Investing in Bitcoins and other altcoins is taking the investment world by storm. Undoubtedly, the risks involved in making such speculations are quite high, but the rewards are equally tempting. Now, whenever you plan to trade crypto coins, you’ll first have to sign up to an exchange.
Speaking of which, there are a lot of exchanges that allow cryptocurrency trading. Being overwhelmed with so many options, you’ll find it challenging to sign up on the most suitable exchange. Well, that’s exactly where this review will help. Today, we’re reviewing one of the most popular trading portals—YoBit. In this review, you’ll learn nearly everything about this exchange starting from its sign-up process to safety.
So, let’s get down to the real deal now.
YoBit isn’t new to the crypto world. As a global exchange, it serves a lot of countries across the globe. The portal was officially introduced in 2015 on a BitcoinTalk.org form. The team that works behind this portal are located in Russia, and it does all the work that should be done by a reliable cryptocurrency exchange. Here’s how the trading dashboard of this portal looks:
By just glancing at the website, you’ll know that the interface is clean and precise. What’s more, the site is easy to browse. Also, as the site is simple to use, crypto trading can be done without any hassles.
The homepage of the website has a number of tabs comprising “Trade,” “Market,” “InvestBox,” “Wallets,” “ICO,” “CoinsInfo,” “AddToken,” “Support,” and “PM.” (We’ll explain each of them individually further on.) On the extreme right-hand side of the homepage are two tabs, one is “Registration” while the other is “Login.” The site is an international exchange and is therefore available in three languages—English, Russian, and Chinese.
Now, let’s get to know what’s inside each of these tabs.
This page gives the lowdown on all the digital currencies that are disrupting the crypto coin ecosystem. This portion has some graphs that can give traders the most actionable insights into which coin is worth investing in, and which one is not. Besides, this webpage gives the details on trade history, buying orders, and selling orders. There’s even a separate section on the available balance in your account. Plus, to improve the user experience, the site gives you the ability to trade the crypto assets with a single click.
This page gives a whopping list of 7,052 active pairs of crypto coins. (That figure is what we saw while reviewing the website and it can change according to the market’s conditions.) Here, every altcoin is paired with Bitcoin; apart from that, there are details on every pair’s 24-hour volume, its pricing, and the highest and lowest point for a cryptocurrency in the last 24 hours. Overall, there’s a lot of info that any prudent investor will need to use before making an investment.
This page allows all the coin creators to list their free coins on InvestBox. Yes, this is a tool that lets developers promote their coins easily. However, InvestBox isn’t a HYIP or a Pyramid in any way. Here, every payment is made from specialized funds. These boxes are likely to change the status from “No coins” to “Active,” and the investors can close their investments anytime—that’s basically what makes this feature safe to use.
As the name correctly suggests, this platform has a gambling feature that allows the users to win big by betting on crypto assets. And the way to bet here is quite straightforward. Through Dice, you’ll bet using a crypto coin; the winning amount will be proportional to the amount of a bet you’re making. The process is quite simple and clean—all you need is luck if you wish to win.
This is your on-platform wallet where you’ll be able to view your total balance, the number of crypto coins you hold, order details, deposits, withdrawals, and whatnots. Once you log into the site, you’ll know every single detail about all the digital holdings that you’ve traded using YoBit.
We all know that crypto tokens are gaining traction these days. So, a reliable crypto exchange will be the one that can list all the upcoming and live tokens from their ICO list. That’s what YoBit is doing; it’s giving a solid opportunity to investors to find and buy some of the red-hot tokens at one place. On this site, the token can be bought with one simple click. Plus, you can even check the forum talk of every listed token before making a final investment decision.
This section is a paradise for a true crypt enthusiast. At CoinsInfo, you’ll find a variety of details on any specific crypto coin; these details include information on the coin’s PoW/PoS, algorithms, money supply, and ticker symbol. These details may not be relevant to the casual investors, but they’re super important for all those investors who’re into mining and who want to get a deeper understanding of a specific cryptocurrency.
This section is for all those who want to have their token listed on YoBit. The listing process is quite simple—it’s just that you must fill in a form, and then you’re all set. Since there’s just a single form, we believe it won’t take much time for any business to get its token listed on this website. (The site lists only those tokens that follow the ERC20 standard.)
Since there’s a dedicated tab for client support, the platform is fully committed to delivering the highest levels of customer satisfaction. This support section is based on a ticket system—you raise a ticket, and then your problem (ticket) will be resolved. Within the tab, there’s a separate section where all the coin-launching businesses (developers) can raise tickets requesting coin maintenance.
The site is big on the idea of communication, and that’s why it’s got a dedicated messaging client for its users. The way to compose and send the message is simple on this website. So, if you want to communicate with different traders on this platform, then this messaging client will help you a lot.
Now, since you’ve got a fair idea about the site, let’s get to know how you can sign up on this network.
Signing up on YoBit
Step 1: Visit the website and click the “Registration” tab as shown below.
Step 2: On the registration form, you’ll have to fill all the necessary details. Once complete, just click the “Register” button.
