YoBit exchange. Most helpful review
Hello dear friends! Today I present to your attention an overview of the Yobit exchange. This review is written with the goal of helping novice traders to make a profit, considering some of the pitfalls that I encountered. There are two exchanges for permanent use in my tabs — Binance and Yobit. For 8 years of trading, a lot of exchanges have passed through these tabs in order for these two exchanges to gain a foothold in them.
I will talk about the advantages and disadvantages of Binance in one of the following articles.
My personal opinion about Yobit is a good platform for trading with a small deposit, while using the capabilities of automated trading, staking and trading on almost any pair with an order amount of 0.10 dollar. Also, this is a very good school for little money. A year of your time on Yobit and $ 1000 will bring you experience for a $ 100,000 deposit and 5 years of conditional trading experience.
Of the 1,500 tokens traded on Yobit, there are some that are not reported in the coin reviewers at all, or they are very outdated, or have been removed. Also, many assets cannot be withdrawn or replenished for a long time. Therefore, for comfortable trading, I try to collect information about the condition and status of assets on each trading platform. I recommend paying attention to such data as:
* common name of the asset
* commissions for withdrawal in cryptocurrency and the equivalent in rubles
* work of the wallet for depositing and withdrawing an asset
* spread — the difference in value between buying and selling
According to these criteria, I compiled a table of 250 pairs, in which tokens were selected that positively meet all the criteria described above, i.e. assets in this table can be traded without fear of excessive exchange rate manipulation within this platform.
The second tab of the file contains the next version of the selection. Here you will see assets that deserve my trust. It is convenient to store such assets, trade on a variety of platforms, and, if necessary, quickly exit assets without much loss when selling them.
This table also contains a spread indicator for USDT, RUR, USD, WAVES pairs.
An experienced trader does not need to explain the benefits of these tables, but for beginners, I will tell you in more detail.
First of all, pay attention to the fill color, ranging from blue, which means a very good indicator, to dark red, which is a very bad indicator.
The red font of the token name indicates that the abbreviation on the exchange does not coincide with the generally accepted one. For example, the REV asset on the Yobit exchange is simply written R.
The amount and cost of the commission for calculating the correct trading plan. If the commission for the withdrawal of an asset is high, then in the event of a sharp significant rise in the price of this asset on another exchange, you will not be able to promptly withdraw it to another exchange while maintaining profit. Or the volumes must be large enough so that the withdrawal commission does not eat up all the profit during arbitration. Accordingly, assets are being prepared for arbitrage, whose commission indicators are marked with blue and green shades of filling, with rare exceptions — yellow, but this entails the purchase of a large volume, which within this platform will provoke a noticeable increase in the price of the asset, which, again, reduces profits.
Spread value — attention to color markers. The logic here is that first of all, you can choose a suitable spread for yourself, focusing on the volume of your balance, because the smaller the spread, the more insuring and selling orders you need to place.
The spread is also a very important indicator. The smaller it is, the more actively trades are conducted on the selected pair, which means more transactions are made on this pair. Likewise, the smaller the spread, the smaller the loss in case of a quick sale of the asset, respectively.
Now that you clearly have a table of live pairs, I will tell you about the functions, aspects and nuances of the Yobit exchange that are important in my opinion.
This is how the main menu of the exchange looks like.
The description of the main menu tabs goes from left to right. If it seemed to you that the information about a certain point was not presented sufficiently meaningfully, indicate this in the comments and I will supplement this point with information as fully as possible.
RoboTrade — tab of the main menu of the Yobit exchange.
Robotrade is an automated trading menu. Apply your strategy and this robot will be able to implement it. Your orders will be triggered whether you are on the exchange or not.
Now let’s talk about how to set up automated trading. To do this, let’s analyze the bot management menu.
This is where you indicate the trading pair. For example, EOS / DOGE. In this case, EOS is a product and DOGE is a means of payment. In a similar case, DOGE / BTC, the product is DOGE and the exchange medium is BTC. The product in this column is placed first, and the exchange medium is placed second. When you enter the name of the product in the PAIR column, you will not see pairs with the means of exchange that you do not have. Let’s say you want to list the XRP / BTC pair, but you don’t have BTC on your balance. In this case, in the PAIR column, the XRP / BTC pair will not be displayed.
