The Ultimate Checklist of Crypto Tools on WhiteBIT

WhiteBIT
Published 24 May 2024
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The Ultimate Checklist of Crypto Tools on WhiteBIT

Content

Cryptocurrencies are among the most discussed investment assets today. Due to their growing popularity, the market offers many tools to simplify and optimize the trading process. Trading efficiency largely depends on the availability of an arsenal of crypto analytics tools that help analyze the market, perform trading operations, and minimize risks. This article will examine what cryptocurrency tools WhiteBIT offers for cryptocurrency trading.

WhiteBIT Cryptocurrency Trading Tools

A modern cryptocurrency exchange should offer a large list of crypto graphs for trading and provide access to the necessary cryptocurrency analysis tool. The trading process should be fast and convenient, and the exchange should be reliable and secure.

For example, WhiteBIT regularly passes the Hacken.io cybersecurity audit and holds the leadership position in rating the CER.live certification platform with the highest AAA level. In addition, the exchange provides a user-friendly interface, offers several trading markets, and has a powerful set of best crypto tools, which we will discuss in more detail in the following sections.

Spot Trading

Spot trading is buying and selling assets at the current price. At the time of writing, the WhiteBIT exchange offers 470+ trading pairs for spot market trading, as well as a variety of order types:

  • Limit — allows you to set a fixed price to buy or sell an asset. When setting such an order, the trader specifies the price and quantity of the asset he wants to buy or sell. Execution of a limit buy order occurs only when the market price reaches or falls below the set crypto prices;
  • Market — an order to buy or sell an asset at the market’s current price. This type of order provides fast execution of the order but does not guarantee a specific execution price;
  • Stop-Limit — activated when the stop price is reached, but after that, it is executed as a limit order, allowing control of the cost of buying or selling an asset;
  • Stop-Market — activated when the asset price reaches the stop price set by the trader. This order is often used to minimize losses when live charts display volatility;
  • Multi-Limit — a tool that allows traders to automate the creation of order grids within a given price range. It is convenient for those who want to simultaneously place several orders with different prices. Traders can choose the type of price progression (geometric or arithmetic) and set up to 15 orders in the grid.

Futures Trading

Futures trading allows traders to protect their portfolios by opening positions in opposite directions, which can help minimize losses during unexpected market movements. Also, with the ability to trade on a falling market, traders can capitalize on price fluctuations.

At the time of publishing this article, WhiteBIT Exchange offered 68+ trading pairs for the futures market. A trader can open Long and Short positions and leverage up to 100x.

Besides Limit, Market, Stop-Limit, Stop-Market, and Multi-Limit, an OCO order is available for futures trading. It can place two related orders simultaneously: Limit-order and Stop-Limit-order. The peculiarity of the OCO order is that the execution of one of these orders will automatically lead to the cancelation of the other. This tool is used for simultaneous profit and risk management: if the price reaches the set profit level (Take-Profit), the asset is sold, the order for loss (Stop-Loss) is canceled, and vice versa.

Margin Trading

Margin trading on WhiteBIT allows traders to significantly increase their trading operations with borrowed funds. It is important to emphasize that WhiteBIT offers a variety of crypto analysis tools for risk management in margin trading. These include Stop-Loss and Take-Profit orders that help traders minimize losses and automatically lock profits at desired levels. The platform also provides transparent pricing and details on each transaction, allowing traders to make more informed decisions.

For beginners, it is essential to remember that inept use of various indicators, especially when combined with leverage, can lead to negative consequences in trading. Understanding the basics of technical analysis helps traders make informed decisions.

Subaccount

A WhiteBIT Sub-Account is an additional account linked to your Primary Account. It provides a unique opportunity to manage portfolios and test trading strategies without affecting the Primary Account. Each subaccount can be customized to meet individual needs, allowing users to tailor trading strategies, manage risk, and train new traders in a controlled environment. Subaccounts have all the benefits of a Primary Account while retaining limited functionality, which helps prevent unwanted transactions such as self-deposits or withdrawals. This makes subaccounts a safe and effective tool for trading in various markets, including spot, futures, and margin markets.

Creating a subaccount requires KYC verification, which provides additional security and regulatory compliance. Users can set up to 10 subaccounts, each linked to an additional email address, for easier management.

