YoBit Review 2022

YoBit was launched in Panama in 2014, one of the well-known and earliest digital asset exchanges in the crypto space. Since its inception, it has become a forerunner in the cryptocurrency market. It provides the traders with a simple and intuitive trading platform to trade a massive range of digital assets, including Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Dogecoin, and many more.

As per the YoBit review, YoBit has a favorable environment for trading and offers low commission fees of 0.2%, lower withdrawal fees, and faster execution speeds. It helps the traders to hold and withdraw cryptocurrencies from their wallets on its platform and allows them to earn free coins.

YoBit Summary

Official Website https://yobit.net/
Headquarters Panama
Found in 2014
Native Token Yes
Listed Cryptocurrency 260+
Trading Pairs 8801
Supported Fiat Currencies USD, RUB
Supported Countries Worldwide
Minimum Deposit N/A
Deposit Fees Free
Transaction Fees 0.20%
Withdrawal Fees Low
Application No
Customer Support Telegram groups, built-in chat, and email

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What is YoBit?

YoBit Review 2022 - YoBit Exchange InterfaceYoBit – YoBit Exchange Interface

YoBit is a global cryptocurrency exchange that permits users to buy and sell a wide range of cryptocurrencies; it also lists the price of popular digital currencies like Bitcoin, Litecoin, Ethereum, and its wide range of altcoins. Compared with other cryptocurrency exchanges, this exchange facilitates trading using fiat money with cryptocurrency pairs.

The users can deposit fiat or cryptocurrencies in both Russian Rubles and US dollars. The users can buy or sell cryptocurrencies with a transaction amount of 0.2%. Moreover, users are granted complete anonymity and privacy using this exchange. Unlike many exchanges, users need not undergo AML or KYC verification to register on the platform.

How Does YoBit Work?

YoBit exchange works just like any other exchange. To start cryptocurrency trading, the user should go to the trading section to view the different trading pairs, account balances, price charts, technical charts, pending deposits, the price of different cryptocurrencies, and the option to buy and sell various offers.

They can also view other trading tools where the trader can check what suits their needs. As per our YoBit review, YoBit has a unique feature – a chatroom, which is very helpful for the traders to get opinions from their other traders to find out how they can trade effectively.

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YoBit History

YoBit crypto exchange was developed by European developers and crypto enthusiasts, as announced earlier in the bitcointalk forum. Presently, this exchange is headquartered in Panama, and it is not a regulated exchange. It is available in English, Russian, and Chinese and offers a built-in dedicated chat for the traders who speak Russian, German, English, Arabic, Chinese, etc.

Our YoBit exchange review has proven itself as a legal exchange during its years of operation by providing a dedicated team for its development, despite several rumors that there were attacks on the platform claimed by its competitors.

YoBit has tight security and offers confidentiality and privacy to the traders. Considering any exchange, security is a vital factor for its traders. Several instances have shown that revealing sensitive information may have negative consequences; it does not provide their trader’s sensitive data to any third parties.

Consequently, this cryptocurrency exchange values the confidentiality of its users, thereby keeping them anonymous, and does not share their private data or their transaction or trading history with any authorities. This exchange does not force its customers to undergo AML/KYC procedures, thereby helping users protect their funds and data.

Key Features of YoBit

It is one of the most popular and leading cryptocurrency exchanges known in the crypto community, supporting many cryptocurrencies, features, and payment methods. According to coinmarketcap.com, YoBit comes under the top 10 exchanges in liquidity, traffic, and trading volume.

This platform does not support some of the trading features like offering leverage to the traders. Still, it does come with several essential elements, games, and events that offer an excellent crypto trading experience.

YoBit account offers low trading fees for every trade executed on the exchange. YoBit charges 0.2% as a fee, irrespective of whether the user is a maker or maker-taker. It does not charge different YoBit fees based on the trading volume, and the withdrawal fees for certain new coins might be a bit high.

YoBit Review - Get YoDefi Coins and Explore the Various FeaturesYoBit – Get YoDefi Coins and Explore the Various Features

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YoBit exchange offers anonymity and privacy to their customers. The users of this exchange are not required to undergo the KYC process while signing up on the platform. YoBit trading platform is secure, easy, and convenient, and it supports an extensive range of cryptocurrencies in more than 8576 active markets.

YoBit crypto exchange has its own native YO token, which offers several benefits for its traders. Further, YoBit organizes regular CEOs through its platform by allowing its traders to become early investors in several new exciting crypto projects.

YoBit regularly invites traders to participate in events and regular games such as YoPump, and YoPony, where the users can try their luck in increasing their holding. Further, users can invest in InvestBox, YoBit’s investment section, for stable earnings, allowing the users to earn passive income.

