What is a Yobit Exchange? Should I trade on Yobit? Check out the reviews and registration guide here now!
About Yobit Exchange
Yobit (Yobit.net or Yobit.io) was one of the exchanges that was born in 2015, the exchange was based in Russia and quickly spread to other countries. The exchange was first introduced at the BitcoinTalk forum. Yobit emerged along with other exchanges such as Bittrex or Poloniex.
The Yobit cryptocurrency trading platform has accepted payments by Crypto and Fiat currencies. Currently, Yobit has become a global trading platform and is supported in most countries around the world including big names such as the United States, UK, Russia, China and Germany. Yobit is one of the popular digital brokers with a friendly, fast-paced interface and supports YobiCode, API. Yobit supports 3 languages, English, Russian and Chinese.
Yobit Floor Review
- High security: YobiCode (verification code when sending money), Security 2FA (Google Authenticator and email).
- Faster system access thanks to api (Btc-e format).
- Simple interface: Users can trade on a screen without moving.
- Quick loading/withdrawal time. No deposit fee is charged.
- Supports many tokens: YoBit supports new tokens that other major exchanges do not have, mainly tokens from ICOs.
- Supports trading with Fiat: YoBit allows investors to trade coins with fiat currencies such as USD and EUR.
- No identity verification required: When participating in trading coins on Yobit, you do not need to verify the account, but it is still possible to deposit/withdraw unlimited funds.
- Many negative reviews come from the crypto community.
- There is no information about the company, the founder.
- No Vietnamese support.
- There is no app on the mobile phone.
- Do not support transactions with Fiat (VND).
- There is no stop limit command.
- Transaction fees are quite high at 0.2%, while Binance is only 0.1%.
- Margin trading is not supported.
- Do not support customers via Telegram channel, Facebook.
The transaction fee is 0.2% of the total number of transactions, the fee will be charged collectively for both the maker and taker:
- Maker: If you place a buy/sell order that doesn't match right away, i.e. the price is greater than the floor price when selling and lower than when buying, then your order will show up on the "Open Orders" section then you will be a Maker.
- Taker: If you place a buy/sell order that matches right away, i.e. the price you set is equal to or greater than the floor price when buying, which is lower than the floor price when selling, then you will be Taker.
The deposit/withdrawal fee will be calculated by wallet. In which:
- The deposit fee will be free if the user tops up USD via: Perfect Money, Okpay Advcash, Capitalish; Payeer charges $2% per deposit and Qiwi wallet is 5% RUR.
- Withdrawal fee from 1% RUR to 3% RUR and 5% with USD.
Yobit's main interface includes:
 Robotrade: Where you create Buy and Sell commands in automatic mode.
 YoFarm: Provides liquidity into pools for profit.
 Trade: Where brothers trade.
 Airdrop: A place for users to earn Fast Dollars.
 Market: Where cryptocurrency pairs are represented (~8898 active pairs).
 InvestBox: Tools for developers to advertise their tokens.
 Wallets: Wallets represent the user's balance assets.
 Orders: User open orders.
 History: Transaction history.
 Add: ERC20 token list page for the project.
 Support:For developers to request system maintenance.
 PM (Personal email): Customer support.
Yobit account registration guide
Prepare before signing up for Yobit:
- Personal email.
- Some personal documents such as ID card, driver's license, passport ...
- The phone comes pre-installed with the Google Authenticator or Authy app.
- To register for Yobit, you go to https://yobit.net/.
- Press the "Register and Get..." button. on the right corner of the screen to register.
Here I will register by email:
- Enter the login name (over 5 characters).
- Enter an email address.
- Password and reconfirm password. In order to avoid password confusion, the system requires you to re-enter again accurately and compatible with the password set above.
- You accumulate in the box "I agree..". Select the "I'm not a robot" box.
- Finally select the "Register" to continue.
- You go to the mail to confirm the account by clicking on the link that the exchange provides.
