Yobit.net exchange is an international platform for exchanging and trading cryptocurrency. Operational since 08/25/2014. The exchange was founded by a group of traders and developers from Europe and is registered in Panama in a closed offshore zone. According to information from open sources, the legal entity YobiCrypto corp. at 0801−3254 Panama City, Plaza 2000 Tower, Calle 50 Panama. The official website is presented in Russian, English, Chinese.
The exchange is distinguished by a wide selection of currency pairs, minimal commissions for depositing and withdrawing money. It is also offered to receive free cryptocurrency using faucets, play in a casino, earn money from an affiliate program and carry out an ICO.
General information and interface
It is impossible to find information on the Internet where the yobit .net exchange is geographically located and information about its owners. The site does not have an “About Us” section or any communication channels. Support for a Russian-language interface and withdrawals in rubles give rise to rumors that Yobit has Russian roots, but it is not known for certain whose exchange it is. You can learn about the life of the service from Twitter and on the Bittalk forum. The main domain yobit.net was registered in 2014 in the USA. After blocking by Roskomnadzor, the yobit.io mirror was opened, which is already more than a year old.
The site interface is represented by three vertical columns and a horizontal panel at the top of the screen. The panel contains a menu with which the user will navigate through sections. The side columns are fixed and will not change when moving between pages. The central part will load the selected section. Russian-language interface is supported. You can select a language in the upper right corner of the screen.
Possible problems and their solutions
Users have different opinions about the Yobit exchange. Some people believe that the site administration is scammers. And that’s why traders so often have problems with financial transactions and contacting technical support. Despite this, there are also many people who successfully carry out their activities on the site.
As for difficulties, beginners who have never worked with such services really have a lot of problems. Even considering that the site is completely Russified. Therefore, if any problems arise with transactions or work, you must contact technical support.
Registration on YoBit.net
An unregistered user sees all the functionality similar to a registered one, but cannot perform any operations. To start working, you need to register and log in. The “Registration” button is located on the right side of the horizontal bar located at the top of the page. When clicked, a pop-up window with a form will appear.
Fill in:
- Login (in English);
- Email;
- Password (twice);
- A check mark indicating that you have read and accept the site rules;
- Captcha.
A registration confirmation letter should be sent to the specified e-mail address. Follow the link from the letter.
Functionality and tools. Site pages and sections
Support, Chat and PM
Page for creating a ticket and communicating with the administration. It is worth noting that they respond more than promptly (in English), at least we can say about this based on personal experience:
PM (Private Message) page allows you to send a message to any member of the Yobit exchange. To do this, you need to know the recipient's nickname.
On any page of the site at the very top of the right column there is a chat for communication between site users.
AddCoin, ICO
Using the “AddCoin” main menu item, you can send a request to add your cryptocurrency to the exchange to participate in trading.
The Yobit exchange provides a tool for the initial placement of tokens (coins) - ICO. And this, firstly, is an opportunity for those who want to raise funds, and secondly, for most users, it is an opportunity to participate in the ICO by investing their money.
CoinsInfo
Provides information (in table form) about each cryptocurrency presented on the site: full name, abbreviation, etc.
How to create a wallet on YoBit
After registration, visit the “Balances” section.
The exchange automatically creates wallets for each currency available for input and output. You will see a sign with a list of all wallets. It may seem small, but it actually scrolls, it's just that the slider is so small that it's not visible. Hover your mouse over the table and scroll the wheel down. To find the wallet you need right away, use the “Search” field above the table. Opposite the one you are interested in, click “+” in the “Enter” column.
If you are interested in how to add cryptocurrency to your yobit.net wallet, the service will display the generated address in a pop-up window. You need to enter it in your wallet, exchanger, or the service from which you are going to withdraw money.
To top up your account with fiat money (rubles or dollars), a pop-up window will ask you to specify the amount and select one of the available payment systems for topping up. If QIWI is selected, the system will ask you to enter the wallet number from which the deposit will be made. After clicking the “Next” button, the system will issue a Qiwi wallet number for transferring the specified amount from the wallet whose number was entered in the previous step.
You may be pleased with commission-free input, but don’t be fooled. The cryptocurrency rates of this exchange are inflated compared to other sites, so it is difficult to say whether you will be able to save money.
After the completed manipulations, the replenishment operation should appear in the “Pending Deposits” table under the table with wallets. When the funds are credited, the entry will disappear from the table, and the balance in the table with wallets will change.
