YoBit is a Russian crypto exchange having a unique tool exclusively for its users. The platform has 7 cryptocurrencies listed for trading.
In Oct 2018, YoBit tweeted about a pump scheme on random coins. A pump and dump scheme is a form of fraud that attempts to artificially boost the price of an asset. Since then, this exchange is reportedly under investigation from the Russian Authorities.
Pros & Cons
- User-friendly interface;
- Full Trade page at the screen without scrolling;
- Immediate cryptocurrency deposit/withdrawal;
- YobiCodes (deposit codes);
- API in BTC-e format for faster integration into bot-systems;
- Two-factor authentication (Google Authenticator, email)
- Limited information provided about the exchange
- a dice game to gamble BTC
- Has a ton of negative reviews
YoBit is a Russian crypto exchange having a unique tool exclusively for its users. This exchange is seen with alleging controversies relating to scams. These alleged scams are still ongoing, and the Russian authorities are handling its investigation.
The team announced the YoBit exchange on the Bitcointalkforum in 2005. However, there are many negative reviews about the exchange in the discussion thread.
YoBit is a prime example of an exchange exploiting its reputation to profit from its customers through pump-and-dumps. Trade with Caution.
Is YoBit safe?
Let us understand one of the important aspects of this YoBit review – Security.
YoBit has implemented these features to enhance security:
Similar to other crypto exchanges, this platform too provide 2FA (two-factor authentication) to the trader’s account.
- Login verification
The platform uses a Login verification security feature. This feature is enabled through email. You’ll get a verification mail whenever you log in to the account. It helps to track unauthorized logins.
- Freeze Withdrawal
One of the important features of this platform is Freeze Withdrawal. Access this feature from your profile page. This feature helps to lock down your funds in case of any hack attempt. We recommend keeping it enabled. Disable it while withdrawing money.
What is the fee structure of the YoBit exchange?
The website doesn’t have a dedicated section for fees. This is a red signal for trading exchange.
The exchange charges for both Taker / Maker. The deposit fees are usually free. While, withdrawals depend on the payment method. The fees range from 0.00050000 to 6%.
The YoBit exchange platform claims that it receives a high number of complaints every day. One can expect a reply within a single working day.
The fee on the YoBit exchange depends on the platform user uses. Even though the reviews on most review platforms are harsh. Some claim that the coins and tokens were taken. However, the exchange maintains a huge data of users still active and using the exchange for trades.
How Does YoBit Work?
The trade view of YoBit exchange is outdated. The platform doesn’t integrate any trading charts like candlestick, etc.
Buy/Sell on YoBit
Trading is surprisingly easy when it comes to Yobit, even the inexperienced can easily know their way through the website.
- The exchange has Buy / Sell options on its main screen.
- In the left section, under Market; select the trading pair
- Decide whether you want to buy/sell the pair. The open orders are listed on the screen itself.
- Click on Buy / Sell as per your choice.
Registration isn’t a hassle on this platform. Registration is available on the top right corner of the page.
The user just needs to fill out the details and set passwords.
After clicking on the captcha for additional security you should agree to the terms and conditions of the exchange. Soon after registering on the website, the user will receive a confirmation email.
However, YoBit will recommend the installation of 2FA, for additional security.
Deposit on YoBit.net
- To deposit, go to Wallets page. You can browse through the currencies by using the scroll bar or the search bar.
- Choose the currency you want to deposit and click the “+” button.
Note: The exchange supports these deposit methods – AdvCash, Cryptocurrency, Payeer (2% deposit fees), Perfect Money, Capitalist.
- Withdrawing funds from YoBit is the same as depositing.
- Go to Wallets page and choose a currency to withdraw by clicking on minus “-” button.
- Input the withdrawal address (must be from a third party wallet or exchange) and the amount you want to withdraw. However, the withdrawal fee will not change and is available as per the transactions.
- Click “Withdrawal request” button and follow the instructions for the verification process.
Note: Withdrawal will not process until you complete the verification via Google Authenticator and/or Email confirmation.
In December 2017, Russian authorities announced an investigation into the operations of YoBit after receiving many complaints of missing funds and altcoins from traders’ accounts. Coinmarketcap has also delisted Yobit as an exchange partner on its website. The Waves cryptocurrency team also issued a statement warning its token holders to be wary of trading on Yobit as they could not contact the Yobit team to address concerns of suspicious activities on Waves wallets.
These events put a stain on Yobit as a reliable cryptocurrency exchange, and users have to be very careful if they want to trade on Yobit.
YoBit Exchange Review
The YoBit exchange has high-security measures. However, it is still under investigation by the Russian authorities. Trade with caution!
The site is available in English, Russian, and Chinese language.
The YoBit exchange lists a new coin at a very low price.A new coin can be added from 0 to 0.5 BTC. As a result, many “shitcoins” are added to the exchange.
The YoBit exchange has a no. of security measures to provide. But, in recent times, news of various scam or shady business practices are circulating in the market. The exchange cannot be considered as legit at the moment.
The exchange supposts these deposit methods – AdvCash, Cryptocurrency, Payeer, Perfect Money, Capitalist.