Step 2: Activate 2FA 2-step security
Activating a two-layer security code (2FA) will help increase the security of your account more. This code will be used every time you log in to an account, withdraw money, create an API, etc. and can freely switch to SMS verification mode (vice versa).
Select the character icon in the toolbar bar, the right corner of the page, and then select Setting.
- Step 1: Download “Google Authenticator” app from Google Play for Android platform or Appstore for iOS platform.
- Step 2: You scan the QR code of the scanner at the downloaded application or enter the key code manually.
- Step 3: A piece of this code will appear for Backup in case you lose your Authenticator → You should save this code carefully on paper, in case you lose your phone or have a problem later, you can still restore it. Go back and log in to your Yobit account
- Step 4: Finally select “Enable Google Authentication” and you are done.
People click on “Wallets” in the horizontal bar above the website.
The coin codes will then appear. You click on the sign (+) to Deposit or (-) to Withdraw.
Example: Here I will take a BTC wallet. For other wallets, please do the same! By Clicking (+) will appear the BTC wallet as shown.
Then get the wallet address to top up. This step you can top up by buying coins at exchanges such as Binance, FTX,... Then transfer from those 2 exchanges to Yobit exchange.
Similar to the deposit, to withdraw the money you press select (-) to Withdraw , then enter the wallet address to withdraw the money:
- Withdrawal address: Fill in the wallet address that you want to withdraw the coin to.
- Quantity: Enter the quantity that you want to withdraw.
- Withdrawal fee: This is the transaction fee when you make a withdrawal on Yobit.
- Obtain: Yobit calculates the amount of coins you have withdrawn.
Yobit trading guide
- Step 1: Making yobit trading is quite simple. Right at the horizontal menu bar, you select "Trade".
 The balance of your coins.
 Where to choose markets and trading coins.
 Where you place buy and sell orders.
 Buy and sell orders others are placing.
 Price movement chart.
 All buy and sell orders have been matched on the exchange.
- Step 2: In item 3, the Buy/Sell frame, in this case Buy ETH and Sell ETH.
Buy ETH means you want to buy ETH with BTC. In this section includes 3 main parameters are:
- Amount: the amount of ETH coins you want to buy.
- Price: The bid price (in BTC units).
- Total: The total amount of BTC you have to pay.
On the contrary, the Sell ETH section means selling ETH coins that you can sell to get BTC. In this section also includes 3 main parameters are:
- Amount: The amount of ETH you want to sell.
- Price: The price you will sell (in BTC units).
- Total: The total amount of BTC that you will receive.
When you place an order, scroll down and you will see that the first red circled area is the order you placed. If it is empty, it means that you have just placed an order, then there are already buyers, then you look at the second red circled area which is the order you placed in the last 24 hours.
Frequently asked questions when trading coins on Yobit
1. How does Yobit support their customers?
YoBit floor does not directly support customers on your website, you can ask for YoBit's help via Email and send Tickets. However, quite a few users have complained about YoBit's slow response problem.
2. Is Yobit hacked or often suffers from maintenance failures?
Up to now, YoBit exchange has not had any cases related to fraud (Scam) and they have never been attacked by hackers to steal customer assets. However, the fact that their website does not provide information about the company, founder and headquarters makes users cautious when investing.
3. What is a Yobit exchange coin?
Yobit exchange has its own coin, YobitVirtualcoin, this is a coin released to increase the prestige of Yobit floor, creating favorable conditions for players on Yobit floor.
Although Yobit exchange did not give any information about this YobitVirtualCoin coin, according to the information I found out, YOVI coin is a separate coin issued by Yobit exchange.
Currently, the trading volume of YOVI coin is very small, and it is not listed on CoinMarketCap.
So we have introduced you to Yobit exchange and trading instructions on Yobit exchange, if you have any questions, ideas or problems during use, please leave a comment below. The cryptocurrency market is quite risky, please consider carefully before your investment decisions.