DeFi YoBit.net Review 2021: Yield Farming and Swaps by Reliable Exchange
Decentralized Finance (DeFi) are financial applications developed on blockchain tech. The movement uses smart contracts to eliminate intermediaries in financial transactions while offering a variety of ways for participants to invest their crypto assets and earn returns. For example, DeFi loans enable users to lend and borrow, where the borrower acquires crypto assets at specific interest rates to serve their needs while the lender will earn returns in the form of annual yields for providing the capital.
YoBit.net, a popular crypto exchange, and the trading platform now make it easier for its users to access some of the popular DeFi features from within the platform. As a platform listing over 8500 crypto-crypto and crypto-fiat trading pairs along with advanced features like robot trading, the DeFi feature is a welcome addition that opens a whole new potential profit-making avenue for its loyal userbase. On YoBit DeFi users can access some of the popular crypto pairs to indulge in quick trades and swaps, and even stake their assets to earn decent yields.
YoBit DeFi with its all-too-familiar, simple interface is easy to use and users can readily sign up on the platform without the hassle of the KYC and AML verification process. Moreover, with no geographic restrictions, users from anywhere in the world can benefit from the platform.
YoBit.net Exchange
Created by a team of European crypto developers and enthusiasts, YoBit.net was started in 2014. The Panama registered company has grown since then to support over 8500 crypto-crypto and crypto-fiat pairs. Today, it is one of the reputable platforms to operate in the DeFi sector.
Some of the YoBit Exchange features that make it stand apart from the rest include:
- User-friendly interface.
- Advanced market charts and trading tools.
- The quick and easy registration process
- Support for Debit cards, Perfect Money, Payeer, and AdvCash.
- Automated trading with Robotraders
- 24/7 Customer support
- Attractive affiliate program.
- Multilingual chat support and more.
YoBit DeFi Advantages
YoBit provides a host of DeFi features in an easy-to-use setting. The platform combines the advantages of a centralized exchange platform with a familiar user interface that eliminates the learning curve. Users can sign up instantly on the platform by following few simple steps and fund their account to start trading.
The advantages of using YoBit DeFi include:
- Single Screen Service – The intuitive user interface ensures that all the frequently used features are readily accessible on the main screen. The dashboard arrangement eliminates the time-consuming and sometimes confusing process of navigating through the platform to complete each task. Further, the YoBit DeFi interface is designed similar to that of popular DEXs like PancakeSwap and Uniswap, which makes it easy to understand.
- Self-Contained DeFi Platform – Unlike DEXs, users on YoBit DeFi don’t have to worry about connecting third-party wallet applications like MetaMask to send and receive cryptocurrencies. Users can fund their YoBit account with any of the supported cryptocurrencies or even fiat and covert to the crypto of choice and directly use the available assets for farming or swaps.
- Fast Transactions – All transactions on YoBit DeFi happens instantaneously as the platform doesn’t depend on blockchain networks for transaction confirmations. All transactions are executed within the platform and the transfer of assets from swaps and liquidity pool rewards are readily reflected in the account balance under respective wallets in no time.
- Trade Real Assets – Most of the DEXs operate on a single blockchain protocol, which prevents users from swapping assets across different blockchains. Such restrictions don’t apply to YoBit DeFi as it is a centralized platform supporting multiple crypto assets. Users on YoBit DeFi always deal with real assets instead of wrapped tokens like in the case of DEXs.
- Low Commission – YoBit DeFi has some of the lowest commissions in the market.The platform charges a transaction fee of 0.3%, of which 0.05% goes towards supporting its native Yo token and another 0.2% as payment for liquidity providers.
- Easy Withdrawals –YoBit DeFi supports both crypto and fiat withdrawals. Users can easily withdraw the balance from their accounts to external crypto wallets or swap crypto for fiat and receive it in their accounts for a very small fee.
How to Use YoBit DeFi
Getting started on YoBit DeFi is as easy as creating an account on any social media platform. The first step towards availing YoBit’s service is registering on the platform, which itself is an easy process.
Sign Up on YoBit DeFi
To sign up, visit YoBit.net, navigate to the registration section and click on the registration tab.
Fill in your username and email address. Create your strong password for security and click on the “Register” button. There is no requirement for KYC & AML verification.
Deposit Funds
After registration, navigate to the “wallets” section, select the applicable crypto wallet from the list to access the deposit address. Transfer funds to the deposit address that appears on the screen and wait for transaction confirmation on the blockchain for funds to appear in your wallet.
Alternatively, users can choose any of the fiat deposit options including Webmoney, Yandex Money, QIWI, PerfectMoney, Payeer, AdvCash, and bank cards on Visa and MasterCard networks.
Make Swaps on YoBit DeFi
YoBit DeFi currently offers a swap facility for 17 different crypto pairs. Users can select the pair they wish to swap from the list of DeFi markets on the left-hand column and enter the amount of crypto they want to swap in the “You give” field. Once the amount is entered, it will show how much of the swapped crypto they will receive in the “You get” field at the prevailing price displayed against the “Price” section.
Once the swap is initiated, the applicable amount of crypto will be deducted from one wallet, and the resulting balance will be updated in the corresponding wallet.
Adding Money To Liquidity Pools
Users can provide liquidity to the YoBit pools and earn rewards in return. To participate in the liquidity pool, they have to first select the crypto pair from the DeFi markets list and enter the amount of each crypto they are willing to deposit in the “Add Liquidity (Earn $)” section. After having entered the desired values, they can hit the “add liquidity” button to start earning returns.
Users can choose to top up their liquidity provisioning at any time and also make partial withdrawals, The existing balance of each crypto pair will be displayed in the liquidity section and after each transaction, the values will get updated accordingly.
Removing Liquidity
Similar to adding liquidity, users can withdraw funds from the liquidity pool using the “Remove Liquidity” section. They can enter the desired amount of both crypto assets they wish to withdraw and hoot the “Remove Liquidity” button. If they wish to remove the entire amount, just click “Remove Max” to completely exit from the pool.
YoBit DeFi Daily Contest
There are more ways to earn on YoBit than just trading or providing liquidity. Active users stand a chance to earn rewards by participating in the YoBit DeFi Daily Contest where twenty users executing top daily swap volumes can win anywhere between 100 USDT to 10000 USDT in rewards.
The daily swap volumes on YoBit DeFi are displayed on a leaderboard, and the winners are selected every day at a random time. Depending on participation, even those with low transaction volumes also stand a chance to win the reward.
E.g. On September 4, a person with 0.77 BTC swap turnover won 1300 USDT just by swapping coins back and forth. While the person incurred charges of around 0.007 BTC (less than 400 USDT) for the entire exercise, the effective profit from it was more than 900 USDT.
YoBit DeFi Reviews
YoBit is a reputable and trustworthy platform. Its online reviews show that it is reliable & legitimate for cryptocurrency activities. For example, on TrustPilot, YoBit scored four stars from 32 reviewers.
It also has good ratings from Cryptowisser & Blockonomi. These are trusted crypto review sites. YoBit earned 4.4 of 5 stars from Crytowisser and 8.2 of 10 from Blockonomi. Also, Youtube influencers like Satoshi Sean & Crypto TV cover the exchange online.
Watch YoBit review on YouTube – Review 1 | Review 2
Conclusion
YoBit DeFi has impressive features, such as a wide range of crypto pairs. The platform’s interface is simple, easy, and highly user-friendly for even beginners. The registration process is straightforward and doesn’t require KYC. Moreover, the fees are low for transactions, and it accepts people globally. YoBit is legit and reliable with a clean reputation. Try the DeFi features today and gain all the benefits.