If you’re looking for a reliable and user-friendly cryptocurrency exchange, then Whitebit might be the perfect choice for you. As a beginner, you may have many questions about how to use this exchange platform, and that’s where this guide comes in. In this article, we’ll provide a complete manual for using Whitebit, covering everything from how to create an account to how to trade cryptocurrencies on the platform.

Introduction

Whitebit is a cryptocurrency exchange that was founded in 2018. The platform offers users the ability to trade over 200 cryptocurrencies with low fees, fast transaction times, and a user-friendly interface. In this guide, we’ll walk you through how to use Whitebit to buy and sell cryptocurrencies.

2. What is Whitebit?

Whitebit is a centralized cryptocurrency exchange that allows users to trade a wide range of cryptocurrencies. The platform was founded in 2018 and is based in Estonia. Whitebit offers users a number of features, including low fees, fast transaction times, and a user-friendly interface.

3. Creating an Account on Whitebit

To get started on Whitebit, you’ll need to create an account. Here’s how to do it:

1. Go to the Whitebit website.
2. Click on the “Sign up” button in the top right corner of the page.
3. Enter your email address and choose a password.
4. Click on the “Register” button.
5. You will receive an email with a confirmation link. Click on the link to verify your email address.
6. Once your email address is verified, you can log in to your account.

4. Setting up Security Measures on Whitebit

It’s important to set up security measures on your Whitebit account to protect your funds. Here are some steps you can take:

1. Enable two-factor authentication (2FA) using Google Authenticator.
2. Set up a whitelist for withdrawals, which will only allow withdrawals to certain addresses.
3. Set up email and SMS notifications for account activity.

5. Depositing Funds into Your Whitebit Account

To start trading on Whitebit, you’ll need to deposit funds into your account. Here’s how to do it:

1. Log in to your Whitebit account.
2. Click on the “Deposit” button in the top right corner of the page.
3. Choose the cryptocurrency you want to deposit.
4. Copy the deposit address provided.
5. Send the desired amount of cryptocurrency to the deposit address.

6. Withdrawing Funds from Your Whitebit Account

If you want to withdraw funds from your Whitebit account, here’s what you need to do:

1. Log in to your Whitebit account.
2. Click on the “Withdrawal” button in the top right corner of the page.
3. Choose the cryptocurrency you want to withdraw.
4. Enter the withdrawal address and amount.
5. Click on the “Withdraw” button.

7. Trading on Whitebit

Now that you have funds in your account, you can start trading on Whitebit.

Understanding the Trading Interface

Before you start trading on Whitebit, it’s important to understand the trading interface. The platform offers a user-friendly interface with a number of features, including real-time price charts, order books, and trading history. You can choose between different trading pairs and customize the interface to suit your needs.

Placing a Buy Order

To place a buy order on Whitebit, follow these steps:

1. Log in to your account and navigate to the trading interface.
2. Select the trading pair you want to trade.
3. Click on the “Buy” tab.
4. Enter the price you want to buy at and the quantity of cryptocurrency you want to purchase.
5. Review your order and click on the “Buy” button.

Placing a Sell Order

To place a sell order on Whitebit, follow these steps:

1. Log in to your account and navigate to the trading interface.
2. Select the trading pair you want to trade.
3. Click on the “Sell” tab.
4. Enter the price you want to sell at and the quantity of cryptocurrency you want to sell.
5. Review your order and click on the “Sell” button.

8. Advanced Features of Whitebit

Whitebit also offers a number of advanced features for experienced traders. These include:

Margin Trading

Whitebit offers margin trading for some trading pairs, which allows you to borrow funds to increase your trading power. However, margin trading is a high-risk activity and should only be attempted by experienced traders.

Stop Loss Orders

Stop loss orders allow you to set a price at which your cryptocurrency will automatically be sold if the market drops below a certain point. This can help you limit your losses in a volatile market.

Limit Orders

Limit orders allow you to set a specific price at which you want to buy or sell cryptocurrency. This can be useful if you want to make a trade at a specific price point.

Conclusion

Whitebit is a reliable and user-friendly cryptocurrency exchange that offers a wide range of trading pairs and advanced features for experienced traders. By following the steps outlined in this guide, you can start trading on Whitebit with confidence and ease. As always, it’s important to exercise caution and only invest what you can afford to lose in the volatile world of cryptocurrency trading.

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