Spot trading on WhiteBIT

Overview

Spot trading is the buying and selling of crypto assets on an exchange with settlement after the order is executed.

Main features of spot trading:

only the user’s own balance is used
the asset is credited to the balance after the order is executed
trading occurs through the order book
users can place different types of orders

Unlike margin and futures trading, spot trading does not use leverage.

This article will be useful if you:

want to understand what spot trading is
plan to buy or sell crypto assets
want to learn the basic terms of the spot market
are looking for information about trading fees or order types
want to understand how the trading terminal works

How Spot Trading Works

Spot market trading takes place through trading pairs. In each pair, one asset is bought or sold while the other is used for payment.

Users place buy or sell orders. Orders are executed through the order book, where the system automatically matches buyers and sellers.

After the order is executed:

the purchased asset is credited to your balance
the payment asset is deducted from your balance

How to Start Spot Trading

To start trading:

Create a WhiteBIT account and sign in.
Deposit funds.
Make sure your funds are available for trading.

After a deposit, funds are credited to the Main Balance.

To start spot trading, transfer funds to the Trading Balance.

Basic Terms

Trading Pair

A trading pair consists of two assets traded against each other.

A trading pair includes:

Stock asset — the asset being bought or sold.
Money asset — the asset used to pay for the base asset.

Example in the BTC/USDT pair:

BTC is the Stock asset
USDT is the Money asset

Maker and Taker

In spot trading, users may act as Makers or Takers.

Maker — a user who places a new order in the order book. The order is not executed immediately and adds liquidity to the market.
Taker — a user who executes an existing order from the order book.

Order Book

The order book shows all active buy and sell orders.

It helps traders:

see supply and demand
evaluate market liquidity
analyze market conditions

Spread

The spread is the difference between:

the best bid price
the best ask price

A smaller spread usually indicates higher liquidity.

Example of a Spot Trade

A user wants to buy Bitcoin using USDT.

Trading pair: BTC/USDT

BTC price: 70,000 USDT

The user places an order to buy 0.1 BTC.

After the order is executed:

0.1 BTC is credited to the user’s balance
about 7,000 USDT is deducted from the balance (plus trading fee)

Spot Trading Fees

Standard fees:

Maker: 0,1%
Taker: 0,1%

Current trading fees are available here: https://whitebit.com/trading-data/trading-fees

Please note that the trading fees can vary for some pairs.

When Fees Are Charged

Fees are charged only when an order is executed.

Fees are not charged for:

creating an order
canceling an order

Which Asset Is Used to Pay the Fee

The fee depends on the trade type.

Buy — The fee is charged in the base asset (Stock) that you buy.

Sell — The fee is charged in the quote asset (Money) that you receive.

Account Conditions and Discounts

Trading fees may vary depending on account conditions, such as the VIP program.

Learn more about trading, deposit, and withdrawal fees: https://help.whitebit.com/hc/en-gb/articles/25029308319005

Trading Terminal

Spot trading takes place in the trading terminal.

In this interface, users can

analyze the market
view the order book
track trades
place orders

Main Areas of the Trading Terminal

Trading Pair Selection

У торговому терміналі можна:

select a trading pair
filter markets (Spot or Futures)
add pairs to Favorites

Chart

The chart allows users to analyze price movements.

Two chart types are available:

basic chart
TradingView chart

Order Book and Recent Trades

The order book shows current buy and sell orders.

The Recent Trades section shows:

execution price
trade volume
execution time

Trading Pair Information

The trading terminal displays:

maker and taker fees
minimum order size
order step
ping (server response delay)

Order Creation Form

Below the order book there is a form for creating orders.

Users can:

choose an order type
set a price
enter the trade amount

Learn more about the trading terminal: https://help.whitebit.com/hc/en-gb/articles/26431196355229

Order Types

Spot trading supports several order types:

Market
Limit
Advanced Limit
Stop Market
Stop Limit

Multi Limit

How to Track or Cancel Orders

If an order is not executed immediately, it can be found:

in the Open orders tab below the chart
on the Activities page

Executed orders cannot be canceled.

When an active order is canceled, the reserved funds return to the Trade Balance.

Order History

Order history can be found:

on the trading page in the Order History tab

in History → Trade Balance → Orders

Detailed order types guide: https://help.whitebit.com/hc/en-gb/articles/14764494038429

Note that OCO orders are available only for margin and futures trading.

Frequently Asked Questions

Is leverage used in spot trading?

No. Spot trading uses only the user’s own funds.

When is the asset credited to the balance?

Immediately after the order is executed.

Can an executed order be canceled?

No. Executed orders cannot be canceled.

Where can I see order history?

In the Order History tab on the trading page or in the History section.

To learn more about the trading, see also:

Support

In case of any questions related to the functionality of our exchange, you can:

Leave a request on our website;
Write to the support email: support@whitebit.com;
Write to the chat using the button in the lower right corner of the screen (in the upper right corner of the WhiteBIT app, click ).