YoBit.Net Review 2020: the exchange that strikes
YoBit is a cryptocurrency exchange service with a high number of trading pairs. It also includes new Altcoins that recently appeared based on ICO/IEO. The YoBit exchange has also plenty of additional functions and gives out free cryptocurrencies for the users.
The popularity of the exchange is easy to explain. It has been working since 2014. The company values its reputation. During 6 years of trading, the exchange has been absolutely safe with no hacs ever happened. Since the foundation, the number of trading pairs has significantly increased. The official website is always available, and the developers put all the efforts to implement something new. A good way to start if you are a beginner and want to promote your cryptocurrency.
In general, the peculiarities can be described in the following way:
- Users can trade anonymously and privately. No KYC required;
- YoBit.net is the top crypto exchange by the CoinMarketCap ranking;
- More than 500 trading pairs are available;
- Low commission fees;
- Fast and responsive support;
- Daily bonuses;
- User-Friendly interface.
YoBit.net: description of the platform
The service was created for those who are interested in a great number of trading pairs. The service The service is impressive. with approximately 515 pairs for trading. It increases its popularity by a large number of opportunities that attract clients from all over the world.
The exchange appeared in 2014 in Panama and focused on different parts of the world, even including Asia. It is not the biggest one, but the number of people who use it is enormous. Every day more than $50 million are going through the exchange. All the advantages available cover some uncomfortable points. There are very few of them, and the developers are working on them to please the clients. Benefits of YoBit can be stated in this way:
- A significant number of cryptocurrencies, even those that are not well-known and just appeared after ICO
- The rate of exchange is often higher than on other exchanges
- It supports fiats
- There are several languages available on the main page
- Attractive conditions for investors. It offers to invest cryptocurrencies with high percent rate – up to 0,3% daily
- A partner program
- Low commission fees
- It supports lots of paying systems, such as QIWI, Webmoney, AdvCash and others
Legitimacy of YoBit
To dispel the rumors, we note that the exchange is incorporated in Panama:
0801-3254 Panama City, Plaza 2000 Tower, Calle 50 Panamá
Founders of YoBit decided to choose this country because Panama has a confidential offshore jurisdiction that helps to keep private data of users and funds. Moreover, it allows not to oblige traders with KYC and establish the exchange as the biggest platform for private and anonymous trading. The founders of YoBit is a group of independent crypto enthusiasts and developers from Europe. They put the product in the first place, so they do not reveal their identities, following the basic ideas of cryptocurrencies and blockchain, which were set by Satoshi Nakamoto.
YoBit.net: The process of registration
If you want to become a member of the exchange, you need to follow some instructions. First of all, visit the official site of the exchange. In the right-top corner, there is a choice of languages. Next to it, there is a button “registration”. Press it and fill the following fields:
- Login – create a login in English
- E-mail is also necessary. State it. It is recommended to use Google mailbox
- Make-up a password (it must contain not less than 8 symbols with numbers and letters, capital and small letters)
- Confirm the password entering it once again
- Learn the rules of the exchange and confirm it
- Enter CAPTCHA and press the button “register”
After all the actions in the mailbox, you will see a letter. You need to confirm your account by clicking the link from the mail. If you want to start trading – you need to find the tab Trade.
How to deposit money on YoBit?
Find the tab Wallets. In the list of currencies choose, for example, BTC, in the column “deposit”, add the amount. The sum will be added to the wallet. it is worth noting that YoBit supports the most popular stablecoin USDT.
2. Other currencies
The same rules as with cryptocurrencies. In the section, Wallets choose the currency. In the column deposit press the sign “+”. In the pop-up window, you will see the ways to deposit. USD has three of them: PerfectMoney, AdvCash, Payeer. You also need to enter the quantity. The rules are almost the same for all the ways.
When money is enrolled, you may go to the tab Trade.
The ways to withdraw
The actions to withdraw are also the same as to deposit. The only difference is that you need to click the sign “- “instead of “+”. There are several ways how to withdraw money. The clients may use VISA, MasterCard, Payeer, Perfect Money. In some countries, it is available to use the mobile phone number to withdraw money.
