Different platforms like WhiteBit exchange are still coming to the industry despite the twists and turns that are present in cryptocurrency. This is quite important as it shows that there is an opportunity present for those who are keenly interested in doing the necessary work.
A key part of the work is learning about the different tools that are out there in the marketplace to increase your level of efficiency and effectiveness.
At the same time, you might have recently heard about the WhiteBit exchange from other bot traders or bot speculators and what it has to offer to you. You may be looking for more reviews on this platform to have a comprehensive understanding of it.
It is certainly not one of the more prominent ones and it is one that is still garnering more attention in the digital asset sector.
If you are looking to learn more about the WhiteBit automated trading and the value it can provide to you, here is what you need to know.
🤷 Why do you need to use a trading bot on WhiteBit?
If you are looking to turn to WhiteBit and use this tool for your speculation purposes, it is best to understand how this platform works overall. A bit of backstory will help you to learn more about its similarities and differences with other products and platforms.
The platform has its claim to fame or at least to have a differentiated capacity by being the largest European crypto-to-fiat platform based in Ukraine. They are invested in this sector because the founders of the platform and the team at WhiteBit believe that blockchain technology is critical and will be a key part of the future.
That is why they have presented a simple, secure, transparent platform to bring to the cryptocurrency ecosystem and amplify this sector.
It is a platform that seeks to account for all of your holistic needs. It seems that people have gravitated to this because it offers everything from markets to quick exchange, to spot, margin, to participating in trading competitions and viewing active orders.
Finally, you can access a decentralized exchange (DEX) that runs on several digital asset platforms. These digital asset platforms that power this WhiteBit DEX include Ethereum, Polygon, and one that has had more volatility, Tron.
The platform is compelling with its offering of futures, and its earn product, which is essentially crypto lending and earning the interest on it through the WhiteBIT platform. It also provides WBT Boost which comes with a dashboard, enabling purchases of WBT, and an overview of the WBT token.
Of course, to remain competitive, this one also has a futures and margin speculation product.
It seeks to differentiate from others by offering WB codes to send transactions without fees, crypto borrow, and an AML feature that lets you scan for potential connections to money laundering activities.
Key Offerings
- 20x Leverage for Margin trading
- A Mobile app
- Over 5 trading order types
- Simple API
- TradingView accessibility
The Tokens That It Offers
Another reason why it is a compelling platform is that it enables traders to access a broad range of digital asset pairs. From BTC to Doge to XRP, LINA, and even XMR with pairs ranging from USDT to EUR and KZT, you can see that it can meet a wide variety of your needs.
In essence, you can benefit from over 400 trading pairs and join over 3 million users who are on the platform.
Demographics It Caters To
It will cater to amateurs and experts alike. But there are a few points that you should realize.
The first critical point is that it does not provide services to everyone. It does restrict access to those individuals that reside in places that are under certain watchlists and that may also have security concerns in different ways.
Surprisingly, if you reside in the United States and its neighbor to the north, Canada, you are not welcome to trade on the platform.
As you will note, it is an exchange and bot platform that seeks to align and adhere with the authorities on a global basis.
The company seems to have made a significant amount of progress in its journey so far. It is likely that this company will continue to innovate and add services as it can while seeking to remain in compliance.
💻 Do You Need To Download Special Software?
No, you do not need to download special software when dealing with WhiteBit and trading bots. The entity has its primary access to bot providers through an API. As this API or application programming interface is a standard component of the technology industry.
If you are looking for further help and want to know further, you can reach out to the moderators within the discord community of WhiteBit. At the same time, you can also reach out to them through other social media channels and outlets as well. They are present on Twitter, Telegram, Facebook, and Linkedin.
One thing that we did notice is that it is not very apparent that this company offers its own trading bots. It allows other trading bot providers to have access to its platform and to conduct trades through the bot on its platform.
We are aware of the fact that the company has covered specific trading tools on its blog. That is a crucial part to know if you are looking to conduct automated trading on the WhiteBit platform.
🛡️ Are WhiteBit Trading Bots Safe?
Yes and no. Since we do not see that WhiteBit itself has trading bots, we come to the conclusion that WhiteBit offers its API to third-party providers.
This is a standard practice in the digital asset industry. Many of these digital asset platform entities do not have their own digital asset automations.
As such it is necessary to note the legitimacy of the third-party providers that you are using. You want to look at their reputation, overall safety, time in business, and other aspects so that you are able to keep your funds safe.
Thankfully, due to trading bot reviews, you are able to learn about different trading tools and can benefit from more comprehensive knowledge.
It is always important to pay attention to the different activities that you take when you are dealing with the digital asset sector. If you are not careful, you can find that you have a loss of funds. There are many different ways to fall into issues if you are not having the right level of due diligence.
If you are looking to ensure that these trading tools are safe, remember to reference reviews like this one so you can know about their reputation, safety, and other aspects that matter. At the same time, it is necessary to look at other aspects that range from presence online and other related points that let you establish credibility.
