Yobit Exchange: Full Review
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Cryptocurrency and blockchain technology are one of the most exciting inventions in the tech world today. Many people have been fascinated by this novel form of currency that defies government control and regulation. Bitcoin, in particular, took the world by storm when 1 bitcoin surpassed the value of a gold bar and went on to peak at 19,000 dollars towards the end of last year. Other coins such as Ethereum, Litecoin followed the trail left by Bitcoin breaking records never imagined. By doing so, the world was brought to the attention of altcoins causing more and more people to join the cryptocurrency bandwagon.
Consequently, there arose the need for exchanges to facilitate the transaction of coins among people. Exchanges provide valuable services to people who trade in such coins as well as provide online wallets for storage of these coins. YoBit exchange is a cryptocurrency exchange platform on the rise and here is an in-depth review of it. If you love trading cryptocurrencies, read this Yobit exchange review before you make any investment decision.
What is Yobit?
Yobit is a cryptocurrency exchange that has been battling lawsuits and complaints left right and center. The exchange was first introduced on BitcoinTalk.forum. The trading platform was designed to offer easy trading for altcoins. It resembles Binance in many ways and provides all the important details in one web page. Launched in 2015 by a group of Russian developers, Yobit was primarily designed to target local Russian cryptocurrency traders. YoBit has its origins in Moscow Russia however it is said to be operated from San Francisco California with a reserved domain situated in Panama City. However, the website added an English language and Chinese language icon to attract traders from different parts of the world. Besides YoBits’s country of location, little else is known about the company including the name of the owner of the site.
YoBit nonetheless is a global company and is supported in almost every country around the world including the United States, United Kingdom, Russia, China, and Germany.
The only important details about Yobit are its services. YoBit is similar in operation to most cryptocurrency exchanges but is differentiated by the numerous coins it accepts and trades in. For this reason, YoBit has attracted some popularity to its site especially being one of the few sites tradings in the rarer coins in the crypto world. It also boasts of relatively large volumes of trade taking place on its website. YoBit’s platform supports the English, Russian, German, Arabic and Chinese languages which you can switch easily to and from. The company, however, has attracted a lot of complaint from its users and is currently under investigation by the Russian authorities but we will delve into that later on.
Buying and Selling Altcoins
The exchange lists more than 500 altcoins. You can buy 19 of them using real cash. To buy other coins, however, you must create an account and fund it using Bitcoins. The buy and sell icons are easily visible on the trading web page.
Listing new Cryptocurrencies
Any startup can list their token on Yobit after paying as little as 0.1 Bitcoin. If the startup wants their coin to be listed in less than 3 days, they just have to pay 0.5 Bitcoins. While this service promotes new cryptocurrency startups, it has often been misused by scammers. The most popular cryptocurrencies on the exchange are Bitcoins, Dash, Lisk, WAVES, Bitcoin Cash, Litecoins, Tron, Ethereum and Ethereum classic.
Like most exchanges, anyone can trade on the exchange as long as they are over 18 years and can understand any of the three languages used to trade on the site.
Trading on Yobit
There are no limitations for buying any cryptocurrency listed on the Yobit exchange. However, the website has low trading volume for most altcoins. According to data from Coinmarketcap.com, Yobit has a total daily trading volume of $22 million.
The most-traded altcoin on the site is Ethereum. It records a daily trading volume of $7.1 million. Only six cryptocurrencies have a daily trading volume of more than $1 million. 450 of the 515 cryptocurrencies on Yobit have a 24-trading volume of less than $5,000. In summary, the most traded altcoins on Yobit are:
|Altcoin||24-hour Trading Volume in USD|
|Bitcoin Cash||$1.41 million|
Buying Payment Methods
Yobit is most popular as a cryptocurrency to cryptocurrency exchange. They provide a special wallet which you fund using Bitcoins. However, the exchange also allows you to buy Bitcoins, Ethereum, Ethereum Classic and Litecoins using US dollars. In total, you can buy up to 19 cryptocurrencies using US dollars. If you want to trade more cryptocurrencies, use Bitcoins.
With Bitcoins in your Yobit wallet, you can purchase any altcoins on the site. Once you complete a purchase, your altcoins appear in your Yobit wallet. From there, you can proceed to withdraw them into a personal wallet.
YoBit provides diverse methods of payment such as;
- Payeer – is considered a personal e-wallet enabling traders to store, send and receive money in real time. Registration is required in order to use this wallet and this helps in securing the account form malicious attacks.
- AdvCash – Is and advanced payment method integrated into YoBit to facilitate payment. AdvCash recently launched Bitcoin debit cards.
- QIWI – QIWI adds to the payment option methods with access to visa products. Nevertheless, it is only available for ruble deposits only.
Other payment methods include Perfect Money, Capitalist, and of course cryptocurrency.
