YoBit test & experiences ▷ Everything about the crypto-exchange!

YoBit Logo

YoBit is a crypto currency exchange, which was developed to trade Altcoins easily. If you are familiar with Binance and its handling, you will feel comfortable with YoBit.

Before you read on, you should know that YoBit has received many complaints from users lately and has even been the subject of lawsuits that have led to regulatory investigations. We will talk more about this as we delve deeper into YoBit.

YoBit background & history

TheYoBit exchange was launched in 2015 and was developed by a group of Russian engineers specifically for Russian crypto currency traders. In addition to Russian-supported exchanges, Chinese, English, Arabic and German are also available to attract more users.

At the moment YoBit is a crypto currency exchange which is used worldwide. It has users in Germany, China, Russia, Great Britain and the United States. The biggest difference between YoBit and other crypto currency exchanges is the sheer number of coins it accepts and supports.

Due to the sheer number of Altcoins that the site supports, YoBit has gained a lot of traction in the crypto world. YoBit currently claims to have a trading volume of around 28 million US dollars.

Account Creation & Verification

YoBit's website is full of features and is probably the most user-friendly crypto currency exchange on the market. The exchange claims to offer more than 900 trading pairs. When you enter the YoBit homepage, you will see a lot of information about trading, buying and selling crypto currencies.

In the upper right corner of the website there is a registration button, click it and a registration form will open.

YoBit registration

Fill in the information, confirm that you are not a robot, and then click the 'Register' button at the bottom of the form. Go to your email inbox and click on the verification link you received from YoBit. It is recommended that you enable 2-factor authentication to increase your security.

Once you have gone through the 2-factor authentication, you have YoBit's permission to use the exchange. Unfortunately YoBit does not use aKYC/AML check, which means that its users are not verified. It is therefore impossible to know who is using the exchange and for what purposes.

Deposits and withdrawals

With YoBit you can deposit with RUR, USD, BTC and various other digital currencies, and when you fund your account with USD, you can use Capitalist, PerfectMoney, OkPay and Payeer. For RUR you can use Capitalist, Payeer and QIWI.

To make a deposit, click on the "Wallets" tab at the top of the page. There you can view the currencies and select the one you wish to deposit. Click on the '+' button to deposit your funds.

When you deposit Bitcoin, you can use either the QR code or the address provided. It is essentially the same as sending Bitcoinan to any other crypto exchange. If for some reason you want to create a new deposit address, Yobit gives you this option when you click on the "Get new address" button.

Withdrawals are as easy as deposits. On the same tab, select the currency you wish to withdraw by clicking on the "-" button. Enter your withdrawal address and the amount you wish to deduct from the exchange. Before you complete the transaction, you will be shown the withdrawal fee. Note that the payout is not complete until you authorize the transaction with Google Authenticator.

Trading with YoBit

YoBit course analysis

From a technical point of view, there are not many limitations to buying digital currencies on YoBit, but from a practical point of view, you should be aware that the website does offer a lot of trading volume for Altcoins. Yes, it still makes millions of dollars in trading volume per day, but the liquidity for Altcoins is usually quite low. This means that if you are planning to invest a relatively large amount of money in a lesser known Altcoin, thenYobit is probably not the right place to do so.

Just so you know, Ethereum is the best selling coin in YoBit, with around $7 million a day. YoBit supports 515 coins, but 450 of them have a 24-hour trading volume of less than 5,000 USD. If you trade tiny amounts or don't mind wild price fluctuations, YoBit is for you. Otherwise, you should look for another exchange.

Buy

YoBit is one of the most popular exchanges offering crypto currency for crypto currency transactions. The main trading pairs on Yobits are Bitcoin. However, the exchange also offers some other options, such as Ethereum, Dogecoin and Waves.

Once you have navigated to the correct market, the "Buy" symbol will be displayed in the trading window of the YoBit exchange page. It is marked green with a "+" symbol to indicate that you are adding money to your crypto currency wallet. Simply enter the amount of crypto currency you wish to buy and click on the green "Buy" button. Your order will then be processed and your crypto added to your Exchange Wallet.

