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Inside YoBit, the Privacy-Focused Crypto Exchange

yobit

There’s a maze of cryptocurrency exchanges, and safely navigating them can be tricky. Luckily, a few have distinguished themselves with their product offering, earning a berth in the global top 10. One such exchange is YoBit. Though it has European roots, it has found its home in Panama, serving crypto enthusiasts across the globe. 

Inside YoBit, the Privacy-Focused Crypto Exchange 1

A close look at the services offered by the YoBit site is a foretaste of what’s in store:

  • Yobit Farming – Create liquidity on Defi pools and Earn $$$
  • Trade – Buy and Sell on one platform, transaction history provided
  • YoBit Airdrop – Earn up to 4700 Fast Dollars every day!
  • YoBit Market – 8898 Active pairs
  • InvestBox -It’s a tool for devs to promote their coins; payments are made from a special fund.
  • Wallets – everything laid out for the record.

Notable Features of YoBit

YoBit prides itself on the following:

  1. A wealth of assets. YoBit supports nearly 500 different digital assets and 8,000 trading pairs
  2. Anonymous trading. The platform is keen on confidentiality and doesn’t require users to reveal their identities
  3. Simple to use. YoBit has a simple and intuitive user interface
  4. Fiat to crypto trading. Users can transact in either the dollar or the Rubble.
Inside YoBit, the Privacy-Focused Crypto Exchange 2

But how does it stack up against other exchanges? What are its users’ views, and what’s its future? Read on to find some more but a brief look at its history.

YoBit Airdrop

YoBit is big on rewards and is carrying out an airdrop campaign. During that campaign, you will be able to win Fast Dollars (FUSD) for completing some simple tasks.FUSD is YoBit’s new internal exchange token available for trading in June. 

The campaign targets YoBit’s users globally and has a prize pool of up to $50 million. You can win a maximum of 4700 FUSD in any of the following ways:

Signing up without KYC

To sign up without KYC, follow these steps:

  • Open YoBit’s homepage and select the login tab, click to open it.
  • That action will lead you to the following page
Inside YoBit, the Privacy-Focused Crypto Exchange 3
  • Select the option to register.
  • Fill in the boxes appropriately.
  • That will lead you to this dialogue:
Inside YoBit, the Privacy-Focused Crypto Exchange 4
  • Follow the prompts in that email to complete registration and for further instructions on how to get your 300 FUSD for first-time registration.

How to deposit money 

Depositing funds to your Metamask ERC-20 and BEP-20 ready wallet is a breeze. Just follow the simple steps outlined below:

  • Login into your account.
  • Open your wallet
  • The following interface will pop up:
Inside YoBit, the Privacy-Focused Crypto Exchange 5
  • You can then select the ERC-20 or BEP-20 wallet you’d like to transact through.
  • For one deposit, you’ll win 700 FUSD daily

Making trades on the exchange

Trading on the exchange will win you 900 FUSD daily for the first trade.

  • On the home page, click on the trade tab.
  • That will open up the following interface:
Inside YoBit, the Privacy-Focused Crypto Exchange 6
  • You can then choose how to place your order

Defi Swaps

DeFi is an integral part of the YoBit ecosystem. Therefore, it isn’t a wonder that the site will reward users for exchanging DeFi tokens. The first swap of the day will earn you 900 FUSD daily you can then trade later on. Here’s how you go about Swapping your tokens:

  • Scroll down to your left middle portion of your screen
  • There, you’ll see the market tab under which there are the DeFi ad Bridge segments,
  • Choose Defi.
  • Select the asset pair that you are interested in to complete the swap.
Inside YoBit, the Privacy-Focused Crypto Exchange 7

Using YoFarm Farming Pools

YoFarm is YoBit’s DeFi farming ecosystem. Here you can use the various DeFi products and tools to earn yields and, in the process, win yourself some FUSD. And you needn’t have tons of money to get started; with as little as $10, you’ll be good to go!

  • Find the YoFarm tab on the top left corner of your homepage.
  • Opening it leads you to the farming page, where you can see how the different liquidity pools are performing.
  • Pick the pool that interests you and hit the farm tab to start your journey in yield farming.
  • You’ll earn up to 1,100 FUSD daily for your farming activities
Inside YoBit, the Privacy-Focused Crypto Exchange 8

Playing Dice

An alternative way to win YoBit airdrops is to participate in a dice game. Rolling ten dices qualifies you for 1,200 FUSD daily. From your dashboard, open the dice game. Then select your coin and the amount you wish to play with. Roll your dice and wait for your reward.