Selling Payment Methods
Selling a cryptocurrency on Yobit is effortless. On the trading web page, there are buy and sell icons just below a graph indicating Ethereum’s performance. The buy icon is denoted by an addition symbol (+) and colored in green. The sell icon is denoted by a minus (-) symbol and colored in blue.
If you want to sell Ethereum, for example, select Ethereum on the ‘sell’ icon. Confirm the expected Bitcoin equivalent you will receive and the 0.2% deduction fee. Confirm the trade and check your wallet balances. Since you can also trade Bitcoins for US dollar or Russian Rubles, you can go ahead and withdraw your funds in real money.
Available Cryptocurrencies on Yobit
As at the time of writing, there are 515 cryptocurrencies listed on the Yobit exchange. The company claims they add an altcoin every seven days. However, it is worth noting that only the top 13 cryptocurrencies have a daily trading volume of more than $100,000. Almost 300 cryptocurrencies on the exchange have a daily trading volume of $100, indicating a low quality of trading. I am yet to come across an exchange platform trading in more than 400 coins with 1086 Bitcoin pairs.
Yobit has a flat fee of 0.2% for every trade made. If you buy 1 Bitcoin, Yobit charges you 0.002 Bitcoins, which is an equivalent of 0.2%. When you sell 1 Ethereum coin, the exchange deducts 0.002 ether coins as fees. Yobit does not charge you to deposit or withdraw funds. Instead, you only pay miners’ fee or gas fee depending on which cryptocurrencies you deposit or withdraw.
Additional Fees when Depositing and Withdrawing Funds
|Payment Method||Deposit Fee||Withdrawal Fee|
|AdvCash||3% for USD||3%|
|Qiwi||Free for USD||4%|
Compared to other exchanges, the 0.2% fee is great. The only exchange similar to Yobit with a lower fee is Binance, which charges 0.1% per trade. Most exchanges charge a maker versus taker fee, whereby you pay a specific fee when buying a cryptocurrency and a different fee when selling. On average, fees on different exchanges range between 0.25% and 1%.
Registering an account on Yobit requires minimal verification details. By creating login details, an email address, and password, you could start trading on Yobit. Yobit also supports 2-factor authentication to secure your hard earned coins better. If you want to add funds in real cash, you have the following options:
- Cryptocurrency transfer
Admittedly, the exchange does not accept direct bank transfers, which is a little bit of a letdown. Fortunately, the above-listed payments methods are free to join and can be linked to a bank account. There are also no fees for transferring money from most of the payment methods above.
Long List of Cryptocurrencies
The amount of cryptocurrencies listed on Yobit is exemplary. Few exchanges have as many cryptocurrencies as Yobit. If you want to trade any cryptocurrency with a market cap of $500,000 or more, you can find it on Yobit.
The exchange lists important information about initial coin offerings. However, it doesn’t seem like the exchange lists new ICOs often. The last ICO to be listed on Yobit was ‘Taxi’ and ended in February.
Yobit has a dice game where you can gamble your Bitcoins in the hope of earning double your gamble. The minimum amount you can gamble is 0.1 Bitcoins, and the maximum is 10 Bitcoins. Of course, the game is a big risk, and you could lose all of your investments. Yobit also does not reveal the algorithm used to determine winners, which makes it an even bigger risk.
What are some of the benefits of YoBit?
- Flexibility – YoBit provides a flexible trading platform to its users. It is available in numerous languages, has flexible charges and avails many payment method options.
- Robustness – YoBit houses so many cryptocurrencies it is unlikely you will not find the coin you want to trade in not listed on YoBit. Furthermore, some of the rarer coins are listed on YoBit exchange and nowhere else.
- Fiat Currency – YoBit accepts fiat currency in form of the Ruble and the US Dollar for exchange purposes.
- Perks and Bonuses – YoBit rewards its more frequent users through extra tokens for the traders or zero transaction fees deducted while making exchanges.
Is Yobit Safe?
Since late 2017, Yobit hasn’t had a great reputation. There are numerous forums with threads about the exchange’s lack of openness. Most of their users are unhappy with their customer services. There are all lots of complaints. In 2017, Russian authorities launched an investigation about Yobit, but it’s not complete yet. So, is Yobit safe?
As mentioned earlier, the company is under investigation by Russian authorities for suspicion of carrying out fraudulent activities. As YoBit handles fiat currency, regulation by the governments whose currency is involved is expected. The results of the investigations are yet to be determined but I would advise on caution when choosing this exchange platform to trade coins.
In nearly all forums with a thread discussing Yobit, the exchange has a rating of below 2.5/5. In some forums, the exchange has an average rating of 1.5/5, indicating a poor community trust. Most members admit that Yobit is a legitimate company, but it’s poorly managed. Some of the complaints users have about the exchange are:
- Problems withdrawing cryptocurrencies
- Poor customer support
- Losing money dubiously while trading some altcoins
Despite the many negative reviews, there are some traders who admit to not experiencing any issues trading on Yobit.