Dice game - catch your luck by the tail
An opportunity to try your luck and find out which side is on your side. If the user loves drive and the feeling of winning the jackpot, the game is for you. It is built like a regular dice game. You only need to select a currency, your bet and set the amount. The whole point of the game is to win 50 to 50. One of the options will mean victory, the other will mean loss of funds. Therefore, you should be wary of this section as it is of a more entertaining nature.
How to trade on the YoBit cryptocurrency exchange
Now that the balance is replenished, you can start trading. Trading on the Ebit exchange is no different from other platforms. It is carried out in the sections “Trade”, “Market”, “Orders” and “History”. Our instructions for working on yobit net:
- Go to the "Market" section. A table with currency pairs will be slow because it needs to load more than 6 thousand rows. Select the currency pair you want to work with from the table and click the mouse.
- The service will redirect you to the “Trade” section. It contains a chart of the selected pair, forms for buying and selling, order books, as well as the history of transactions for this pair.
- To quickly navigate through currency pairs, you can use the “Market” widget in the left column of the site. Let's look at how to exchange btc for rubles. We need a BTC/RUR pair. Select RUR from the squares located above the table, and BTC from the table itself. To filter the list, use the search field. Then fill out a sell order.
- The chart of the cryptocurrency pair is presented in the form of Japanese candlesticks.
The trader’s task comes down to analyzing candles and making a forecast of the course behavior. Based on it, buy and sell orders are created. Creating an order should not be difficult, just indicate the quantity and the desired price per coin. The service will calculate the cost of the transaction taking into account the commission, find a counter order that meets the conditions, the most profitable one, and complete the transaction. Or the order will wait until one is found. - If you need to sell or buy quickly, click on any order from the order books, the forms will be filled in automatically, all you have to do is adjust the quantity. The minimum order must be at least 10 thousand satoshi.
- The “Orders” section contains a list of all your orders for all currency pairs. Here you can cancel an order for yobit by clicking on the cross in the far right column. You can only cancel an order that has not been executed; completed transactions cannot be canceled.
- In the “History” section you will find all events in all exchange services.
Advantages and disadvantages of the Yubit exchange
Like any other cryptocurrency trading platform, the Ebit.net exchange has its pros and cons.
The following advantages of the YoBit cryptocurrency exchange can be noted.
- An impressive number of couples. Thanks to this, the platform takes a leading position in this parameter, ahead of even many top exchanges.
- Lack of verification. This again distinguishes the YoBit exchange from many other cryptocurrency platforms where users are forced to undergo mandatory verification in order to deposit and withdraw funds in fiat currency.
- Support for new cryptocurrencies that can be added to the exchange. If this or that new product is of high quality, then it may well gain popularity in the cryptocurrency market and bring huge profits to its creator.
Of course, the Ebit exchange has some disadvantages.
- Difficulty in using, as the site is often overloaded and slow. This is probably one of the main reasons for the low demand for Yobit among experienced traders.
- A meager trading volume that does not attract truly large players who regularly trade for tens and hundreds of thousands of dollars.
- "Empty" cryptocurrencies. There is practically no trading of individual pairs on the Ebit cryptocurrency exchange. Approximately half of all pairs are supported by the platform just like that.
How to withdraw funds from YoBit
Again, go to the “Balances” section and look for the currency to display in the list. If the search is difficult, check the “Hide zero balances” checkbox to see only those wallets that contain money. To withdraw funds, click the “-” button next to the currency whose balance is not zero. A pop-up window will appear.
Withdrawal of coins from the exchange using LTC as an example.
If you are thinking about how to withdraw zec, btc, eth or any other cryptocurrency from YoBit, you will need to enter the amount and address of the wallet where you want to see your coins. If it is rubles or dollars, the form will display several places where you can withdraw money. You can withdraw from yobit to a Visa/Mastercard plastic card in the same way as you can withdraw to qiwi in rubles.
Note that you can deposit funds on yobit.net without commission, but when withdrawing it is very high. After filling out the application, you will need to confirm it from the mailbox specified during registration. Once you do this, the application will appear in the Pending Withdrawals table.
Yobit in numbers
The Yobit exchange has been on the market for 6 years and during this time it has never been hacked. Over 5 million clients use its services every month. According to the coinmarketcap.com service, the daily trading volume exceeds $ 50 million
There are 505 different cryptocurrencies available for trading. We bring to your attention the Top 3 traded currencies (given daily volumes):
- Ethereum (ETH/BTC) – $12,677,761 (38.48%).
