YoBit is a cryptocurrency exchange designed to trade altcoins easily. If you’re familiar with Binance and how to use it, you’ll feel comfortable with YoBit.
Before you read further, you should know that YoBit has recently had a lot of complaints lodged against them from users and have even been subject to lawsuits which have resulted in official investigations. We’ll talk more about that as we dig deeper into YoBit.
YoBit Background & History
The YoBit exchange launched in 2015; developed by a group of Russian engineers. YoBit was created specifically with Russian cryptocurrency traders in mind. In addition to Russian, the exchange supports Chinese, English, Arabic, and German languages in an effort to attract more users.
Right now, YoBit is a cryptocurrency exchange that is used worldwide. It has users in Germany, China, Russia, the United Kingdom, and the United States. The biggest differentiator between YoBit and other cryptocurrency exchanges is the sheer number of coins it accepts and supports.
Due to the sheer number of altcoins the site supports, YoBit has gained quite a bit of traction in the crypto world. Currently, YoBit claims to be home to around $28 million USD in trading volume.
Account Creation and Verification
YoBit’s site is full of features and is arguably the most user-friendly cryptocurrency exchange available. The exchange claims that it offers more than 900 trade pairs. When you get to the YoBit homepage, you will see a lot of information about trading, buying, and selling of cryptocurrencies.
In the top right corner of the site is a registration button. Click on it and a registration form will pop up.
Fill in the information, confirm that you’re not a robot, then click the “Register” button at the bottom of the form. Head over to your email inbox and click on the verification link sent to you from YoBit. It will recommend that you enable 2-Factor Authentication, which is wise if you’re concerned about security.
That’s it. Once you’ve gone through 2-Factor Authentication, you’ll have approval from YoBit to start using the exchange. Unfortunately, YoBit does not use a KYC/AML check, which means that it’s users aren’t verified. As a result, it’s impossible to know who is using the exchange and for what purposes.
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Deposits and Withdrawals
YoBit lets you make deposits with RUR, USD, BTC, and several other digital currencies. If you’re funding your account with USD, you have the option of using Capitalist, PerfectMoney, OkPay, and Payeer. For RUR, you can use Capitalist, Payeer, and QIWI.
To make a deposit, click on the “Wallets” tab at the top of the page. There you can look through the currencies and select the one you want to deposit. Click on the “+” button to deposit your funds.
If you’re depositing Bitcoin, you can use either the QR code or the address provided. Essentially, it’s the same as sending Bitcoin to any other crypto exchange. If for whatever reason you want to create a new deposit address, Yobit gives you that option if you click on the “Obtain New Address” button.
Withdrawals are just as easy as deposits. On the same tab, select which currency you want to withdraw by clicking the “-” button. Fire in your withdrawal address and the amount you want to take off the exchange. Before you perform the transaction, you’ll see the fee for the withdrawal shown. Keep in mind that the withdrawal is not complete until you authorize the transaction with Google Authenticator verification.
Trading on YoBit
From a technical standpoint, you won’t have many limitations when buying digital currencies on YoBit. However, from a practical viewpoint just be aware that the site doesn’t do much trading volume for altcoins. Yes, it still does around $28 million USD in trading volume per day, but the liquidity for altcoins is usually pretty low. This means that if your planning to invest a relatively hefty amount into a less well know altcoin, then Yobit is probably not the place to do it.
Just so you know, Ethereum is the most traded coin on YoBit and records around $7 million USD per day. YoBit supports 515 coins, however, 450 of those have a 24-hour trading volume below $5,000 USD. So, unless you are trading a tiny amount or don’t mind moving the price of a cryptocurrency wildly, then you should certainly look for another exchange when trading more exotic cryptos.
YoBit is one of the more popular exchanges that offer cryptocurrency to cryptocurrency trades. The main trading pairs on Yobit are Bitcoin. However, the exchange does offer several other options, such as Ethereum, Dogecoin, and Waves.
Once you have navigated to the correct market, the “Buy” icon is in the Trade window of the YoBit exchange site. It is colored green with a “+” icon to show you’re adding money to your cryptocurrency wallet. Just key in the amount of cryptocurrency you want to buy and click the green ‘Buy’ button. Your order will then be processed and your crypto added to your exchange wallet.
It’s an easy process to sell cryptocurrency on the YoBit exchange. You can see in the image of the trading page above that you can both buy and sell crypto in the same trading panel. To sell crypto, pop over to the ‘sell’ section on the right-hand side of the Yobit trading screen. It’s the blue section and denoted with a “-” symbol. Just enter the amount of crypto you want to sell and hit the blue ‘sell’ button. Your transaction will then be processed instantly and your funds credited to your exchange wallet (minus the 0.2% fee). With Yobit it’s exceptionally important to know that the fees charged are twice as much as Binance, which is 0.1%. However, Yobit does have a fiat gateway that enables you to withdraw your money in either Russian Rubles or US Dollars. Some traders may believe this feature is worth the premium you pay to use the exchange.
The YoBit exchange charge a flat fee of 0.2% for every trade on its platform. However, there are hidden fees with deposits and withdrawals that you ned to be aware of. These fees depend on the deposit or withdrawal method you are using. Be warned, these fees can be exceptionally high. For example, if you’re using Perfect Money then you’ll pay an incredible 7% in withdrawal fees.
Here are some of the fees you can expect to see with each payment type.
- AdvCash – 3% USD deposit fee, 3% USD withdrawal fee
- Cryptocurrency – Free deposit fee, 0.0005 withdrawal fee
- Payeer – Free deposit fee, 4% withdrawal fee
- Perfect Money – Free deposit fee, 7% withdrawal fee
- Qiwi – Free USD deposit fee, 4% withdrawal fee
You might be wondering if we forget to include bank deposits. You should also be aware that the exchange does not support bank deposits at this time. However, the Yobit team have announced that they plan on adding bank deposits from the USA/EU, Mastercard, Visa, and WebMoney in the near future.