TYPE / AMOUNT
In this column, you select the status of the first order. If there is a BUY value, then the first order buys an asset for trading in the amount of the value specified in the AMOUNT column. If the value is SELL, then the first order sells the asset. Accordingly, it is necessary to have this asset on the free account balance.
PRICE BUY / PRICE SELL / PROFIT
With these settings, you set the price corridor and its width will be displayed as a percentage in the PROFIT column. You can set the default values from 1% to 30%. These settings are located under the PRICE BUY / PRICE SELL columns. By setting the percentage value under the PRICE BUY column, you set the “rule”, according to which the robot will buy an asset below the market price by the specified value, and sell it at the average price. Similarly, by choosing a percentage value under the PRICE SELL column, you set a rule to buy an order at the mid-market price, and sell it with a profit at the specified value. After setting these parameters, click “create rule” and the automated order is created. After setting up these automatic orders, the robot will buy and sell indefinitely and without your intervention, but only as long as it is in the set price corridor. I recommend reconfiguring robots at least once a month, closing them and creating new rules in accordance with the state of the asset on the market at the moment. To delete / close an automated order, you need to find it in the ROBOTRADE tab of the main menu of the exchange, the Active Automatic Rules window, and then disable the rule by clicking the Close All button opposite the required order. Next to Close All, there is a Stop button — it is needed to stop the automated order, but not close the last executing one, in order to sell this order and no longer buy this asset for automated trading.
The Bids History window shows the history of deals made through auto trading, with an indication of the profit. True, sometimes statistics are displayed incorrectly, but in this case it is rare and insignificant. From my statistics for 30 days — 7756 transactions were made in auto trading. Even with a minimum profit of 0.5%, the number of orders and, accordingly, the percentage of profit on executed orders is impressive. And you will not find many pairs in my table with a spread close to 0.5%.
More specifically, this robot is able to bring 1% per day of the deposit evenly placed on orders. Naturally, the result is achieved by studying the subject and gaining experience in auto trading in particular.
TRADE — tab of the main menu of the Yobit exchange.
This tab contains the main trading menu of the exchange. In the upper right corner there is a menu for changing languages. In the opposite upper corner is your balance and total TOTAL BTC. There is a chat on the right side of the trading panel. So there you go! This chat is not useful, from the word at all. It is mainly used for the operational intervention of the platform administrator, humor jokes and informing about the crazy-unprecedented-super-fast take-off and success of a token unknown to anyone on the Internet, which you need to buy right now or that’s it! Trading is definitely not yours! So, in this chat 90% of the information is of similar content, while the remaining 10% can be very useful, but for a person who understands well what is happening, and this comes with experience and not in the chat of the monitored platform.
In the lower left corner there is a list of currencies — horizontally, and a list of traded assets, which are displayed vertically in relation to them.
At the beginning of the horizontal list of currencies there is a DEFI icon.
New market on the platform — DEFI trading. Here you can quickly, with one large (optional) order, sell or buy this or that asset in one click. The trading mechanism looks simple enough — you buy when the price has gone down and sell when it has risen sufficiently. For trading on this market, daily bonuses are awarded — 20 prizes from 100 USDT to 20,000 USDT.
TOP — tab of the main menu of the Yobit exchange.
The leaderboards of the daily DefiMarket draw are displayed here.
MARKET — tab of the main menu of the Yobit exchange.
It displays the trading volume, the bottom and top price indicators for 24 hours, as well as the current price on this platform.
Here you can participate in an investment plan or create your own. True, most of these tokens either cannot be brought from another exchange, or this asset does not exist at all, i.e. it is only on this exchange and there is no information about this asset on third-party services. In the attached table, you can check the list of assets that do not have similar problems.
DICE — tab of the main menu of the Yobit exchange.
This is a small lottery, sometimes with unpleasant consequences. I personally, in general, do not approve of this type of entertainment on the stock exchange. A case from my own experience — using the platform on the tablet, in the TRADE tab in the lower right corner, I accidentally hooked a button with a rate. As a result of this accident, I won 0.01 BTC, and I could have also accidentally lost.
WALLETS — tab of the main menu of the Yobit exchange.
