YOBIT: DESCRIPTION, ALGORITHM OF OPERATION

DESCRIPTION, THE MAIN NUANCES

Youbit Exchange has been already 4 years in the cryptocurrency market (it started active work since the spring of 2014). During this short period, it managed to establish itself as the most “adventurous” exchange in the world. Among traders, you can find very ambiguous impressions about this trading platform, because Yobit has a lot of pros, but there are a lot of cons.

The first thing that probably should be said is that Yobit is designed and adjusted to work in the CIS market, European traders are few (only 11%). The main rival of Yobit is the EXMO crypto-exchange. These exchanges are designed for the same audience (territorial), and also have similar principles of work.

After in 2017 on the Yobit exchange there were problems with the security system (insufficient to withdraw the amount disappeared from the wallet), many users switched to EXMO. Also, among the drawbacks of Yobit on the feedback of traders, you can make the site too slow (weak site server). Next, let’s talk about the pros and cons of this crypto-exchange.

On YObit you can sell crypto-coins for Russian rubles, which is rarely found on the world exchange cryptocurrency trades. The interface has several languages, among them, of course, Russian. In addition to Russian, you can choose English or Chinese. The language bar is at the top of each page of the site.

The advantage of YObit is considered to be a huge number of trading cryptocurrency pairs – more than 450 (the moment for 2018). This diversity of altcoins and tokens is unlikely to occur elsewhere; even on Poloniex or Bittrex, the number of pairs is much more modest. 

Among the coins offered for exchange, you can meet even non-existent currencies. This version of ICO appeared on the platform only recently – in early 2017. After that, adventurers from all over the world were drawn to the stock exchange. After all, with the new cryptocurrency, things are not unique – you can win big or lose absolutely everything. New variants of coins on YOIB are sold for ridiculous money, so many want to take a chance.

Also, for special lovers of financial adventures, there is an online casino Yobit. The entrance to it can be found after registration on the stock exchange at the point – Dice.
As well as on any other cryptocurrency exchange, to start trading, it is necessary to replenish the balance of the exchange wallet. On YObit, there are three types of currencies for entering: two fiates – the Dollar and the Ruble, and the crypto-coin of the BTC (Bitcoin).

Youbit has a good user support system. After registering, you can clarify all incomprehensible points or report problems by clicking on the “Support” tab at the top of the page.
You can talk separately about the system of communication between traders – Yobit offers traders a general chat, as well as the opportunity to communicate with the person of interest privately (in the tab of the personal cabinet – PW).

PERSONAL ACCOUNT, START OF WORK

The process of registering on the Yobit exchange is simple and fast, it does not fundamentally differ from the registration on the usual site:

1. To create a personal account, the user must go to the Yobit crypto-exchange website (https://yobit.io/ru/), and find the “Registration” menu item in the upper right corner.
2. The questionnaire field for entering personal information appears on the screen.
3. Create your login and enter it in the appropriate field. The name must necessarily be written in Latin and can include numbers.
4. Enter your email address in the next empty field. Mail must be your personal and actual at the time of registration. In order to use all notifications, letters, transactional reports on subsequent use, without delay, use the mailbox in the “Google” system.
5. You need to come up with and enter a password. To ensure that the exchange wallet is not cracked by scammers, it is better to come up with a complicated key. The system suggests entering a password no less than 8 characters. It is better to choose alphabetic characters in combination with numbers. To make the login password more reliable, choose characters of different sizes.
6. For the password to become valid, it must be confirmed. That is, in the next field you need to repeat it. Those who came up with a very complicated password to enter, it is worthwhile to fix it separately on paper, so as not to lose it.
7. To complete the registration, the system will prompt the user to familiarize himself with the rules of the exchange. After reading, tick the agreement and information.
8. To confirm that you are a real user, enter “captcha” characters.
9. After registration, if you plan to work with large sums, you need to undergo additional verification and send scanned copies of documents. Without verification, the system will not allow the conclusion and entry of large financial assets.

WALLET

The Yobit exchange wallet is simple to understand and use. The entrance to the viewing and use of personal financial resources is located in the “Balance” menu. Upon entering this page, the user will see a list of cryptocurrencies that are available for exchange. Opposite the name of the currency, if it is present in the wallet, you can see the numbers – they mean the number of coins.

In the most extreme column of the wallet, near each currency there is a minus sign (-). Clicking on it, you can withdraw from the exchange the right amount of assets, if it is greater than the minimum amount of withdrawal. About how many coins can be transferred from the exchange, more detailed on the website.

Funds are entered in the same way. As mentioned above, you can enter Bitcoin, Ruble and Dollar. Opposite these currencies, there is a plus sign (+) in the wallet. Clicking on it, an additional window will open, where the exact address appears, to which you want to transfer money assets.

To replenish the balance with fiat means, such financial translation systems are used:

• Qiwi;
• Payeer;
• OkPay;
• PerfectMoney.

Bitcoin can be transferred through a personal wallet or through an exchanger. The commissioning and withdrawal of assets has commissions, the amount of commission depends on the currency. There is also a separate commission for the implementation of each transaction between traders – is 0.1%.

All transactions on the Yobit exchange occur after confirmation via e-mail. This means that the transfer of funds is necessary according to the algorithm:

1. Click on the website of the exchange to start a money transfer.
2. Log in to your email inbox.
3. You will receive a letter with a code link for the agreement with the transaction.
4. After you open the letter, click on the link.

Only after these actions the transaction will be successfully completed. This manipulation is a warning against the actions of scammers.