- Dash (DASH/BTC) – $8,144,997 (24.72%).
- Zcash (ZEC/BTC) – $6,636,629 (20.15%).
Bitcoin (BTC/USD) occupies only 9th position – $49,889 (0.15% of the total trading volume).
Safety
Let's start with the fact that the exchange does not carry out a verification procedure. The service rules state that it is possible to freeze an account and request documents for verification if complaints are received from payment systems.
To improve security, the service offers to enable two-factor authentication during authorization. You can enable it in the “Settings” section. Hover the mouse over the nickname in the upper right corner of the screen, a context menu will appear to go to settings.
Download the Google Authenticator app on your smartphone and scan the QR code on the settings page with your camera. The application will give you a 2fa code, which you need to enter there. After clicking the “Enable” button, entering only your login and password during authorization will not be enough; you will need to enter codes generated by the Google Authenticator application.
If you read the terms and conditions of the yobit.net cryptocurrency exchange when you registered, you probably noticed that the site reserves the right to change the list of currencies. This means that tomorrow any cryptocurrency may disappear from the site along with your balance. Within two weeks after this, you can request a withdrawal of your funds from yobit.
Be careful what you buy. Yobit is famous for its huge number of currency pairs. Not all of them are worthwhile. It is quite difficult for new coins to get onto, for example, Bittrex or Binance. Here this procedure is simplified; all you need to do is pay a small fee. The result is that the exchange has a lot of dubious coins, which are sometimes disguised as well-known coins in order to push users to buy.
Be careful when withdrawing money from yobit.net. If you enter the wallet number by mistake, no one will return the funds, as well as in case of erroneous transactions.
In the right column you may have noticed chat in different languages. Only users whose balance exceeds 0.02 BTC can chat. This is done to prevent spam from newly registered bots. The chat rules prohibit swearing, insults, discussions of politically sensitive topics, and negativity towards the administration.
AddCoin - especially for creators.
The crypto exchange represents the interests of developers, people who themselves create various new types of cryptocurrencies. If you are a coin (coin) developer, you can attract it and add it to the general section of the exchange for trading. After passing moderation, coins are added to the general list of functioning coins for trading on the site. Thus, people come from referrers, they can learn new information and purchase a completely new coin that was just added by the developer.
Referral program
Ebit rewards those who bring new users. They promise a 20% commission from referral transactions. You will find an affiliate link for distribution in the “Affiliate Program” section. You can get into it using the “Affiliate” link from the menu that appears when you hover your mouse over the login in the upper right corner of the screen.
To encourage referrals, you can create Yobit codes. These are vouchers with a small denomination for transfer to other users. By activating the code, they will be able to top up their balance on the yobit.net exchange. The section with yobit codes is also available from the context menu by hovering the mouse over the user name in the upper right corner of the screen.
Differences from a Forex broker
When buying cryptocurrency through a Forex broker, in fact, you are not buying currency, but a contract for difference in prices, which does not imply the subsequent delivery of currency to your wallet upon completion of the transaction. On the exchange, all purchased currency belongs to you, and you can withdraw any cryptocurrency directly to your wallet without conversion.
However, only a few exchanges offer margin trading, so you will need a fairly large amount of capital to make speculative trades.
In fact, the exchange and the decentralized Forex market have fundamentally different purposes. Forex is convenient for making money by speculating on currency exchange rates. The exchange is convenient for long-term investing, since no one will definitely take away the purchased asset from you.
additional services
In addition to standard trading, the exchange provides several interesting services.
Dice game
Built-in casino. The player places a bet and tries to guess which random number will be drawn, “less than 48” or “over 52”. If you guess correctly, the bet made is doubled; if not, the Yobit exchange takes the money for itself.
You can go to the game page from the top menu using the “Dice” link. Also, the already completed form with a bet of 0.01 BTC is located under the chat in the right column. Users note that the layout of the mobile version of the interface is implemented crookedly: the chat and game buttons are on the same level. Many people, while chatting, accidentally click them and lose money.
Of course, no one forces you to play Dice. But since mid-2017, the game has been made mandatory for those who want to participate in the Investbox program.
Investbox
Analogous to bank deposits. Let's look at how to work with this yobit service. You buy cryptocurrency for a certain amount and receive interest on it every day. The size of the initial amount and interest depends on the chosen investment plan. You will see the list of plans in the table by following the link in the top menu to the “Investbox” section.