YoBit Review - Invest Your Free Coins to InvestBox at YoBit PlatformYoBit – Invest Your Free Coins to InvestBox at YoBit Platform

This crypto exchange supports fiat to crypto transactions. According to the YoBit review, the users can use it as a fiat gateway. This is one of the most critical features of an exchange that offers private trading. According to our YoBit review, YoBit lets users know about everything regarding the features and cryptocurrencies that can be traded. In the CoinsInfo section, the user can find formulas, supply numbers, ticker symbols, consensus algorithms, and several more.

The free coins section permits the users to get cryptocurrencies by executing simple tasks such as sharing messages on their social media. Even though the user will not earn a fortune from this, free coins are a sure way to make a few different types of cryptocurrencies and add them to their portfolios.

YoBit Review - Listing Process at YoBit ExchangeYoBit – Listing Process at YoBit Exchange

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If a developer wants to add a token on YoBit, they have a section designed exclusively for them. Further, the listing process is easy and straightforward, requiring the user to fill out a form to proceed. The listing fee for their token is 2.79 BTC, allowing users to list ERC20 tokens.

YoBit Review - YoBit Virtual Mining PlatformYoBit – YoBit Virtual Mining Platform

YoBit officially launched the YoBit Virtual mining platform in September 2020, known as YoBit VMining. As seen on the VMining page, YoBit has an extensive range of options depending on the user’s budget.

Pros and Cons of YoBit

Pros Cons
YoBit offers a multilingual platform for cryptocurrency trading. YoBit is an unregulated exchange.
It offers many options for fiat deposits. Does not offer online live chat or phone support.
It provides a wide choice of cryptocurrencies with exhaustive trading pairs. Does not offer a mobile trading app.
YoBit provides a Bonus program to their frequent trades as a reward. Very limited information provided on the website.
It has an intuitive, simple, and easy-to-use interface. It does not provide a Metatrader platform.
It offers 24×7 customer support.

YoBit – Registration and Login Process

According to the YoBit review, registering on the website is fast and straightforward; it only takes the user to add their data like name, email address, and a strong password. The entire process for the registration does not take less than a minute, and they can gain access.

For opening an account with this platform, the user should go to the YoBit website and should click the registration button given on the website. They should provide the requested detailed information and should click on the accept YoBit’s conditions. When this is done, they need to click a register button, and the user should also confirm that they are not a robot.

YoBit Review - Registration Process at YoBit ExchangeYoBit – Registration Process at YoBit Exchange

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After providing the email address, it will ask the user to confirm it. When the confirmation is done, the user can proceed with depositing funds and start cryptocurrency trading. It also asks its users to activate their two-factor authentication to secure their accounts, which will help them avoid authorized access.

One of the significant advantages of YoBit exchange is that it will not violate the user’s privacy rights by forcing them to take up the KYC process. Identity verification is optional, and the user can trade on YoBit without revealing their identity.

YoBit Payment Methods

YoBit Review - YoBit Payment MethodsYoBit – YoBit Payment Methods

For traders/investors who would like to withdraw, they can give a withdrawal request. YoBit accepts deposits and withdrawals in both fiat currency as well as cryptocurrency.

Fiat currency withdrawal rules and deposits can be made through debit card, Perfect Money, Payeer, and Advcash.

YoBit supports withdrawal and deposit in various cryptocurrencies; the traders can deposit the cryptocurrencies such as Bitcoin, Ethereum, Tether, Litecoin, etc.

YoBit Fees

Let’s discuss YoBit’s trading fee, withdrawal fee, and deposit fee.

YoBit Trading Fees

According to our YoBit reviews, YoBit trading fees are very straightforward. YoBit charges a fixed price for takers and makers, which is 0.20% per trade. It does not charge different YoBit fees or volume-based trading fees compared with other exchanges, but it might be a bit expensive for traders dealing with high volume.

Withdrawal Fees

The withdrawal fee charged by the YoBit exchange platform is a bit higher for specific cryptocurrencies, but for others, withdrawal fees are relatively low. When compared with other large exchanges, the withdrawal fee of YoBit is the lowest.

Deposit Fees

Unlike most crypto exchanges, it does not charge a single cent from the traders as a deposit fee. YoBit supports deposits made through fiat currencies carried out through various payment services.

YoBit Security

YoBit Review - Rules and Regulations For Security MaintenanceYoBit – YoBit Exchange Rules and Regulations For Security Maintenance

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YoBit exchange adopts closed security systems per industry standards; it has a clean track record. Regarding any security breaches, the team has implemented strict security measures and ensures that the funds are kept on the platform’s wallet to remain secure. YoBit implements various security measures to maintain the trader’s funds safely.

