Yobit Cryptocurrency Exchange Review

Exchanges
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Yobit History

Yobit.net is a well-known cryptocurrency exchange created in 2014 by a group of developers and crypto-enthusiasts from Europe and registered in Panama. It was one of the earliest popular ones due to its usability and adapted interface, as well as the number of cryptocurrencies in the listing. At the moment the exchange is in the top 10 of CoinMarketCap rating.

Specifics of Work on Yobit

Some of the unpopular cryptocurrencies are traded only paired with Bitcoin. However, for the lesser-known and popular coins, the exchange provides opportunities to buy for fiat money and this makes it indispensable for many traders. Many traders use YoBit to trade unusual cryptocurrency pairs and Altcoins with low capitalization.

Registration on Yobit

To register at Yobit.net you need to go to the official website and fill in the form.

  • We come up with a login for the profile. It must be in English.
  • Specify the customer’s actual e-mail address. For better security, it is recommended to use the Google mailbox.
  • Make a complex password of at least eight characters. It must use small or capital letters and numbers.
  • Re-enter the password to confirm.
  • Accepting the terms of the exchange and getting acquainted with the rules of the exchange.
  • Confirming your identity via captcha.
  • To finally confirm the registration, click on the link that will be sent to the specified email address.

Deposit and Withdrawal on Yobit

You can deposit your balance in several ways.

  • Cryptocurrency replenishment. The menu will provide a list of tokens and input and output tabs. If you select the first of these, a unique wallet address will be generated to the cryptocurrency to be deposited.
  • Deposit via OkPay, Payeer PerfectMoney and other services in dollars. It is necessary to select the input menu next to the USD icon and specify the amount of money. Then, enter the account number and password to confirm the money transfer.
  • Replenishment of the balance in rubles. It can be carried out through services Payeer, Capitalist, QiWi-Wallet and AdvCash. Just as in the case of the dollar, go to the menu RUB and enter the required amount. After that we indicate the data of e-wallet and enter the password for confirmation.

Withdrawing funds is quite simple. In the balance tab, choose the currency you want to withdraw and specify the payment details of the account for withdrawal. It happens almost instantly. Noted: there are more ways to withdraw fiat currency at Yobit.net than to deposit it, it’s usually the other way around.

Buying and Selling Cryptoassets

As it was mentioned before, Yobit has an incredible amount of cryptoassets and trading pairs available compared to other services. But, not all accounts can be funded via fiat money: some of them are only available in bitcoin pairs. This may cause some inconvenience, but many services have exactly the same inconvenience with unpopular currencies. In the Orders tab, active requests for deposit or withdrawal of funds by the user are available.

Yobit Commission

Yobit has a very low commission cost, withdrawal to QIWI purse is with 0% commission, while Exmo has about 3%. Replenishment from some accounts in rubles is also interest-free. It should be noted that the value of the commission for depositing an exchange account from a QIWI wallet may vary. Basically, the changes are insignificant: from 0% to 5%. Therefore, the commission is not an indicator – sometimes, all exchanges price tags for fiat transactions just burning outrage – one is glad that sometimes.

Security on Yobit

It is worth being quite careful when reading the rules of the service. At any moment, the management can withdraw any currency from the listing without asking the user’s opinion. If you had savings in this currency, then within two weeks of its withdrawal, it is worth contacting technical support, so that they would restore the accumulated money in some equivalent. Also, it is worth remembering about the responsibility for the trades. After all, every trader chooses whether to make a deal or not. The result after conclusion of the deal will be irreparable.

If, when depositing funds, you enter someone else’s wallet address and confirm the transfer, it will not be possible to return the funds. So, you should be careful when entering your personal data and check it a few times before you confirm the transfer. There is a security feature:

  • Two-factor authentication;
  • Notification to email at login, withdrawal;
  • Withdrawal freezing on suspicion of hacking.
Pros
  • Large number of cryptocurrency pairs
  • No KYC
  • Deposit to exchange Fiat money
  • Exchanging cryptocurrency for Fiat money
  • Withdrawal of Fiat money without intermediaries (Visa/Master, Qiwi, AdwCash, etc.)
  • Relatively low commissions
  • Possibility of alternative earnings (investments, virtual mining)
Cons
  • Fiat deposit and withdrawal fees change
  • There are already almost dead coins
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