Frequently Asked Questions (FAQ) on WhiteBIT

Account

What precautions should I take to avoid falling victim to phishing attempts related to my WhiteBIT account?

• Verify website URLs before logging in.
• Avoid clicking on suspicious links or pop-ups.
• Never share login credentials via email or messages.

What steps should I follow for account recovery if I forget my WhiteBIT password or lose my 2FA device?

• Familiarize yourself with WhiteBIT’s account recovery process.
• Verify identity through alternate means (email verification, security questions).
• Contact customer support if additional assistance is needed.

 

What is 2FA, and why is it important?

An extra layer of account security is provided by two-factor authentication (2FA). It guarantees that, even in the event that a hacker obtains your password, you are the only one with access to your account. After 2FA is enabled, in addition to your password—which changes every 30 seconds—you will also need to enter a six-digit authentication code in an authenticator app to access your account.
 

What’s a Sub-Account?

You can add auxiliary accounts, or Sub-Accounts, to your main account. The purpose of this feature is to open up new avenues for investment management.

Up to three sub-accounts may be added to your profile in order to effectively arrange and carry out various trading strategies. This implies that you can experiment with different trading strategies in the secondary account, all the while maintaining the security of your Main Account’s settings and funds. It’s a wise method of experimenting with different market strategies and diversifying your portfolio without jeopardizing your primary investments.
 

How to Add a Sub-Account?

You can create Sub-Accounts using the WhiteBIT mobile app or website. The following are the easy steps to register a sub-account:

1. Select "Sub-Account" after choosing "Settings" and "General Settings".


2. Input the Sub-Account (Label) name and, if desired, an email address. Later on, you can modify the Label in the "Settings" as often as necessary. The Label needs to be distinct in one Main Account.

3. To specify the Sub-Account’s trading options, select Balance Accessibility between Trading Balance (Spot) and Collateral Balance (Futures + Margin). Both options are available to you.

4. To share the identity verification certificate with the sub-account, confirm the share KYC option. This is the only step where this option is available. Should KYC be withheld during registration, the Sub-Account user is responsible for filling it out on their own.

That’s it, too! You can now experiment with different strategies, teach others about the WhiteBIT trading experience, or do both.
 

What are the security measures on our exchange?

In the field of security, we employ cutting-edge techniques and tools. We put into practice:
 

• The purpose of two-factor authentication (2FA) is to prevent unwanted access to your account.
• Anti-phishing: contributes to maintaining our exchange’s dependability.
• AML investigations and identity verification are necessary to guarantee the openness and safety of our platform.
• Time of logout: When there is no activity, the account automatically logs out.
• Address management: enables you to add withdrawal addresses to a whitelist.
• Device management: you can simultaneously cancel all active sessions from all devices as well as a single, selected session.

Verification

How long will it take to verify my proof of identity (KYC)?

Usually, applications are processed within 1 hour; however, sometimes verification can take up to 24 hours.

Once your application has been processed, you will receive a notification in your email with information about the result. If your identity verification request is rejected, the email will indicate the reason. In addition, your status in the Verification section will be updated.

If you made an error while going through the verification process, just wait for your request to be rejected. You will then be able to resubmit your information for review.

Please keep in mind our general requirements for the identity verification process:

• Fill in the application form (please note that mandatory fields marked with an * must be completed);
• Upload a photograph of one of the following documents: a passport, ID card, or driving license.
• Complete the facial scanning process as required.

My account is frozen, what does that mean?

You see an account freeze notice on the login page. This is an automatic account restriction that is caused by entering the 2FA code incorrectly 15 or more times. Instructions on how to remove this restriction will be sent to your email. To remove the temporary account block, you only need to change your account password using the “Forgot your password?” feature.
 

Is identity verification necessary to use WhiteBIT?

Yes because passing the KYC verification on WhiteBIT brings the following benefits to our users:

• access to deposits, withdrawals, and the Buy crypto option;
• creation and activation of WhiteBIT Codes;
• account recovery in case of 2FA code loss.

Deposit

Why must I enter a tag/memo when making a cryptocurrency deposit, and what does it mean?

A tag, also known as a memo, is a special number that is linked to every account in order to recognize deposits and credit the relevant account. For some cryptocurrency deposits, like BNB, XEM, XLM, XRP, KAVA, ATOM, BAND, EOS, etc., to be successfully credited, you must enter the corresponding tag or memo.

What is the difference between Crypto Lending and Staking?

Crypto Lending is an alternative to a bank deposit, but in cryptocurrency and with more features. You store your cryptocurrency on WhiteBIT, and the exchange uses your assets in margin trading.

At the same time, by investing your cryptocurrency in Staking, you participate in various network functions in exchange for a reward (fixed or in the form of interest). Your cryptocurrency becomes part of the Proof-of-Stake process, meaning it provides verification and protection for all transactions without the involvement of a bank or payment processor, and you get rewarded for it.

