How to Deposit Funds at WhiteBit

Welcome to this post, where we are going to see the different ways to deposit funds in WhiteBit and the most economical way.

To be able to buy and sell cryptocurrencies using WhiteBit, we must first deposit funds in it. And this is what we are going to see in this tutorial, the best ways this platform has to deposit your funds, and how you can do it to save as much as possible.

WhiteBit has its own option to deposit funds using a credit/debit card or bank transfer, although we will also see another option that can save you money in fees.

Buy Crypto

To deposit funds using our credit card or by bank transfer, we will go to buy crypto. Here, it will directly show us a panel with the currency and cryptocurrency we want to buy.  

Like many platforms, the deposit is actually made through a third party. Here, the first thing to select is the currency. There are some currencies that are not available, such as EUR or Pound. Therefore, if this is your case, I recommend you to use or indicate USD, since the commission if you use the card to pay with another currency is usually not very big or sometimes you hardly notice any difference.

In the cryptocurrency below, BTC comes as standard. But we can change and indicate another cryptocurrency. My recommendation is to buy USDT, since it is the main cryptocurrency that we can use inside WhiteBit to buy other cryptocurrencies later. But if you want to buy directly a cryptocurrency such as BTC or ETH, you can also indicate it.

Although in this example, we will use USDT as a deposit, it will not vary much with other cryptocurrencies.

If we select USDT, and indicate the amount we want to pay in your payments, below we can see the amount we are going to receive. As you can see, there is quite a high commission. In the case we want to buy 1.000$ of USDT, we will receive 889 USDT, instead of 1.000 USDT that would be the exchange rate without any commission. So we can see that there is a commission of 11-12% approx. In each cryptocurrency the commission may be different, but it is very likely to be around that value. Stay until the end to see a method where you will pay much less for depositing funds in whitebit.

Once you have indicated the amount, click on proceed to payment. Here, we will see the platform that we will make the deposit to deposit funds, which is UTORG. Here, we will have to indicate our email, confirm with the code that will arrive to us. The following will be to select our country, and finally to indicate our card to make the payment. Once the card is indicated, click on pay and that’s it. In a few minutes, usually this type of income usually take 30 minutes, we should be able to see the USDT in our balance.

Deposit from Binance

Let’s look at the other option, where we will use Binance and send Binance cryptocurrencies to WhiteBit, so we can save money on the fees we are charged. Since Binance has much smaller fees for credit card or wire deposits. So let’s take a look at it.

Binance’s commission for depositing with credit card is 1.8%, as you can see much smaller than the 11-12% you are paying when using the other method within WhiteBit.

If you do not have an account with binance, you can create your account just below to follow the steps.

Platform: Binance
Min. deposit: $10
License: Cysec

Very low commissions
Exchange with more cryptocurrencies

Start

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The first thing we need to do is to deposit funds into Binance, either Euro dollars or your currency. It is quite likely that you will be required to pass the KYC in Binance to then withdraw what you have deposited. So, before anything else, first make sure you verify your binance account and then make a deposit. The best way once verified, is via credit card, although it has a 1.8% fee, we will be able to immediately have the funds to use. If you want to save on commissions, you can use bank transfer, but you will have to wait a few days for your deposit to arrive.

Once you make the deposit in your currency, we will go to buy tether (USDT). You will be able to buy other cryptocurrencies, but USDT is the most used cryptocurrency in WhiteBit to exchange it for other cryptocurrencies. As well as being very cheap to send from one platform to another. For this reason, for me, it is the best option. We will go to market, fiat markets, and look for the euro/usdt pair or with your currency. Here, we will go to sell and indicate the amount we want to exchange our currency for USDT.

In order to see that we already have usdt in our binance balance, let’s go to the main panel. With the usdt in our account balance, let’s go to wallet, spot wallet and search for usdt or tether. Here, click on withdraw, where you will see the following panel.

Here, the first thing we should indicate the WhiteBit address where the USDT are deposited. To find out the address, we will go from total balance to deposit. Here, in label we will delete BTC and look for USDT. Select TRC20 network and copy it, as it is the cheapest and fastest network to send USDT. The minimum deposit is 5 USDT, so do not send a lower amount.

We will copy the address and now you will have to paste it in binance. You can also use the qr if you are using binance from your mobile. We select the same TRC-20 network, indicate the amount we want to send and confirm the transaction with the confirmation codes. You will see the commission, which in the case of the tron network, is 1 dollar or very small. It is very important to always make sure that you copy the TRC-20 network address and select the same network in Binance, otherwise you may lose the funds.

Now, in a very short time we will see our deposit and the amount of USDT we have sent in WhiteBit. You will receive a confirmation email of your deposit in WhiteBit, as well as an email when the withdrawal has been made from Binance.

I hope it has helped you to know in detail how you can deposit funds in WhiteBit without paying high fees. Remember that if you don’t have an account with Binance, you can create one just below.