- YoBit performs very dismally in consumer satisfaction with very many complaints and poor online reviews.
- Although online complaints cannot be verified, the number of negative reviews outweigh positive comments by far.
- A large number of the customer have claimed to have never had their deposits reflect on the system after making payments and the customer care support never being of assistance.
There are currently no issues reported about Yobit’s security. The Yobit website is encrypted using HTTPS, an advanced website encryption method. New members have to create a strong password to gain access to Yobit. And on top of that, they have the option of enabling 2-factor authentication to make it difficult for hackers to break into their accounts. Other security measures deployed by the website include:
- Stores cryptocurrencies in cold wallets.
- Systems to analyze and prevent malicious requests.
- Anti-denial of service attack.
- YoBit additionally supports a freeze withdrawal feature that allows a user to hold off any transactions in their account in the event they are suspicious of an attack on their account.
- File system encryption.
Yobit does not have the best of customer support. While most exchanges provide a live chat box, Yobit only provides email support and access to their twitter account. Each request is made through a ticket system, first come first serve basis.
For a website with 515 cryptocurrencies traded and thousands of people trading, the two forms of contacts are hardly enough. Customers note that it can take more than a month to get a reply from the website. Some knowledgeable customers suspect that Yobit may be experiencing a Denial of Service Attack (DDOS); whereby blackmailers flood a website with complaints to the tune of making it impossible to serve legitimate customers.
Nevertheless, Yobit’s poor customer support problem is an ongoing thing. Since 2016, the site has been flooded with complaints in all forums.
Most of the complaints about the exchange concern it’s handling speed when withdrawal requests are made by users. Almost all members are happy with Yobit fees. Some members are unhappy about the speed of completing a trade, while some are not happy with the process of depositing funds in real cash.
How to use Yobit?
Step 1: Create an Account
Access Yobit.net and initiate the registration process. Yobit does not discriminate members and allows anyone to create an account in a simple process. They even don’t demand real names. Simply provide an email address and create login details.
Step 2: Fund your account
Once you create an account on Yobit, you get a free address that you must fund in order to start trading. There are two main ways of funding your account:
- Transfer real cash from any of the payment methods accepted
- Transfer Bitcoins from a personal wallet
Yobit does not accept direct bank transfers. If you want to fund an account using real cash, consider creating a free account on Okpay. Alternatively, buy Bitcoins on an exchange that accepts wire payments like Coinbase and transfer them to Yobit.
Step 3: Trade Cryptocurrencies
With funds in your Yobit wallet, access the trading platform and purchase any of the 515 cryptocurrencies listed there. As already mentioned, the exchange takes a flat 0.2% transaction fee for every trade.
Step 4: Withdraw Funds
Access your Yobit wallet and initiate a withdrawal process. A lot of people say they have successfully withdrawn funds in the past. Provide your personal Bitcoin wallet and complete the settlement. If you want to withdraw in real cash, use any of the payment methods previously listed.
In a Nutshell
In summary, YoBit is an exchange platform whose legitimacy is in question, has pending unproven allegations tainting its name and has a background shrouded in mystery. Besides being under investigation by the Russian authorities, a Business Insider’s report described the website as a ‘pump and dump’ prompting scam. Additionally, some analysts have questioned the authenticity of some of the coins listed on YoBit saying they might be scams. The sites user interface bombards the user with myriads of information on trades, coins, and price fluctuations. A simplified, more structured user interface could provide similar information without disorienting a first time user of YoBit. Nonetheless, YoBit weathers the storm by having a plethora of altcoins to trade in and having very fast transactions.
It has very decent security features and has not had any history of hacking since its establishment.
Therefore, be careful while trading using YoBit as it involves risks that are not only limited to it as an exchange platform. Until the investigations are concluded, I cannot say with certainty whether YoBit is a scam or not.
- Supports three languages: Chinese, Russian and English.
- Multiple options to deposit and withdraw funds.
- A long list of supported cryptocurrencies.
- Has a bonus program that rewards regular traders.
- Poor customer service.
- Has a dice gambling game with no explanation of how it works.
- Faces investigation in Russia.
Who should use Yobit?
Yobit has a great platform that offers everything cryptocurrency traders want. However, the amount of complaints about users being unable to withdraw their funds is hard to ignore. True, some users say everything works fine, but a majority of the platform’s users don’t have anything good to say about Yobit. If you want to trade on Yobit, exercise caution and only invest what you would be willing to lose. Finally, it is worth noting that there are 2 web addresses for YoBit’s site namely Yobit.net and Yobit.io. This could prove confusing to first-time users of the website.
Thank you for reading our long guide. We hope it helps you make an informed decision about Yobit. Finally, you are welcomed to visit our site often and get more insightful reviews and guides about cryptocurrencies, wallets, exchanges, and everything crypto-related.