Many of these WhiteBit trading automatons are likely reliable and trustworthy. You will very likely see comprehensive reviews on prominent ones and can do further due diligence on specific metrics as we noted above.
🤖 Best WhiteBit Bot Options
The best WhiteBit exchange bot options will vary based on your specific needs. For instance, you may prefer one exchange over another because of different reasons. You may not like the fees involved with one entity or may not like the user experience present in a particular platform.
While the WhiteBit entity is one that is known to specific demographics in areas like Europe, the WhiteBit entity has gone ahead and opened up its platform so that more may access it.
If you are looking at the different options that you have with this platform, you will know that they range from prominent ones to up-and-coming ones.
Here are a few of the WhiteBIT Exchange Bot options presented below:
- Bitsgap
- GoodCrypto
- Hummingbot
The company is in the process of growing its presence and ensuring that more partners will continue to integrate with their services. If you are looking to see some of your favorite third-party providers present on their platform, it may be best to inquire with them.
WhiteBit started to notify individuals of its algorithmic trading in early 2023 when it noted the possibilities that one can do with this option. It is likely to continue to provide more options to increase the number of people that interact with the firm.
👌 Are There Any Free WhiteBIT Bots?
It is a good idea to look for free WhiteBit bots. The endeavor of speculation can be one that is expensive and so finding cost-effective, namely, free options can be in your best interest.
At the time of this writing, it looks like hummingbot may be your best option if you are looking for a free option. At the same time, remember that hummingbot is one that is open source. Open source applications may require a bit of work, knowledge, and learning than other applications due to a variety of reasons.
If you are only interested in free trials, then you can find a trial period for Bitsgap WhiteBIT bot application.
Remember that there are costs that everyone will incur connected to making trades. Since these are exchange or trading fees and are applicable regardless of the automation tool that you use, it is something that is accounted for in the process.
💰 How Much Money Do I Need To Start?
The main question that you must answer when you seek to address this question is, what are your initial goals? Do you seek to earn $100 a day through your speculative activities? Are you trying to earn a couple of extra hundred dollars per month?
The amount of money that you will need to start will depend on your overall needs. Some people are happy with a few extra hundred dollars per month. They are trying to grow their small account on a monthly basis. Other people are interested in looking to grow their accounts daily by increments of $100 or more.
If you are in the earlier camp of looking to grow your account little by little on a monthly basis, then you can start out with $1000 or so and should be able to grow it in the right manner. If you are looking to increase your account by higher amounts on a daily basis, it is best to have a better starting point. The experts suggest starting off with a larger amount. The larger amount can vary from $10,000 to $25,000.
The next point to think about is that aspect of leverage. Are you looking to use leverage in your trades with the platform? Which kind of trades are you engaging in?
If you are able to use leverage, then you can move forward with smaller amounts and then see more progress with smaller moves because of the nature of leverage. At the same time, leverage can work in your favor and against you, so it is best to have some knowledge, confidence, and experience when using leverage.
At the same time, since you are trading in crypto and can conduct more trades per day, and typically do not have to account for many different rules imposed on you, like in traditional stocks in places like the US and other heavily regulated areas.
In digital assets, as with other areas of life, you can look at your proficiency. Individuals who are more proficient in the markets can look at the markets and take more profitable actions. Do you think that you have the ability to use trading bots to increase the probability of profitable trades? This is an important question to ask as you are going into this sector.
Do you have an edge? Have you done any training? Are you going to start trading on a demo account first? In this account, you will only trade with fake money to learn which markets require which strategies.
It is especially important to have more awareness and knowledge so you can be more efficient and effective as you engage with the markets. Again, the point of this trading automation is to help you with your speculation, but they will still largely move based on certain rules and the strategies that you choose.
Remember to have some level of familiarity to optimize for better results.
Trading, whether going the traditional manual route or the automated route with guidance, can certainly be fun, but it is important to understand what you are getting into so that you have better results.
📈 Are There Any Unique Pairs To Trade with on the WhiteBIT Exchange?
The exchange strives to be comprehensive with the pairs it provides and seeks to be on par with its peers. It may not have unique pairs due to the fact that industry players seek to be competitive with the pair options that it provides to speculators.
As noted above, the entity continues to look at ways to expand trading pair options and so, it may, over time, have unique pairs that are not present on other platforms.
Remember that as more exchange entities seek to be more in line with regulations that they are even more likely to have similar trading pairs.
📢 Conclusion
The key point here is that the WhiteBit platform recently started to roll out its options for third-party bot providers to utilize their API and conduct automated trading. If you are looking to use a platform that has more providers, you may want to look at other entities.
However, if you appreciate WhiteBit specifically for its different offerings and ease of use, then you have several algorithmic options that you can choose from that work with the WhiteBit platform.
The firm has been able to prove that it seeks to comply with regulations, appeal to users, and improve its accessibility. If you are interested in checking out the platform and the third-party providers that work with it, then feel free to do so.