Optical triggering by the camera's built-in flash can work, but also has significant limitations and can be more frustration than it's worth.
Theoretically, this can be triggered by radio off-camera, which would be a good use. Unfortunately, it seems that this Yongnuo model only works with triggers which also won't work with your camera.
Therefore, I really think your best bet is to return it (or sell it used, if returning is not possible) and get something that does work — What speedlites can work with the Canon non-standard hotshoe found on their low-end camera models?. There are several options which aren't any more expensive than this one. (And several that are a lot more flexible.)
Or, if you happen to be planning to replace your camera body soon anyway, hold onto it and buy a higher-end model which does have the standard center pin. Canon is unlikely to remove this entirely from models aimed at professionals and serious amateurs, because there'd be a huge backlash. Instead, they're using it as a differentiator to keep that segment of the market away from the cheapest purchases. It's pretty likely that this will move up the model food chain into the middle segment, too, over the next few years, though, so.... if this is important to you, that's probably worth considering.