Sell

It is a simple process to sell crypto currencies via the YoBit exchange. You can see in the picture of the trading page above that you can buy and sell crypto in the same trading panel. To sell crypto, go to the "Sell" section on the right side of the Yobit trading screen. It is the blue section and is marked with a "-" symbol. Simply enter the amount of crypto you wish to sell and press the blue 'Sell' button. Your transaction will then be processed immediately and your balance will be credited to your Exchange Wallet (minus the 0.2% fee). It is extremely important to note that Yobit charges twice as much as Binance, where the fee is only 0.1%. However, Yobit has a Fiat gateway that allows you to withdraw your money in either Russian roubles or US dollars, and some traders may believe that this feature is worth the premium you pay for using the exchange.

Fees

TheYoBit exchange charges a flat fee of 0.2% for each trade on its platform. However, there are hidden fees for deposits and withdrawals that you must be aware of. These fees depend on the deposit or withdrawal method you use. Be warned, these fees can be exceptionally high.

Here are some of the fees you can expect to pay for each payment method.

- AdvCash - 3% USD deposit fee, 3% USD withdrawal fee

- Crypto currency - No deposit fee, 0.0005% redemption fee

- Payeer - No deposit fee, 4% withdrawal fee

- Perfect Money - No deposit fee, 7% withdrawal fee

- QIWI -No USD deposit fee,4% withdrawal fee

You may wonder if we have forgotten to specify bank deposits. You should also note that the stock exchange does not currently support bank deposits, but the Yobit team has announced that they are planning more bank deposits from USA/EU, Mastercard, Visa and WebMoney in the near future.

In short, we think that the fees charged on Yobit are high compared to those charged by companies such as Binance and recommend that you consider carefully whether or not you want to pay these additional costs.

Is YoBit safe?

YoBit has not reported any security problems from site and platform security. However, there are several other areas of concern, such as government investigations into YoBit's activities.

Website protection

YoBit's website uses HTTPS encryption, with additional advanced methods for website encryption. To provide additional security, the website offers users the option to activate 2-factor authentication. With 2FA an additional layer of security has been created and will certainly help to make accounts more secure.

Furthermore YoBit applies the following security measures on its platform:

- Anti-Denial of Service Attack

- Systems perform routine analysis to prevent hacks.

- Crypto currencies are stored in 'cold' wallets

- File System Encryption

- Withdrawal stop if users suspect hacks on their account.

YoBit investigation

At the end of2017 , the Russian government launched an investigation against YoBit, as a result of which the stock exchange has received many complaints and dissatisfied users. However, this does not automatically mean that the exchange is not safe. The investigation has not yet been completed, so the impact on users remains to be seen.

So what's this investigation about? Basically, Russian authorities suspect that YoBit is involved in fraudulent activities. Many users claim that there were exchange rate inconsistencies, which allowed YoBit to profit illegally from its activities. In addition to this allegation,YoBit announced on Twitter in October 2018 that it would "pump" 10 random coins to its stock exchange. This is certainly one of the most blatant market manipulations for some.

YoBit on Twitter

With these types of tactics and accusations against the stock market, it is advisable to be cautious when you decide to trade, sell or buy on YoBit.

The listing of questionable coins

Fraud coins are a big problem if you consider trading on the YoBit stock exchange. This is because it is very easy to add coins on the YoBit platform - all you have to do is pay a small fee and your coin will be added to the exchange.the result of these low listing requirements has meant that YoBit has a higher level of questionable cryptos than other exchanges.be very careful when buying coins that you don't know about on YoBit as they could turn out to be scams.

Supported crypto currencies

To get an idea of how many crypto currenciesYoBit supports, go to the "Market" tab, located at the top of the page. The platform says that they add at least one Altcoin per week, but only a handful of digital currencies trade at more than $10,000 daily trading volume.

YoBit markets

To put YoBit's poor liquidity into context, nearly 300 of the supported crypto currencies on the exchange make less than $100 in daily trading volume. While YoBit supports several hundred digital currencies, it is the top dozen that really generate the bulk of the daily trading volume. If you are shopping outside of these top 10 coins, remember that your orders are likely to be executed nothing that fast.

