How to Login and start trading Crypto at WhiteBIT

How to Login to WhiteBIT

What is Spot Trading?

What is Spot Trading in Cryptocurrency

Spot trading entails, to put it simply, buying and selling cryptocurrencies at the current market price, on the spot.

"Spot" in this sense refers to the actual physical exchange of assets whereby ownership is changed. In contrast, with derivatives such as futures, the transaction takes place at a later time.

The spot market enables you to transact in situations where the seller instantly sells you cryptocurrency after you purchase a specific quantity of it. Both parties can quickly and in real-time obtain the desired assets thanks to this instantaneous exchange. Thus, without the need for futures or other derivative instruments, trading in the cryptocurrency spot market allows for the instantaneous purchase and sale of digital assets.
 

How Does Crypto Spot Trading Work?

Transaction settlements take place "on the spot" or instantaneously, which is why spot trading got its name. Furthermore, this idea frequently incorporates the roles of an order book, sellers, and buyers.

It’s easy. While buyers submit an order to buy an asset at a specific buying price (known as the Bid), sellers place an order with a specific selling price (known as the Ask). The bid price is the lowest amount a seller is willing to take as payment, and the asking price is the maximum amount a buyer is willing to pay.

An order book with two sides—the bid side for buyers and the ask side for sellers—is used to record orders and offers. For example, the instantaneous recording of a user’s order to purchase Bitcoin occurs on the bid side of the order book. When a seller provides the precise specification, the order is fulfilled automatically. Potential buyers are represented by the green (bids) orders, and potential sellers are represented by the red (asks) orders.
 

Pros and Cons of Crypto Spot Trading

Spot trading cryptocurrencies has benefits and drawbacks, just like any other trading strategy.

Pros:

• Simpleness: Both medium- and long-term investment strategies can be successful in this market. Without having to worry about commissions for holding a position, contract expiration dates, or other issues, you can hold onto the cryptocurrency for a long time and wait for its price to rise.

One of the most important distinctions between spot and futures trading in cryptocurrency is this.
 

• Speed and Liquidity: It makes it possible to sell an asset fast and effortlessly without depressing its market value. A trade can be opened and closed at any moment. This enables profitable responses to fluctuations in rates in a timely manner.
• Transparency: Spot market prices are determined by supply and demand and are based on current market data. Spot trading doesn’t require extensive knowledge of derivatives or finance. The fundamental ideas of trading can help you get started.

Cons:

• No leverage: Since spot trading doesn’t offer this kind of instrument, all you can do is trade with your own money. Sure, this lowers the likelihood of profits, but it also has the potential to lower losses.
• Unable to initiate short positions: Put another way, you are unable to profit from declining prices. Making money therefore becomes more difficult during a bear market.
• No hedging: Unlike with derivatives, spot trading does not allow you to hedge market price fluctuations.

How to Trade Spot on WhiteBIT (Web)

A spot trade is a straightforward exchange of goods and services at the going rate, also referred to as the spot price, between a buyer and a seller. When the order is filled, the trade happens right away.

With a limit order, users can schedule spot trades to execute when a particular, better spot price is reached. Using our trading page interface, you may execute spot trades on WhiteBIT.

1. To access the spot trading page for any cryptocurrency, simply click on [Trade]-[Spot] from the homepage

2. At this point, the trading page interface will appear. You will now find yourself on the trading page interface.

1. Trading volume of a trading pair in 24 hours.
2. Candlestick chart and Market Depth.
3. Sell/Buy order book.
4. Your latest completed transaction.
5. Type of order: Limit/Market/Stop-Limit/Stop-Market/Multi-Limit.
6. Your Order History, Open Orders, Multi-Limits, Trade history, Positions, Position history, Balances, and Borrows.
7. Buy Cryptocurrency.
8. Sell Cryptocurrency.

To buy or sell your first cryptocurrency on the WhiteBIT Spot Market, go over all the requirements and follow the steps.

Requirements: To familiarize yourself with all of the terms and concepts used below, please read through the entire Getting Started and Basic Trading Concepts articles.

Procedure: You have a choice of five order types on the Spot Trading Page.

Limit Orders: What is a Limit Orders

A limit order is an order that you place on the order book with a specific limit price. It will not be executed immediately, like a market order. Instead, the limit order will only be executed if the market price reaches your limit price (or better). Therefore, you may use limit orders to buy at a lower price or sell at a higher price than the current market price.

For example, you place a buy limit order for 1 BTC at $60,000, and the current BTC price is 50,000. Your limit order will be filled immediately at $50,000, as it is a better price than the one you set ($60,000).