Tab for displaying account balances. Also, assets awaiting crediting and withdrawal are displayed here. By clicking on the “+” button in the asset field, a tab opens with the address of your exchange wallet and its current status. By clicking on the “-” button, a menu opens indicating the commission for the withdrawal transaction from the exchange. For withdrawal, you need to fill in the empty fields and click the “request” button. At the bottom of the screen of the same tab, there is a window “pending withdrawals”, which displays the status of the request and the number of confirmations required to receive the asset at the address where you sent it from the exchange. Displaying the status of a created application usually takes several minutes, on average from 1 to 3 minutes, rarely — several hours.
If you do not take into account the top exchanges, then everywhere there are problems with input, output, display of the status of applications and periodic long-term maintenance of wallets.
IMPORTANT! Do not send your funds to the exchange directly from miners, they will not come and you will not return them. This applies to most active exchanges. In cases where, when registering for virtual mining services, you need to enter the wallet address, if you specify the exchange wallet, the exchange will not receive funds for your deposit, but only hash sums.
There is a minus in the calculation of Total. In the case when an asset is cheaper than 1 satoshi, in the Est BTC column , the value will be indicated — 1 satoshi per asset unit.
Example. Let’s say SHIBA INU is trading on Yobit. In the wallet tab, its value will be displayed as follows — 100,000,000 SHIBA = 1BTC. But in fact, 100,000,000 SHIBA = 0.01680362 BTC, approximately. This works for other tokens too, SHIBA is just an example. Although it is very strange that the asset shown in this example is not traded on the monitored platform.
ORDERS — tab of the main menu of the Yobit exchange.
The currently valid orders are displayed here. The “search” field will help you find the required pair among all your orders, including automatic ones.
HISTORY — tab of the main menu of the Yobit exchange.
This tab contains the history of all your transactions and transactions, including the results of participation in lotteries. There is a selection by assets and pairs through the “search” field.
TOP — tab of the main menu of the Yobit exchange.
This tab is described above. It displays the rating of the lucky winners trading on DEFI.
Vmining — tab of the main menu of the Yobit exchange.
In my opinion, a very confusing system for calculating the profit of a virtual miner.
By purchasing a miner, the process of mining 4 currencies is launched. Two cryptocurrencies are mined — BTC, MINEX2 and two fiat currencies — RUR, USD. The profit from the miner is calculated daily. From 85% to 90% of the funds received from the sale of the miner, the platform spends on the redemption of the MINEX2 token within the platform. True, this token exists only on this site and the MINEX2 token obtained by your miner rises in price when you buy a new miner. In this way, administrators try to maintain the value of MINEX2, and hence the remuneration of miners. But think about it. This asset exists only on this site and everything mined by the miners will be sold on it. Accordingly, the price will always tend downward, and only the expectation of a large redemption will somehow keep the asset on the users’ balances. And this expectation of magic and miracle permeates the whole Yobit :)
The exchange spends 10% of the value of the sold miner to redeem the YO token. YO is the internal token of the Yobit exchange, and this purchase also affects the growth of the asset’s value. But! How this should motivate to buy a miner — I have not defined for myself.
In general, it is a profitable event if you trade on this site. I have not yet raised funds for a full test of this service, but I can highlight the obvious advantages of any virtual mining — this is the absence of noise, dust and electricity bills.
Naturally, the exchange takes its commission, but such services do not exist without a commission, in principle, since maintenance, renting special premises for mining and electricity costs, even without taking into account the purchase of the miners themselves, require constant and significant costs, regardless of the scale of industrial mining.
Support — tab of the main menu of the Yobit exchange.
Here, for clarity, I just posted screenshots of my correspondence with technical support
In my opinion, only unresponsive support is worse. I will not post other people’s comments and reviews, since you can buy them in any quantity, both positive and negative. In this case, it is a complete reluctance of technical support to help me restore an account with more than five years of active trading history. By the phrase “technical support” I mean not only the technical knowledge and experience behind them, but also the comprehensive assistance that the support should provide to any of the users who apply. This is not only a problem of the Yobit exchange, it is a problem of every platform that does not fully understand the essence of the word “service”. And the bottom line is that the platform provides a service for which it receives a commission from users. The better the service and support provided, the more users will be attracted to the platform, which means that the inflow of profits will be greater, which in turn opens up expanded opportunities for modernizing trading processes and optimizing the exchange strategy as a whole.
ADD — tab of the main menu of the Yobit exchange.
This panel allows you to offer the site administration to place your own token on the exchange for a commission. This section is recommended for advanced users only.
PM — tab of the main menu of the Yobit exchange.
Service for forwarding private messages between platform users.
