DeFi systems make financial products available on decentralized blockchain-type networks, allowing users to make transactions without intermediaries such as banks and brokerage firms.
You can imagine DeFi as a financial ecosystem open to all, where you can securely store, invest or trade your assets via blockchain. DeFi’s main function is to give you uncontested control over your own assets.
DeFi can help people receive passive income from cryptocurrency assets, making money from betting, providing liquidity or extending credit, significantly reducing the transfer commissions.
All traders of YoBit Exchange could access the DeFi platform directly from the home page of its website.
The main review of the YoBit.net Exchange
YoBit is an exchange on whose online platform traders are exchanging, buying and selling more than 500 different types of cryptocurrencies and tokens.
If you are a user for whom the number of crypto trading pairings is of high priority, then you should take a closer look at YoBit’s platform as it supports 8,801 active trading pairs and provides an option to trade any pairings that exist now in the crypto market.
YoBit was established in Panama in 2014 and is one of the oldest well-recognized virtual currency exchange houses. There are no geographical restrictions for accessing it.
YoBit is a popular exchange with a lot of features as making transactions using traditional/digital currency pairings. All movements of the chosen cryptocurrency pair are displayed in the form of a chart.
YoBit utilises different payment systems such as Payeer, Perfect Money, AdvCash as well as debit cards for transferring and withdrawing cryptocurrency or fiats.
YoBit ensures a high degree of anonymity providing users to access the platform without identity authentication through any ‘know your customer’ (KYC) checking procedure.
The security of the YoBit platform is undeniably trustworthy, as it has never been hacked during its 7 years of existence.
Its easy-to-use interface is suitable for novices in the crypto world and advanced users alike.
YoBit provides Customer Support working on Telegram 24 hours per day.
The Efficient Ticket Management System is available around the clock on the Support tab of YoBit website.
A special feature of the YoBit is the Multilingual User Interface which supports not only Russian, English and German, but also Chinese and Arabic, as well as keeps chatting in these languages.
If you join the YoBit partner program, you can receive affiliate commissions of 20% per transaction of a referral that you have attracted.
YoBit DeFi Key Features
Interface: like popular DEX, such as PancakeSwap or Uniswap, but with the ability to operate on the same screen.
Convenient: Customers are not required to access MetaMask or any other wallet. The tabs can be operated without leaving the web page – by going to the wallets section, you can choose which wallet you want to top up with funds.
Instant exchanges: The withdrawal of digital currency is instant on one platform, as transactions are not dependent on low-speed Ethereum network
Real asset operation: BITCOINS or DOGECOINS are stored on Decentralized Finance in their own DEX-incompatible blockchains, therefore is no need to convert real bitcoins into “Bitcoins on Ethereum ” (WBTC): you swap receiving the commission fee on providing liquidity in real assets.
Commission: The Yobit.net charges a fee 0.3% for each transaction, which depends on the cryptocurrency itself. 0.05% of each transaction fee falls on the backing of Yo token. So, if you own a Yo, it is more reasonable to use DeFi , because the token will grow in the long run. Remuneration to liquidity providers is 0.2% of commission fees.
Turning digital coins into fiat money: Another advantage of YoBit is swapping from cryptocurrency to fiat (for example US dollars) and vice versa to make a deposit or withdraw means from your account without KYC keeping commission charge to a minimum.
User Guide for YoBit DeFi
Creating an account on YoBit Exchange is easy and straightforward. For registration you should at first select the “Registration” button (right upper field). YoBit allows the traders not to authenticate their identity via “Know Your Customer” (KYC) or any other verification process.
All you have to do is fill out a minimum of information about yourself: username, email and password to log in.
YoBit.net site navigation is easy to handle. To start trading, you have to put a deposit. For this go to the “Wallets” section, then pick the currency to deposit.
The traders of YoBit can complete transactions both in virtual cryptocurrency and in fiat money. Rightward to the Wallet screen there is a menu of obtainable currencies, as well as “Deposit” or “Withdrawal” options. The appropriate signs “+” or “-” will help to add or draw out your funds.
If you have already decided in what currency you will be making the transfer, then in the pop-up window with the proposed options for payment you can write the deposit sum. To add funds into an account on YoBit.net is easy and transparently even for the novice user.
The Trading App Bar is also very simple to navigate. To start trading, you need to go to the “Trade” tab, then click on “Market” and determine the currency pair for conducting transaction.
In the centre of the page concisely displays information on the indicated currency pairing: daily volume and range of price fluctuations, chart of value movement of a particular currency pair at the specific point in time. Below it there are sections of buying, selling and active orders, in the right column you can find the histories of transactions.
If you type the abbreviated name of the cryptocurrency in the “Market” field on the left side of the web page, all available pairs in this currency will appear in the corresponding field: by selecting the line with the pair of interest, the user will go to the trading page with it.
If you have already chosen a currency pair, you can make a swap.
You need to specify the amount of currency you plan to swap, and it will automatically be converted to another currency in the pair whose exchange rate is displayed in the lower part of the screen.
In the field underneath you can see the options for adding or removing liquidity. In this section you must determine the volume of liquidity of the trading pairing, which is generated on an automatic basis
YoBit DeFi daily lottery draw
With YoBit you can game and increase your assets from 100 to 10,000 USDT. The “Top” tab offers a draw for 20 prizes every day, with winners chosen at random.
So, for example, an exchange trader with just 0.77 bitcoins won $1,300 including a commission of 0.007 BTC (about $400) on September 4, 2021. Thus, by trading a currency on that day, the platform user was lucky to increase his assets by $900.
The main prerequisite for participation in the competition is to exchange a certain number of coins. The user must create a nickname for himself and enter it on the web page.
The rating on the daily leader board determines the prize size. To have a chance to win a prize, a trader has to be ranked in the top 20 by the number of daily swaps.
YoBit exchange is entirely reliable
Overall, the YoBit exchange is a user-friendly and feature-rich online trading facility with a rich selection of digital currency pairs and the ability to convert cryptocurrencies into fiats for low commissions.
For 7 years of operation, the exchange has gained a trusted reputation, feeding their traders with lots of trading and investment opportunities.
YoBit strengthens safety precautions to ensure transaction security, including Secure Sockets Layer (SSL) encryption.
High transaction speed, the ability to use real assets, exchange your tokens and receive compensation for the provision of liquidity make YoBit a leader in the cryptocurrency environment.
Full anonymity is guaranteed by the absence of any verification, the logging on takes no more than 5 minutes that can be done by clicking here.