Similarly, if you place a sell limit order for 1 BTC at $40,000 and the current BTC price is $50,000. The order will be filled immediately at $50,000 because it is a better price than $40,000.
 

Market Order	Limit Order
Purchases an asset at the market price	Purchases an asset at a set price or better
Fills immediately	Fills only at the limit order’s price or better
Manual	Can be set in advance

1. Click "Limit" on the spot trading page.

2. Set your desired Limit Price.

3. Click Buy/Sell to display a confirmation window.

4. Click the Confirm button to place your order.

NOTE: You can enter the amount to receive in USDT or the amount to spend in your symbol or coin.

Market Orders: What is Market Orders

When you place an order for a market order, it is immediately executed at the going rate. It can be used to place orders for both purchases and sales.

To place a buy or sell market order, choose [Amount]. You can enter the amount directly, for instance, if you wish to purchase a specific amount of Bitcoin. However, if you wish to purchase Bitcoin with a specific sum of money, say $10,000 USDT.

1. From the Order Module on the right side of the page, select Market.

2. From the drop-down menu below the Limit Price, select either USDT to enter the amount you wish to spend or select your Symbol/Coin to enter the amount you wish to receive.

3. Click Buy/Sell to display a confirmation window.

4. Click the Confirm button to place your order.

NOTE: You can enter the amount to receive in USDT or the amount to spend in your symbol or coin.

What is Stop-Limit Function

A limit order with a stop price and a limit price is known as a stop-limit order. The limit order will be entered into the order book when the stop price is reached. The limit order will be carried out as soon as the limit price is reached.

• Stop price: The stop-limit order is executed to buy or sell the asset at the limit price or better when the asset’s price reaches the stop price.
• The chosen (or possibly better) price at which the stop-limit order is carried out is known as the limit price.

Both the limit and stop prices can be set at the same cost. For sell orders, it is advised that the stop price be marginally higher than the limit price. A safety gap in price between the moment the order is triggered and when it is fulfilled will be made possible by this price difference. For buy orders, the stop price can be set marginally below the limit price. Additionally, it will lessen the possibility that your order won’t be fulfilled.

Please be aware that your order will be executed as a limit order once the market price hits your limit price. Your order might never fill if you set the take-profit or stop-loss limits too low or too high, respectively, because the market price will never be able to hit the limit price you have set.

 

1. Choose Stop-Limit from the Order Module on the right side of the screen.

2. Choose USDT to enter the amount you want to spend, or choose your symbol/coin to enter the amount you want to receive along with the Stop Price in USDT, from the drop-down menu beneath the Limit Price. The total might then show up in USDT.

3. Tap Buy/Sell to display a confirmation window.

4. Click on the "Confirm" button to submit your purchase/sale.

Stop-Market

1. From the Order Module on the right side of the page, select Stop-Market.

2. From the drop-down menu below the Limit Price, select either USDT to enter the amount you wish to Stop and you might see the total in USDT.

3. Choose Buy/Sell to display a confirmation window.

4. Choose the Confirm button to place your order.

Multi-Limit

1. From the Order Module on the right side of the page, select Multi-Limit.

2. From the drop-down menu below the Limit Price, select either USDT to enter the amount you wish to Limit. Choose the Price progression and the Quantity of orders. Then the total may appear in USDT. 

3. Click Buy/Sell to display a confirmation window. Then press the Confirm X orders button to place your order.

How to Trade Spot on WhiteBIT (App)

1. Log in to the WhiteBIT App, and click on [Trade] to go to the spot trading page.

2. Here is the trading page interface.

1. Market and Trading pairs.
2. Real-time market candlestick chart, supported trading pairs of the cryptocurrency, “Buy Crypto” section.
3. Buy/Sell BTC Cryptocurrency.
4. Sell/Buy order book.
5. Orders.

 

Limit Orders: What is a Limit Order

A limit order is an order that you place on the order book with a specific limit price. It will not be executed immediately, like a market order. Instead, the limit order will only be executed if the market price reaches your limit price (or better). Therefore, you may use limit orders to buy at a lower price or sell at a higher price than the current market price.

For example, you place a buy limit order for 1 BTC at $60,000, and the current BTC price is 50,000. Your limit order will be filled immediately at $50,000, as it is a better price than the one you set ($60,000).

Similarly, if you place a sell limit order for 1 BTC at $40,000 and the current BTC price is $50,000. The order will be filled immediately at $50,000 because it is a better price than $40,000.
 

