Last week I signed up for my own YoBit account. I wanted to get off GDAX and heard good things.
I was incredibly surprised how fast it was to sign up to YoBit. I had a new verified account within minutes. It didn’t ask me all of those privacy-intruding identity verification questions that I’m so used to.
Once I verified my email I got started investing right away. It simply required me to deposit my initial sum of Bitcoin as trade fodder. To do this I used VirWox, which is an old school digital currency exchange that works VERY well. Highly recommend VirWox.
Cryptocurrency Transfer Into the Exchange
It took some time for my Bitcoin to transfer into YoBit. That’s because the network is bogged down lately. However, once it arrived, I began instantly exchanging for other cryptocurrencies.
YoBit’s AltCoin Diversity
One thing that impressed me was how many AltCoins I could purchase with BTC. There are DOZENS. So many I haven’t even heard of yet.
I found a few small, new coins and bought hundreds/thousands of them (Don’t worry, it was like $10 or less). I’m holding onto these guys in case they go big some day. That’s my beginner’s investment strategy – diversification
Does YoBit meet Security Standards?
YoBit offers 2 Factor Authorization which is highly recommended if you’re looking to keep your accounts secure.
However because I’m still new, I don’t have mucht o say on its security.
One thing I can tell you is that it’s used to tens of thousands of people (perhaps 100K+) and they’ve had no issues yet.
User Interaction – Pumps/Dumps
One of the entertaining things about YoBit is the chat box on the right side of the screen. Users alert you if a coin is going up or down. This is EXTREMELY helpful because you can get instant notice if one of your investments is threatened.
Also if you have some BTC to invest, you can keep an eye out in the chat box to see if anyone calls out a new pumped coin.
More on Pumping/Dumping … Short Term Investing (High Risk Meets High Reward)
While this is illegal in the world of Wall Street, it’s perfectly legal when it comes to unregulated cryptocurrency. However these kinds of short and fast investments are NOT recommended if you don’t know what you’re doing. Treat them like fun entertainment. No more than 2-5% of your investment funds should go into short-term investing unless you’re willing to risk losing a lot (and possibly gaining a lot too)
YoBit in Review – My Conclusion
Sign up for an account today. It’s easy, and you can begin trading by the time your popcorn is done popping!