There is a wide range of cryptocurrency exchange in the market. Which one to choose is a big question. This YoBit exchange review will help you understand is YoBit safe?, Yobit Trade and YoBit fees. We at coinpedia are here to give a detailed YoBit.net review.
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YoBit is a Russian crypto exchange having a unique tool exclusively for its users. This exchange is seen with alleging controversies relating scams. These alleged scams are still ongoing, and the Russian authorities is handling its investigation.
However, these allegations as per the exchange officials are simply untrue and the blame diversion was seen to another exchange EdinarCoin. YoBit came into existence in 2014 and has been functional since, with a couple of downtimes due to various reasons. The exchange listing has more than 7000 pairs to trade.
However, the design of the exchange is convenient and thoughtful. They offer low exchange fee and commission on deposit and withdrawal. YoBit provides crypto trading tools to the customers like investBox, Coinsifo, and AddToken.
How Does YoBit Work?
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.
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. Withdrawing funds from YoBit is 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. Withdrawal will not process until you complete the verification via Google Authenticator and/or Email confirmation.
YoBit Fees structure is very transparent. 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%.
Is YoBit safe?
Until now, this YoBit.net review has detailed about information and working of YoBit exchange. Let us understand one of the important aspect – 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.
The platform uses a Login verification security feature. This feature is enabled through email. You’ll get a verfication mail whenever you login to the account. It helps to track unauthorised logins.
One of the important features of this platform is Freeze Withdrawal. Access this feature from your profile page. This feature helps to lockdown your funds in case of any hack attempt. We recommend to keep it enabled. Disable it while withdrawing money.
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 use. 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.
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 trade on Yobit.
This YoBit exchange review helps you understand YoBit trade, YoBit fees, is YoBit safe? What do you feel about this YoBit.net review?