Market Order	Limit Order
Purchases an asset at the market price	Purchases an asset at a set price or better
Fills immediately	Fills only at the limit order’s price or better
Manual	Can be set in advance

1. Launch the WhiteBIT App, then sign in with your credentials. Select the Markets icon located in the lower navigation bar.

2. To view a list of every spot pair, tap the Favorite menu (the star) in the upper left corner of the screen. The ETH/USDT pair is the default choice.

NOTE: To view all pairs, select the All tab if the list’s default view is Favorites.

3. Choose the pair that you want to exchange. Either tap the Sell or Buy button. Select the Limit Order tab located in the screen’s center.

4. In the Price field, enter the price you want to use as a limit order trigger.

In the Amount field, enter the target cryptocurrency’s value (in USDT) that you want to order.

NOTE: A counter will show you how much of the target cryptocurrency you will receive as you enter an amount in USDT. As an alternative, you can select by Quantity. You can then enter the desired amount of the target cryptocurrency, and the counter will show you how much it costs in USDT.

5. Press the Buy BTC icon.

6. Until your limit price is reached, your order will be recorded in the order book. The Orders section of the same page displays the order and the amount of it that has been filled.
 

Market Orders: What is Market Order

When you place an order for a market order, it is immediately executed at the going rate. It can be used to place orders for both purchases and sales.

To place a buy or sell market order, choose [Amount]. You can enter the amount directly, for instance, if you wish to purchase a specific amount of Bitcoin. However, if you wish to purchase Bitcoin with a specific sum of money, say $10,000 USDT.

1. Launch the WhiteBIT app and enter your account information. Select the Markets icon located in the lower navigation bar.

2. Tap the Favorite menu (the star) in the top left corner of the screen to see a list of every spot pair. The default option is the BTC/USDT pair.

NOTE: To view all pairs, select the All tab if the list’s default view is Favorites.

3. To buy or sell, click the Buy/Sell button.

4. Enter the target cryptocurrency’s value (in USDT) in the Amount field to place the order.

NOTE: A counter will show you how much of the target cryptocurrency you will receive as you enter an amount in USDT. Alternatively, you can choose based on Quantity. Next, you can input the desired amount, and the counter will display the USDT price for you to see.

5. Press the Buy/Sell BTC button.

6. Your order will be immediately executed and filled at the best available market price. You can now see your updated balances on the Assets page.

What is Stop-Limit Function

A limit order with a stop price and a limit price is known as a stop-limit order. The limit order will be entered into the order book when the stop price is reached. The limit order will be carried out as soon as the limit price is reached.

• Stop price: The stop-limit order is executed to buy or sell the asset at the limit price or better when the asset’s price reaches the stop price.
• The chosen (or possibly better) price at which the stop-limit order is carried out is known as the limit price.

Both the limit and stop prices can be set at the same cost. For sell orders, it is advised that the stop price be marginally higher than the limit price. A safety gap in price between the moment the order is triggered and when it is fulfilled will be made possible by this price difference. For buy orders, the stop price can be set marginally below the limit price. Additionally, it will lessen the possibility that your order won’t be fulfilled.

Please be aware that your order will be executed as a limit order once the market price hits your limit price. Your order might never fill if you set the take-profit or stop-loss limits too low or too high, respectively, because the market price will never be able to hit the limit price you have set.
 

1. From the Order Module on the right side of the screen, select Stop-Limit.

2. From the drop-down menu under the Limit Price, select USDT to enter the amount you want to spend, or select your symbol/coin to enter the amount you want to receive along with the Stop Price in USDT. At that point, the total may appear in USDT.

3. To see a confirmation window, tap Buy/Sell BTC.

4. Press the "Confirm" button to finish the sale or purchase.

Stop-Market

1. Choose Stop-Market from the Order Module located on the right side of the screen.

2. Choose USDT from the drop-down menu beneath the Limit Price to enter the desired Stop amount; the total may appear in USDT.

3. Select Buy/Sell BTC to see a window confirming the transaction.

4. Select the "Confirm" button to submit your purchase.

Multi-Limit

1. Choose Multi-Limit from the Order Module on the right side of the screen.

2. Choose either USDT from the drop-down menu beneath the Limit Price to enter the amount you want to limit. Select the order quantity and the price progression. The total might then show up in USDT. 

3. To see a confirmation window, click Buy/Sell BTC. Then, to submit your order, click the Place "X" orders button.

Frequently Asked Questions (FAQ)

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

	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: What’s the Difference?

	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.