How To Start Trading on Yobit

February 3, 2022 Off By Rohan

 

What is Yobit?

Yobit is a digital currency exchange that allows you to buy and sell Bitcoin, Litecoin, Namecoin, Novacoin, Peercoin and more. Yobit also offers cloud mining of altcoins. As a bonus, new users are given 0% fees for the first 30 days after signing up with this service.

Yobit has been around since 2014, and it’s one of the few exchanges that offer trading in multiple cryptocurrencies aside from bitcoin. It also offers competitive rates on altcoins like Litecoin (LTC), namecoin (NMC), novacoin (NVC), peercoin (PPC), feather coin (FTC), among others, as well as hashing power on its cloud mining contracts.

How to buy and sell on Yobit?

To trade on the cryptocurrency exchange called Yobit, you need to have a verified account. Follow these steps to get your account verified: 

1) Log into your account and click “Get Verified” in the top right corner of your screen. Next, you should see this page: https://yobit.net/en/verified_accounts/. From here, choose which type of verification you would like (KYC or AML). 

2) After choosing either KYC or AML, fill out all necessary information about yourself and submit it before continuing with step three. If you complete an AML verification (such as if you don’t live in Russia), you will be asked to submit a photo of your passport, which Yobit will verify against their records.

What does Yobit do?

Yobit is a p2p exchange where users can buy and sell crypto coins from each other by setting their prices or using the current market price. Yobit charges a 0.2% fee for every completed trade.

Making an order on Yobit is only possible in cryptocurrencies like bitcoin (BTC) and litecoin (LTC). To buy or sell, simply choose the cryptocurrency you have on your balance, enter the amount you want, choose a payment method(s) to send the funds, and set the price per crypto coin.

The bitcoin price on the site is updated every 5 minutes, and the available cryptocurrency prices are changing according to their market value.

Additionally, Yobit offers a comprehensive API that you can use for third party trading software. The API provides real-time data for each traded currency and other needed data like last trade price, last 24 hour high and low, buy and sell currency volume etc.

What is the YOBIT digital currency exchange?

Yobit is a place where you can buy and sell cryptocurrencies using Yobit bitcoins or Yobit YBC. It is one of the most popular altcoin exchanges on the internet, but Yobit has also gained notoriety for hosting scam coins such as Yobit bitcoin gold and Yobit XVG . You need to make an account to trade Yobit bitcoin, Yobit YBC or Yobit Dash on Yobit.

Security of trading on Yobit

When you’re trading on an exchange, it’s important to ensure your coins’ security. For example, Yobit is a Russian cryptocurrency exchange that accepts USD and EUR for buying and selling cryptocurrencies such as Bitcoin, Litecoin, Etherium, Dogecoin and others. 

Although not all exchanges are created equal when it comes to keeping your coins safe, choosing the right one is paramount to ensuring they stay where they belong – in your wallet.

Benefits of trading in Yobit

If you are looking to make some money trading on Yobit, a few benefits will help guide your decision-making. 

First off, it is important to note that there are no fees for trades. This means as long as the price of the coin you bought goes up, so makes your profit! 

Second, there are many coins available for trade on this exchange, which gives traders more options and control over what they want to invest in. 

Thirdly, Yobit has been around since 2014 and thus far has not had any major incidents regarding hacks or thefts from users’ wallets. Lastly, Yobit offers a mobile app version of their website, allowing live updates and access to all needed information.

FAQs about trading on Yobit

Do you have questions about how to trade on Yobit? You are not alone. We’ve curated this list of FAQs to help you get started. 

What is the minimum deposit amount for trading on Yobit? There is no minimum deposit requirement for trading on Yobit, but the maximum limit is 0.5 BTC per day or 1 BTC per week, depending on your account type and verification level. 

What does my balance look like when I log in to my account at Yobit? When logging into your account at Yobit, you can see a summary of all deposits and withdrawals from both your wallet and exchange accounts in one place. How do I withdraw bitcoin from my account at Yobit? 

Final Thoughts

Yobit is an exchange that has been around for a few years, which can comfort traders looking to make money trading. There are no fees associated with trades and the site offers many coins for you to invest in. 

If you’re interested in making some extra cash this year, it might be worth checking out what’s available on Yobit. What do you think? How have your investments fared on other exchanges like Bittrex or Coinbase? Share your thoughts below!