WhiteBit – reviews of the project, conditions for earning and withdrawing money

The whiteBit crypto exchange has been providing its services for just over five years. Its founder is Vladimir Nosov. In his opinion, trading on the stock exchange should be available to everyone. He says that the platform is constantly updated and modified to fully meet user needs.

The company was opened in 2018 in Vilnius, and it was issued an Estonian operating license. But she was never able to obtain permits in Russia from the Central Bank. More than 3 million clients from all over Europe are registered on the platform. But such a flow of users to the site is explained by the fact that several years ago there was not a sufficient choice of crypto exchanges, and people registered on sites like this.

An affiliate program is available to clients on the exchange. To become a participant, you must register on the website, go through the verification procedure, and join the program. A link will be generated in your personal account in the appropriate section. It can be posted anywhere – on social networks, on forums, sent in messages to friends.

The exchange supports transactions with several fiat currencies. Their list is available in your personal account. There you can see three different balances – the main one, where the money deposited, trading, and collateral are credited. In the “Total Balance” section you can view the entire amount.

Money is withdrawn to bank cards, as well as crypto wallets. When withdrawing profit, a commission of 1 to 2% is charged. It depends on the chosen withdrawal system and currency. The website indicates the maximum and minimum withdrawal amount. If clients do not qualify for direct withdrawal, they can use P2P.

Expert opinion

There is a lot of talk about the whiteBit exchange online. But this does not make it a good trading platform. You just need to look at the amount of negativity to understand what the company is really doing. As for the address and contacts, the company provides truthful information. The owners of the office have Ukrainian roots, but they opened an exchange in Estonia, and a license was obtained there.

The Central Bank of Russia did not issue permits to this office, and this decision was made for a number of reasons. One of them is frequent fraud on the part of the company. Slippages, loss of money from trading accounts, and account blocking are observed on the site. Also, the company attracts users using financial pyramid methods. All these facts indicate that the company cares about its own profits, and not about customers. And for his own enrichment he often engages in divorce.

Reviews from clients

There are quite a lot of reviews about whiteBit, and those that were written a year or two ago are of interest. Among these comments, the most negative ones are found, and all because the company began to outright deceive users.

The user writes that he needed to withdraw $15,000 to fiat. He did this through the exchange exchanger. But the site blocked the withdrawal of money. There they began to demand documents indicating where the money came from. The trader has previously been verified on the site. The trial has been going on for a month now, and the person sees no end to it.

In the second review you can see how the user complains about the company’s actions. The site comes up with fraudulent schemes in the form of miners. They have their own coin. A person invests money, and then at some point they drain it, but they do not return the invested money to users. After draining one token, they come up with another, and everything starts all over again.

Seryoga writes that it is difficult to get verified on the exchange. This is the third time his verification has been rejected. But the problem is that he brought money to the exchange, but cannot take it back.

Since the opening of the whiteBit exchange, a lot has changed. Yes, it started out well, and managed to gather an extensive client base, but then, clients began to complain about fraudulent activities on the part of the company. Instead of the promised profit, people lose money, which is simply written off from their accounts, or blocked by the site, allegedly for violating the rules.

Terms of cooperation

You can trade on whiteBit from a PC or laptop. There is also a version for smartphones (after downloading the mobile application). The software is developed for iOS and Android operating systems. According to what is written on the site, clients have access to an intuitive interface and tools for managing fiat and cryptocurrency assets. The platform supports 10 languages, including English, Ukrainian and Russian.

Clients are offered to make money on currency pairs and cryptocurrency assets, of which there are more than 240. The exchange also offers passive income – earnings from investments in various projects, with an annual income of 18%. There are different investment conditions, with different terms and interest rates. On the referral program, scammers offer to earn up to 40%.

The office claims that they have the lowest commissions among crypto exchanges. Bank cards and other popular systems are used to deposit and withdraw money. The site says that a lot of attention is paid to the security system, and customer money is stored in cold wallets. Protection from hacker attacks is good, but few people can protect themselves from fraud by the exchange.

For users who have just begun to get acquainted with crypto-assets, they are advised to start trading on a demo account. At the user’s request, virtual tokens are credited to it, which can be used to pay for transactions. The button to receive them is located in the “Codes” section. But the earnings here are only virtual. The demo mode is intended for training and honing trading skills.

To become a client of the exchange, you must reach the age of majority. For citizens from a number of countries, entry to the exchange is limited, so when registering, the client must confirm that he does not live in any of them. On the site you must undergo verification by providing documents confirming your identity. Without this procedure, it will be impossible to withdraw money from the exchange.

But even after creating a personal account and verifying your account, registration cannot be considered complete. The user is required to enable two-factor authentication and phishing protection. This way, unauthorized persons will not be able to get to the user’s money. But this is not necessary, because the company finds various excuses to prevent money from being withdrawn from the site. And we are talking not only about profit, but also about the body of the deposit.

Conclusions about cooperation

Just a few years ago, whiteBit could be considered a truly innovative crypto exchange that cares about its customers. But the company decided that it was possible to earn money not only from interest on traders’ transactions, but also by deceiving them. There are often complaints that the office refuses to return money when the client wants to withdraw the deposit and close the trading account.

A large number of complaints about the site makes you think about how safe it is to invest money there. Recently, there have been more complaints about poor execution of transactions and delays in opening and closing. This leads to a drain on deposits. Therefore, before registering on this site, you should think about how safe it will be, and whether you will be able to make money there at all.