🔥 YoBit test 2021: Exchange experiences & rating

YoBit is a cryptocurrency exchange that was designed to Altcoins easy to act. If you are familiar with Binance and how to use it, you will feel comfortable with YoBit.

Before you read any further, you should know that YoBit has received many complaints from users recently, and has even been the subject of lawsuits that have been investigating accessories. We'll talk more about this as we delve deeper into YoBit.

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YoBit background & story

The YoBit exchange was launched in 2015 and developed by a group of Russian engineers specifically for Russian cryptocurrency traders. In addition to Russian, the exchange also supports Chinese, English, Arabic and German in order to attract more users.

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

Due to the sheer number of altcoins the site supports, YoBit has gained quite a bit of traction in the crypto world. Currently, YoBit claims that it has a trading volume of around $ 28 million.

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Account creation & verification

YoBit's website is full of features and is arguably the easiest to use cryptocurrency exchange on the market. The exchange claims that it offers more than 900 trading pairs. If you click on the YoBit homepage you will see a lot of information about trading, buying and selling cryptocurrencies.

There is a registration button in the top right corner of the website, click on it and a registration form will open.

Fill out the information, confirm that you are not a robot, 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 to activate 2-factor authentication in order to increase your security.

As soon as you have gone through the 2-factor authentication, you have the authorization from YoBit to use the exchange. Unfortunately, YoBit doesn't use a KYC / AML check, which means its users are not verified. Hence, it is impossible to know who is using the exchange and for what purposes.

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Deposits and withdrawals

With YoBit you can make deposits with RUR, USD, BTC and various other digital currencies. When you fund your account with USD you have the option to 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 want to deposit. Click the "+" button to deposit your funds.

When you deposit Bitcoin, you can either use the QR code or the address provided. Essentially, it's the same as sending Bitcoin to any other crypto exchange. If for any reason you want to create a new deposit address, Yobit gives you this option when you click the "Get New Address" button.

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

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Trading at YoBit

Technically, you don't have a lot of limitations when buying digital currencies on YoBit, but from a practical point of view, you should be aware that the site doesn't offer much trading volume for altcoins. Yes, it still makes several million dollars in trading volume per day, but liquidity for altcoins is typically pretty low. That means, if you're planning on investing a relatively large amount in a lesser-known altcoin, Yobit is probably not the place to go.

Just so you know, Ethereum is the top selling coin on YoBit, trading around $ 7 million a day. YoBit supports 515 coins, but 450 of these have a 24-hour trading volume of under $ 5.000. If you trade tiny amounts or don't mind wild price fluctuations, then YoBit is for you. Otherwise you should look around for another exchange.

Buy

YoBit is one of the most popular exchanges offering cryptocurrency for cryptocurrency trading. The main trading pairs on Yobit are Bitcoin. However, the exchange offers a few other options, such as Ethereum, Dogecoin, and Waves.

Once you have navigated to the correct market, the "Buy" icon will be in the trading window of the YoBit exchange page. It is marked green with a "+" symbol to show that you are adding funds to your cryptocurrency wallet. Just enter the amount of cryptocurrency you want to buy and hit the green "Buy" button. Your order will then be processed and your crypto will be added to your exchange wallet.

Sell

It's a simple process to sell cryptocurrencies on the YoBit exchange. You can see in the image 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 area and is marked with a "-" symbol. Just enter the amount of crypto you want to sell and hit 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). With Yobit it is extremely important to know that the fees are twice as high as with Binance, there it is only 0,1% . However, Yobit does have a fiat gateway that allows you to withdraw your money in either Russian rubles or US dollars. Some traders may think this feature is worth the premium you pay for using the exchange.

fees

The YoBit exchange charges a flat fee of 0,2% for every trade on its platform. However, there are hidden deposit and withdrawal fees that you need to be aware of. These fees depend on the deposit or withdrawal method you are using. Be warned, these fees can be exceptionally high.

Here are some of the fees you can expect with each payment method.

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

·       Cryptocurrency - 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 be wondering if we forgot to include bank deposits. You should also note that the exchange does not currently support bank deposits, but the Yobit team has announced that it plans to add more bank deposits from the US / EU, Mastercard, Visa and WebMoney in the near future.

In short, we think the fees charged on Yobit are high compared to those like Binance and we recommend weighing up whether you want to pay these additional costs or not.

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Is YoBit Safe?

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

Protection of the website

YoBit's website uses HTTPS encryption, with additional advanced methods of encrypting websites. To ensure additional security, the website offers users the option of activating 2-factor authentication. An additional layer of security has been created with 2FA and will certainly help make accounts more secure.

