How to Earn Cryptocurrency on WhiteBIT?

WhiteBIT is a centralized-type crypto exchange that is registered in Estonia and founded by two Ukrainian businessmen.
Representative Image. (Unsplash)

Representative Image. (Unsplash)


By Kristina Rigina

The cryptocurrency and blockchain industry is rapidly developing, expanding the application and adoption of digital assets, connecting off-chain assets with crypto, bringing real-sector companies with blockchains, and offering easy and cheap money transfers worldwide. One of the main applications of digital assets is trading and investment. The high volatility of the market opens numerous opportunities for crypto earn. Due to frequent crypto price changes, it is possible to generate income daily and in the long term perspective, buying and selling assets at different rates using trading strategies and tools. There must be a reliable place for crypto transactions, for when you buy coins, you must hold them somewhere, and you must be confident about the reliability of that place.

The Internet space offers a large number of crypto services and platforms. They are centralized, decentralized and simple exchangers. In this article, we would like to discuss one of the largest centralized and regulated crypto platforms in Europe - WhiteBIT and talk about how to trade and earn interest on crypto using this exchange.

What is WhiteBIT, and What are Its Advantages in Trading Crypto?

WhiteBIT is a centralized-type crypto exchange that is registered in Estonia and founded by two Ukrainian businessmen. The platform is in compliance with all the regulations and laws in the crypto field - Anti-money laundering, KYC and other requirements are met.

To access all the functionalities of the platform, users need to verify their accounts. For that purpose, the platform asks users to pass the KYC procedure and send the required documents to the platform’s office for a check. It usually takes a couple of days to pass verification, after which users access all the tools and instruments on the exchange. If you would like to skip this stage, you may simply buy crypto assets on the spot market on WhiteBIT. Note that in this case, your withdrawals will be limited, and you cannot deposit fiat.

Those who pass KYC get the following advantages on WhiteBIT:

  • Deposit and withdraw funds in fiat currencies and trade fiat-crypto pairs.

  • Access advanced trading tools, such as futures derivatives, leveraged trading (borrowed funds), etc.

  • Join the WhiteBIT community and take part in quizzes, and receive rewards.

  • Buy the WBT token and use reduced fees for transactions;

  • Participate in the affiliate program and invite friends to WhiteBIT.

  • Enjoy 24/7 customer support service.

  • Have no withdrawal limits.

Also, WhiteBIT offers p2p exchange, spot trading, codes and many other financial instruments.

The level of safety of the platform is high. It has several layers of advanced mechanisms to protect against hacker attacks. The platform tracks all transactions, and if any illegal or suspicious activity is noticed, the user is checked. In such a way, a high level of protection is achieved.

Since WhiteBIT is a custodial exchange, it holds users' funds on its servers and is also responsible for their safety. The platform is made in such a way that 96% of clients’ funds are held on cold wallets - offline, without a chance to be accessed by third parties.

Let's talk about how to earn crypto online?

What is Crypto Earn?

There are many ways to earn cryptocurrency:

  • Play blockchain games and receive tokens as rewards. There are some popular crypto games where players receive real money in the form of tokens (which they can convert to fiat) for every new level passed. If you are into computer games, try blockchain games, and you will enjoy them.

  • Trade crypto. Trading is a risky way to earn crypto online, for it requires in-depth knowledge of the market, an understanding of crypto charts, the ability to analyze trends and find patterns, conduct technical and fundamental analyses, predict future market movement and even generate income on the dropping market, etc. 

  • Invest long term. That is buying crypto assets and holding them long-term, which may last many weeks or months. This strategy gives enough time to think and helps avoid fast and emotional decisions. It is probably one of the less risky strategies to use.

  • Stake - allows to earn crypto passively. The lowest-risk tool that even a beginner crypto holder can take advantage of. Let’s talk about it in more detail.

What is Staking?

Staking is the tool allowing crypto owners to earn crypto passively. Some crypto assets (mostly the first coins that emerged in the market, like BTC) were built on the Proof-of-Work consensus mechanism, meaning that to generate one coin, a lot of power is needed - advanced machines complete math tasks to generate one block in a blockchain. Those machines are expensive and consume a lot of energy. The process is called mining. Mining difficulty is increasing, so it becomes more expensive to receive one coin. Besides, rewards for miners reduce after a certain number of blocks are produced (In the Bitcoin blockchain, it happens every four years).

Other coins are based on the Proof-of-Stake protocol. It has nothing to do with mining equipment, and every new block is received through proof of ownership of coins. The more coins a user has, the more chances that one will create a new block in a blockchain. Staking does not require equipment and expenses for energy - just hold coins on the network and make passive income. This is how Solana and Ethereum (since recently) work. 

Crypto coins based on the Proof-of-Stake mechanism allow their holders to earn crypto passively. Let's talk about how to earn passive income crypto in more detail.

How to Earn Passive Income Crypto?

Many platforms offer a crypto staking option. It is not even necessary for a coin to be based on the Proof-of-Stake mechanism - through crypto platforms, it is possible to stake even Bitcoin or other Proof-of-Work-based assets. The crucial thing here is to pick a reliable crypto exchange that offers profitable staking conditions, and we have one worthy option for you - it is the WhiteBIT platform. The exchange offers around 40 crypto lending plans. Each is differentiated by the coin, sum, and period of locking, and depending on these options, your rewards will vary.

Of course, the important thing here is to pick a reliable asset - select from the less volatile coins, for if the price will drop when your coins are locked in staking, it will affect your rewards. We conclude that the best crypto assets for staking would be those with large and middle market capitalisation, for those assets are less sensitive to the market trends changes, so they will not drop rapidly.

The main thing you should remember about staking is: the longer you keep assets in the lending program, the more additional coins you will receive in the end. It is crucial to understand that when you lock your coins, you cannot sell or trade them as long as the staking plan lasts, or if you do, you will lose rewards. So when picking a staking period, make sure you understand that you cannot sell coins within that period. However, it is recommended to pick a short period for a start.

To familiarize yourself with crypto lending plans on WhiteBIT, go to the WhiteBIT Earn section. There you will see 40 programs with different coins. It is also possible to open two programs simultaneously. 

What are the Advantages of Staking Crypto Earn on WhiteBIT?

Here are some benefits of crypto lending on WhiteBIT:

  • Passive income. You generate income from holding your coins in the locking period or lending assets. Pick the appropriate product on the WhiteBIT Earn page.

  • Don’t worry that your coins will stay on the platform, for WhiteBIT holds 96% of funds on cold wallets. The platform also uses the WAF system to protect funds from hectare attacks.

  • In your personal balance, you can see all the options you picked and configure your account. It is convenient, especially when you use many different trading tools at the same time.

Wrapping Up

Staking is a good alternative to holding coins long-term. When you just hold assets, they do not work for you, but if you stake crypto, you multiply your investments and receive more coins. Staking does not require additional equipment - it is accessible to anyone with an Internet connection. 

Beginner crypto users often do not dare to trade assets, for trading is a much more complex activity compared with staking. Staking allows you to earn crypto passively. Besides, staking is a low-risk investment option, for you will receive your initial sum plus interest. Thus, you will have more coins than you had initially, and it is much better than just holding coins.

If you want to try passive income on crypto, welcome to WhiteBIT. (SJ/GP)