The Complete Guide to Investing in Cryptocurrency on WhiteBIT

Investing in crypto is trendy, ambitious, and proven to be effective. Although many users would like to try it, they hesitate because they don’t know the basics.

This is where WhiteBIT will come in handy. This major European exchange gives traders all the necessary trading tools and excellent liquidity pools to buy cryptocurrency and make a considerable profit. Below, you will find out where and how to start investing and making money on this exchange.

How to buy crypto on WhiteBIT: 5-step guide

The first thing to decide is exactly which way you want to trade. It can be done on the exchange website in a browser or via a mobile app. You can use both options depending on the situation because your account data will be available on any device.

First, you need to sign up. WhiteBIT only asks for a password and registration e-mail. There is also a Referrer code field in the window, but it is optional and needed in case you came through a referral link.

After entering the desired username and password, you must agree with the user agreement and privacy policy terms and confirm that you are not a resident of prohibited territories. For a password, the system provides hints about its content and lengths.

After signing in, you must pass identity verification. It is now optional, but the user will be unable to withdraw more than 2 BTC per day (or any other cryptocurrency equivalent to this amount) without it. In addition, a customer without KYC doesn’t have the opportunity to deal with fiat currencies (USD, EUR, etc.).

To verify your account, you must provide personal information about yourself and photos of your ID documents. The process takes up to 24 hours, and the confirmation is sent to your registration e-mail.

The next step is making a deposit. This does not have to be done only in cryptocurrency. You can top up the balance directly from your bank account (VISA/Mastercard cards) in USD, EUR. If you need to transfer crypto to your balance, the system will generate an address where the assets should be sent. WhiteBIT provides tips for every step, which helps newcomers very much.

To start trading, the user must place an order to buy or sell the desired cryptocurrency. There are 6 types of orders available on the platform:

1. Market
2. Limit
3. Stop-market 
4. Stop-limit
5. Conditional-limit
6. Conditional-market

When placing an order, you need to specify its type, select the assets, specify the amount, and select a guiding pair (in case of using the Conditional type). As soon as the order is executed, assets will be credited to your account. That’s it. The first deal is done!

How to invest wisely?

High market volatility and lack of understanding of crypto make most newcomers act unreasonably. Yeah, the cryptocurrency sector is characteristic of high risks. Despite this, risk minimization is easy to be accomplished.

The most important thing to do before investing in cryptocurrency is to study the chosen asset. It is necessary to conduct an in-depth analysis of the coin or token and evaluate how it has developed since its launch. Go to the website, read about the product, and find the chief beneficiaries. Do not fall for the hype. Such attention is usually short-term.

Pay attention to the fact that financial risks will always be there even for the most stable currencies. Invest in crypto exactly as much as you are willing to spend. Never rely on greed and emotions.

One of the best investment strategies is to invest in multiple assets simultaneously. This will become your safety belt in case one of the cryptos falls. Thus, you will have other assets that will help you keep afloat.

Start building an investment portfolio from the very beginning of dealing with cryptocurrencies. Diversity of assets is a great way to manage your risk.

Earn crypto without trading

WhiteBIT also allows earning on your investments passively. There is a SMART Staking program with tens of plans available. Everything works similar to regular bank deposits, but the exchange offers up to a 30% interest rate for holding USDT and up to 28% for holding BTC. These are the best rates on the market. Plans’ duration varies from 10 up to 365 days.

Even when you are holding funds, the platform uses them. In the end, the user receives all funds back on balance with an interest rate on top. The only limitation is that you won’t get any income if you withdraw assets from the plan before the expiration date (you can still do it if you need your funds urgently).

The list of plans is constantly expanding, allowing profiting even from not popular digital assets. 

This is not the whole list of features provided by WhiteBIT. The exchange offers BTC futures, margin trading with up to 20x leverage, and more for experienced traders. But, since you are only at the beginning of your journey if reading this, the first steps are the most important. It is really easy and pleasant to make them with WhiteBIT. Get started and see for yourself.