YObit.net

YObit.net Overview

Yobit, a cryptocurrency exchange founded by European developers in 2014 and incorporated in Panama, is popular for its user - friendliness and diverse offerings. It provides a wide range of cryptocurrency pairs, supports multiple languages like English, Russian, and Chinese, and doesn't require know - your - customer verification, allowing for quick and anonymous account registration. Yobit has security measures such as Yobi code for money - sending verification and 2 - factor authentication. Its trading interface is simple and supports spot trading, though it lacks advanced order types. It charges a 0.2% flat trading fee for both makers and takers, with variable deposit and withdrawal fees, like 0.0005 BTC for Bitcoin withdrawals. Moreover, Yobit offers unique features including a rewards campaign for platform posts, a comprehensive affiliate program, and a weekly crypto game called Yo Pony.

Pros & Cons

Is YObit.net Safe？

YoBit claims to have implemented various security measures to ensure the safety of user funds and data.

• Cold wallets: YoBit stores funds in cold crypto wallets, which are offline and less susceptible to hacks or unauthorized access.
• DDOS attack prevention and SSL encryption: YoBit utilizes measures to prevent and mitigate Distributed Denial of Service (DDOS) attacks. It also employs SSL encryption to secure user communications and data.
• Real-time encrypted data backups and system file encryption: The exchange conducts real-time encrypted data backups and encrypts system files to ensure the integrity and confidentiality of user information.
• Suspicious activity detection and blocking: YoBit employs mechanisms to detect and block suspicious activities, adding an extra layer of protection against potential threats.
• Yobicodes: YoBit provides deposit codes called “Yobicodes,” which presumably add an additional layer of security to transaction processes.

Despite protection measures, it is noted that Yobit is not regulated. This can introduce additional risks and uncertainties for traders and users.

How to Open an Account？

To open an account with YObit.net, you would typically need to follow these steps:

Step1: Visit the official GCEX website.

Step2: Locate and click on the “Login” button in the top-right corner of the homepage, choose “Register”.

Step3: You will then be redirected to an online form where you'll need to provide some basic personal information such as your name, email address, and password etc.

Step4: Provide additional information for verification purposes such as your address, a copy of your ID, and proof of residence.

Step5: After filling in all the necessary information, review the terms and conditions, agree to them, and then submit request.

Fees

YoBits fee structure is relatively simple and straightforward. The fixed fee of 0.20% per trade applies to both makers and takers, which means there are no variations based on trading volume or other factors.

This type of fee structure can be advantageous for traders who prefer a transparent and predictable fee system. It ensures that the fees remain the same regardless of the size or frequency of their trades.

However, its important to consider that a fixed fee may not be as cost-effective for high volume traders compared to exchanges that offer volume-based fee tiers. High volume traders should typically look for platforms with tiered fee structures, as it allows them to potentially reduce their fees as their trading volume increases.

Yobit Crypto APP/Trading platform

Yobit claims daily trading volumes exceeding $200 million. However, its security has been criticized, with past vulnerabilities and reliance on user-generated security practices like two-factor authentication and cold storage for 95% of assets. The platform operates in over 180 countries, avoiding strict regulatory oversight while maintaining a decentralized P2P trading component.

Despite its extensive offering and liquidity, Yobit faces challenges related to regulatory uncertainty and interface usability, making it a niche choice for traders seeking low-cost, privacy-agnostic crypto transactions.

Funding Methods

YoBit.net offers various funding methods to facilitate deposits and withdrawals for its users. Here's a description of the funding methods available on the platform:

• Cryptocurrency Deposits and Withdrawals:

YoBit supports a wide range of cryptocurrencies for both deposits and withdrawals. Traders can deposit and withdraw popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Litecoin (LTC), and many others. Users can transfer their desired cryptocurrencies from external wallets to their YoBit accounts or withdraw them to an external wallet when needed.

• Fiat Currency Deposits and Withdrawals:

YObit.net allows users to deposit and withdraw funds in fiat currencies, making it more convenient for those who prefer to trade with traditional money. The specific fiat currencies supported may vary, but commonly supported options include USD (United States Dollar), EUR (Euro), RUB (Russian Ruble), and other local currencies. To make fiat deposits, users can utilize payment methods like debit cards, Perfect Money, Payeer, and Advcash. Fiat currency withdrawals are typically processed through bank transfers or designated payment gateways.

• Credit Card Deposits:

YoBit.net also accepts credit card deposits, making it easier for users to fund their accounts using their credit cards. This funding method offers convenience and allows for quick access to trading funds.

Note: The information provided in the previous response is incomplete, its advisable to refer to the website for detailed information on specific fees associated with depositing and withdrawing different coins.

Compare to Other Cryptocurrency Exchanges

• Coinbase

Suited for beginners due to its user-friendly interface and simple buying options. It is also a preferred choice for users in regions with stringent regulations, as Coinbase emphasizes regulatory compliance.

• MEXC Global

A cryptocurrency exchange operating under the regulation of esteemed regulatory bodies. Holding three digital currency licenses, issued by MTR in Estonia. One of the features of MEXC Global is its Maker-Taker fee structure for spot trading and contract trading, providing transparent information about fees incurred during trading activities.

• StormGain

Best for experienced traders and those seeking a wide range of cryptocurrencies and advanced trading options.