a fiat pairing for DeFi coins.
Smart staking: Smart Staking is a concept by WhiteBIT that allows for deposited funds to earn up to 32 per cent in 180 days. A smart and reliable way to multiply your funds, guaranteed returns as its ensured by WhiteBIT which equally ensures that there will be liquidity provided for smart staking at all times. And in light of recent developments due to the increased rate on the cost in the margin, the cost of the loan is now 35.77 per cent. Smart staking earnings have been effectively increased too. Smart staking ensures a passive income at best for its members in a safe and regulated environment.
Due to the immense competition that exists between crypto platforms, projects today deploy various innovative marketing techniques to lure new audiences to rally behind their projects. One such example is WhiteBIT which recently launched a quiz competition in celebration of the launch of their simplified KYC system. A price pool of $1,000 was offered as a reward for 100 lucky winners that will be selected in random from those that answered all the questions correctly.
WhiteBIT offers a simplified trading system and non-KYC services that allows for traders freedom in a world dominated by restrictions and is churning out products that adds value to its growing network of users.