How to Invest in Bitcoin on WhiteBIT: A Beginner’s Guide to Buying Cryptocurrency
Buying cryptocurrency is easy if you know the step-by-step mechanics. Before making your first purchase, make sure you have carried out the necessary analysis of the crypto assets you want to invest in. An important part of this process is choosing a platform for “crypto shopping”. A centralized cryptocurrency exchange is a great option for beginners as well as for professional crypto enthusiasts. In this article, we will discuss how you can buy Bitcoin on WhiteBIT, one of the biggest European crypto exchanges.
WhiteBIT offers over 450 trading pairs with popular assets, a number of unique tools to enhance the trading experience, and a high level of cybersecurity to protect users’ data. The first thing you need to do to start using the platform is to set up an account.
Create an account
To become a full-fledged user of a crypto exchange, you will need to create an account. If a platform takes care of its users, it will not complicate this process so that potential users can join the platform’s ecosystem quickly and easily. Let’s take a look at how to sign up on the example of WhiteBIT.
- Open the platform’s page and click on the Sign up button in the upper right corner.
- Next, you will see a short form to fill in.
- Type in the e-mail address you want to connect to your future account.
- Come up with a secure password. It should be composed of a minimum of 8 symbols, including one lowercase letter, one uppercase letter, one number, and one special symbol.
- There is an option to add a referral ID. Press on the + button if you want to use it.
- Confirm that you are not a citizen or resident of the prohibited countries by ticking another box.
- Click on “Continue”.
- Complete CAPTCHA.
- Check your e-mail to confirm the e-mail you indicated.
- Use your data to log in.
To better protect your account, make sure you activate the two-factor authentication (2FA). This option ensures that only you will have access to your account. The next step will be passing identity verification.
Verify your identity
Identity verification (or KYC verification) is the process of confirming the identity of the clients of various financial institutions. The procedure is beneficial for both the trading platforms and their clients.
Firstly, the financial institution (in our case, the crypto exchange) will be able to provide a more transparent and secure operating environment. Secondly, the verified users will enjoy a wider range of services on the exchange. Verified WhiteBIT users will be able to:
- withdraw up to 100 BTC per day;
- carry out operations with fiat currencies;
- restore access to the account if they lose their 2FA code.
Passing identity verification on WhiteBIT takes no more than 5 minutes and opens up a whole new functionality. To get verified, you need to:
- find the Account sign in the upper right corner;
- click “Security”;
- open the Verification tab;
- enter your data in the appropriate fields;
- upload the photo of one of the listed documents;
- take a selfie with this document and a sheet of paper with the date and your signature.
- upload the photo;
- complete the verification and wait till your data is processed.
Done! You will be notified once the verification is completed.
Make a deposit
To start trading, you need to top up your balance on the exchange. Make sure to check the minimum deposit fee. For Bitcoin, it is 0.0005 BTC. The deposit and withdrawal fees, as well as the minimum and maximum deposit and withdrawal amounts, can be viewed here. Here is how to make a deposit on WhiteBIT.
- Open the Total or the Main balance. Here, you will see all available assets you can deposit.
- Find the ticker of the necessary currency (in our case, BTC) in the list and click “Deposit” next to it.
- Copy the address in the field on the right, or create a new one.
- Open the wallet from which you want to deposit and paste the address you have copied.
Congratulations! You successfully deposited BTC!
Place an order
Orders help you make your trading more efficient and controllable. There is a variety of orders on WhiteBIT that you can use. Now that you deposited an asset, it is time to move forward:
- Open the Basic trade page. This section is perfect for beginner traders.
- Find the Market field and look for the desired trading pair.
- Choose an order you would like to place.
- Indicate the price and amount of crypto.
- Press the buy or sell button.
Here you are – the order is in full swing!
What is next?
Your journey through the possibilities of crypto only begins with the Bitcoin purchase. For example, besides buying and selling, you can hold BTC at interest with the help of SMART Staking. SMART Staking allows you to choose a plan with a desired asset, the holding period, and the interest rate. You will receive your investments back at the end of the holding period with the chosen interest on top. The storing periods vary for each plan, from 10 to 360 days and up to 28% of passive income. It is a safe and reliable way to increase your income with minimum effort.
Digital assets offer the whole universe of possibilities to earn on cryptocurrencies. We tried to comprehensively explain the mechanics of the first steps in the crypto world, from creating an account to receiving passive income with the help of a special passive income tool.
Disclaimer: This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. AZCoin News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.