Step 3: Now, head towards your email inbox and search for YoBit’s mail. This mail will be carrying a verification link; you’ll need to click that link.
Step 4: The exchange will recommend you use 2-factor authentication.
For this authentication, you need to install Google Authenticator app. Once the app is downloaded, you’ll use it on your mobile phone to scan a 2FA QR code that’s present on YoBit. Copy that code and keep it inside your secret key; we’re recommending that you do that as you’ll need the code in case you lose your phone.
Now, input the six-digit code from the app to that 2FA form; then click “Enable.” From now on, you’ll use Google Authenticator whenever you log into your account.
Congratulations! You’ve successfully registered yourself on this exchange. Now, let’s deposit some funds so that you can begin some actual trading action.
Funding your YoBit account
On YoBit, you’ll be allowed to deposit RUR, BTC, USD, and other currencies. To deposit USD in your account, you may use Capitalist, PerfectMoney, Payeer, and OkPay. To deposit RUR, however, you’ll be allowed to use Capitalist, QIWI, and Payeer.
For any currency
Now, to deposit the funds, you’ll have to go to the wallet page first. Here, you can browse through all the available currencies using the search bar or scroll bar. Once you’ve finalized the currency that you wish to deposit, you’ll have to click the “+” button as it’s shown in the image below.
To deposit BTC, however, you’ll use the address that’s available; you may even use the QR code as your receiving address when you have to send or buy Bitcoins from a third-party exchange or an agent. You can easily obtain a brand-new address for your upcoming deposits by clicking the “Obtain new address” button.
How should you buy cryptocurrency from YoBit?
Now as you’ve successfully funded your account, you can begin trading on this ecosystem.
First, you’ll visit the Trade page and pick the specific trading pair that you want to use. As an example, we’re using the ETH/BTC pair.
For example, you make a BTC deposit that you want to use to buy ETH. To buy ETH, or any other currency for that matter, you’ll need to fill all the fields—Amount, Price, and Total. You’re allowed to input a specific price that you believe is apt to buy, or you may even pick from Buy Order that’s located right below the trade form.
Enter the final amount that you want to buy and once you enter that, the Total field will be filled automatically. Likewise, you may feed the total amount of BTC that you wish to spend, and the Amount field will be filled simultaneously. Overall, you can fill the details in any form you like. Now, once all the details are filled, you’ll have to click the Buy button. (And the same process is applicable for selling your crypto assets on this exchange.)
Is YoBit safe to use?
You have now successfully traded on YoBit—but what about the safety part? Well, the exchange is safe because it follows 2FA or two-factor authentication. In addition,, the portal uses a login verification security feature that’ll be activated through your email. We think that more and more trading websites should use this feature because it seriously maximizes the security of a user’s funds.
However, enabling the 2FA is optional. Nevertheless, regardless of the platform you’re using, you should enable this chief feature whenever your account is activated.
The portal also provides a ‘Freeze withdrawals’ feature that can be easily accessed from your profile’s setting page. The feature is very useful if you feel that your funds can be siphoned off anytime.
To raise its user’s security game, this exchange is providing the following techniques:
- A proper file systems encryption.
- Secure Sockets Layer.
- An intelligent system for analyzing and blocking queer transactions.
- Hot/cold wallets.
- Two-factor authentication.
- YoBit Codes are provided for transactional purposes.
YoBit’s customer support
To access customer support on this platform, you’ll have to log in to your account. Once you’ve logged in, you’ll have to go to its Support tab and raise a ticket. The site claims that a large share of the support tickets will be opened within a single hour. However, when the number of complaints is high, you can expect to get a response within a single working day.
Withdrawing cryptocurrency from YoBit to your crypto wallet
Withdrawing the funds from this site is as simple as making a deposit to it. So, when withdrawing the funds, you’ll have to go to the wallet page first. There, you’ll have to pick a currency that you want to withdraw. Once you’ve decided the currency, you’ll click “-“symbol. In the example below, we’re withdrawing BTC.
Now, you’ll have to input your withdrawal address that can be linked to either an exchange wallet or a third-party one. Once you’ve keyed in your wallet address, you’ll add the withdrawal amount. The withdrawal fee charged by the exchange is displayed and fixed.
Once you’ve filled in all the details, you’ll click the “Withdrawal request” button. Afterwards, you must follow some simple-to-understand instructions to complete the entire verification process. The withdrawal, however, will remain unprocessed until you finish the whole verification process via email confirmation and/or Google Authenticator.
All in all, this portal is one of the most user-friendly and feature-packed exchanges that we’ve reviewed so far. On this platform, you can trade using a lot of cryptocurrency pairs; you’ll be spoiled for choice. Plus, accessing the trading page is quite simple—it’s just the homepage! There’s even a wallet page where you’ll view your deposits and withdrawals. The site also has a game and a faucet of coins as well. From the looks of things, the exchange has avoided using any bells and whistles; and that’s certainly commendable. So, with all this in mind, the site offers a complete package that prioritizes authentication, values transparency, and simplifies crypto trading by a wide margin.