In addition, YoBit applies the following security measures on its platform:

· Anti-Denial-of-Service attack

· Systems perform routine analysis to prevent hacks.

· Cryptocurrencies are stored in 'cold' wallets

· File system encryption

Withdrawal stop if users suspect hacks on their account.

YoBit investigation

In late 2017, the Russian government opened an investigation against YoBit, as a result of which the exchange has experienced 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 effects for users have yet to be seen.

So what is this investigation about? Basically, the Russian authorities suspect that YoBit is involved in fraudulent activities. Many users claim that there was an inconsistency with the exchange rates, which allowed YoBit to illegally profit from its activities. In addition to this claim, YoBit announced on Twitter in October 2018 that it would "pump" 10 random coins into its wallet. For some, this is one of the most blatant market manipulations.

With these types of tactics and allegations against the stock market, it would be wise to exercise caution when deciding whether to trade, sell, or buy on YoBit.

The listing of questionable coins

Fraud Coins are a big problem when you consider trading on the YoBit exchange. This is because it's 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 resulted in YoBiteinen Has a higher proportion of questionable cryptos than other exchanges. Be very careful when buying coins that you don't know about at YoBit as they could turn out to be a scam.

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Support cryptocurrencies

To get an idea of ​​how many cryptocurrencies YoBit supports, go to the "Market" tab located at the top of the page. The platform says they are adding at least one altcoin per week, but only a handful of digital currencies are trading more than 10.000 Dollar daily trading volume.

To put the poor liquidity of YoBit in context, nearly 300 of the supported cryptocurrencies on the exchange make less than $ 100 in daily trading volume. While YoBit supports several hundred digital currencies, it is the top dozen that actually generate the majority of the daily trading volume. If you're shopping outside of these top 10 most important coins, keep in mind that your orders are unlikely to be fulfilled that quickly.

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Additional functions

When deciding whether or not to use YoBit as a cryptocurrency exchange, you should consider some of the following additional features that its 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. Also, there are some of the more exotic cryptos on YoBit, but not on other exchanges, but we consider this large selection to be just an illusion. The reason for this is that the trading volume for most coins is just so low (usually under $ 1.000 a day) and that means it is not practical to use these markets to trade. Even an investor with a few hundred dollars will likely have a hard time making a buy or sell without changing the market price on YoBit quite dramatically.

Flexibility

The users receive a flexible trading platform. YoBit offers an exchange that supports multiple languages ​​and a variety of payment methods.

Fiat currencies

In contrast to other exchanges, YoBit accepts fiat currencies in the form of the US dollar or the Russian ruble.

benefits

Frequent users of the YoBit cryptocurrency exchanges are sometimes rewarded with discounts on transaction fees for doing business.

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Customer Support

It's fair to say that the YoBit customer support leaves a bit to be desired. Many exchanges offer at least a live chat option, but YoBit only provides access to their Twitter account and email support.

For an exchange that offers so many different cryptocurrencies and has thousands of users, one would have thought that it could offer something better. Also, some users have complained that the response time can take up to a month. Unfortunately, the lack of quality customer service is a constant problem and needs serious attention from the YoBit team.

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Advantages and disadvantages

All cryptocurrency exchanges have their pros and cons, and YoBit is no exception. Here's a quick rundown of the pros and cons of the exchange:

Benefits

Hundreds of supported cryptocurrencies.

· A variety of options for withdrawing and depositing funds.

Perks that reward active and regular traders.

· The exchange supports multiple languages.

· Available worldwide.

Disadvantages

· Currently being investigated by the Russian authorities for fraudulent activities.

· The exchange actively promotes its own pumps and landfills.

· Poor customer support that is slow to respond to problems.

· Delayed withdrawals.

A high concentration of very questionable coins is available for trading.

· Bad liquidity for most markets.

· Does not currently support bank deposits for funding.

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Conclusion

In short, we from BC1 cannot recommend the YoBit exchange. We would not use the stock market ourselves to act seriously and that makes it impossible for us to be positive towards our readers. We are particularly concerned about the Russian government's allegations of fraud against YoBit. The fact that the exchange is actively encouraging its users to participate in pumping and dumping schemes is just pure market manipulation.

While we assume the exchange is legal, poor customer support and high fees are certainly areas where YoBit can do better. For those who decide to use the exchange, be aware that the Russian government could potentially shut down YoBit and no one knows what would happen to the user funds, it is up to you to decide whether or not to use YoBit.