YoBit exchange: pros and cons
Letâ€™s analyze Yobit exchange for the following parameters: reliability, commission and daily volumes. Letâ€™s consider the interface of the exchange.
From the advantages of the exchange, we can note many features for users Â â€“ InvestBox (an investment platform where you can get up to 10% a day from the deposit), Dice (a kind of casino), investing in ICO and adding your coins to the exchange, the constant addition of new cryptocurrencies to pairs.
The exchange receives a lot of negative comments every day, but it is still very popular, and the daily trading volume on Yobit approaches $ 26,000,000 USD.
The exchange has been operating since 2014, withdraws money and works quickly.
The number of trading pairs is about 6000.
The team is trying to take into account all the complaints on the malfunction.
The interface of the exchange is overloaded with details, but it’s easy for even a newcomer to understand it:
The main advantage of Yobit is the optional verification of accounts. For trade, you do not need to send scans of passports, driving licence, selfie with documents, DNA samples and fingerprints. Cryptocurrency can be withdrawn without all voluntary regulations practiced on other sites.
Such gray and thus liquid platforms are now extremely in demand and valuable.
But there are also disadvantages: because there is no verification, it will be very difficult for you to contact technical support if you lose access to the exchange, or your password is stolen. You must ensure the security of your account by yourself.
Be sure to include the function of two-factor authorization in your account of Yobit. To do this, you need Google Authenticator on your smartphone. The application sends you the codes that Yobit will request to confirm the the operations.
This additional level of protection is necessary when working with any exchange: because of the critical vulnerabilities of operating systems and processors, almost any computer can be hacked. Even if you know how to identify phishing links.
Deposit and withdrawal of funds is carried out through the payment systems â€œPayeerâ€�, â€œAdvCashâ€�, â€œPerfectMoneyâ€�, there is no commission for deposit, for the withdrawal of dollars – 3% of the sum.
The trade commission of the exchange is 0.2%.
Technical support does not always answer and solves problems, but tries to respond to applications from users. The main drawback of the exchange is a huge amount of feedback on the poor performance of technical support and the funds stuck when withdrawing and depositing.
On the other hand, our entire team has been trading on Yobit for a long time and we did not notice any problems.
How to trade on YoBit
Letâ€™s have a closer look at trading. We will take FNTB as an example https://yobit.net/en/trade/FNTB/BTC#1M
In order to place an order to buy a token at the desired price, you need to fill in the fields in the BUY (1) section. You need to specify the purchase price and the number of tokens, the rest is automatic.
If you want to immediately buy tokens at the price that other market participants offer, click on any SELL order (2) – then the fields in the BUY section will be filled in automatically and you will only have to click on the green “Buy” button.
Similarly, you can sell tokens in the SELL section.
With all the reservations, we can recommend Yobit as the last, not very stable though island of freedom in centralized cryptocurrency ocean.