Today, we will be looking at YoBit.net, another spectacular platform.
YoBit.net is a trading platform that was launched in 2014.
Then along came YoBit DeFi in 2021 to allow its users to join in on the DeFi rave.
To let you in on how the platform works, I have given a complete breakdown of its services and how to use YoBit DeFi.
Let’s get started.
Post Summary
Here’s a rundown of what we will be discussing in this review:
- YoBit.net Exchange: An Overview
- YoBit DeFi Explained: Its Key Advantages
- How To Use YoBit DeFi
- YoBit DeFi Daily Contest
- YoBit DeFi Reviews
- Conclusion
A click on any of the subheadings opens up its details.
Let’s move to the first subheading of this review.
YoBit.net Exchange: An Overview
Background
YoBit.net exchange is a cryptocurrency trading platform that was founded by a group of European developers.
The platform was launched in 2014 and is registered in Panama.
The developers of the platform built it with the aim of making crypto trading seamless for its users.
As such, the platform has come to become a safe haven for both experienced and new traders in the crypto-verse.
This is because of its impressive user interface that allows for easy navigation and has everything in one place.
Also, with more than 8000 coin pairs, the platform has proven to be the hub for all trading activities.
YoBit.net lives out the anonymity factor of the cryptocurrency world by requiring no sort of verification at all to use its platform.
You only need to sign up with your email and you are good to go!
It’s interesting to point out that for the years YoBit.net has been in existence, there has been no story of hack whatsoever.
Quite impressive!
Features
- No KYC
- Friendly user interface
- No hidden fees
- Fast transactions
- Multiple payment options
- Live Chat
- Multiple coins support
- 8k+ trading pairs supported
- 20% Referral commission
- Free coins
- Automated trading
- Increased security
Native Token
Yobit.net has a native token known as the Yobit token (YO).
From CMC, the information about the token is as follows:
- Price – $2,692.18
- 24-hour trading volume – $1,217,954
- Total supply – 17,000
- Rank – #2,967
**Info as of 16th Sept. 2021
Services
YoBit.net provides services such as:
- Token listing
- Virtual mining – You will get 5% from all Miner Purchases from your referrals in BTC
- Investment plans
- Wallets
With DeFi becoming a thing in the crypto world, YoBit added DeFi as one of its services in August 2021.
This is in a bid to provide its users the opportunity to join in on the DeFi rave.
I explained YoBit DeFi detailedly in the following subheading.
Scroll down and read up!
YoBit DeFi Explained: Its Key Advantages
DeFi, short for ‘Decentralized Finance’ is the term used to describe various decentralized activities.
Be it lending, DEXs, insurance, stablecoins, etc., they are all generally called DeFi.
Following its rise in the cryptocurrency world, YoBit.net decided to bring it home to its users.
As mentioned earlier, it added the DeFi feature in August 2021 (that’s barely up to a month from press time {15th Sept. 2021}) with the following key advantages:
- DEX-like interface: The interface is similar to that of popular DEXes like PancakeSwap or Uniswap.
- No third-party apps: You can use the platform without connecting Metamask or another wallet. Everything fits on one screen.
- Instant exchange: Exchanges take place instantly as it does not depend on the Ethereum network, which works slowly.
- Working with real assets: On DEXes, you will not be able to work with real Bitcoin, with real DOGE, because they are on their blockchains and are not DEX compatible. But on YoBit DeFi, you do not need to wrap your Bitcoins in WBTC. You can swap the coins and get rewards for providing liquidity in real assets.
- Commission: The commission charged is 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. Then, 0.2% of the commission goes to payments to liquidity providers.
- Withdrawal to fiat: YoBit DeFi allows you to make a Bitcoin swap for dollars, and then anonymously withdrew fiat without KYC. Thismakes it a convenient gateway to receive fiat money with the lowest fees.
With up to 17 pools available, YoBiT DeFi allows you to:
- swap assets with ease
- add or remove liquidity and earn from it
Moving on, we will look at how to use the YoBit DeFi feature.
Scroll down, please.
How To Use YoBit DeFi
Here, I will be giving a step-by-step guide on how to use this platform.
Step 1
Sign up on YoBit.net by clicking on ‘Register’ on the right-hand side of the site.
Step 2
Fill in your details in the form provided and click on ‘Register’.
Step 3
Check your email for the link to complete your registration
Step 4
Click on the link in your email and it will redirect you to the YoBit.net site.
Step 5
Your email is now confirmed marking the completion of your registration.
You can go ahead and switch on 2FA to further safeguard your account.
Congratulations!
Now that you are done with registration, the next step is to fund your account to start trading.
To do that, proceed to the next step.
Step 6
NOTE: You can deposit via multiple ways including crypto, Perfect Money, AdvCash, cryptos, etc. Find the information on the fees for each method here.
But for my illustration, I will be depositing crypto.
Go to the home page and click on ‘Wallets’ and it opens up your wallet.
Step 7
Assuming you want to fund your BTC wallet, click on the ‘+’ button to fund your account.
Step 8
Copy or scan the address provided and send BTC to it.
Your wallet will be credited accordingly.
Step 9
Return to the home page and scroll down to ‘Markets’ by the right-hand side of the site.
Click on ‘DeFi’ and go ahead to select the pool you want to work with e.g DOGE-BTC.
Step 10
You can now go ahead to swap, add, or remove liquidity for the selected pool.
This is how to use the YoBit DeFi feature.
Clear cut, isn’t it?
Next, we will look at the YoBit DeFi contest – a competition organized for all DeFi traders.
We will see how it works and how much you can win in the next subheading.
Still scroll down.
YoBit DeFi Daily Contest
Earning in YoBit DeFi is not just from your trading activities.
There’s a daily contest organized for the DeFi traders with as much as $30,000 mapped out for rewards.
The rule of this contest is simple: be a part of the traders with the highest trading volume ranging from $100 – $10,000.
This means that the more you trade, the more chances you have of emerging as a winner.
This contest is targeted for all DeFi swaps on YoBit DeFi.
Take for example, on September 4, someone with 0.77 BTC swap turnover won $1300 in prize money.
The commission from this turnover was 0.007 BTC (less than $ 400), so the trader earned more than $900 just by swapping coins back and forth.
Wow!
Let’s check out the reviews of the platform – how has its DeFi fared so far?
YoBit DeFi Reviews
YoBit.net is a trustworthy exchange with a loyal audience who also joined its DeFi platform.
The fact that you can trade both spot markets and DeFi on the same interface endears it to the heart of crypto traders.
As such, there has been a significant increase in the number of its users since the DeFi addition.
In less than a month of its launch (August 2021), the DeFi feature has been covered by many well-known crypto YouTube influencers such as:
- Satoshi Sean
- Crypto TV
- Satoshi Stacker
- Jude Umeano
Despite the fact that other DeFi platforms cannot compete with what YoBit DeFi brings to the table, there’s a promise of more to come.
Let’s go round up this post in the next subheading.
Conclusion
This is where we will draw the drapes in today’s post. Hope you enjoyed reading through it?
While at it, I gave an overview of YoBit.net and introduced you to YoBit DeFi where you can swap, add or remove liquidity seamlessly.
I also talked about the daily contests and how you can be a lucky winner.
So be you a spot trader or a DeFi fan, there’s something for everybody on YoBit.net.
Sign up and start trading now!
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