With the cryptocurrencies, the process works like this. It is a transfer into another exchange or another wallet in another service. You need to state the wallet address and the sum.
In the tab Dash, there is information about previous operations. It can be divided into every hour information and everyday information. Trade is the place where all the actions are performed. Here the users can buy and sell cryptocurrencies.
The Market shows all the currencies available. It also shows the trade pairs. There is information about currencies’ increasing and decreasing. It is convenient for those who specialize in selling cryptocurrencies. InvestBox provides an opportunity to use different investment plans and earn up to 5% monthly.
Wallets show the currencies a user has. Orders is a separate tab for those who are trading and want to have a look at all the personal orders. It often happens, when a person buys cryptocurrency at a certain price, he wants to sell it at a higher price.
History shows all the operations the user performed. FreeCoins allows the user to get free coins as it goes from the naming of the tab. CoinsInfo is a useful tab for those who follow the cryptocurrency price. Add is calculated for the crypto developers. If you have a personal cryptocurrency, you can add it to the exchange. It will be obligatorily moderated.
Support is available 24 hours a day. Here the users can ask questions to administration and solve all the problems recently appeared. PM is a messenger if you make friends with anybody in chat you can use Private Messages (PM).
How to trade on YoBit?
After the money enrollment, the user has the opportunity to trade. First of all, the client needs to learn information about trading pairs. It is available in the tab Market. There is detailed information about all the currencies. There is also information about the exact number of trading pairs now.
Trade is the main section where all the processes are held. In the middle of the page, there is a brief description of the chosen pair of trading. It shows the amount a day, price range and price diagram. In the bottom, there are blocks of purchasing and selling, active orders and on the right, there is a column showing bargain history.
The clients may use the search service to find the exact currency. The users will see all the available trading pairs. In the field Buy, there will be an order set with the lowest price, in the field Sell it will show the highest current price. The client may change it. Then the user needs to state the number of coins he wants to buy or state the sum he is going to spend.
When the order is completed, you can press the button Buy. Orders that are not completed will be shown in the tab Orders. There the client can also have a look at all the transactions in the account.
The rules of the exchange are quite easy. Every exchange with cryptocurrency requires commission fees. It is 0,2% of the total sum of the order.
Traders and clients together use a special community in Telegram. It is rather big, English and Russian channels together have an audience of more than 140 million users. English channel has 80,000 users, Russian has 60,000. The traders always work together. They follow everybody’s progress. The advantages of this way of communication are safety and high speed. In the channels, traders can communicate with each other and with the administration. The support exchange in Telegram is working 24/7. All the problems are solved by admins within a couple of minutes. You can write a message directly to the admin.
The reviews of the exchange are true. It has survived for a long time. Many users state that the exchange has lots of advantages. YoBit has a high rate in the list of the exchanges. It gets more than 4,5 stars on TrustPilot. The security level is high. It is noted by CryptoWisser experts with the letter “A”. It is the highest one.
Furthermore, many authoritative media in cryptocurrency and blockchain space have positive a attitude and appreciation to the YoBit exchange. For example, Blocknomi gave YoBit 8.2/10 it’s a quite high grade usually received only by top tier exchanges.
The key fact about the exchange is the total sum of a trading volume. It is approximately $50 million. This number shows reliability, safety and trust from the users. There are no problems with withdrawal and support. It is available 24/7.
Summary: Yobit – Scam or Not?
Taking everything into consideration, YoBit is definitely legit and trustworthy exchange. They have been building their reputation since 2014 and made a well-known brand. Moreover, for many traders, YoBit became a place where it’s possible to receive high profits on short-term ICO/IEO and investment plans.
- One of the oldest exchange on the market
- Numerous trading pairs
- Fiat money support
- Responsive customer support
- High level of security
- KYC is not obligatory
- There are no mobile apps
Join YoBit: https://yobit.net/?bonus=PNSig
Telegram group: https://t.me/yobichaten