WhiteBIT Functionality | How to Buy & Sell Bitcoin, Ethereum, and Other Cryptos

Cryptocurrency is now mainstream as an investment asset class. However, not everyone wants to buy a cryptocurrency because of the fear of losing money or simply out of ignorance.

This article explains cryptocurrency, how it works, and where to start. Keep reading to learn what cryptos to invest in and how WhiteBIT can help.

Photo by Pierre Borthiry on Unsplash

What is cryptocurrency?

Cryptocurrency is a digital and decentralized medium of exchange. Unlike fiat currencies, crypto has no financial institutions or central authority (i.e., the government or central bank) to manage and maintain the coin’s value. Instead, it is the task of the blockchain users to govern cryptocurrency by validating transactions.

Users can buy cryptocurrency, sell them to gain profits, exchange them, or hold to get passive income. Today, it is even possible to use digital assets to pay for goods and services. Most people prefer starting an acquaintance with the world of crypto on the cryptocurrency exchange. Using blockchain for transactions is secure and transparent, as each transaction gets proofed and validated by other network participants (nodes). When the transaction is confirmed, the information about it gets included in the blockchain.

A blockchain is a distributed ledger of data. You can compare blockchain to a checkbook distributed between millions of computers worldwide. Users validate transactions to maintain the functioning of the network. So, a blockchain can also be called a sequence of previously confirmed transactions.

How to start trading with the WhiteBIT exchange?

WhiteBIT is one of the biggest European crypto exchanges. You can create an account on WhiteBIT, trade cryptocurrencies for profit, or buy and hold digital assets for long and short term to gain passive income. Here are the first steps to purchasing crypto on WhiteBIT.

  • First things first, you need to create an account on the platform. Click the “Sign up” button in the upper right corner and fill in the necessary fields.
  • Then, you need to deposit cryptocurrency or national currency (fiat money). To carry out operations with fiat, you will need to pass identity verification. It takes no more than 5 minutes.
  • Choose “Trading,” then “Exchange.”
  • Choose the currency you want to sell and buy. For example, EUR to BTC. Click “Exchange.”

And that’s how you buy cryptocurrency on WhiteBIT. Users can buy crypto to get short-term income. For example, they can purchase Bitcoin and sell it as soon as its price increases. Users can also start trading on WhiteBIT by using one of the following options.

  • Basic trading. It has a simplified interface with easy-to-read charts. You can check price swings within different periods (i.e., 1 minute, 1 day, 7 days, etc.).
  • PRO Trade. It has all the necessary tools for experienced traders. For example, traders can check indicators that help with technical analysis.
  • Margin trading. The tool enables users to maximize income by using funds borrowed from the exchange.

The WhiteBIT crypto ecosystem also includes a DEX platform, a decentralized exchange where you can directly trade cryptocurrency with other users.

The best cryptocurrencies to invest in on WhiteBIT

One of the reasons why so many people miss out on the opportunity to invest in crypto is its volatility. Undoubtedly, every investment is risky, but cryptocurrency investments are even riskier. However, many cryptocurrencies bounce back even after the most spectacular market crashes.

Here are the most appealing cryptocurrencies for digital currency investments that stay in the top of the crypto community:

Bitcoin is the #1 crypto in the market capitalization ranking. Ethereum offers much more than trading, being a convenient and most popular provider of smart contracts creation. So, it’s safe to assume that it won’t decrease in price dramatically or to the point when people will stop investing in it. Tether is a stablecoin bound to USD price, which is also a safe bet.

However, remember that it’s only a recommendation, not a call to action.

Futures contracts as a new way to increase profit on WhiteBIT

Futures have recently entered the top of the most popular trading tools. Anyone who traded futures contract will confirm it. A futures contract is an agreement to buy or sell an asset or security at a specified period in the future for a fixed price.

Users can trade futures on futures markets of certain exchanges, and WhiteBIT is one of the few platforms globally that offer this option. The platform has recently added this function so that users can profit from trading futures.

Classic futures oblige the participants to sign an agreement to buy/sell an asset at a specific time. When the contract expires, the participants must act according to the negotiated terms. Perpetual futures contracts have no expiration date, meaning the parties can arrange the date of the contract ending.

Even though cryptocurrency is risky, it’s extremely popular among investors. Everyone wants to repeat the success of those who bought Bitcoin back when its value was lower than a dollar.

However, don’t go into debt to invest in cryptocurrency. Ensure you have savings and a safety cushion, and only then invest the spare money into cryptocurrency. Or start small, gain experience, and keep trying new trading tools and strategies.

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