WhiteBit (WBT)

Use Cases of WhiteBit Token (WBT)

• Transaction Fees: WhiteBit token is used to pay transaction fees on the Whitechain network, making trading and other operations smoother and cheaper for users.
• Passive Income: Users can earn passive income by participating in the WhiteBit Earn program, which offers rewards for holding or staking the token.
• Bonuses: The token provides bonuses for crypto lending plans, especially those involving stablecoins like Tether (USDT).
• Ecosystem Integration: WBT powers the WhiteBit trading platform and is integrated into the WhiteBit ecosystem, enhancing user interaction and streamlining platform services.

Platform Features Supported by WhiteBit

• Trading: Supports buying, selling, and trading a wide range of cryptocurrencies with deep liquidity.
• Wallet: Provides a multicurrency wallet for easy deposits and withdrawals.
• Payments: Enables use of the WhiteBit Nova crypto debit card for converting crypto to fiat and making everyday payments.
• User Benefits: Offers tools and incentives to improve trading experience and engagement within the platform.

WhiteBit token is designed to make the WhiteBit exchange more efficient and rewarding for its users.

Pros

• High Security: Uses cold storage, two-factor authentication (2FA), anti-money laundering (AML) checks, and complies with KYC rules. Rated among the top 3 most secure crypto exchanges globally.
• Low Trading Fees: Charges about 0.1% per trade, which is competitive for frequent traders.
• User-Friendly Interface: Offers both Basic and Pro trading views, making it suitable for beginners and advanced users.
• Wide Range of Features: Supports margin trading with up to 20x leverage, P2P trading platform, and API access for automated trading.
• Fast Internal Transfers: WhiteBit Codes allow instant, fee-free transfers between WhiteBit accounts.
• 24/7 Customer Support: Available in multiple languages with quick response times.
• Reputation and Partnerships: Official crypto exchange partner of FC Barcelona, adding credibility.
• Additional Services: Regular giveaways, contests, and trading competitions to engage users.

Cons

• Geographic Restrictions: Not available in some countries like the USA, Iran, Russia, and North Korea due to regulations.
• No Proprietary Wallet: Users need to link external wallets like Trust Wallet or MetaMask.
• Virtual-Only Card: The WhiteBit Card is virtual only, so it cannot be used for ATM withdrawals or places requiring physical card verification.
• No Cashback or Rewards: The WhiteBit Card currently does not offer cashback or extra benefits.
• Separate Account for P2P: Requires creating a separate account for peer-to-peer trading.
• No Bank Transfers: Does not support direct bank transfers or some traditional payment methods.

This summary highlights the main strengths and limitations of WhiteBit to help users decide if it fits their crypto trading needs.

Founders of WhiteBit

• WhiteBit was founded by Volodymyr Nosov, who is also the founder and president of WhiteBit Group.
• Oleksii Kovalev serves as the vice president of WhiteBit exchange.
• Volodymyr Nosov is a serial entrepreneur with experience in building companies and has been the key figure behind WhiteBit since its founding in 2018.

Investors in WhiteBit

• Alpha Ventures / Alpha Capital: The main and only known investor in WhiteBit is Alpha Ventures (also referred to as Alpha Capital). They participated in WhiteBit's seed funding round in 2022.
• Institutional Investors: WhiteBit serves over 1,300 institutional clients and has partnerships with firms like Bequant, which supports institutional crypto trading solutions.

WhiteBit is backed primarily by Alpha Ventures and collaborates with institutional partners to expand its services.

Halal Status of WhiteBit

• Yes, WhiteBit is generally considered halal by many Islamic scholars because it involves buying and selling cryptocurrencies as assets without interest (riba) or gambling (maysir).
• Trading on WhiteBit in spot markets (buying low and selling high) aligns with halal principles since it avoids futures, speculation, and interest-based transactions.
• The halal status depends on using the platform for straightforward trading and investment, not for futures or margin trading that may involve prohibited elements.