Bitcoin Forum

I saw the topic of this project and here is their site https://whitebit.com, has someone already used it? can I trade there, I see what you think?

There is already an ongoing discussion about the exchange: https://bitcointalk.org/index.php?topic=5183180.0

Personally, I see absolutely no reason to use it, especially that there are older and more reputable platforms out there.

But what about young projects on the market? After all, they also have the right to life? competition will always be high

At this point? Traders prefer reputable exchanges over new minted exchanges. Young projects on the market are good, however, with the history of scam exits, KYC first before withdrawal, changing TOS on the fly, no volume, or faking it to look like the exchanges has a lot of liquidity, much better to stick with big exchanges today than take the risk that you might regret later, IMHO.

They do but life isn't fair. If there's a big bank where everybody keeps money and you want to open your own what will you do to make people come to you? What will make them take out all their money and go from a reputable bank to a new one that nobody uses?

Why would I pay a fee to withdraw from Coinbase or Binance and move to this new exchange with lower volume?

I have seen a post about whitebit exchange on this forum. Hope that is not where you found this website, as it could be scam. Do not deposit money on the exchange yet until you're absolutely sure it isn't fake exchange. Fake exchanges are probably popping up these days to accept funds from inexperienced people and disappear once enough has been collected.

They should give us the reason why will we use them. In today's status, trust is hard to earn and as much as possible people likes to stick with only reputable companies.

Yes, how those new companies will be trusted if they can't gather users so that somehow they will earn positive reviews? Then make something special to the point that it was unique. And from that, make hard and serious promotions so that people will a) think that they are here to compete with other strong projects b) to think that they are putting lots of money for this c) they are serious.

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About Whitebit, no way people will just use them and "trust" them if the mode of advertisement is thru shilling the site via posting at several forums.

Primary problem on most new services out there and if you don't able to pull out yourself into this challenge then expect you would joined up those failed project in the past.
We cant say that each new services are frauds or scams but we do see a higher rate into this situations that's why we cant really blame people not to be hesitant on using up new services and its much more wiser if we do just stick out to older and reputable ones if we do like to avoid possible headaches later on but well choice would be still yours if we decide to use them up but you should be prepare on possible scenarios would be faced of and by the way, I do see that this is some sort of side advertising than to be a query. hehe

I already opened it, and it looks pretty good,
unfortunately I did not dare to risk registering there,
if it were me, I would avoid this exchange, the reason being the safety is still in doubt, even though it looks pretty good but that is not a guarantee.

It’s hard to believe a good picture on the Internet, especially in such a market, now you need to take a very deep approach to new projects and exchangers

But will this project be able to compete in the future with such exchanges as Binance allowable? because he is a market leader

In my opinion, I don't see anything bad in using the exchange site if ones are from the EU, Africa, South America etc since they already listed on the capital market, have some unique features which make them stand out but the KYC level of the exchange site which users are unable to withdraw funds unless they go through KYC is something I'm not in support.

As I believe it so, people are just confused and have doubts because it is new in the market.
It sometimes we give time for them to show or to prove that they can be trusted and gives what most investors wanted to see. We never just to accused them as another scamming exchange directly, it (maybe) could give us a satisfying service that the others can't do. I hope so.

Traders won't simply support the new exchanges,so new projects need to give better services and benefits to lure the traders because they are working for more profits.I don't know about the exchange you mentioned so possibly less volue exchange which will not be much convenient for the people who want to trade too often.

Whitebit is really an eye-catching exchange but its volume is quite small. If you are a person with a lot of money, you should not trade here because the liquidity is quite low and it is a new exchange.
quite risky and you should only trade in large exchanges like Binance, Huobi global, MXC, it is better.

If you are doubtful with this exchanges then why not do the trading in much reliable exchanges? You could refer to https://coinmarketcap.com/ for the better coins and most reliable exchanges to ensure the safety of your assets. Just heard this exchanges but its not surprising as their are hundreds of exchanges to choose from in the market today.

I tried it, Withdraw always works fine and there is no problem with security or transaction quality. The fee is the same as the other exchanges, pretty good.
But one thing is that the trading volume is too low, I cannot trade much there and there is no stoploss system like in Binance.

So long that it has to do with exchanges, it is quite a delicate matter that should be treated with care because of the security and safety of our money. Usually, I don’t deal with some of these upcoming exchanges, and any upcoming exchange has to really do more than this if they are to catch my attention.

I know that they have to start somewhere and without our supports, they would be nothing, but then, I have to consider my own money too and the safety of my money, so pardon me if I ask you never to use the exchange because it is a little unknown exchange and there are other great and popular exchanges that I can really vouch for and that would be exchanges that are 10, one of them is binance, kucoin and other you can search of their review on this forum.

New exchanges like OP have mentioned (Whitebit exchabge) is having a hard time to build their reputation since it was just launched this year. And since I haven't use such new exchange like that, tried to google it and I wasn't be able to search some feedbacks about it.