How are the payments being ensured and where is the guarantee that I will receive anything?

By opening a plan, you provide liquidity to the exchange by partially contributing to its funding. This liquidity is used to engage traders. Cryptocurrency funds that users store on WhiteBIT in Crypto Lending provide margin and futures trading on our exchange. And users trading with leverage pay a fee to the exchange. In return, depositors earn a profit in the form of interest; this is the commission that traders pay for using leveraged assets.

Crypto Lending of assets that do not participate in margin trading is secured by the projects of these assets. We also emphasize that security is the foundation of our service. 96% of assets are stored in cold wallets, and WAF ("Web Application Firewall") blocks hacker attacks, ensuring the safe storage of your funds. We have developed and are constantly improving an advanced monitoring system to prevent incidents, for which we have received a high cybersecurity rating from Cer.live.
 

Which payment methods does WhiteBIT support?

• Bank transfers
• Credit cards
• Debit cards
• Cryptocurrencies

The availability of specific payment methods depends on your country of residence.

What fees are associated with using WhiteBIT?

• Trading fees: WhiteBIT imposes a fee for each trade executed on the platform. The exact fee varies depending on the cryptocurrency being traded and the trade volume.

• Withdrawal fees: WhiteBIT charges a fee for every withdrawal made from the exchange. The withdrawal fee is contingent upon the specific cryptocurrency being withdrawn and the withdrawal amount.

Trading

Crypto Spot Trading vs. Margin Trading: What’s the Difference?

Spot Trading vs. Margin Trading chart.

Spot	Margin
Profit	In a bull market, provided, the price of the asset rises.	In both bull and bear markets, provided, the price of an asset rises or falls.
Leverage	Not available	Available
Equity	Requires the full amount to purchase assets physically.	Requires only a fraction of the amount to open a leveraged position. On margin trading, the maximum leverage is 10x.

Spot Crypto Trading vs. Futures Trading

Сrypto Spot Trading vs. Crypto Futures Trading Chart

Spot	Futures
Availability of Asset	Purchasing real cryptocurrency assets.	Purchasing contracts based on cryptocurrency’s price, with no physical transfer of assets.
Profit	In a bull market, provided, the price of the asset rises.	In both bull and bear markets, provided, the price of an asset rises or falls.
Principle	Buy an asset cheaply and sell it expensively.	Betting on the upside or downside of an asset’s price without actually buying it.
Time horizon	Long Term / Medium Term Investments.	Short-term speculation, which can range from minutes to days.
Leverage	Not available	Available
Equity	Requires the full amount to purchase assets physically.	Requires only a fraction of the amount to open a leveraged position. On futures trading, the maximum leverage is 100x.

Is Crypto Spot Trading Profitable?

For investors who have a well-thought-out strategy, are aware of market trends, and can judge when to buy and sell assets, spot trading can be profitable.

The following factors mostly affect profitability:

• Erratic behavior. This implies that there could be sharp price swings in a brief amount of time, resulting in large profits or losses.
• Abilities and expertise. Trading cryptocurrencies successfully calls for in-depth analysis, strategic planning, and market knowledge. Making educated judgments can be aided by having technical and fundamental analysis skills.
• Methodology. Profitable trading requires a strategy that is in line with investment goals and risks.

In summary, spot cryptocurrency trading is mainly intended for individuals who have faith in the long- and medium-term potential of cryptocurrencies. As such, it requires risk management abilities, discipline, and patience.

Withdrawal

How to calculate the fee for the withdrawal and deposit of state currencies?

Different strategies are used by payment service providers on the WhiteBIT cryptocurrency exchange to impose fees on users who withdraw and deposit state currency using bank cards or other payment methods.

Fees are separated into:

• Fixed in terms of state money. For instance, 2 USD, 50 UAH, or 3 EUR; a predetermined portion of the total transaction value. For instance, fixed rates and percentages of 1% and 2.5%. For example, 2 USD + 2.5%.
• Users find it difficult to determine the exact amount needed to complete the operation because fees are included in the transfer amount.
• Users of WhiteBIT can add as much as they’d like to their accounts, including any relevant fees.

Note: Users find it difficult to determine the exact amount needed to complete the operation because fees are included in the transfer amount. Users of WhiteBIT can add as much as they’d like to their accounts, including any relevant fees.

How does USSD feature work?

You can use the WhiteBIT exchange’s ussd menu function to access certain options even when you’re not online. In your account settings, you can activate the feature. Following that, the following operations will be available to you offline:

• Balances the viewpoint.
• Money movement.
• Swift asset exchange.
• Locating a place to send a deposit.

For whom is the USSD menu function available?

This function works for users from Ukraine who have connected to the services of the Lifecell mobile operator. Please note that you need to enable two-factor authentication to use the feature.