WhiteBIT is a European crypto exchange based in Ukraine. It was founded in 2018 by Vladimir Nosov and has emerged as one of the largest crypto exchanges in all of Europe. In addition to offering a wide selection of cryptocurrencies for trading, WhiteBIT also supports other advanced services, such as margins, futures, crypto lending, and a crypto visa card that can be used as a method of payment. As of today (August 2023), WhiteBIT has reported that it already has more than 4 million accounts on its platform, and it supports the trading of more than 350 pairs and over 270 assets, with around $2.5 billion trading volume per day.

WhiteBIT and Zengo are both platforms where you can trade and store different cryptocurrencies. However, they function and work in different ways. WhiteBIT is a centralized Ukrainian crypto exchange primarily designed for facilitating trading activities while offering more advanced features such as lending, margin, futures, and more. As a centralized exchange, it acts as a custodian for its users’ investments and has direct control over their access to those assets. Zengo, on the other hand, provides a secure, non-custodial crypto and NFT wallet, giving its users complete autonomy over their assets. In addition, Zengo’s Web3 firewall and WalletConnect integration allow users to safely engage with a growing selection of Dapps, expanding the scope of their crypto experience.

Similarly to other crypto exchanges, WhiteBIT has withdrawal fees that you’ll need to pay whenever you want to move funds out of your account. The withdrawal fees for each transfer will depend on which asset you want to transfer and the blockchain conditions at the time. Fees can change from day to day, so make sure you check the amount of the fee when reviewing each withdrawal before you confirm it.

WhiteBIT has its own withdrawal limits that change based on the token you wish to withdraw. It is possible that you will also need to verify your account to have a higher maximum withdrawal limit. You can learn more about WhiteBIT’s withdrawal limits here.

According to WhiteBIT’s website, withdrawals from WhiteBIT are typically processed very quickly. In fact, most withdrawals take place within 10 minutes. However, the process does take longer in certain cases. Sometimes, you may have to wait up to 24 hours for the funds to arrive. 

Withdrawing cryptocurrencies from an exchange like WhiteBIT comes with certain risks. The biggest risk is that you might enter the wrong details, choose the wrong network, or make a slight error on the destination address for your Zengo wallet. If that happens, the funds might get lost forever, so it’s best to always double-check the info before confirming a withdrawal. Aside from that, it is possible that you will need to verify your account (KYC) before you can withdraw certain amounts. Also, WhiteBIT stated on their site that delays may occur when the withdrawal amount exceeds $100,000. If you encounter any difficulties, do not hesitate to contact their customer support team.

WhiteBIT supports fiat withdrawals directly to your bank account. To do this, visit the Spot Trading page and find a suitable trading pair to sell your crypto for fiat money. Or, use the Trade menu to activate a Quick Exchange and pick which crypto you want to exchange for an equivalent amount of fiat money. Then, you will be able to withdraw your fiat currency into your linked bank account. Alternatively, you could transfer your funds to Zengo first and then withdraw to fiat from there.