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YoBit Review

Started by admin, Feb 08, 2020, 05:35 pm

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Yobit Review
A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Yobit consists of four parts: general information, fees, deposit methods and security.

General Information
Yobit is a Russian cryptocurrency exchange. It has an extremely impressive selection of altcoin trading pairs. If you can't find the altcoin here, chances are you can't find it at all...

The platform is available in Russian, English and Chinese.

On the date of last updating this review (20 July 2019), the exchange reported that it supported 8,379 active trading pairs. This is a very large number of trading pairs, maybe even world-leading.

Yobit does not explicitly state that US-investors are prohibited from trading. Accordingly, we do believe that US-investors can trade here. Any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
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Yobit Trading View
Different exchanges have different trading views. And there is no "this overview is the best"-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. We think YoBit's trading view contains a lot of helpful information, but that it is still quite intuitive. Have a look for yourself here:

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Yobit Fees
Yobit Trading fees
This Russian cryptocurrency trading platform doesn't charge different fees between takers and makers. Their fee model is instead something called a "flat fee model". They charge 0.20% (regardless if you are a maker or a taker). These fees are quite competitive as the global industry average is around 0.25%. It can also be noted that all Russian cryptocurrency exchanges that we present in our Cryptocurrency Exchange List have flat trading fees between 0.10% and 0.20%, so no exception from the rest of the group here.

Yobit Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Let's say you have reached your investment goals and you are looking to buy house with bitcoin. In order to buy that house, you need to withdraw the funds. And when doing so, the exchange can make up for its low trading fees by charging you high withdrawal fees when you're halfway out the door.

Not this exchange. Yobit charges you 0.0005 BTC when you withdraw BTC. From a local (Russian) perspective, this is actually the lowest withdrawal fee that we know of. Very good, Yobit!

Deposit Methods
At Yobit, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors.

One should generally look out for the different deposit fees charged by exchanges for deposit of fiat currencies via wire transfer or credit cards, and whereas it might be indifferent to you whether you should deposit via wire transfer or credit card, it might be very different fees. Some exchanges charge a deposit fee of up to a staggering 11% for credit card deposits.

So keep an eye open for the different fiat currency deposit fees.
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Yobit Security
YoBit's security score is D, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.

***

The exchange reviewed above has a large number of supported cryptocurrencies. If a large number of supported cryptocurrencies is an important factor for you in your choice of cryptocurrency exchange, you could also check out the following exchanges:

Changelly
Bleutrade
Gate.io
KuCoin
BTC-Alpha
Trade Satoshi
BitMAX
OKEX
Exrates
https://www.cryptowisser.com/exchange/yobit/
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InvestBox

One thing that I don't like about Yobit is the lack of documentation offered about how to use the exchange.

For example, they have something called "InvestBox", which is something similar to a lending program like the one Poloniex offers. But it lacks details...

Invest your free coins to InvestBox! It's a tool for devs to promote their coins. It's NOT Pyramid/HYIP, all payments are made from the special fund. InvestBoxes can change status from Active to ┬źNo coins┬╗, but you can close your investment any time, it's 100% safe. To get InvestBox Payments for BTC, ETH, DOGE, LTC, DASH, WAVES - you need to Play minimum 5 Dice Games / day at these coins.
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If you understand how InvestBox works, you can probably earn a decent amount of money. However, at this stage, I'm not a huge fan of trusting YoBit with too much of my money unless they improve their overall customer experience.

The best part about the YoBit exchange...

My favorite part of the YoBit exchange is how fast they list new coins.

This gives ample amounts of opportunity for smart investors to get these new coins during the initial phases. This also solves the problem of a new coin needing a wallet (because you can store them on the exchange). Note: As soon as a wallet comes out for a coin, you should move your coins there.
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One important thing to know:
Any company can list their coin on YoBit for a small fee.



This is important to know because many "scam coins" can easily be listed on this exchange.

So, you have to be extra cautious because having a coin listed on YoBit does not make it reliable. So if you see a coin which is proudly promoting itself as being listed on YoBit, don't get too excited.

Also, since YoBit keeps adding new coins, they often don't have the support needed for those coins' wallets. This means that you won't be able to withdraw some of your "shit coins".

I know it sounds risky and I hope it doesn't happen to you, but it's an important thing to know.
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Other features:

YoBit Dice: A gambling feature where you can bet with any coin of your choice.
Support: They offer support via a ticketing system which you can access from your dashboard.
Language: The site is available in English, Russian, and Chinese language.
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IS Yobit.IO A GOOD CHOICE FOR BITCOIN TRADING? READ A REVIEW
Yobit is a well-known cryptocurrency exchange platform with more than five millions of visitors per year. This service has been active for 4 years. Yobit attracts customers with a wide range of convenient tools, a variety of available coins and profitable trading options which can be hardly found elsewhere. Therefore, both experienced traders and newcomers use this website for their needs.

At the same time, Yobit has received a lot of critical responses from customers. In this review, we have listed service's features, advantages and disadvantages to help you decide whether Yobit is a platform for you.

FEATURES
Yobit is a platform where you can buy bitcoins and other currencies using a Qiwi-wallet, Perfect Money or Capitalist. Coins can be bought mostly for dollars but other currency options are also available.

A good thing is that trading at Yobit.io goes fast and at the competitive fees. Also, traders find this website especially convenient for different types of speculations and profits earned from changes in the exchange rate.

Be very careful when using Yobit.io because there are some clone-websites with a similar address. The title variations might be not-so-obvious and some users fail to notice them. As a result, people fall among cheaters. This might be a reason of a good many of user complaints.
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PROS AND CONS
Yobit advantages are the following:

Trading fees at Yobit are in-line with the options available at other exchanges and the company states that they never get above 0,20%
There is a great deal of different coins available at Yobit, even the rare types
Yobit is well-organized trading platform with charts and a live chat
The negative features peculiar to Yobit.io are the following:

Yobit has a checkered reputation around the web and might be not very safe
The resource is not very transparent and doesn't provide any information about its owners or location
You have to create an account to get to the trading fees which doesn't encourage trust, too
Yobit has withdrawal fees
Some doubtful gimmicks like Dice game and InvestBox available on the website (of course, every user decides whether to take part in a sort of gambling, but these options look a little bit shady and leave a bad taste in the mouth)
In a word, Yobit is a mixed bag. On the one side, they provide interesting trading offers, a plenty of currencies and profitable conditions. On the other side, some unimpressive facts like a lack of transparency and too many negative comments about this platform generate fair uncertainty. That being sad, Yobit seems to be a little shadier than the other similar services.

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