WhiteBIT is one of the largest European crypto exchanges. It was founded in Ukraine in 2018 by Vladimir Nosov. This cryptocurrency exchange gives users an opportunity to convert fiat currency to crypto and vice versa. It’s also a safe place to start trading.
This comprehensive guide will help beginners understand the trading process on WhiteBIT.
Keep reading the article to learn how to trade on WhiteBIT.
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SEE ALSO: LIQUIDATION: What It is and How to Avoid Getting Rekt on Major Crypto Exchanges
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How To Trade On WhiteBIT?
If you’re interested in buying cryptocurrency on WhiteBIT, you will have to create an account on the exchange to buy crypto. It takes only a few minutes.
Here’s what you must do:
- Click on the ‘Sign Up‘ button, insert your email address and create a password. Then confirm that you agree with the Terms of Use of the platform. If you have a referral ID, add it before creating an account.
- Click ‘Continue‘ and complete the CAPTCHA.
- Visit your email. You should receive a letter with a verification link. Click it to confirm your address. Check “Spam” if you didn’t receive the email.
WhiteBIT recommends switching ON two-factor authentication to protect the account.
The next step is to pass the verification procedure.
It usually takes up to a few minutes to get verified. Fill out the application and attach a document that proves your identity. You will receive a letter confirming that you are a verified user.
Now that you have a verified account, you may buy Bitcoin or any other asset. Make a deposit to your account by using your credit card to buy cryptocurrency. You can also deposit cryptocurrency directly to your balance.
WhiteBIT offers different trading options:
- Basic trading
- PRO trading
- Margin trading
- Futures trading
Beginners should consider basic trading since it’s much easier to understand.
Click on ‘Basic Trade.’ You will be redirected to the market. On the right side of the screen, you will see your balances. Below the Balance section, you can find different trading pairs.
Popular pairs feature the most traded cryptocurrency pairs such as:
- USDT / BTC
- ETH / BTC
- SOL / USDT
etc.
Choose the pair you want to trade. The chart in the middle of the screen reflects the current situation in the market. You can apply indicators to the chart to determine whether buying a specific digital asset is reasonable.
You can place an order to buy or sell cryptocurrency by using the form below the chart. WhiteBIT offers several types of orders that enable users to control their investments.
Benefits of Trading on WhiteBIT
WhiteBIT aims to make cryptocurrency accessible to the general public. Users can invest in cryptocurrency and hold their savings, or they can start trading and gaining income.
There are several benefits of trading on WhiteBIT:
- The user-friendly interface makes it easier to trade.
- WhiteBIT has understandable charts and effective indicators that help to trade successfully.
- The platform is protected and safe to use. WhiteBIT has several security measures, such as anti-phishing software, two-factor authentication, etc.
- The platform offers a wide range of cryptocurrencies and stablecoins.
WhiteBIT is not just user-friendly and beginner-friendly. Trading is fun and profitable on WhiteBIT, even without experience.
Crypto Trading Indicators for Beginners
Some of the best indicators to use when trading cryptocurrency include:
- Moving Average Convergence Divergence (MACD) – If the MACD indicator is below the signal line and goes upward towards crossing this line, it’s a ‘buy’ signal. If MACD is above the line and goes down towards crossing it, then it’s a ‘sell’ signal.
- Relative Strength Index (RSI) – This indicator helps you figure out if the asset is oversold or overbought and whether it has the potential to increase in value. Typically, if an asset is overbought, it has the potential to increase in value in the future.
- Bollinger Bands – This indicator enables traders to determine the movement of an asset’s price. That way, a trader can decide whether the asset will decrease or increase in value.
If you spot a trend, verify that it’s not a false signal. Use combinations of indicators to avoid false signals. For example, use MACD to spot a trend and verify it with RSI to see if the asset’s value has the potential to increase in value.
WhiteBIT Trading Fees
WhiteBIT has the following trading fees:
- A standard trading fee of up to 0.1%
- A daily margin trading fee of 0.098%
Note: WhiteBIT also has withdrawal fees. The fee depends on the cryptocurrency.
It’s easy to trade on WhiteBIT since it provides you with all the necessary tools. The platform has a vast collection of the most popular indicators you can use in combinations.
WhiteBIT is also safe, so users don’t have to worry about losing their assets.
