Yobit is a well-known cryptocurrency exchange created by a group of European developers back in 2014. The company is officially incorporated in Panama.
The platform requires no Know-Your-Customer verification, and registering an account with them is quick and easy. It offers a variety of different cryptocurrency pairs and boasts a large community on Telegram as their English chat has almost 80,000 people in it.
Unlike a lot of the exchanges, Yobit support staff is reachable on Telegram, making two-sided communication a bit easier.
At the time of this writing, the exchange supports English, Russian, and Chinese. However, the chat function supports German and Arabic as well.
According to CoinMarketCap, the exchange boasts average volumes of around $50 million per day, which is formidable and is ranked as one of the top 10 cryptocurrency exchanges.
- Formidable average daily volumes
- Veteran exchange, operating for over 6 years
- Plenty of cryptocurrency trading pairs
- Fiat deposits and withdrawals
- Lack of advanced trading orders
- Gambling feature in the exchange
- No margin trading available
How to Register on Yobit Exchange
As mentioned above, Yobit requires no personal information thanks to its Know-Your-Customer(KYC) free registration process. The exchange values the anonymity of its users and their privacy and no data is collected. According to a company official, it also doesn’t provide trading history or wallet balances to government authorities. Their Panama offshore registration allows them to avoid KYC and to keep user privacy safe.
In the top right corner of the website’s homepage, there is a “Registration” button that leads to a simple fill-in form. The exchange only requires a username and an email address. Once you’ve set up the password, you will receive a confirmation email. All you need to do is follow the link you get and the account will be opened.
How to Deposit and Withdraw on Yobit Exchange
The next step before you can start trading is to deposit some funds into the account. This is also relatively easy. It’s important to note that Yobit accepts both cryptocurrency and fiat deposits and withdrawals.
On the top navigation menu, there’s a section for “Wallets.” Here, you can select the preferred crypto or fiat currency that you wish to deposit. If you want to deposit BTC, for instance, you will receive the following page containing a QR code and a designated wallet address.
On the other hand, if you want to deposit fiat, you have to select the currency and use the available deposit methods. For example, if you wish to deposit USD, select it from the menu and once you click on the “+” button to deposit, you’d be taken to the following screen:
Specify the amount you want to deposit and the payment method, and you will be taken to the regular check-out process.
Withdrawing money happens similarly. For cryptocurrencies, you will have to enter the destination…
Read more:Yobit Beginner’s Guide & Exchange Review