Yobit is probably one of the most established crypto exchanges in the crypto world. It has been around since the bitcoin early days doing their part for the cryptocurrency adoption in the world.
Created by a group of European developers, the crypto exchange was established officially in Panama in 2014. Yobit has a friendly interface and great support with moderators available on telegram for faster communications. It has a large community with more than 80,000 users in their English telegram and 60,000 users in their Russian Telegram, however, their support is also available in Russian, Chinese, German, and Arabic.
According to Coinmarketcap Yobit has a $60 million daily volume which is a great volume for a crypto exchange. Among hundreds of exchanges featured on CoinMarketCap, Yobit is ranked at the 90-th place at the time of writing.
Yobit accepts fiat deposits and withdrawals, It does not require KYC and has never been hacked despite being a veteran exchange operating for 6 years.
Registering an Account on Yobit
Opening an account on Yobit is very simple and only a username and email is required. As we said above KYC is not required on Yobit and this is possible because they are registered in Panama. Also Officials from the exchanging platform claim that no trading history is provided to authorities.
To start the registration process simply click on the top right corner button and complete the 3 fields form with username, email, and password. Then an email with a confirmation link will arrive in the provided email, click on that email and the account is ready. It is better to activate the 2 Factor Authentication making your account more secure.
How to Deposit/Withdraw on your Yobit Account and how to Trade
When you have completed the account creation on Yobit, the next step would be to fund your account so you can start trading.
Yobit accepts deposits from 10 cryptocurrencies including stablecoins and also accepts Us dollars and Russian Rubles.
The payment instruments accepted on Yobit when using Fiat deposits are VISA/Mastercard, Perfect Money, AdvCash, and Payeer. Booth deposits and withdrawals are automatic on Yobit.
To make a deposit choose the available cryptocurrency you want to deposit and click the deposit button. You will be provided with a QR code and a specific address to send the funds. Deposit the funds in the specific address and wait for the confirmation.
On the other side, to make a fiat deposit click deposit on the chosen fiat currency and then select the amount and the method of payment and follow the normal checkout steps.
To withdraw money is similar to depositing except the fact that you have to provide an address for the fund’s destination.
The wallet interface in your Yobit account shows also the status of your deposits or withdrawals if it is pending or completed.
Once you got your funds in your Yobit account you can start trading. The trading interface is simple and easy to use. This is how the trading interface looks:
On the top left of the page, there are the balances and below there are the coins and the tokens that can be traded on the exchange.
In the middle of the page, we have a chart of the selected pair in this case DASH/BTC and below the chart, we have the buy and sell boxes and the order book.
On the right, there is a chat room to engage with the community or to seek support from the exchange moderators. Below there is a dice game for those who want to gamble some money.
Selling and buying on Yobit is simple. You just specify the amount and the price and system calculate the exact amount you will receive after the trade. If the market is above your buy order or under your sell order, it will be listed in the order bok until it is filled.
Trading fees are small on Yobit, just 0.2% is charged from Yobit per trade, and booth the market maker and market taker are charged the same fee.
Yobit crypto exchange has a special interface with many features. Among the normal options usually, crypto exchanges offer Yobit offer and investment option (the InvestBox), a dice game, and the possibility to claim free coins.
The InvestBox offers the possibility to invest in certain coins and earn daily interest rates. Rates vary from 0.1% to 10% a day.
The Dice game is some sort of gambling game where you roll a dice and try the luck.
In order to earn free coins, Yobit has a reward program with the cryptotalk forum where users can earn BTC by posting in the forum.
Another thing that distinguishes this crypto exchange from others is the big number of coins listed in the exchange. Yobit has more than 8 thousand pairs and is the perfect exchange for those hunting for the low caps that might become top coins tomorrow.
Yobit Reviews and Ratings
Yobit has an excellent rating on Trustpilot by real users from the crypto community.
The crypto exchange is always in the spotlight from leading crypto media outlets and has been reviewed recently by Cryptopotato and Cryptonews.
To sum up, let sort out the advantages Yobit crypto exchange has:
- Simple interface
- Low fees
- Great support
- Possibility to invest
- A large number of listed coins
- Absence of advanced order options
- The exchange does not offer leverage
YoBit is a solid option for retail traders and investors who only need a simple secure and reliable crypto exchange.