Review of YoBit Exchange (2024)

How to Set Up Your YoBit Account

It is easy to set up a YoBit account by following these steps:

1. Go to the YoBit homepage

2. Click “Register” in the top right corner

3. Enter a username, email, choose a password, and accept the terms of service, then click register.

4. Verify your account through the email link they send

5. Complete the captcha

6. Done! Watch a short video and activate 2FA as recommended.

How to Make a Deposit on YouBit.net Exchange

Depositing and withdrawing on YoBit.net is actually extremely easy. Just complete the following steps:

1. Hit the wallet tab.
2. Select the coin you want (BTC, ETH, USDT).
3. Hit the “+” sign in the deposit column.
4. Your deposit address will now display. Copy your address into whatever other wallet you are sending from.
5. Your coins should arrive in a matter of minutes.
6. To withdraw simply follow the same instructions but hit the “-” sign in the withdraw column.

How to Use YoBit.net

It’s easy to use YoBit.net for trading crypto and participating in DeFi. Before being able to do anything you will need to fund your account with crypto or USD/RUB through YoBit’s payment processors.

After you have funded your account, simply find the assets you wish to trade and make an order. Both maker and takers pay 0.2% in trading fees, which is low compared to other industry competitors. You can trade manually under the “Trade” tab or have YoBit automate your trades by using the RoboTrade option.

How to use YoFarms

It is easy to start using YoFarms, just follow these steps:

1. Go to the YoBit homepage

2. Log in to your YoBit.net account

3. Click the “YoFarm” tab at the top of the page

4. Choose an asset pair from the list

5. Click “Farm”

6. If you don’t already own each asset in the pair, you can swap on the farming page.

7. Add your desired liquidity to the pool

8. Start earning! You can claim your rewards from the YoFarm landing page under “Get $$$”

What You Can Buy on YoBit

YoBit Exchange has a wide selection of crypto assets and trading pairs available. There are 400+ coins and tokens available across 3900+ trading pairs. Some of the digital assets available for purchase and sale on YoBit are:

• Bitcoin (BTC)
• Ethereum (ETH)
• STEPN (GMT)
• Dogecoin (DOGE)
• Shiba Inu (SHIB)
• Tether USD (USDT)
• USD Coin (USDC)
• Terra (LUNA)
• Litecoin (LTC)
• Zcash (ZEC)

For a full list of supported assets and trading pairs, visit the YoBit Markets Page.

Best Features

First off, RoboTrade is YoBit exchange’s automated trading mode. Users can set buy and sell orders with rules in place. RoboTrade will then execute trades on your behalf even while you are away. It is free to use.

One unique aspect of YoBit is the real-time chatbox that you see on the front page. It’s mostly just noise but it does add somewhat of a community feel to the exchange.

YoFarms allow you to participate in DeFi by adding liquidity to pools and earning rewards. There are a variety of pools available with APYs from 20-260%. Rewards are paid out daily in proportion to the amount of liquidity you provide. Many crypto influencers have pointed to the significant APYs as one of the primary reasons to use YoBit.

Finally InvestBox is a tool for developers to promote their coins. Users can deposit their free coins they received and earn more.

Potential Dealbreakers

There are not a ton of dealbreakers for YoBit. However, the withdrawal fees for crypto and fiat can be high compared to competitors.

In addition, there is no mobile application available for YoBit and the customer support options are somewhat lacking.

Is YoBit Safe?

YoBit is registered in Panama and has never experienced any hacks to date. That said, due to there being no KYC required on the platform, there is a chance that bad actors could be on the exchange.

The exchange does require two-factor authentication for users to withdraw any funds from the exchange, but there are no other security measures noted by the exchange such as cold storage or security audits.

What are YoBit Fees Like?

YoBit charges reasonable trading fees for all their trading pairs. Both maker and taker trades incur a 0.2% transaction fee, which is in line or better than many competitors.

There are no deposit fees for crypto apart from the network fee you pay to send the transaction to the exchange. There is a 1% deposit fee for using Capitalist to fund your account, but the other fiat methods are free. Crypto and fiat withdrawal fees are quite high. Fiat withdrawals incur a minimum 1% withdrawal fee and go as high as 6%. Crypto withdrawal fees vary by the coin or token but can be quite high, with BTC withdrawals incurring a 0.0012 BTC fee (about $40 USD at current prices).