You can always test the exchange by depositing few bucks and if you can be able to withdrw from it without a problem and always see how secured the site is. So far, i visited the site and it's too early to judge.

It is clear that everything is very easy to verify, but what's the point of omitting your exchange by rating? because then, even on this, no one will earn

In any case, the young exchanger cannot quickly gain the trust of customers, it needs a lot of time in the market itself to attract people

Depends on ypu what did you feel and your decison to use that excha ge to trade, but of course my advise for learn it well the reputation and security system of that excahnge you want to use in your trasing job for your safty and security to avoid scam.

And how to find out everything in detail? what sources of information can be used for this

It must have to look at their reviews and feedbacks. What we could see there is our basis to evaluate if this certain exchange can be trusted or just a full of scam. Ain't wonder why people are still in doubts cause this exchange is new and only a few traders are using this time. Of course, they will keep it good for them it looks attractive and to compete with the other market players.

I have no clue why anyone would want to even think about these kind of exchanges when so many established Crypto Exchanges (https://cryptolinks.com/cryptocurrency-exchange) are out there to use. I could understand if there is some special offering but there is nothing like this here. So I am clueless as why would anyone be interested with it? So my opinion will be that if you have even slightly of interest in making money or saving your money, it’s must that you use only established option.

First of all, you need to understand what is this site better than other proven old exchanges?

While gathering users review here in the forum, also spend time making a self-research about what site checkers and analyzers has something to say about this site. They are the most updated ones so checking them is a big help.

Now, if you only find a few reviews then don't use the site for now even you saw some positive review. If their service is good and legit, expect more reviews on the following days, weeks or months.

I never use this exchange platform and i think no reason for use this exchange platform. I am Binance's user and for me there's no exchange platform than Binance.

Every exchange started as a small exchange, but nevertheless, at this point in time, with so many reputable exchanges out there, there should be a very strong reason for anyone to try out a new one... with so many scams out there, both on the project side, and also on the exchange side, why should someone try out an unknown exchange?
Only if a desired coin is only listed there (and in that case there is always the option to wait), or if that exchange offers a tech or a service that exists nowhere else...

I don't think that the new site can compete with the old exchanges because they need to build trust among the traders and it is difficult to gain trust from them if we don't have a good service. The new exchange can grow in the future if they can give the best services, so the traders or members satisfy so they don't leave the exchanges.

Sometimes, it will no need to wait for a long time because binance can reach big members in a short time so I think the new exchange need to use the strategy to gain more members. I remember poloniex in the first time they launch the site, and it needs 1 year or longer to gain trust or attract more traders to come to their site. And poloniex succeed to do that until now. And that happens too with binance right now so the chance to increase the reputations of the exchange will still wide open.

That it makes a big challenge for new exchanges trying to compete to the big and known exchanges in the market. And I hope they could stand for it and be competitive enough not just in a short-term but to be able to sustain in the long run.

Many exchanges fail because they never give what traders are likely to experience with them. Cause if we would like to see the bottom line of this, it is all about market assurance and profit percentage. Those big names will actually be playing well and taking advantage over the starters. Will I like to see how this https://whitebit.com will attract traders.

unfortunately young projects needs to strive more to earn the trust of the traders,
they have to build up their own reputation and come up with better attraction to invite the investors to come in and try.

If it’s necessary to make KYC for any amount of withdrawal, then I cannot recommend that exchange.

I think it may take several years of life to really win their real users who would like to use the exchange for their own purposes

Seems like another new exchange.
They already have an android app and ios app.
My first impression when I visited the exchange is the responsiveness and the user interface, user friendly on the first look, haven't registered yet on the exchange but I tried to look at some pair when you want to buy and sell, good user interface, that's my opinion.

A lot of cheap tokens are trading on that exchange, it can be something like Crex

Give it more time before you use that site. Wait for more feed back and reviews. It’s just odd that the domain name has been registered since 2008 and yet this is the first time I heard of this exchange site. Maybe they just bought the domain name from someone who registered it but did know what to do with it yet.

so many new exchange and does not look different from what already exists, why should people take their money and send it to there.
while they can trade on big and trusted exchange, unless they can attract people's attention with gifts or something like that.
but my guess they will come back after getting the prize, they think it's better to trade on a guaranteed exchange.
it is very difficult to gain trust in newly released exchanges, especially after many exchange cases have been hacked, and do not provide compensation  ::)

Topic starter, you will need to write here your extensive review about your own use of this exchange.

Why are you choosing the unknown exchange? There are a lot of recognized exchanges out there, and it is safer not to accept unrecognized and unsafe exchanges. Many exchanges offer buy-sell transactions through credit such as uphold. There are many different options to help you be safer in Crypto.

