Cryptocurrency Exchange

YoBit Exchange Review 2020 – Unbiased Review of YoBit.net

Overview

Legal NameYoBit Exchange
HeadquartersRussia
CEOIyoi Tobi
Year Founded2014
Exchange TypeCentralized
Trading FeesMaker: 0.20%/ Taker: 0.20%
Deposit MethodsWireTransfer, Credit Card, and Cryptocurrency
Supported CryptosBitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH), Ripple (XRP), and more
FiatUnited States Dollar (USD), and Russian Ruble (RUB)
Customer ServiceEmail, Phone
Trading OptionsSpot Trading

YoBit is a popular cryptocurrency exchange that supports lots of crypto currencies, payment methods, and features.

As an online cryptocurrency trading platform, it provides an easy-to-use exchange for those looking to gain access to just about every possible cryptocurrency/token pairing in existence today.

In this article, we will provide you with the complete guide on the YoBit Exchange and check out its features, fees, trading, and much more. Let us look into this YoBit Exchange review now,

What is YoBit Exchange?

YoBit is a cryptocurrency exchange that was launched in 2014 by a group of independent European developers and is incorporated in Panama. According to the Coin market cap, YoBit is one of the top ten exchanges in terms of traffic, liquidity, and trading volume.

YoBit offers more than 500 tradeable cryptocurrencies in over 8500 crypto-to-crypto and fiat-to-crypto markets. It is one of the few cryptocurrency exchanges that is not yet regulated. The website is available in three languages: English, Russian, and Chinese.

YoBit Exchange Features

  1. Anonymity: There is no completion of KYC / AML procedures, which enables traders and investors to remain anonymous.
  2. Execution Speed: YoBit focuses on the efficiency of platforms, ensuring execution speed to reduce slippage.
  3. Full transparency: The trade history of the network is made accessible on the YoBit website. The specifics include transaction time, exchanged crypto-currency pairing, and type of transaction. A flat 0.2 percent is paid by YoBit.
  4. Competitively low fees: YoBit charges a flat fee of 0.2% for both makers and takers
  5. Crypto Coverage: YoBit supports the listing of cryptocurrencies and altcoins from their early existence. This provides investors and traders access to coins/tokens at the early post-launch phase.
  6. Exchange Storage: Most newly launched coins/tokens are yet to have compatible wallets. YoBit allows investors and traders to hold coins on the exchange
  7.  Customer Support: Customer support is available in Arabic, Chinese, English, German, and Russian 24/7 and also via Telegram.

YoBit Exchange Fees and Limits

The YoBit cryptocurrency trading platform does not charge different fees between takers and makers. Their fee model is called a “flat fee model”, which charges 0.20% for both makers and takers These fees are quite competitive as the global industry average is around 0.25%.

For Deposits, there are no fees charged by YoBit Exchange. There are likely to be transfer fees incurred by the different payment methods. For withdrawals, fees vary depending upon asset class withdrawn and withdrawal method. YoBit charges you 0.0005 BTC when you withdraw BTC. At YoBit, you can deposit through wire transfer, cryptocurrencies, and credit cards. 

YoBit Exchange Supported Currencies

YoBit supports one of the most extensive coverages of cryptocurrencies. Some of the major supported cryptocurrencies include:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • DASH
  • Dogecoin
  • Litecoin
  • Monero
  • ZCash
  • OmiseGo
  • WAVES
  • TRON
  • Verge
  • Bytecoin

The fiat currencies supported by the YoBit Exchange include:

  • US Dollar (USD)
  • Russian Ruble (RUB)

YoBit Exchange Mobile App

YoBit does not yet have an official mobile app available either on Google Play Store or Apple Store, but you can access its responsive platform via a mobile web browser.

How to register on YoBit Exchange?

  1. Step 1:

    To create an account, open the YoBit exchange site. Click on the ‘Register’ Option

  2. Step 2:

    Type in your preferred username, email address, and password. Re-confirm your password and check the agreement box as well as the confirmation box.

  3. Step 3:

    Click on the ‘Register’ button to proceed.

  4. Step 4:

    After submitting the registration request, go to your Inbox and look for the YoBit registration email. Click on the link attached to the registration message.

  5. Step 5:

    Install the ‘Google Authenticator’ app on your phone. After installing, go back to your YoBit account and click on ‘Settings.’

  6. Step 6:

    Scan the QR code using the Google Authenticator app and type in the numbers. Click on the ‘Enable’ button to activate two-factor authentication.
    yobit-register

How to recover the YoBit password?

In cases wherein you have to recover the forgotten password. Go to the login page and then click the “Forgot Password” Option. Enter your registered email address and a link will be provided the address by which you can generate a new password.

How to deposit on YoBit Exchange?

  1. Step 1:

    Log in to your account and click on ‘Wallet’ at the top portion of the page.

  2. Step 2:

    You will see the available currencies. Then select the cryptocurrency you wish to deposit.

  3. Step 3:

    In the corresponding row, click on the plus (+) in the “Deposit” column. Now you will see your deposit address.

  4. Step 4:

    Once you have selected bitcoin, copy the address or scan the barcode to send your funds.