Subaccount management on WhiteBIT is also possible via API, which allows advanced users to integrate subaccounts into their trading systems and automate processes.

Trading Competition

Trading competitions on WhiteBIT represent a unique opportunity for traders of all levels to demonstrate their skills and win prizes. These competitions are organized so that participants can compete in various disciplines such as trading volume, realized profit P&L (rP&L), and a combination of both. Tournaments are held on specially selected trading pairs, and winners are determined based on maximum trading volume or percentage of realized profits.

WhiteBIT tournaments help improve trading skills and provide a platform for traders to share their experiences and techniques, increasing their motivation through healthy competition. An important aspect of tournaments is the variability in rewards, which can include cash prizes and official merch, NFT, and other types of rewards, making participation in tournaments even more attractive.

Converter

Crypto converter facilitates quick exchanges between various assets, including cryptocurrencies, tokens, fiat currencies, and stablecoins, providing traders with multiple tools for crypto trading with different trading strategies. The converter functionality includes selecting a pair of assets to exchange and specifying the amount the user wants to convert. The 10-second rate lock allows the user to decide to exchange without rushing or worrying about the exchange rate changing. This tool is handy for both beginners and experienced traders. For beginners, it simplifies the exchange process by eliminating the need to understand the complexities of the trading terminal. At the same time, professional traders can use it to quickly react to market changes and effectively execute their trading strategies. WhiteBIT Exchange guarantees transparency of all transactions and the absence of hidden commissions. At WhiteBIT, you will find a variety of cryptocurrencies for trading, including such popular assets as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and many others.

Security Tools

According to Cer.live, WhiteBIT is among the top 3 most secure crypto exchanges and among the top 2 most secure exchanges in the world, according to an independent audit by Hacken. In addition, WhiteBIT stores 96% of digital assets on cold wallets and uses WAF to detect and block hacker attacks. A multi-signature access system protects assets stored on cold wallets. The company also has an insurance fund to protect users’ assets, replenished by deductions from transaction fees. At the moment, the fund has insured the holdings in the WhiteBIT cold storage for the amount of $30 million. In addition, the exchange provides several crypto analysis tool and security tools, including AML (Anti money laundering) and two-factor authentication (2FA), to ensure maximum protection of user accounts and funds. Let’s break it down in more detail.

AML

WhiteBIT Exchange pays excellent attention to compliance with the anti-money laundering policy. All transactions, including deposits and withdrawals, go through the AML verification system. The software analyzes the data, and if a cryptocurrency address is spotted in illegal activity, the transaction will be blocked.

The AML system on the WhiteBIT exchange includes a transaction tracking mechanism using blockchain technology. The exchange offers users a tool to independently check addresses for criminal involvement for a fee of 1 USDT. Thanks to blockchain technology, checking any wallet for illegal activity is possible. Users can enter an address on a special AML page, select the cryptocurrency of interest, and get the check results. For WBT coin holders, the exchange offers free daily AML checks.

2FA

Two-factor authentication, or 2FA, serves as additional protection for accounts and significantly reduces the risks of unauthorized access. How does it work? The system requires two forms of identity verification: a regular password and a code that can be obtained through applications such as Google Authenticator. The app generates temporary one-time passwords (OTPs) updated every few seconds. Even if an exchange password is compromised, accessing the account without a second code will be impossible.

2FA protects against various threats, including phishing, password cracking, and other cyberattack methods. If unauthorized access is attempted, the system will notify the account owner. In addition, setting up 2FA on WhiteBIT is simple: users can activate the feature through their account security settings, by scanning the QR code, or by manually entering the code through the app.

Conclusions

In this article, we have reviewed the various features and crypto charting tools WhiteBIT offers for traders. Cryptocurrency data analysis allows traders to manage their investments effectively. Margin trading, sub-accounts, trading tournaments, currency converter, AML, and two-factor authentication make the WhiteBIT platform a reliable and convenient crypto trading tool for successful trading in the cryptocurrency market. For those who are just entering the world of trading and have no experience, WhiteBIT offers an excellent opportunity to start with a demo account. This is a safe space to practice and master the crypto research tools without financial risks. Try a demo account right now and start your introduction to trading.