Yobit Exchange Review

Yobit exchange is one of the oldest cryptocurrency exchanges in the world which commenced its operations in the year 2014.

This exchange offers a huge variety of cryptocurrencies to choose from and trade with. Yobit facilities the trading of 500+ cryptocurrencies and tokens, which is an impressive number.

It is a multi-lingual platform offering trading services in 3 languages namely English, Russian, and Mandarin.

Another interesting part about Yobit is that no KYC is required for trading on their platform which makes the users, demanding total anonymity, happy.

You can set up an account and literally start trading in under five minutes all while being anonymous.

Anonymity is the core feature of Yobit exchange and that is why you won’t find any information about the owners or operators on their official website.

Also due to the user–friendly and simple interface offered by Yobit, amateur traders are not afraid to dive into the crypto market.

Key Features

According to CoinMarketCap.com, the popular coin index site, Yobit is one of the top players in terms of daily traffic, liquidity and trading volume.

Though it does not offer complex trading instrument like leverage to its traders, but it does have many features which overshadow this drawback.

No KYC: This exchange does not collect any data from its users which make it a haven for traders seeking anonymity.

Low trading fees: Yobit charges a minimal fees of only 0.2%, regardless you are the price maker or taker.

Huge variety of cryptocurrency to trade: This exchange offers the widest variety of cryptocurrencies as compared to other crypto exchanges.

Free coins: Yobit hands out free coins to its loyal users as a gift, which is unique feature unseen on any other exchange. You only need to complete some simple tasks for claiming them.

Fiat-to-crypto trades: Yobit also offers its users to buy cryptocurrency using fiat money.

Unique features: This exchange offers unique services like InvestBox, dice game, Yo Pony, etc.Let us take a look at these unique features in detail

1. InvestBox

InvestBox allows Yobit users to earn interest by investing their idle coins. The owners have cleared that this is not a Ponzi scheme also, interests on these coins are paid out of a special funds which is made of commissions earned by the exchange.

This is a tool for investors who want to promote their coin. You can earn a daily return of anywhere between 0.1% to 7.0% by investing in InvestBox.

Investors can withdraw their funds at any time and these withdrawals are not subject to any commission payable to the exchange.

As shown in the above image the plans offered under InvestBox are differentiated by the coin name, minimum and maximum investment, and the action required in order to get that payment.

2. Dice Game and Yo Pony

These are games offered by Yobit exchange.

Yo Pony: Here the users can play and win, and the winners can receive rewards from 2 – 100x the initial bet.

It is basically a horse racing bet where the sped of horse(pony) depends upon EN chat messages, bets, the sum of all bets, microtime, pony number and md5 hash of the previous pony.

To take part simply click on ‘Make bet’ and follow the given instructions.

Dice game: Here the users need to guess whether the upcoming dice total is ‘less than 48’ or ‘more than 52’.

Then the system generates a random number and if the bet wins then the user’s account is credited, however if the bet loses coins will be debited from the account.

3. Free Coins

Yobit exchange offers free coins to its users in order to attract more people. You can earn these coins by completing simple tasks.

First you need to login in to your account. Then visit on the ‘Free Coins’ Page and claim them.

However if you are a new user you will have to wait at least for a week before you get access to this feature. This is how the ‘Free Coins’ Page looks like.

Yobit CryptoTalk Campaign

In early 2019, Yobit launched the CryptoTalk Campaign where users can create high-quality messages and earn bitcoins. There are various parameters the message should fulfill in order to get paid.

Yobit exchange rewards its users with 0.00001 BTC per post, with the upper limit 30 messages per day which means you can earn up to 30,000 satoshi per day (0.003 BTC).

The satoshi earned are directly deposited into your Yobit account.

Supported Cryptocurrencies

Yobit exchange has one of the most extensive ranges of cryptocurrencies as compared to any other exchange.

Most of the currencies as available as trading pairs with BTC, DOGE, RUR, USDT, etc. On this crypto exchange you can trade:

  • Bitcoin
  • Doge
  • Zcash
  • Waves
  • Ethereum
  • Dash
  • And many more

Another interesting title Yobit holds is “exchange with the most trading pairs” as it has more than 4,600 trading pairs.

Also because of its easily listing process you will find many coins of lower market cap on this exchange which could not be easily found on other exchanges.

Payment methods

Yobit accepts deposits of both USD and RUB (Russian Ruble). You can deposit you money through AdvCash, Debit card or via Payeer or Perfect Money.

Yobit Fees

1. Deposit and Withdrawal Fees

No fees is charged by Yobit exchange on deposits. However transfer fee may be charged depending upon your payment method.

Particularly, AdvCash Charges you 1% flat fee for transferring USD/RUB fiat money into you Yobit wallet.Whereas withdrawal fees depend upon you asset class and withdrawal method.

In case you withdraw fiat money you can expect a charge of 6%-7% for withdrawing USD and 4%-5% for withdrawing RUB on every withdrawal method.

If you withdraw cryptocurrency, a commission fee is deducted at the time of withdrawal which is a flat equivalent of 0.0005 BTC for withdrawal of any coin.