Additional features

When deciding whether or not to use YoBit as a crypto currency exchange, you should consider some of the following additional features that their users have access to.

Large selection of cryptos

YoBit supports so many digital currencies that it is very likely that you will find the coin you want. In addition, some of the more exotic cryptos are available on YoBit, but not on other exchanges, but we believe this wide selection is only an illusion. The reason for this is that the trading volume for most coins is so low (usually less than $1,000 a day) and this means that it is not practical to use these markets for trading. Even an investor with a few hundred dollars will probably find it difficult to buy or sell without changing the market price on YoBit quite dramatically.

Flexibility

The users receive a flexible trading platform. YoBit offers a stock exchange that supports several languages and a variety of payment methods.

Fiat currencies

Unlike other exchanges, YoBit accepts fiat currencies in the form of the US dollar or the Russian rouble.

Discounts

Frequent users of the YoBit crypto currency exchange are sometimes rewarded with discounts on transaction fees when they do business.

customer support

It's fair to say that YoBit customer support leaves something to be desired: many exchanges offer at least one live chat option, but YoBit only offers access to their Twitter account and e-mail support.

Yobit Support

For a stock exchange that offers so many different crypto currencies and has thousands of users, you would have thought it could do better. Some users have also complained that the response time can take up to a month. Unfortunately, the lack of quality customer service is a constant problem and must be seriously addressed by the YoBit team.

assets and drawbacks

All crypto currency exchanges have their advantages and disadvantages, and YoBit is no exception. Here is a short overview of the advantages and disadvantages of the exchange:

Advantages

- Hundreds of supported crypto currencies.

- A variety of options that allow you to withdraw and deposit money.

- Benefits that reward active and regular traders.

- The exchange supports several languages.

- Available worldwide.

Disadvantages

- The Russian authorities are currently investigating fraudulent activities.

- The exchange actively promotes its own pumps and landfills.

- Poor customer support, which reacts slowly to problems.

- Delayed disbursements.

- A high concentration of very questionable coins is available to the trade.

- Poor liquidity for most markets.

- Do not support bank deposits for financing.

Conclusion

In short, we at BC1 cannot recommend the YoBit exchange. We would not use the exchange ourselves to trade seriously and this makes it impossible for us to be positive towards our readers. We are particularly concerned about the accusations of the Russian government of having accused YoBit of fraud. The fact that the Exchange actively encourages users to participate in pumping and dumping systems is just pure market manipulation.

Even if we assume that the exchange is legal, the poor customer service and high fees are certainly areas where YoBitbesser can do better. For those who decide to use the exchange, be aware that the Russian government may close YoBit and no one knows what would happen to the user money, so it is up to you to decide whether to use YoBit or not.

Frequently asked questions: 

TheYoBit exchange was launched in 2015 and was developed by a group of Russian engineers specifically for Russian crypto currency traders. In addition to Russian-supported exchanges, Chinese, English, Arabic and German are also available to attract more users.

YoBit's website is full of features and is probably the most user-friendly crypto currency exchange on the market. The exchange claims to offer more than 900 trading pairs. When you enter the YoBit homepage, you will see a lot of information about trading, buying and selling crypto currencies.

With YoBit you can deposit with RUR, USD, BTC and various other digital currencies, and when you fund your account with USD, you can use Capitalist, PerfectMoney, OkPay and Payeer. For RUR you can use Capitalist, Payeer and QIWI.

From a technical point of view, there are not many limitations to buying digital currencies on YoBit, but from a practical point of view, you should be aware that the website does offer a lot of trading volume for Altcoins. Yes, it still makes millions of dollars in trading volume per day, but the liquidity for Altcoins is usually quite low. This means that if you are planning to invest a relatively large amount of money in a lesser known Altcoin, thenYobit is probably not the right place to do so.

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Rebecca Tilden

There is no doubt that crypto currencies and the underlying technology are our future. Rebecca Tilden strives to make the transition easier for everyone by providing useful information to be part of the revolution.

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