  5. Step 5:

    If you prefer to deposit using fiat currency, select your payment method first, and then click on the ‘Deposit’ box to continue.

  6. Step 6:

    After depositing your account, refresh the ‘Wallet’ page to check your balances and pending deposits.yobit-deposit

How to withdraw on YoBit Exchange?

  1. Step 1:

    Log in to your account and click on ‘Wallet’ at the top portion of the page.

  2. Step 2:

    You will see the available currencies. Then select the cryptocurrency you wish to withdraw.

  3. Step 3:

    In the corresponding row, click on the minus (-) in the “Withdrawal” column. Now you will see your withdrawal address.

  4. Step 4:

    Once you have selected bitcoin, copy the address or scan the barcode to send your funds.

  5. Step 5:

    After withdrawing from your account, refresh the ‘Wallet’ page to check your balances and pending withdrawals. yobit-withdraw

How to buy cryptocurrencies on YoBit Exchange?

  1. Step 1:

    Click on ‘Trade’ which is at the upper left-hand area of the page.

  2. Step 2:

    Now, go to “Market” and select the trading pair you want to trade. For example, if you want to trade BTC for ETH, click on “BTC” in the upper blue bar and select “ETH” in the area below.

  3. Step 3:

    To start buying, type in the amount. The system will auto-calculate the price and fee for you. Click on the ‘Buy’ box to continue.

  4. Step 4:

    Once you have submitted the order, you can refresh the Trade page to check your balances and buy orders.

  5. Step 5:

    You can also go to Orders or History to view your previous transactions. buy-yobit

How to sell cryptocurrencies on YoBit Exchange?

  1. Step 1:

    Click on ‘Trade’ which is at the upper left-hand area of the page.

  2. Step 2:

    Now, go to “Market” and select the trading pair you want to trade. For example, if you want to trade BTC for ETH, click on “BTC” in the upper blue bar and select “ETH” in the area below.

  3. Step 3:

    To start selling, type in the amount. The system will auto-calculate the price and fee for you. Click on the ‘Sell’ box to continue.

  4. Step 4:

    Once you have submitted the order, you can refresh the Trade page to check your balances and the sell orders.

  5. Step 5:

    You can also go to Orders or History to view your previous transactions. sell-yobit

YoBit Exchange Pros and Cons

Pros

  • Multilingual trading platform
  • Multiple deposit options
  • Ability to deposit fiat currency: USD and RUB
  • Wide variety of cryptocurrencies listed and range of trading pairs
  • Bonus program to reward frequent traders
  • 24/7 Customer support available

Cons

  • There is a lack of risk management tools
  • Public information about the YoBit team is limited.
  • Reports of suspect trading activities
  • YoBit is not compatible with Android and IOS mobile devices
  • No online chat support

Conclusion

The exchange offers the benefit that no thorough verification of the account is needed, unlike many other crypto exchanges worldwide. In addition, the fees for YoBit are very affordable and in the lower range compared to the usual fees for makers and takers on other exchanges.

Though YoBit has concentrated on the Russian market so far, the platform is now aiming for expansion worldwide. Thus YoBit is a very good option for users worldwide, particularly for crypto enthusiasts who want to buy the cryptocurrencies.

Recent Updates 

  • On Sep 05, 2020, Swerve Token (SWRV) gets listed on the YoBit Exchange
  • On Aug 31, 2020, The New Yobit ICO was launched
  • On Aug 13, 2020, Wrapped BTC (WBTC) is listed on the YoBit Exchange
  • On Aug 12, 2020, Yearn Finance Token (YFI) is listed on the YoBit Exchange

YoBit Exchange FAQ’s

  1. Does YoBit offer margin trading?

    No, YoBit Exchange does not offer margin trading or leverage as of now yet.

  2. Does YoBit have a mobile app?

    YoBit does not yet have an official mobile app available either on Google Play Store or Apple Store.

  3. How to recover the YoBit password?

    Go to the login page and then click the “Forgot Password” Option. Enter your registered email address and a link will be provided the address by which you can generate a new password.

  4. What are the deposit methods in YoBit Exchange?

    The exchange supports these deposit methods – AdvCash, Cryptocurrency, Payeer, Perfect Money, Capitalist.

  5. Is YoBit Exchange safe?

    YoBit has taken several measures to ensure the security of user information, including Secure Sockets Layer (SSL) encryption. YoBit also offers a 2-factor authentication function.

YoBit Exchange Ratings 

Reviewed By Qadir AK

Easy to use
Trading
Fees and Limits
Registration

Summary

YoBit is a cryptocurrency exchange that was launched in 2014 by a group of independent European developers and is incorporated in Panama.

4.1
yobit - 8.5

8.5

Summary
YoBit Exchange Review | YoBit fees | YoBit Trade | Is Yobit Safe to Use?
Article Name
YoBit Exchange Review | YoBit fees | YoBit Trade | Is Yobit Safe to Use?
Description
Yobit is an exchange with an immediate cryptocurrency deposit and withdrawal. Security is high with SSL. Read this review to learn about YoBit trade, fees.
Author
Qadir AK
Publisher Name
Coinpedia
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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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