I have finished with the items of the main menu of the Yobit exchange.
Hovering over the nickname in the upper right corner of the screen opens an additional menu.
When you open this tab, you will see a QR code and a prompt to set up two-factor authentication. If you do not want to install 2FA, you can still rewrite the secret key and keep it in a safe and accessible place for you.
If you are hoping that the google authenticator app for IOS will save the secret keys in the cloud when updating or reinstalling, then this is not the case. If you save the same keys in regular IOS notes, it will be much more reliable, and it will not be a problem to restore them if you know your apple id and password.
If you install or even do not install 2FA, but save the secret key to it, then you can restore access using this secret key, even if your account is taken over by an attacker. I recommend installing this feature, but be sure to save the code. After all, if you do not have it or access to it will be difficult, and technical support, as in my case, does not want to provide assistance at all, then there is a risk of permanently losing access to your account.
Below are the notification settings.
DASH is a useful monitor for displaying statistics on changes in your balance on selected pairs.
Affiliate / CryptoTalkNew / CryptoTalkCampaign
Tabs for earning bounty — rewards for tasks such as “invite a friend”, support discussion on the CryptoTalk forum, and more. This section is more likely for self-study, because if you don’t figure it out yourself, there will be no benefit.
Another platform lottery, but now in the form of pony races. There is nothing to add here, except for the rules of participation established by the lottery itself:
1. Place your bet (there may be several). Pool winnings received from users placing bets.
2. The race starts at the specified time.
3. The pony’s speed changes every 5–10 seconds.
4. When your pony wins, you receive a prize for every winning bet.
* The total amount of prizes of all 90% of the total pool of all users is estimated and divided among the winners in proportion to their winning bets.
** Evidence link is available after the end of each race. Pony speed calculations depend on EN chat messages, bets, the sum of all bets, micro-time, pony number, md5 hash of the previous pony.
The rewards accrued for trading are displayed here.
Rules for receiving YoDefi rewards:
Get YoDefi coins for liquidity (active sell or buy orders) on pairs:
btc-usd, btc-usdt, btc-rur, eth-usd, eth-usdt, eth-rur
We pay 777 YoDefi Tokens proportionally to all users every 10 minutes.
To receive payment, the price of your order must be in the range of + -1% of the current price.
Here you also get rewards in YOTRAcoin for trading on BTC pairs in the amount of 10% of the trading commission.
A function for transferring assets between users of the Yobit platform. Here you can create a code by linking any of your available free assets to it and send this code by email or in any other convenient way to any user of the monitored platform. Here, similar codes are activated.
FreeCoins — free token giveaways.
Here you can collect free coins, usually from 1 satoshi to 1–2 absolutely useless coins. But sometimes 1–2 DOGE is handed out every 12 hours. I took part in such collection of awards. Each user can organize such distribution independently in a few clicks. So you can get rid of useless, in your opinion, assets or give a little something good, for example, for charitable purposes. This raises interest in the asset and the mood on the platform as a whole.
Here, private access is created from two keys to access the exchange from third-party applications, such as the trade monitor, statistics collection and balance status. Through the same private access, you can connect a third-party trading robot with the exchange. For applications and programs dealing with arbitration, you must select the item allowing withdrawal of funds, and this is a very risky step, because for attackers, it is not at all difficult to withdraw your balance through such an API. Do not trust unverified services and applications whose functionality you do not understand or do not fully understand. Through your own ignorance or carelessness, you can lose part, and sometimes even the whole balance without any outside interference.
This paragraph is required reading for those who are going to use the API. Read on, everything is written in great detail and to the point.
Here you can find information on assets traded on the exchange. For a convenient display of information, opposite the asset of interest at the end of the line, you need to press info. And if there is no data or the links do not work, you can draw appropriate conclusions about this asset and its status on this platform.
Information about commissions for depositing and withdrawing fiat through payment systems.
A section of frequently asked questions and answers to them. I recommend it for everyone to read.
In conclusion, I want to say — Yobit is a convenient platform, but so far for those who understand something about what is happening. In general, you can find reasons for dissatisfaction with the platform, but, subjectively, this platform gave me a useful and valuable experience. Objectively, the opportunities provided by the exchange are presented as accessible as possible, the minimum order of USD is 10 cents.
Nice inexpensive school with funny teachers :)
Do not focus on Yobit chat and your decisions will bring you profit.