Review of the Yobit Cryptocurrency Exchange

A Forex broker takes quotes from one of the cryptocurrency exchanges or aggregates the liquidity of different providers. However, the broker does not give you ownership rights to the cryptocurrency itself, which matters for long-term investing. For that, you need to buy it yourself on one of the crypto exchanges. Also, less well-known cryptocurrencies can be found only on exchanges.

By the sum of its characteristics, the YoBit crypto exchange is one of the most convenient platforms for cryptocurrency trading for users from the CIS. This is helped by support for popular payment systems, a huge choice of cryptocurrencies, and simple registration. Today we will examine this platform in detail, the process of buying and selling currencies both for speculation and for investing, including withdrawal to a wallet on a PC, as well as the pros and cons of the exchange.

Go to the YoBit website and click “Registration.”

A form for registering a new client will appear on the screen. You need to enter your username, a working email address, which is important, and come up with a password containing at least one digit and uppercase and lowercase letters. As soon as you enter all the data, confirm your agreement with the exchange rules and click “Register.”

A link for account verification will be sent to your email. Follow the link in the message to confirm, and the registration will be complete. No additional identity verification is required to deposit or withdraw funds from the exchange, and there is no need to send any extra documents.

Trade is the main section of the Yobit exchange where currency trading actually takes place. In the “Market” column, select a currency pair. At the top of the list, frequently used tickers are shown, and by clicking one of them you can quickly sort the list by one of the pair currencies. For convenience, the “Market” column can be expanded to full screen; to do this, go to “Market” from the top toolbar.

At the top of the “Trade” page, the chart of the selected currency pair is displayed. Slightly below are the forms for buying and selling the base currency.

For example, to buy the base currency of a pair, first specify the amount of currency. Next, you need to specify the order price or leave the current sell price. The lower field will show the transaction cost including the commission.

The best offers to buy and sell are shown at the bottom of the page. If you want to make an instant exchange, that is, open a trade at market, you need to specify the price of the top sell offer in the order. If the volume of the order is sufficient, the trade will go through immediately. If the volume at the best price is not enough, you can slightly worsen the order price to fill the entire order volume.

The left window contains the feed of all trades, that is, executed orders.

The commission for an exchange is 0.2% of the trade. For example, you want to buy 1 Ether at a price of 0.05 BTC. In that case, the trade commission will be: 0.05 * (0.2 / 100) = 0.0001 BTC.

Unlike Forex, you do not need to pay a swap for maintaining an open position. There is also no leverage on YoBit, so only your own funds can be used for trading.

The platform has a mini casino where you can bet cryptocurrency on a random number from 0 to 100. Here it is enough to choose the currency, the stake, and the target, above 52 or below 48. The main thing is to remember that probability theory works against you and that you will not be able to win over a long series of bets.

The site has a general chat and personal message support. The chat is always displayed on the right side of the page. You can send a private message to any registered user by their nickname through the PM section.

The CoinsInfo section contains a table with technical information on the cryptocurrencies traded on the exchange: the full name of the project, the hashing algorithm, the amount of currency in circulation, the current difficulty, a link to the Bitcointalk thread, and a link to the repository with the project’s source code.

In the ICO section, you can buy cryptocurrencies that are preparing for an ICO or have already completed one. Thus, by investing a very small amount, you can hope that one of them will rise in price in the future.

When you buy cryptocurrency through a Forex broker, in fact you are buying not the currency itself but a contract for difference, which does not imply subsequent delivery of the currency to your wallet when the trade is closed. On an exchange, all purchased currency belongs to you, and you can withdraw any cryptocurrency directly to your own wallet without conversion.

However, only a few exchanges provide the possibility of margin trading, so to carry out speculative trades you will need a fairly large amount of capital.

In essence, the exchange and the decentralized Forex market have fundamentally different purposes. Forex is convenient for earning from currency-rate speculation. An exchange is convenient in the case of long-term investing, because no one can take the purchased asset away from you.

Deposits and withdrawals are made through the “Balance” section. Opposite each currency, the balance value, the volume of the currency on the market, the equivalent in BTC, buttons for depositing (+) and withdrawing (-) funds, as well as the history of all operations are displayed.

One of the significant advantages of the exchange is that along with cryptocurrency you can also deposit fiat, the same rubles and dollars. The easiest way to fund an account is through the QIWI system.

Fees for depositing and withdrawing funds are not fixed and may periodically change within the range from 0 to 5%. On some day you may catch the moment with a zero fee and deposit funds to the exchange with no losses at all.

Suppose you deposited rubles to the exchange through QIWI and bought Dash with them. In order not to lose your funds in the event of the exchange being hacked, it is better to transfer the currency to your own wallet. We go to the “Balance” section and wait until the Dash balance value changes. To withdraw funds, click “-”.

Here you specify your wallet address and the transfer amount. Note that the exchange fee is fixed and different for each cryptocurrency. For example, for NEM the fee is 20 units of currency, the fee for Dash is 0.002 coins.

If you use technical analysis in trading, you cannot do without a professional trading platform. The standard on the Forex market is the MetaTrader 4 trading terminal. The terminal is at once convenient, understandable, and has broad functionality, largely thanks to the ability to install additional extensions.

Cryptocurrency quotes can be taken from a broker AMarkets demo account. You can open a demo account directly from the MT4 terminal. To do this, go to File — Open an Account.

At the bottom of the list, enter the broker name — “AMarkets” and wait for Enter.

Now select the AMarkets-Demo server and click Next.

Select the “New demo account” option and click Next.

Fill out the new account registration form and you are done! If you do not want to receive notifications by mail or phone, you can enter fake data. Also keep in mind that the deposit size on the AMarkets demo is calculated incorrectly, because of which if you specify leverage 1 to 1, the size of the collateral margin for some currencies may increase 100 times. It is best to leave the maximum leverage 1 to 100.

The broker has all the main cryptocurrencies available in pairs with each other and the US dollar: Bitcoin, BitcoinCash, Dash, Litecoin, Ripple, ZCash, Ethereum, and Monero.

The advantages of the Yobit trading platform include:

The disadvantages of the project include the stability and speed of the platform. Even simple filters across the currency lists can lag quite badly. Perhaps this problem will be fixed in the future.

A general disadvantage of cryptocurrency exchanges is the lack of regulation and any guarantees from the exchange. In general, the established reputation makes any exchange far from the most reliable place to store funds, considering that cryptocurrency wallets are generated by the exchange and do not belong to you. Therefore, storing large sums of money in an exchange account is dangerous, and it is best to withdraw funds immediately to your own wallet installed on your PC.

If you have long wanted to purchase cryptocurrency, the YoBit exchange platform is one of the simplest ways to exchange fiat money for cryptocurrency. Simple registration, a simple and understandable interface, and relatively small commissions. The main disadvantage of the exchange at the current moment is the slow speed of the interface and the lack of guarantees for the safety of funds in the case of long-term storage.

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Respectfully, Alexey Vergunov
TradeLikeaPro.ru