YoBit was launched in Panama in 2014, and it is 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. YoBit has a favorable environment for trading, and it also offers lower 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 it also allows the traders to earn free coins.
|Supported Fiat Currencies||USD, RUB|
|Customer Support||Telegram groups, built-in chat, and email|
What is YoBit?
YoBit Review – YoBit Exchange Interface
YoBit is a global cryptocurrency exchange that permits the users to buy and sell a wide range of cryptocurrencies; it also lists the price of the popular digital currencies like Bitcoin, Litecoin, Ethereum, and its wide range of altcoins. When 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 fee of 0.2%. Moreover, using this exchange, the users are granted complete anonymity and privacy. Unlike many exchanges, the user need not undergo AML or KYC verification process to register on the platform.
How Does YoBit Work?
YoBit exchange works just like any other exchange. To start trading, the user should go to the trading section to view the different trading pairs, account balances, price charts, technical charts, pending deposits, and 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 – chatroom, which is very helpful for the traders to get opinions from their other traders to find out how they can trade effectively.
YoBit cryptocurrency 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 legit exchange during its years of operation by providing a dedicated team for its development. Even though there are several rumors that there were attacks on the platform claimed by its competitors.
YoBit has tight security, and it also offers confidentiality and privacy to the traders. Considering any exchange, security is regarded as the 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 their customers to undergo AML/KYC procedures, thereby helping the users to 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 a wide range of 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 exchange 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 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 Features
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. 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, YoPony where the users can try their luck in increasing their holding. Further, users can also 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 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, cryptocurrencies that can be traded. In the CoinsInfo section, the user can find out 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 by 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 Exchange
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, and it requires the user to fill a form to proceed. The listing fee for their token is 2.79 BTC, and it allows the users to list ERC20 tokens.
YoBit Review – YoBit Virtual Mining Platform
YoBit had 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 to choose from depending on the user’s budget.
Pros and Cons of YoBit
|YoBit offers a multilingual platform for 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 is seen 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, and it only takes for 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 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 Exchange
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 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 hundred percent optional, and the user can trade on YoBit without revealing their identity.
YoBit Payment Methods
YoBit Review – 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 cards, 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.
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 fees or any volume-based trading fee compared with other exchanges, but it might be a bit expensive for traders dealing with high volume.
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.
Unlike other 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 Review – YoBit Exchange Rules and Regulations For Security Maintenance
YoBit exchange adopts closed security systems as per industry standards; it has a clean track record. Regarding any security breaches, the team has implemented strict security measures and makes sure that the funds are kept on the platform’s wallet to ensure that funds 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 two-factor 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 the user’s withdrawals 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.
YoBit Review – YoBit Supported Cryptocurrencies
YoBit offers a wide range of cryptocurrencies available in the market; it also provides a comprehensive list of cryptos for users to choose from. Some of them 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/.
YoBit operates globally and it does not have any restrictions where the user is based; this implies that any user is free to register and trade on their platform irrespective of the geographic location. If the user is serious about YoBit trading or if they come from a place where trading with cryptocurrencies is prohibited, they should consult a legal expert to avoid any consequences later.
YoBit Review – Help Center of YoBit Platform
The customer support offered by YoBit is dedicated, and it 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, but it is among the biggest 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 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.
Is YoBit Exchange Legit?
According to our YoBit interview, we can say that YoBit is a safe and legit exchange and it offers easy to use interface, strict security, and it is a user-friendly platform where the traders have the choice of choosing 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. If the user wants to deposit or withdraw their money, they can use US dollars. The user can exchange fiat for cryptocurrency and vice versa to make withdrawals from their account.
How Do I Deposit Money Into YoBit?
For traders who are planning to deposit or withdraw funds, this exchange permits the trader to withdraw in fiat money or through cryptocurrencies. Deposits and withdrawals can be done 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, engaged community, wide range of supported coins, and offers several new coins and more than 800 altcoins on its system.
Risk Disclaimer – Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money. Do Your Own Research before buying cryptocurrencies.