Yobit Beginner’s Guide & Exchange Review
Yobit is a well-known cryptocurrency exchange created by a group of European developers back in 2014. The company is officially incorporated in Panama.
The platform requires no Know-Your-Customer verification, and registering an account with them is quick and easy. It offers a variety of different cryptocurrency pairs and boasts a large community on Telegram as their English chat has almost 80,000 people in it.
Unlike a lot of the exchanges, Yobit support staff is reachable on Telegram, making two-sided communication a bit easier.
At the time of this writing, the exchange supports English, Russian, and Chinese. However, the chat function supports German and Arabic as well.
According to CoinMarketCap, the exchange boasts average volumes of around $50 million per day, which is formidable and is ranked as one of the top 10 cryptocurrency exchanges.
Yobit
Pros
- Formidable average daily volumes
- Veteran exchange, operating for over 6 years
- Plenty of cryptocurrency trading pairs
- Fiat deposits and withdrawals
Cons
- Lack of advanced trading orders
- Gambling feature in the exchange
- No margin trading available
How to Register on Yobit Exchange
As mentioned above, Yobit requires no personal information thanks to its Know-Your-Customer(KYC) free registration process. The exchange values the anonymity of its users and their privacy and no data is collected. According to a company official, it also doesn’t provide trading history or wallet balances to government authorities. Their Panama offshore registration allows them to avoid KYC and to keep user privacy safe.
In the top right corner of the website’s homepage, there is a “Registration” button that leads to a simple fill-in form. The exchange only requires a username and an email address. Once you’ve set up the password, you will receive a confirmation email. All you need to do is follow the link you get and the account will be opened.
How to Deposit and Withdraw on Yobit Exchange
The next step before you can start trading is to deposit some funds into the account. This is also relatively easy. It’s important to note that Yobit accepts both cryptocurrency and fiat deposits and withdrawals.
On the top navigation menu, there’s a section for “Wallets.” Here, you can select the preferred crypto or fiat currency that you wish to deposit. If you want to deposit BTC, for instance, you will receive the following page containing a QR code and a designated wallet address.
On the other hand, if you want to deposit fiat, you have to select the currency and use the available deposit methods. For example, if you wish to deposit USD, select it from the menu and once you click on the “+” button to deposit, you’d be taken to the following screen:
Specify the amount you want to deposit and the payment method, and you will be taken to the regular check-out process.
Withdrawing money happens similarly. For cryptocurrencies, you will have to enter the destination address for your withdrawal. For fiat withdrawals, you can use one of the available methods.
The interface is straightforward and it also lets you see the status of your pending deposits and withdrawals.
How to Trade on Yobit Exchange
Once you have funds in your account, the next step is to start trading. The overall interface is rather minimalistic, intuitive, and very easy to use. This is how the trading panel looks like:
As you can see, on the top left part, there are the available balances and below them, there are all the markets the exchange supports.
In the middle, there’s a trading chart of the selected pair as well as the buy and sell order boxes with the order books right below them. On the right side, there’s a chat where traders can communicate and engage with support staff and a dice game for those who want to gamble some money away.
Now let’s see how to buy and sell different assets.
How to Buy
Unlike many exchanges, Yobit doesn’t provide different order types. Instead, users can simply specify the amount they want to buy and the price that they want to buy at. Let’s look at an example with the BTC/USDT trading pair.
The above order will execute a buy command for 0.003 BTC at a price per Bitcoin of $9532. The system calculates exactly how much USDT you need for the order, including the fee.
On the other hand, if you place an order to buy at a price lower or higher than the market price, it will be placed in the order book and displayed on the right side of your order boxes, as shown below.
Here, there is an order to buy 0.003 BTC when its price reaches $9150.
How to Sell
Selling is just as easy as it is to buy. The order is virtually the same. Let’s look at the same example.
This sell order will sell 0.003 BTC at a price per Bitcoin at $9727. It will cost 29.122 USDT, including the fees.
Yobit Exchange Fees
Yobit charges both market makers and market takers with a flat 0.2% fee for trading. This is an interesting approach, given that most cryptocurrency exchanges charge different fees for market makers and takers.
However, there are also deposit and withdrawal fees based on the method you select to use. For example, BTC withdrawals require a 0.0005 BTC fee, while other methods such as Perfect Money and Payeer charge a fee between 1% and 10% depending on the currency and the payment method. For a detailed breakdown of the fees based on the selected method, take a look at the official Yobit fees page.
Special Features
Yobit offers a rewards campaign with Cryptotalk where users get paid for every post they submit to the platform.
Furthermore, there’s also a comprehensive affiliate program as well as a weekly Yopony crypto game where users can place bets on one of ten different racing ponies and share in the prize pool of the winning one.
An exciting feature that Yobit offers is for users to receive free cryptocurrencies. Of course, for most parts, these are not mainstream altcoins or Bitcoin but rather new projects that are looking to spread the word through some advertising. As you click on the “Free coins” button on the navigation, this is the page that you will see:
If you click the “Get free coins” option, you’d be usually required to perform a simple task such as sharing a particular link to your social media pages. There’s also a donation option.
The next unique feature is directly related to this one and it’s called Invest Box. It’s available in the navigation bar and people can invest their cryptocurrencies into different plans.
The site claims that this isn’t a pyramid scheme as the profits are paid from a special fund.
Another cool unique feature of Yobit is the games: YoPony game is a weekly crypto horse racing where you can try your luck in a fully transparent blockchain game. Results depend only on a mathematical algorithm. The exchange keeps history of all games
Dice it’s a basically simple dice game. Yes, it’s gambling; however, you try your luck or use betting theories like Martingale strategy.
Yobit’s Support
An important thing to consider when picking an exchange to trade on is customer support. Yobit offers a few different ways to reach their support staff. You can do so through Telegram on the designated channels and the chat on the website. There’s also a very comprehensive FAQ section that answers a lot of the common questions.
Conclusion
All in all, Yobit seems like a proper exchange to trade. Of course, it’s recommended not to keep large amounts of cryptocurrencies on any exchange, and this applies to Yobit as well.
The interface is very minimalistic and easy to use. At the same time, there are plenty of functionalities and responsive customer support to help you with your issues.
There’s a lack of different types of exchange orders, such as trailing stops, for instance, meaning that the experience won’t be as advanced.
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