At first glance, YoBit is one of many basic cryptocurrency exchanges currently on the market. Launched in 2015 via a thread on the Bitcoin Talk forum, YoBit is one of the most controversial crypto exchanges out there.
The Russia-based exchange is mostly renowned for the fact that it always adds new and lesser-known coins, and also for all its alleged links with fraudulent activities. The current on-going investigation.
Getting started with YoBit
The sign-up process on YoBit is pretty much a typical one. You can register a new account and have it up and running in a matter of minutes. You should receive a verification code in your registered email. To check the account, you will be required to provide some personal details, such as national ID card, passport, and so forth.
Supported cryptocurrencies
YoBit allows you to trade a large array of cryptocurrencies, including some of the most popular options, such as Bitcoin, Bitcoin Cash, Dash, Dogecoin, Ethereum, Ethereum Classic, Lisk, Litecoin, Tron, Vertcoin, and many more (well over 400). The exchange even has its own coin called YOVI coin (short for YoBit Virtual Currency).
The only two fiat currencies currently listed on the platform are USD (United States Dollar) and RUR (Russian Ruble). It’s also worth noting that the exchange does not support other currencies except these two.
Available countries and supported languages
YoBit is designed to offer its services on a global scale, and it’s available in all countries around the world (except those where crypto trading is strictly forbidden).
As far as language support is concerned, YoBit is available in Russian, English, and Chinese.
Accepted payment methods and fee system
In this respect, YoBit is one of the best crypto exchanges out there, as it allows you to either deposit or withdraw funds to and from your YoBit account, using crypto transfer, AdvCash, Capitalist, Payeer, Perfect Money, or QIWI.
The deposit fee on YoBit is usually 0, and the transaction fee is somewhere around 0,2% (flat 0,2% fee) for both purchasing and selling. Of course, deposit and withdrawal fees vary slightly, depending on the currency you use for your transfer. It has no deposit limit on crypto, meaning that you can deposit as many crypto-assets from your existing wallet as you want.
The withdrawal fees are the following:
- Cryptocurrencies: 0,0005
- AdvCash: 3% RUR and 4% USD
- Capitalist: 6% USD
- Payeer: 6% RUR and 3% USD
- Perfect Money: 2% USD
- QIWI: 4% RUR
Source: coingape.com
Trading on YoBit
The trading process is surprisingly straightforward on YoBit. Clearly, the interface for the exchange Dashboard is not the most stylish in the world, but it gets the job done. The process is fairly similar to that of most exchanges: you simply select the currency you want to trade with and put on a buy or a sell order for it.
Another noteworthy feature that we should point out is the InvestBox. It’s somewhat similar to a lending program, but there is little information provided for it. There is also a very interesting DICE game that allows you to gamble BTC for a certain price.
Security
Despite numerous scandals and bad press, YoBit actually boasts an impressive number of security features. Besides the basic login verification email security features, it also has two-factor authentication (optional), hot/cold wallets, anti-DDOS, Secure Socket Layer (SSL), file systems encryption and a smart system for transaction analysis and blocking.
Customer support
Customer support on YoBit is one part of the exchange that has been receiving a lot of criticism lately for its slow response time. To submit a support ticket, you will need to log in to your account and submit a support ticket. The main disadvantage is the lack of a live-chat option.
Pros and cons
YoBit is a very good platform for seasoned traders who will be sure to appreciate the plethora of information provided by the exchange’s trading dashboard. The exchange boasts multiple deposit options, very low fees, a wide variety of cryptocurrencies, and numerous trading pairs. What’s more, it provides you with the option of adding fiat currencies, such as USD and RUR.
As far as disadvantages are concerned, YoBit is not a very beginner-friendly exchange, as its trading dashboard is somewhat cluttered. In addition, YoBit is an unregulated exchange, which comes some risks. By far, the biggest drawback of YoBit is its image. There are numerous negative reviews all over the Internet, and the fact that it is suspected of illicit trading activities should raise more than a few question marks.
Conclusion
YoBit is, therefore, not a stellar crypto exchange. Be that as it may, despite the numerous controversies, it might be worth a try, if you’re looking for an exchange with numerous trading pairs, various advanced features, and all sorts of unique opportunities to make some extra cash.