WhiteBIT vs Binance | The Best Exchange For Europeans?
Jack Moreau
Feb 2024
8 min read
Fact checked
WhiteBIT vs Binance: In this comparison, we analyse key factors such as trading fees, supported countries, security measures, available cryptocurrencies, and more to help you determine the right exchange for your crypto needs. Continue reading to find out which platform is the best fit for your trading and investment strategies!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
However, Binance has a list of restricted countries including the United States, Canada, the UK and OFAC countries. As one of the largest and most popular trading platforms, Binance offers comprehensive trading services such as spot trading, futures trading, staking, earn products NFTs and more.
Binance also supports over 350 cryptocurrencies like BTC, ETH, SOL, ATOM, BNB, BUSD, USDT and is known as the most liquid exchange in the world.
With over 120 million users worldwide, Binance has established itself as a major player in the cryptocurrency industry. Its Android app has been downloaded over 50 million times and has a rating of 4.4 based on over 1 million reviews.
Binance app
Moving on to WhiteBIT which was founded in 2018 by Ukrainian Volodymyr Nosov and is registered in Lithuania. The exchange has over 200 employees primarily based in Lithuania. WhiteBIT is available in over 180 countries with the exceptions being the United States, Virgin Islands, Canada, Spain, and OFAC countries.
WhiteBIT exchange
WhiteBIT is a centralized exchange with a focus on providing various trading products, including spot, margin, and futures trading with up to 20x leverage. It supports over 270 cryptocurrencies, including popular options like BTC, ETH, SOL, ATOM, USDT, and XRP.
Despite having an estimated 2 million users, WhiteBIT is relatively smaller compared to Binance. Its mobile app has over 500,000 downloads but has received a weak 2.8-star rating based on 3,000 reviews.
Whitebit app
WhiteBIT vs Binance KYC Requirements
When it comes to signing up on WhiteBIT and Binance, the two exchanges have slightly different requirements and processes.
Signing up for WhiteBIT is quick and hassle-free. All you need to do is enter your email, create a password and confirm that you are not a resident of any restricted countries. Once you've completed these steps, your account will be created and you'll be ready to start using the platform.
However, if you want to deposit cryptocurrencies or begin trading, you will need to pass KYC verification. The KYC verification process on WhiteBIT includes providing your full name, date of birth, country of residence, and address.
WhiteBIT KYC
Additionally, you will need to upload a valid government ID and a selfie. This verification process is essential to ensure the safety and security of all users on the platform.
Binance also offers a seamless and user-friendly signup process. Creating a Binance account takes less than a minute. However, to unlock full account privileges, you must verify your account through a Know Your Customer (KYC) process.
Binance KYC Requirements
This means submitting all the required information and documents for verification, such as your full name, country of residence, address, and government ID.
The KYC verification process on Binance can be as short as 15 minutes in some cases, but it can take up to 2-3 business days to complete.
So whether you choose to sign up for Whitebit or Binance, it is important to comply with their KYC requirements in order to access their services.
WhiteBIT vs Binance Crypto Products
WhiteBIT and Binance are both cryptocurrency exchanges that offer a range of products and services to their users.
Starting with Binance, it provides a variety of trading services including spot trading, futures trading, margin trading, perpetual swaps (perps), and options trading.
Binance interface
Binance offers contracts that can be settled either perpetually or on a quarterly basis, using USDT, BUSD, or other cryptocurrencies. Binance also offers trading bots and copy trading which allows users to follow and copy the trades of successful traders automatically.
Binance futures contracts
Additionally, Binance provides opportunities to earn interest on digital assets such as BTC, USDT, USDC, BUSD and more via staking, lending, and different types of vaults.
Binance Earn
Binance also offers additional features such as leveraged tokens, it's own NFT marketplace where users can buy and sell NFTs on Bitcoin, Ethereum and Solana as well as their its own Web 3 wallet called Trust Wallet.
Binance leveraged tokens
Overall, Binance offers a wide range of products and services to cater to the needs of both professional traders and average beginners.
In terms of user experience, Binance manages to offer a wide range of products without overwhelming the user. The interface is user-friendly and easy to navigate.
Binance Markets & Volumes
The liquidity on Binance is one of the best in the world with daily spot trading volumes frequently exceeding $50 billion.
Binance offers a maximum leverage of up to 125X on futures trading, and margin trading is available with up to 5X leverage using various cryptocurrencies as collateral.
Binance Crypto Futures
Moving on to Whitebit, it also offers a decent range of products and services. WhiteBIT provides spot trading and margin trading with up to 20X leverage. It also offers futures trading with USDT as underlying collateral and up to 20X leverage.
WhiteBIT spot trading
Whitebit has a native launchpad where new projects can launch their tokens. Additionally, WhiteBIT offers crypto lending for assets such as BTC, ETH, USDT, and EOS, allowing users to earn interest on their holdings.
WhiteBIT crypto lending
WhiteBIT has its own non-KYC DEX called WhiteSwap which supports Ethereum, Tron, and Polygon chains. The user experience on WhiteBIT is quite pleasant with a simple and modern interface. The exchange focuses on spot trading and perps with high leverage.
