Decentralized finance (DeFi) is a term used to encompass many topics within the blockchain space.
DeFi has been described as an ecosystem of apps, protocols, and tools. DeFi can assist people in earning a passive income, hence its appeal.
Through DeFi, a person can earn money through staking, becoming a liquidity provider, yield farming, or lending.
YoBit Exchange decided to join the DeFi trend and provide wide opportunities for its users.
What is YoBit.net exchange?
Founded in 2014, YoBit is an online exchange platform designed to trade cryptocurrencies. There are over 500 cryptocurrencies and tokens that can be traded, with 8,801 active pairings.
The platform is the perfect place for individuals wanting to trade any pairing that currently exists in the crypto world. Incorporated in Panama, seven-year-old YoBit is one of the longest-standing exchanges in the market. It is accessible from any location.
In addition to crypto trading, YoBit also facilitates fiat to cryptocurrency pairings. Trading features such as charts are available for the user’s selected pairing.
YoBit also allows for deposits and withdrawals of cryptocurrency and fiat currency, via AdvCash, debit cards, Payeer, and Perfect Money.
YoBit values anonymity and traders do not need to authenticate themselves through any know your customer (KYC) verification process to access the platform.
To date, YoBit has never experienced a security breach or hack, as there are state-of-the-art security measures in place to protect all customers.
YoBit has a user-friendly interface that makes it easy to navigate, especially for crypto newbies. There is also round-the-clock, 24/7 customer support on Telegram and a ticketing support feature under the “Support” tab on the website.
What’s more is that YoBit is available in many different languages, including English, Russian, and Chinese. Tech support is also multi-lingual, with the option of chatting in these languages as well as Arabic and German.
To make things even more appealing, YoBit offers an affiliate program where a user will earn a 20% trade commission for every trade a referral makes.
Key advantages of YoBit
- The interface: similar to popular DEXes like PancakeSwap or Uniswap, but it allows you to do everything on one screen.
- Convenient: Users do not need to connect MetaMask or another wallet. Everything fits on one screen, no third-party apps are needed.
- Instant exchanges: Transactions don’t depend on the Ethereum network, which works slowly, everything happens quickly on one site.
- Working with real assets: On decentralized exchanges, you will not be able to work with real bitcoin or with real DOGE, because they are on their blockchains and are not DEX compatible. You do not need to wrap your bitcoins in WBTC, you do swaps and get rewards for providing liquidity in real assets.
- Commission: Only 0.3% of the transaction, 0.05% of which goes to support the internal Yo token of the YoBit exchange. So if you keep Yo, then DeFi is an even better story for you, because it will likely grow. 0.2% of the commission goes to payments to liquidity providers, that is, rewards to those who throw their coins into the pools.
- The ability to withdraw to fiat: You made a Bitcoin swap for dollars, and then anonymously withdrew fiat without KYC. A very convenient gateway to receive fiat money with the lowest fees
How to use YoBit DeFi
Signing up on YoBit Exchange is a seamless process, as there is no KYC or AML verification process. To register, select the Login tab at the top of the interface and then select “Register” at the bottom of the login pop-up.
All that is required is a login name, email address, and password.
Once inside the platform, it’s easy to navigate to where you want to go.
Naturally, a deposit needs to be made before being able to trade. To do this, select the “Wallets” tab. YoBit accepts crypto and fiat currency deposits and withdrawals and so all that needs to be done is selecting the currency of choice for a deposit.
On the right-hand side of the Wallet page, there is the list of available currencies as well as the “Deposit” or “Withdrawal” options, under which a corresponding “+” or “-” sign indicates the action required.
Once the currency of choice has been selected, a pop-up will appear with the payment options available, as well as an option to input the deposit amount. Depositing funds is a very intuitive and secure process.
After adding funds to the account, a user can begin trading. The trading panel is minimalistic and easy to read and easy to navigate to under the “Trade” tab.
On the top left, the available balances are displayed, and below are the markets and exchange supports. In the middle is the trading chart of the user’s selected pair and the buy and sell order boxes are below this.
When it comes to making a swap, again the process is intuitive. Select the tab “RoboTrade” on the far left and the interface will provide a list of pairings on the left. Once a pair is chosen, users will be able to swap the selected pair.
Users can input the amount of currency they wish to swap, which will automatically convert to the other currency within the pair. An exchange rate is also given underneath the two amounts.
Underneath this, are the options to add or remove liquidity. Users can select the pairing they wish to utilize and input the amount of liquidity they wish to add or remove. Both functions will automatically generate the amount of liquidity that will be added or removed.
YoBit DeFi daily contest
YoBit runs a daily competition under the “Top” tab for users to stand the chance of earning prize money of 100-10,000 USDT. There are 20 prizes up for grabs each day and winners are selected at random.
On September 4, 2021 a person with 0.77 BTC won $1,300 in prize money. The commission from this turnover was 0.007 BTC, which equals less than $400, meaning the person earned more than $900 just by swapping coins back and forth.
To enter, a user needs to select a nickname for themselves, then input this at the bottom of the left-hand column. Essentially, a user will need to swap a certain amount of coins to enter into the competition.
Users will then need to be within the top 20 daily swap volume, where they will then rank. The higher the ranking on the daily ‘scoreboard’ determines the price of the prize.
More on YoBit
YoBit: The trusted exchange
YoBit has garnered a reputation for its trustworthiness over the years. Its user-friendly interface, commitment to privacy, security, low fees, and the wide array of currency pairings from both crypto and fiat make this platform stand out from less-established exchanges.
For newbies and crypto enthusiasts alike, YoBit offers a seamless and intuitive trading experience. It is also incredibly convenient as users don’t need to connect third-party wallets to utilize their funds.
Transactions are instant, a rarity for a crypto exchange. Users are working with real assets and can swap their tokens and earn rewards for providing liquidity.
The platform provides users with the opportunity to withdraw their earnings to fiat currency with low transaction fees, ensuring convenience is at the forefront of the user experience.
Signing up for an account is a very easy experience that can be done here. Whether you’re new to the trading space or not, this platform is a very welcoming and seamless experience.