YoBit exchange has a great track record and has never been the victim of a hack. It has been doing business since 2014, and is based in Panama.
The exchange was founded by Russian devs, and it has been a pioneer in the world of cryptocurrency trading. When cryptos started to gain more attention, YoBit was already a leading name in the market. YoBit makes working with a crypto exchange easy by providing a simple design and a very reliable platform for traders.
The YoBit global crypto exchange enables traders to purchase and sell a wide range of digital currencies. Common currencies like Bitcoin (BTC) and Ether (ETH) are in the list, along with hundreds of other rarer altcoins. Deposits made from both crypto and fiat are also supported via the platform.
Getting Started With YoBit
- 1 Getting Started With YoBit
- 2 Special Features
- 3 Additional Features
- 4 YoBit: The Rundown
- 5 Yobit
- 6 Pros
- 7 Cons
YoBit is easy to deal with, and you can start trading with the exchange after you do a few things on their platform. Here are the things you will need to do to get started.
Like other exchanges, YoBit is simple to use and safe. Conducting transactions or moving assets to the exchange is easy. Basic information an username, email, and password will get you started with the exchange.
After you fill in your basic information, YoBit will send you an email confirmation. The next thing to do is to create 2-factor authentication (2FA). This kind of authentication is normal in the crypto world, and it is a good idea to use it.
Trading stands out as the strongest feature of YoBit, and it is the heart of its business.
An analysis of the YoBit exchange reveals that it serves the cryptosphere through nearly 500 active markets (493 +) and many trading currency pairs (7000 +), comprising both crypto-to-crypto and fiat-to-crypto money.
Apart from fiat-money support, anonymity, and simplicity in an exchange are also huge advantages that YoBit has been delivering to its clients for years.
Too many crypto exchanges violate the privacy rights of their users by using KYC procedures. As a cryptocurrency trading exchange that thinks about its users’ rights, YoBit won’t ask you for lots of info and you can trade anonymously without passing any KYC checks.
Security is one of the biggest concerns when it comes to crypto exchanges. Over the last few years, hacking has hurt many exchanges and been always a nightmare for any newbies.
YoBit has a proven track record of being free from hacks. Hackers had no luck attacking the platform. This clean performance has made YoBit one of the most successful exchanges in cryptos.
There are about nine cryptocurrencies and fiat currencies approved on the platform as deposits.
Once you make a deposit, you can start trading currency pairs. YoBit supports both crypto and fiat deposit and withdrawal. Clients can use VISA / Mastercard, Payeer, AdvCash, and Perfect Money to exchange fiat currency with the exchange.
The trading network of YoBit allows trade orders to be carried out immediately. Even with a high variance in event-driven costs, the trading engine has delivered great performance.
The candlestick charts will be loaded once a monetary pair is selected and the user will agree to exchange. Yobit currently charges at least 0.2% per for trades. The fee is added to the lot size when an order is created. The transaction then proceeds in compliance with the terms and the funds in the account.
For withdrawals, YoBit will charge you 0.0005 BTC if you make a BTC withdrawal. Compared to many other exchanges, it’s a great opportunity, especially when YoBit offers low minimum deposit and withdrawal.
On Yobit, trade orders are streamlined and simple buy/sell orders on the platform can be carried out quickly. This enables the immediate exchange to take place.
The sheer number of trading pairs on the exchange is one of the amazing things about Yobit, as it supports a large number of active trading pairs on its cryptocurrency exchange.
You can trade all the majors, and also altcoins which few people would know. In the vast majority of cryptocurrency exchanges, these minor altcoin pairs are not included.
The YoBit platform’s special features set it apart from many of the other platforms out there.
Here are some of the exclusive features that YoBit offers its clients:
- YoBit Invesbox: allows investors to swap their replacement assets for investment programs. Yobit secures the tokens for customers. The length of these investments varies as well. As YoBit values the security and credibility of its crypto exchange, there are some rules created to protect users’ investment. For example, the peak return on investments in Investbox is approximately 5% pa. for each user.
- CoinsInfo Section: contains everything you need to know about the different currencies that can be traded on the exchange. A real crypto enthusiast will find it hard to ignore this section. Different ideas on any single coin are ready to discover at CoinsInfo, including PoW/PoS coin numbers, formulas, money supply, and ticker symbols. It might not be of interest to casual investors, but for those who want a deeper understanding of a certain cryptocurrency, this information will be essential.
- YoBit’s Wallets: includes all the cryptocurrency wallets that users can use as their base currency, from cryptocurrency, user’s balances, and the trading history. Deposits generated from other cryptocurrency wallets would automatically be deposited in wallets. Users won’t have to worry about disruption from the YoBit administration system. YoBit’s Wallets also give users the possibility of hiding wallets with zero balance.
- AddToken: is designed for users who desire their token to be listed on YoBit. The listing process is fairly simple and you have to fill out a form to manage the process.
If trading is YoBit’s powerful core, then gaming is Yobit’s specialty.
YoBit offers YoPony and Dice crypto games where you can try your luck and earn Bitcoins. In cooperation with the CryptoTalk forum, the exchange also organizes an award-winning campaign where users can potentially receive rewards in BTC just by posting messages on this forum.
Yobit comes with a minimalist interface, powered up with a strong engine. The aim is to encourage the trader to work without being distracted by unnecessary additional features. This guarantees 100% focus of its users on trading and is perfect for new traders as well.
Supportive Community And Customer Service
Users can get support from YoBit communities as well as from YoBit customer service. With one of its biggest communities on Telegram, you certainly find helpful information and support from over 80,000 people in the English chat and around 60,000 in the Russian chat. If you need specific help from the YoBit team, direct private messages are also available on Telegram 24/7.
Simply start communicating to admins or writing in group chat, and the support team with more than 10 professional admins is ready to respond and give quick solutions to your problems.
English, Russian and Chinese languages are available on YoBit so the language barrier is not a big issue for most major languages. Plus, YoBit live chat comes with German and Arabic, making global access for any users from everywhere simple.
YoBit: The Rundown
Despite being one of the oldest exchange platforms, YoBit is tough to beat. It has a solid back end, with a slick interface that is simple to use. It has been delivering a quality trading experience for many years and takes security very seriously.
Here are some of the things that make YoBit a Great Exchange:
- Has been around since 2014
- Never been hacked
- Offers lots of tokens, including small altcoins
- Can help you list a token
- Solid trading engine that delivers speedy trades
- Extras like games and investments
Many reviews on Trustpilot pointed out that the platform is great to use and the process of authentication is prompt. Furthermore, free coins are special offers from YoBit are a big selling point.
Users can also play BTC in platform dice games at a certain amount.
YoBit charges market makers and market players 0.20% of fees. Another big advantage we learned from users’ reviews is that the safety and the ease of use are always guaranteed and it takes less time to receive withdrawal and deposit.
Not only does YoBit gain positive reviews from Trustpilot, but the exchange is also strongly suggested by Revain, another trustworthy website that we can count in when it comes to blockchain technology and products.
Moreover, YoBit gets high ranks on CryptoGeek & Crypto Wisser and 10th place according to Coinmarketcap. The fact that the exchange allows you to trade in loads of tokens is also great, as many other exchanges simply don’t offer this level of trading ability.
Of course, there is no one-size-fits-all crypto exchange. If you are looking for a great exchange that has lots of tokens for you to trade, and also accepts fiat currency deposits, YoBit is worth a look. It has low fees as well, which makes the whole trading process even easier.