WhiteBIT interface
While the 24-hour spot trading volume on WhiteBIT tends to be within the range of $500 million to $1 billion, it may not have the same level of liquidity as larger exchanges.
When it comes to trading fees, WhiteBIT and Binance are two well-known cryptocurrency exchanges that offer competitive rates.
Starting with the trading fees on Binance, one of the largest and most popular cryptocurrency exchanges in the world, they charge a spot maker fee of 0.1% and a spot taker fee of 0.10%.
Binance futures fees
For futures trading, the maker fees begin at 0.02% and for takers that would be 0.04%. These fees are relatively standard in the industry and are quite competitive compared to other exchanges.
However, Binance goes the extra mile to reward its users. If monthly trade volumes on Binance exceed $1 million or if users hold at least 25 BNB tokens, the trading fees can be lowered.
Now, let's turn our attention to WhiteBIT which similar to Binance also offers competitive spot trading fees. The fees vary between trading pairs but never exceed 0.1% for both makers and takers. This puts WhiteBIT in the same league as other well-known exchanges like Binance, Kucoin, and Bybit.
WhiteBIT trading fees
Holders of a minimum of 400 WBT tokens can receive further trading fee discounts. By holding WBT tokens, traders can enjoy even lower fees, which can significantly impact their overall profitability.
WhiteBIT and Binance both offer a variety of deposit methods for fiat currencies. Let's take a closer look at the deposit methods offered by each exchange.
WhiteBIT supports the deposit of 10 fiat currencies, including USD, EUR, GBP, TRY, PLN, and CZK. To deposit funds on Whitebit, users have several options. They can use Visa/Mastercard, SEPA Transfers, Advcash, and NixMoney.
Whitebit fiat deposit
The deposit fees for these methods vary. SEPA transfers have a 0.2% fee, credit/debit card deposits have fees ranging from 1.5% to 2%, Advcash deposits have a 1.5% fee, and NixMoney deposits have a 1% fee.
On the other hand, Binance supports 26 fiat currencies such as USD, EUR, AUD, GBP, SEK, DKK, and PLN, among others. Binance offers a variety of deposit methods for fiat currencies.
Binance Fiat Deposit
Users can deposit funds via bank transfers using Swift, Signet, SEPA, and Faster Payments (FSP). Fiat deposits are also possible with Visa, Mastercard, PayID, and Advacash.
In terms of fees, fiat currencies deposited with Visa and Mastercard incur a 1.8% fee while bank transfers via SEPA come with a small 1 EUR fee. For those who have an Advcash account, they can deposit with a 1.5% fee.
Let's take a closer look at the withdrawal options and fees provided by each exchange. Starting with Binance, this exchange offers multiple methods for users to withdraw their fiat currencies. For USD, Binance provides the option to withdraw via SWIFT, for EUR via SEPA, and for GBP via Faster Payments (FSP).
Binance charges a 1.8% withdrawal fee for fiat withdrawals made with Visa and MasterCard. On the other hand, there is only a 1 EUR withdrawal fee when using the SEPA method. Additionally, Binance offers free bank withdrawals for many other fiat currencies.
Binance fiat withdrawals
When it comes to cryptocurrency withdrawals on Binance, the fees vary depending on the specific cryptocurrency.
For Bitcoin (BTC) withdrawals, the fee is set at 0.0002 BTC. For Ethereum (ETH) withdrawals, the fee is 0.000768 ETH. For Solana (SOL), the withdrawal fee is 0.008 SOL. And for USDT (ERC-20), the fee stands at 0.02 USDT.
Similar to Binance, WhiteBIT allows users to withdraw the same 10 fiat currencies that they can deposit.
The withdrawal fees for fiat currencies on WhiteBIT are as follows: 5 EUR for SEPA withdrawals, 1.5%-3.5% for USD bank withdrawals, 1.5% for GBP withdrawals, and 4% for TRY withdrawals. Higher withdrawal fees than Binance.
Whitebit fiat withdrawals
In terms of cryptocurrency withdrawals on WhiteBIT, the fees also vary depending on the specific cryptocurrency. For Bitcoin (BTC) withdrawals, the fee is set at 0.0004 BTC.
When withdrawing Ethereum (ETH), the fee is 0.005 ETH. For Solana (SOL), the withdrawal fee is 0.03 SOL. And for ERC-20 Tether (USDT), the fee can go up to 20 USDT.
In conclusion, both Binance and WhiteBIT are prominent cryptocurrency exchanges that cater to a global user base.
However, they differ in certain aspects, including their size, user experience, trading products and services, fees, and deposit and withdrawal options.
Binance is one of the largest and most popular exchanges in the world and overall offers many additional product not available on Whitebit.
Binance not only has more products than WhiteBIT, it also offers more cryptocurrencies, better liquidity and lower trading fees.
We do however like WhiteBIT as the exchange does offer a solid range of products, decent range of over 270 cryptocurrencies and futures with 20X leverage.
WhiteBIT also has support for multiple European fiat currencies which is great for Europeans! But overall, Binance is simply the more well rounded exchange compared to WhiteBIT!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