I never heard about that project before because I don't check on the project for a long time.
There is no point to use the site if the site doesn't have a reputation, and the site needs to hard work to get reputations.
The site is an exchange like the other exchanges, but it's a new exchange.
If I were you, I would not risk my money to trade on that site because I already have many good and legit exchanges, so it is better to skip the site.
Or if you were too curious with the site, you can try to send some amount of money and try trading in that site.
If you don't have any problem, then you can try to withdraw the money if you get a profit and see what will happen later.
I wonder if the site will need KYC verification for every trader who trades in that site.
I am a little bit skeptic about sending the document to any website if I don't research about the site before.

Take note that the market is like "Survival of the fittest" where the strongest projects will remain and those weak will be dead in a few years and will be a shitcoin. New projects are always welcome but don't expect that there will be many investors of that project especially right now that there are more better platforms to use out there. Competition is always be high so what the developers must do is to create a coin that is unique and will be helpful to the investors.

You really shouldn't look for new exchanges like this. even exchanges that are used by quite a lot of users like Coinextra, have been considered as fraud when they lock all accounts that have lots of money from traders.
Therefore, you should only look to large exchanges like Binance, Huobi to get quality transactions without problems.

How do you expect him to have a review for an exchange that he is yet to use it too and just finding opinions from people, if he had any review, at least he would have let us know that this is exactly what he found out about the project, but to him now, he does even have a clue as to what the quality of the exchange it and only got to know about it based on recommendation too which you are the ones that will give your own opinion and not him.

Opinion or no opinion, normally we ought to have known that the best exchange to use are exchanges that are within the top In CMC, they are already graded to be the most reliable coin, except maybe the exchange Is new and we want to be the first to test it and give review of it, but aside that, we should strictly go for top exchanges.

I will not use any new exchanges because the old exchanges are enough to meet my needs. The fact that there are so many new exchanges coming out every day, do we need them? I just read an article that 99% of exchanges in South Korea will go bankrupt because there are no users

It is okay to have such so that users can make choice. If people have large amount of exchange to choose from, then then will adjust very well. As exchanges in Korea are likely to go out (according to you, which you need to provide link) , it shows they are not doing enough to be relevant.

I got a coin that is only traded on this cryptocurrency exchange. Guys who really used this platform, how are things with the input of funds?

It happens that some token/s are already listed on a single exchange especially when they have their own exchange. Of course, what it makes sense if they never used their own rather than of listed it in the other exchange. It is quite disappointing in our part which gives us no choice but to use this exchange. It gonna fair enough if the price is still good but mostly it worth nothing especially when it listed into low volume exchanges.

I already see this exchange in other thread and I think even in our local board which is Pilipinas. I still not visit this exchange and maybe some people already use it. Maybe try to ask yourself if its good to trade in a new exchange because I rather to trade my crypto to well known exchange than risk it to a new exchange.

At the beginning, it was like that, but I think every real project really wants to list on the biggest exchanges like binance. if you see the project as a potential, I think holding it is the best choice, rather than selling it now, where the price is not worth it. but if the project is deemed to have less potential, I better sell it at any price

I am not use it yet. Maybe you can look for thread that discuss it just search in google or maybe in this forum directly. If me i will avoid new exchanger that i don't know reputation of the site yet. Maybe use famous site like Binance to do trading activity.

In addition to your statement, blockchain world/business is huge and every new project or exchange are welcome but they have to pave a way or calm a spot for themselves by providing a unique platform which will make them thrive in the crypto market. With that been said, the exchange posted by the OP totally have a good platform but the KYC level will make most crypto users who value their privacy to desist from it.

I don't know about this exchange.


You are right that new exchange has the right to live and start competition with Big Exchange, but talk about exchage also talk about the belief that the team in this exchange can be trusted because it involves funds or money from users who deposit their money there.

Binance is the answer or the solution because we know this exchanges is legit and operated few yeats ago upto now.
Im from Philippines and what I've read is that exchange is from Philippines and I've never tried to use it.
But you can wait to more person give feedback about whitebit that help you to decide to enter to that exchange.

Perhaps you need to analyze all the work of the trading exchange, from the number of users to the volume of trading and thus draw conclusions regarding not only the quality, but also the authenticity of the resource.  If the data obtained is not in doubt, then perhaps it is worth working with this resource.  I personally very often make compromises and risks in such cases.

I just worried about my holding, the price is still good and the volume is high.

There is already a large number of competition out there. Why risk for another one?

There is an exchange with free trading expenses, another have their own token to use for their own exchange to maximize the cheaper transaction fees.
5 trusted exchanges have different tokens in their list.
So why risk your money into something you are unsure of rather than those who have proven good faith.

You cant stop people not to try up with other exchangers specially the new ones.We cant really avoid not to think that these might be an another hit in the market.
Come to think that Binance was new wayback before and Poloniex and Bittrex was still on the throne on that time but look at it now where it do able to manage to become
the top spot at the moment.Its just matter on how these exchangers do offer something new into traders.If they do find out appealing then you do have the chance.
In wise case scenario its just part of our common sense to choose up on whats the current market best at the moment to reduce the risk on getting scammed or lose funds.

I don’t see the reason to change favorite exchange but if tokens trades in one exchange, there is no choice.