  • The exchange funds are stored in cold crypto wallets.
  • It implements DDOS attack prevention and SSL encryption measures.
  • Real-time encrypted data backups and system file encryption.
  • It implements suspicious activity detection and blocking.
  • It also provides deposit codes called “Yobicodes” for the transactions.

Aside from the above security measures, it allows YoBit users to protect their account through the following tools –

  • YoBit asks its users to activate authentication to prevent unauthorized access of their accounts as per industry practice.
  • The user will receive login verification for every login, which helps them keep track of their account activities and identify any unauthorized login.
  • YoBit registered users need to set a strong password as 80% of hacks are tied to weak and reused passwords. Moreover, the user should secure their account by providing a unique and strong password, and they should change it regularly.
  • It provides a unique feature to freeze withdrawals of the user from their profile settings if they suspect that their account with YoBit was hacked. If this feature is activated, no one will be able to withdraw money from the user account.

Supported Cryptocurrencies

YoBit Review - YoBit Supported CryptocurrenciesYoBit – YoBit Supported Cryptocurrencies

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YoBit offers a wide range of cryptocurrencies available in the market and provides a comprehensive list of cryptos for users to choose from. Some include Bitcoin, Ethereum, Litecoin, Tether, Dash, Doge, YO Tokens, and several more. It also offers 8801 trading pairs to choose from. To check it in detail visit their official site – https://yobit.net/en/market/.

Supported Countries

YoBit operates globally and has no restrictions on where the user is based; this implies that any user is free to register and trade on their trading platform irrespective of the geographic location. If the user is serious about YoBit trading or comes from a place where trading with cryptocurrencies is prohibited, they should consult a legal expert to avoid any consequences later.

Customer Support

YoBit Review - Help Center of YoBit PlatformYoBit – Help Center of YoBit Platform

The customer support offered by YoBit is dedicated and offers customer support where the trader can communicate with the staff. Also, the trader can submit a ticket and get a reply when they have any questions or issues.

YoBit customer support can be reached through telegram groups, built-in chat, and email. One of the fastest ways to contact the support team is through a telegram group that operates 24×7. The user can also go in for a support ticket where the reply can be received within 24 hours.

Our Verdict on YoBit Exchange

In conclusion, YoBit is not a new name in the crypto world, still it is among the top crypto exchanges that provide anonymity, privacy, a great user interface, a wide variety of new coins, lower fees, and great trading software. Even though this exchange is not regulated, it provides an excellent service for its other and YoBit traders. Simply put, YoBit is a supportive platform that offers robust features. Further, YoBit is suited for both new and experienced crypto traders as it offers an array of tools, and the software is not overloaded with advanced features. YoBit is worth a try.

FAQs

Is YoBit Exchange Legit?

According to our YoBit interview, we can say that YoBit is a safe and legit exchange. It offers an easy-to-use interface and strict security and is a user-friendly platform where traders choose their preferred cryptocurrencies to trade.

How Do You Withdraw Money From YoBit?

If the trader wants to withdraw money from the YoBit platform, it is very easy as this platform supports both cryptocurrency and fiat money. Users can use US dollars if they want to deposit or withdraw their money. The user can exchange fiat for cryptocurrency and vice versa to withdraw from their account.

How Do I Deposit Money Into YoBit?

For traders who are planning to deposit or withdrawing funds, this exchange permits the trader to withdraw funds in fiat money or through cryptocurrencies. Deposits and withdrawals can be made using debit cards, Payeer, Perfect Money, and AdvCash.

Is YoBit a Safe Exchange?

According to YoBit reviews, YoBit is a legit and safe cryptocurrency exchange that provides a good user interface, privacy, IEOs (Initial exchange offerings), strict security, games, lower trading fees, an engaged community, and a wide range of supported coins. It offers several new coins and more than 800 altcoins on its system.

Can you trust YoBit?

YoBit is a cryptocurrency exchange that offers privacy, security, low fees, and a stellar performance platform. So, yes, one can trust YoBit.

Who runs YoBit?

Iyoi Tobi, the CEO, runs YoBit.

Is YoBit Russian?

Yobit is a Russia-based cryptocurrency exchange that is famous for its controversial nature.

Risk Disclaimer – Cryptocurrencies and CFDs are complex instruments with a high risk of losing money. It would help if you considered whether you understand how these instruments work and whether you can afford to take the high risk of losing your money. Do Your Research before buying cryptocurrencies.

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