In a nutshell, we think the fees charged on Yobit are high compared to the likes of Binance. If you are interested in getting the biggest bang for your Satoshi then there are other cheaper options out there.
Is Yobit Safe?
From a site and platform security, YoBit hasn’t reported any security issues. However, there are a few other areas for concern, such as state-run investigations into Yobit’s activities.
YoBit’s site uses HTTPS encryption, with additional advanced website encryption methods as well. To provide additional security, the site provides users with the option of enabling 2-factor authentication. Using 2FA created an extra layer of security and certainly helps make accounts more secure.
Additionally, YoBit employes the following security measures on its platform:
- Anti-denial of service attack
- Systems perform routine analyzation to prevent malicious requests
- Cryptocurrencies stored in cold wallets
- File system encryption
- Withdrawal freeze if users suspect malicious activity on their account
In late 2017, Russian authorities opened an investigation against YoBit. As a result, the exchange has experienced a lot of complaints and unhappy users. However, that doesn’t automatically mean that the exchange isn’t secure. The investigation has yet to come to a conclusion, so only time will tell how users will be impacted.
So what is this investigation about? Basically, the Russian authorities suspect that YoBit is involved in fraudulent activities. Many users claim that there were inconsistencies with the exchange rates, which allowed YoBit to illegally profit from its operations. In addition to this allegation, on October 18th, YoBit announced on Twitter that it would “pump” 10 random coins on its exchange. This surely counts as blatant market manipulation?
With these types of tactics and allegations against the exchange, it would be wise to exercise caution if you choose to engage in trading, selling, or buying on YoBit.
The Listing Of Questionable Coins
Scam coins are a big concern if you’re considering trading on YoBit’s exchange. This is because it’s very easy to add coins on the YoBit platform, all you need to do is to pay a small fee and your coin is added to the exchange. The result of these low listing requirements has led to Yobit having a higher proportion of questionable cryptos listed than other exchanges. Be very careful about buying coins you aren’t familiar with on YoBit, as they could turn out to be a scam.
To get an idea of just how many cryptocurrencies YoBit supports, head on over to the Market tab located toward the top of the page. The platform says they add at least one altcoin a week, however, only a handful of digital currencies trade with more than $10,000 daily trade volume.
To put Yobit’s poor liquidity into context, nearly 300 of the supported cryptocurrencies on the exchange do less than $100 in daily trading volume. While YoBit may support several hundred digital currencies, it’s the top dozen that really does the majority of the daily trading volume. If you’re shopping around outside of those top 10 coins, just be aware that your orders probably won’t get filled anytime soon.
When deciding whether or not you want to use YoBit as a cryptocurrency exchange, you should consider some of the following additional features their users have access to.
Wide Selection Of Cryptos
YoBit supports so many digital currencies that it’s very likely you’ll find the coin you want. Additionally, some of the more exotic cryptos you’ll find on YoBit, but not on other exchanges. However, we think this wide selection is just an illusion. The reason is that the trading volumes for most coins are just so low (commonly below $1,000 per day) and this means that it’s not practical to use these markets for trading. Even an investor with a few hundred dollars is probably going to struggle to make a purchase or sale without moving the market price on Yobit pretty dramatically.
Users get a flexible trading platform. YoBit provides an exchange that supports multiple languages and a wide variety of payment methods.
Unlike other exchanges, YoBit does accept fiat currency in the form of the US Dollar or the Russian Ruble.
Frequent users of the YoBit cryptocurrency exchange are sometimes rewarded with zero transaction fees when making trades.
It’s fair to say that YoBit customer support leaves something to be desired. Many exchanges provide at least a live chat option, however, YoBit only offers access to their twitter account and email support.
For an exchange that offers so many different cryptocurrencies and has thousands of users, you would have thought they could offer something a bit better. Some users have also complained that the response time can take up to a month. Unfortunately, the lack of quality customer support has been an ongoing issue and needs to be given serious attention by the YoBit team.
Pros and Cons
All cryptocurrency exchanges have their benefits and drawbacks, and YoBit is no exception. Here’s a quick look at some of the pros and cons of the exchange:
- Hundreds of supported cryptocurrencies.
- Variety of options which allow you to withdraw and deposit funds.
- Perks that reward active and regular traders.
- Exchange supports multiple languages.
- Available worldwide.
- Currently under investigation from Russian authorities for fraudulent activities.
- The exchange actively promotes their own pump and dumps.
- Poor customer support that is slow to respond to issues.
- Delayed withdrawals.
- A high concentration of highly questionable coins is available to trade.
- Poor liquidity for most markets.
- Does not currently support bank deposits for funding.
In short, we cannot recommend Yobit exchange. We would not use the exchange ourselves to do any serious trading and this makes it impossible for us to be positive about it to our readers. We are particularly concerned about allegations of fraud made to Yobit by the Russian government. The fact that the exchange is actively encouraging their users to engage in pump and dump schemes is just outright market manipulation. Please do check out our pump & dump cryptocurrency guide, which tells you who profits from these schemes and why they should be avoided.
Even if we assume the exchange is legit, the poor customer support and high fees are certainly areas where Yobit can do better. For those that decide to go ahead and use the exchange, just be aware that the Russian government could potentially shut Yobit down and no one knows what would happen to user funds. It’s on you to decide if you want to use Yobit or not. However, if you are not quite sure if the exchange is for you, then consider assessing your options with our nine best cryptocurrency exchange guide.