The table contains all the necessary information: the size of the maximum and minimum contribution, percentage and frequency of payments. Please note that a small percentage is charged for popular cryptocurrencies (0.1% per day). Unpromoted little-known crypts give 5-10%.
According to Yobit's plan, everyone will benefit. The exchange will increase the number of deposits, developers of young coins will be able to increase the popularity of their brainchild, and investors will be able to earn money. Money for payments is taken from the exchange’s own funds and deposits from the developers of new coins.
At first glance, it may seem that there is no risk in participating in the project. But many coins are very little known, some are not in the CoinMarketCap.com ranking. Yobit is guaranteed to pay the interest, but if tomorrow the cryptocurrency depreciates, the losses when transferring to fiat will be greater than the accrued interest. As for investment plans for bitcoins, ether and other popular coins, they are paid for by the exchange itself to increase deposits.
You can create a deposit by entering the number of coins in the field opposite the plan you are interested in and clicking the “Invest” button. You can even create your own plan. To earn interest, there is a mandatory condition: every day you must play Dice 5 times for any amount. Otherwise, no interest will be charged.
Free Coins
Section for freebie lovers. It is a faucet that distributes coins once a day. Don’t expect bitcoins and ethereum there; for the most part they give little-known cryptocurrencies, the distribution of which is sponsored by their developers. The section is not available to those who have just registered; it will be visible only after 7 days.
Users don’t quite understand why this is needed or how to get rid of and withdraw free coins. Payouts are minimal; it is impossible to charge an amount to pay for even one order. Most likely, this is how the platform wants to motivate customers to purchase additional coins to carry out trading operations. This service can be considered a pleasant bonus rather than an income stream.
ICO
The section is intended for the purchase of new coins that are not yet traded on yobit.net and are in the stage of collecting investments. The table provides information on each project and a link to the bitcointalk forum to familiarize investors with the essence of the startup.
In order to successfully invest and make a profit, you need to foresee which coin from the list will “shoot” after it is released on the exchange. And since anyone can add ICO and cryptocurrency to the exchange for a small fee in the “AddCoin” section, treat this with caution, there are many dummies among them.
The exchange has a “CoinsInfo” section with information about different cryptocurrencies. “Support”, the work of which causes user complaints. Personal messaging system “PM”, designed for private communication between users from chat.
Lately, there have been a lot of messages from exchange clients about frozen fund transfers and money simply disappearing from accounts without a trace. Payments sent to exchange addresses do not arrive, or withdrawals are stuck “in progress” and do not move for months. Users say that calls to technical support do not yield results; they are simply ignored.
Of course, there will always be negative reviews about any service, but in the case of fuck, there are a lot of them. Users even took the time to create a website where they describe their experience with the exchange. We have given all the information about the yobit exchange, but it’s up to you to decide whether to work with it or not.
Similar exchanges
Yobit has analogues - other exchanges that differ in trading conditions, number of available currency pairs and functionality. Below are examples of exchanges that are similar to Yobit, but have their own differences.
EXMO.ME
EXMO is a cryptocurrency exchange founded in 2013 by entrepreneurs from the CIS. The platform supports Russian and Ukrainian languages, and available fiat currencies include the Russian ruble and the Ukrainian hryvnia. There are 180 currency pairs available for trading on EXMO. To trade on the exchange, you must go through a verification procedure. For bank card users, in addition to identity documents, you must take a photo and a selfie with the card.
Binance
Binance is a cryptocurrency exchange launched in 2022. The company's headquarters are located on the European island of Malta. The main features of Binance are low trading fees and a large number of supported cryptocurrency pairs. In addition to the exchange, the company has released its Binance Coin (BNB), the educational portal Binance Academy, and also plans to open a cryptocurrency bank in Malta and launch a separate exchange for US citizens. For fiat deposits and withdrawals, you must go through the KYC verification procedure.
Livecoin
Livecoin is a cryptocurrency exchange of the British company Delta E-Commerce. The site began operating in 2015. The exchange is popular among users from the CIS countries. Livecoin supports over 350 coins, which form over 900 trading pairs. The list of supported fiat currencies includes rubles, dollars and euros. To trade on the platform, it is not necessary to undergo verification. Without providing identification documents, you cannot make deposits/withdrawals of funds through bank transfers and trade large amounts.