2. Trading fees

Yobit exchange charges a trading fees of 0.2% on buying and selling of cryptocurrencies. Fees is automatically calculated and added to the buy or sell order.

Supported Countries

Yobit carries it operations globally. The exchange has never restricted its working in any jurisdiction which means you can access this exchange from anywhere regardless of you geographical location.

But before you make an account we would like to advise you that if you come from an area where cryptocurrency dealing or trading is prohibited then you must consult a legal expert in order to avoid consequences.

Is Yobit Safe?

According to our research Yobit is a safe platform. It also provides its users with all the required security and privacy measures.

Two – factor Authentication: Similar to social networking sites Yobit provides a two-factor authentication for its users.

Yobit is very responsible when it comes to the privacy of its users. Traders receive an OTP (One time Password) on their mobile phone whenever the login or request withdrawal.

Log in Email Verification: Every time you login to Yobit they send you an email regarding a basic login details like you IP address, so you’ll be notified if anyone had wrongly logged into your account.

Option to freeze withdrawals: In case some unidentified activity takes place through your account you can instantly freeze your account. To freeze your account visit the ‘Profile Page’ and click on freeze withdrawals.

Other recommendations by Yobit include

  • Using a unique email ID and password
  • Securing your computer using a good antivirus
  • Always check that you are visiting the correct domain
  • Rather than keeping you bitcoins on the exchange wallet, transfer it to your personal wallet as soon as you receive them.

User Experience

Yobit exchange is known for its simplicity and functionality. Anyone can easily find their way to different options available on Yobit, which is why it is a known exchange even among novice traders

. According to many users it is very convenient to trade through Yobit allows them to trade with many pairs of cryptocurrencies.

How to Register For a Yobit Account?

To open an account on Yobit exchange visit the official page and click on login and the dialogue box appears click on Register.

Continue filling all the details and after that click on the dialogue box after reading their rules and regulations of trading. Next click on Register.

After that, you will receive a verification email and a web link to confirm your account. Click on the link and you will be redirected to a webpage, select ‘Activate’ and you’re good to go.

How to Deposit and Withdraw Cryptocurrencies in Yobit?

1. Deposit

To make a deposit in your newly formed account, Go to the ‘Wallets’ Page and select the wallet you want to deposit your money in.

In order to speed up the deposit process the website offers a search bar from where you can find you desired crypto/fiat currency that you wish to deposit.

As mentioned earlier there is no fee on deposits.

2. Withdrawal

To withdraw your cryptocurrency click on the ‘Wallets’ page and choose which coin you wish to withdraw. In the pop-up that appears fill in your withdrawal details.

After filling in all the details Yobit calculates the withdrawal fees for you and shows the actual amount you will receive. After checking everything click on ‘Withdrawal request’

Customer Support

Yobit offers customer support through its cryptocurrency exchange platform and Telegram. It has a 10 member team delivering 24/7 support to its users.

PM- You can connect with other traders and investors using ‘Personal Message’ or PM.

Telegram – Users can join the Yobit community in order to interact with other traders as well as solve any grievance.

Social Media – Yobit has a Twitter account where they tweet regarding any updates or new games on the website almost instantly.

Live Chat – this is one of the most unique feature of Yobit. You can communicate with fellow traders in real-time using the live chat option which is located in the right hand side of the webpage.

This exchange has limited its social presence which proves their strong believe in anonymity.

PROs and CONs of Yobit

PROs

  • Anonymity – They are completely true to their objective of anonymity as their do not ask for any detailed personal identification documents for KYC.
  • Speed – Yobit focuses on performance, which is why they ensure speedy execution of the trades.
  • Low fees – It has a minimal trading fee of 0.2%.
  • Wide variety – Yobit has a huge coverage of cryptocurrency and altcoins.
  • Fast Registration – You can literally set up an account on Yobit in less than 10 minutes
  • 24/7 customer support – Yobit’s customer support has a very good response time which shows their dedication to help customers.
  • No hack – as compared to other exchanges, this exchange has never faced any hack on its system.

CONs

  • This exchange is not regulated
  • Due to no KYC requirements, many traders think this is a bogus exchange.
  • Limited information about Yobit is present on the internet.
  • There is limited media presence of Yobit as compared to other exchanges.

FAQs

1. Where can I find Yobit on Social media?

As mentioned earlier Yobit has a limited media presence. You can find them on Twitter and Telegram. Yobit has a huge community with over 75,000 members on their English channel.

2. Can I find other reviews on the Yobit exchange?

This company was founded in the year 2014 and is still functional with no hacks till date which is enough to prove the credibility of this exchange. However, there is a wide array of reviews about Yobit both negative as well as positive.

You can find many reviews about Yobit on websites like TrustPilot, Blocknomi, Cryptocompare, etc. but a majority of them are negative.

According to a Yobit representative, “the Russian cryptocurrency market is very bloody. The competition is so tough that competitors create a fake account in order to hurt their rival’s business”.

This is why you might find negative comments in a greater number as compared to positive ones. So beware of what you are reading online.

Conclusion

Yobit has been around for a very long time in this field, so they certainly know what they’re doing and are well recognized for that.

While we found this exchange to be trustworthy and user-friendly, we recommend you not to invest through any online platform without doing detailed research.