Completing Social Tasks

Alternatively, you could choose any of the following tasks to spread the word on YoBit for rewards:

  • Tweeting – 500 FUSD daily
  • 10 messages in chat – 400 FUSD daily
  • YouTube videos – 1,400 FUSD daily
  • Tik Tok videos – 1,400 FUSD daily
  • Facebook posts – 500 FUSD daily
  • VK post – 500 FUSD daily

YoBit history 

The Yobit exchange is the brainchild of YoBiCrypto Corp. As implied earlier, it has a Panamanian registration and has been in operation since 2014. However, the management remains anonymous, which has been a cause for speculation as to the platform’s legitimacy. Its detractors have labeled it a scam and linked it to notorious crypto fraudster Pavel Krymov. Some accuse it of operating a crypto pump and dump scheme.

However, neither of those accusations seem to have a firm foundation, and all indications point to a legitimately run business. That masking of its founders and team may be due to its privacy-centric nature. After all, it is one of the exchanges that do not require a KYC audit. 

That’s why it set up operations in Panama- the country has some of the laxest regulations on KYC and AML audits. One may argue that keeping its founders anonymous is part of its walking the talk on confidentiality matters.

Performance & Comparison with Other Exchanges

How does YoBit measure up against other leading exchanges? Is it a worthy pick, or should you opt for other exchanges instead? Here’s a brief comparison of the exchange and its competitors.

Feature YoBit Binance Coinbase Poloniex KuCoin C-CEX
Ease of Use Beginner-friendly Not beginner-friendly Beginner-friendly Beginner-friendly Not beginner-friendly Beginner Friendly
Privacy Highly private- no KYC Requires KYC audit Requires KYC audit No KYC audits Partial KYC Requires KYC/AML audits
Number of crypto assets About 500 Over 500 assets Over 100 Over 350 Over 600 Over 170
Trading pairs More than 8,000 Over 1,300 81 pairs Over 200 Over 750 Over 180
Fees 0.2% taker and maker feesZero deposit fees 0.1% taker and maker feesZero deposit fees 0.4% – 4.5%depending on transaction 0.145% – 0.155% 0.1% maker and taker fees Based on users’ 30-day volume High of 0.25% taker and 0.15% maker
Support for Fiat Currencies USD and RUB USD , EUR, CNY, AUD, INR, RUB,and 12 others USD, GBP, EUR None USD, CAD, EUR, RUB, JPY, CNY, and many  more USD, GBP, RUB, EUR
Deposit methods Diverse means AdvCash, debit cards, Payeer, Perfect Money Credit cards,Bank transfersDebit, and Credit cards, P2P payments Bank transfers, Debit and Credit cards, P2P payments Debit and credit cards Debit and Credit cards, Apple Pay, Google Pay Bank transfers, Debit and Credit Cards
Onboarding Very Fast, takes less than a minute Fairly fast Fast  Fairly fast Slow Slow
Security Secure, Adopts 2FA, Cold wallet storage, SSL encryption, anti-DDOS 2FA, KYC,Cold wallets, Multisig and TSS Very secure, Cold Wallets Insecure KYC, 2FA Cold wallets

Comments from Users

What have been the user experiences of the platform? Here are selected YoBit users’ comments on the platform:

Friendly exchange

Simon R.

I saw some complaints about the exchange and want to express my opinion there as an experienced trader can honestly tell you that after five years of using this platform. Probably, it was not the strongest support system, but currently, the exchange has friendly and fast customer support in the Telegram community. Otherwise, the exchange is fair for all fees, currencies rate, and security criteria.

Gerdada

I am glad that there is an opportunity to replenish the card. In the crypt for a couple of months – YoBit is my first exchange on the advice of friends. The exchange is easy to use, and perfect for beginners.

Bladegro

It is important for me to remain as anonymous as possible on the internet. Therefore, the choice fell on this exchange, registered by mail, and you can make transactions. Comfortable

Jimmi S

The Crypto industry has become very complicated. Nowadays, I have to always verify myself, leave my personal data, and see that it would be in a safe place. YoBit does not bind me with these things and still provides an easy-to-use interface, real anonymity, and a very wide range of coins. Guys, do not believe rumors and stories from the past, the exchange is worth it to hold and trade your digital assets there.

For more information on YoBit products, you may listen to some of the top crypto analysts:

Inside YoBit, the Privacy-Focused Crypto Exchange 9

What’s in store for YoBit?

YoBit offers users an unparalleled crypto investment experience. Very few exchanges match the nearly 500 crypto assets that the exchange exposes its users to.

Moreover, many would struggle to measure up to its 8,000+ trading pairs offering. Once you use this exchange, you have access to immense investment opportunities.

To the privacy-conscious investor, there’s no better exchange. YoBit dispenses with KYC requirements giving you the anonymity that you crave. Additionally, one can rest easy knowing that their funds are safe with YoBit. 

The exchange has never recorded an exploit at an age when crypto platforms are easy pickings for cybercriminals. That’s a testament to the robustness of its security.

Bottomline, volatility is the inherent element of opportunity for gain in the cryptocurrency market. It’s important for risk-averse individuals to cautiously consider adopting cryptocurrency.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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