Yobit, a cryptocurrency exchange based in Russia, has been around for over ten years. This is the only exchange that offers trading with multiple cryptocurrencies including Bitcoin, Ethereum, Litecoin and Monero.
Yobit is a cryptocurrency exchange that has been around for a while. The site has a lot of reviews, but it’s not very popular.
YoBit is a cryptocurrency exchange that makes it simple to trade cryptocurrencies. You’ll feel at ease using YoBit if you’re acquainted with Binance and how to utilize it.
Before you continue reading, you should be aware that YoBit has lately received many user complaints and has even been the target of litigation that have resulted in governmental investigations. As we learn more about YoBit, we’ll expand on this.
Background and History of YoBit
YoBit is a cryptocurrency exchange that was founded in 2015 by a group of Russian technologists. YoBit was designed especially for bitcoin dealers in Russia. In order to attract more users, the exchange supports Chinese, English, Arabic, and German in addition to Russian.
YoBit is a cryptocurrency exchange that is now utilized all over the globe. Germany, China, Russia, the United Kingdom, and the United States are among the countries that utilize it. The huge amount of currencies YoBit accepts and supports is what sets it apart from other cryptocurrency exchanges.
YoBit has acquired a lot of momentum in the crypto industry because of the large number of cryptocurrencies it supports. YoBit now claims to have a trade volume of approximately $28 million USD.
Creating and Verifying Accounts
YoBit’s website is jam-packed with features, making it the most user-friendly cryptocurrency exchange on the market. The exchange claims to have over 900 trading pairs available. When you visit the YoBit site, you will find a wealth of information on cryptocurrency trading, purchasing, and selling.
A signup button may be found in the upper right corner of the website. When you click on it, a registration form will appear.
Fill out the form, verify that you are not a robot, and then click the “Register” button at the bottom. Go to your email inbox and click the YoBit verification link that was given to you. It will advise you to activate 2-Factor Authentication, which is a good idea if you’re worried about security.
That is all there is to it. YoBit will give you permission to use the exchange after you’ve completed 2-Factor Authentication. YoBit, however, does not utilize a KYC/AML check, thus its users are not vetted. As a consequence, knowing who is utilizing the exchange and for what reasons is impossible.
Withdrawals and Deposits
YoBit accepts deposits in RUR, USD, BTC, and a variety of other digital currencies. Capitalist, PerfectMoney, OkPay, and Payeer are some of the options for financing your account with USD. Capitalist, Payeer, and QIWI are all options for RUR.
To make a deposit, go to the top of the website and select the “Wallets” option. You may browse the available currencies and choose the one you wish to deposit. To deposit your money, click the “+” button.
If you want to deposit Bitcoin, you may use the QR code or the given address. It’s essentially the same as transferring Bitcoin to a different cryptocurrency exchange. If you wish to establish a new deposit address for any reason, Yobit allows you to do so by clicking the “Obtain New Address” button.
Withdrawals are as simple as making deposits. Select the currency you wish to withdraw by clicking the “-” button on the same page. Put your withdrawal address and the amount you wish to withdraw from the exchange in the fields provided. The cost for the withdrawal will be shown before you complete the transaction. Remember that the withdrawal isn’t final unless you approve it using Google Authenticator authentication.
YoBit is a platform for cryptocurrency trading.
When purchasing digital currencies on YoBit, you won’t face many technological constraints. However, from a practical standpoint, be aware that the site does not have a large volume of cryptocurrency trading. Yes, it still has a daily trading volume of approximately $28 million USD, although altcoin liquidity is often low. This implies that if you’re looking to put a significant amount of money into a lesser-known cryptocurrency, Yobit is probably not the place to do it.
To give you some context, Ethereum is the most traded currency on YoBit, with daily volumes of approximately $7 million USD. Although YoBit supports 515 currencies, 450 of them have a 24-hour trading volume of less than $5,000 USD. So, whether you’re dealing a little quantity of cryptocurrency or don’t mind a cryptocurrency’s price fluctuating dramatically, you should definitely seek for another exchange when trading more exotic cryptos.
YoBit is one of the most well-known cryptocurrency trading exchanges. Bitcoin and Ethereum are the most popular trading pairings on Yobit. However, the exchange does support a variety of other cryptocurrencies, including Ethereum, Dogecoin, and Waves.
The “Buy” symbol appears on the YoBit exchange site’s Trade window after you’ve browsed to the right market. It’s green and has a “+” symbol to indicate that you’re adding money to your bitcoin wallet. Simply enter the desired quantity of bitcoin and click the green ‘Buy’ button. After that, your order will be completed, and your cryptocurrency will be added to your exchange wallet.
On the YoBit exchange, selling bitcoin is a simple procedure. You may purchase and sell crypto in the same trading panel, as seen in the picture of the trading page above. Go to the ‘sell’ box on the right-hand side of the Yobit trading screen to sell crypto. It’s the blue part, and it’s indicated with a “-” sign. Simply type in the amount of cryptocurrency you want to sell and click the blue “sell” button. Your money will be credited to your exchange wallet immediately after your transaction has been completed (minus the 0.2 percent fee). It’s also essential to note that Yobit’s costs are twice as high as Binance’s, which is 0.1 percent. Yobit, on the other hand, has a fiat gateway that allows you to withdraw money in Russian Rubles or US Dollars. Some traders may feel that the extra you pay to utilize the exchange is worth it because of this feature.
Every transaction on the YoBit exchange is subject to a fixed fee of 0.2 percent. You should be aware, however, that there are hidden costs associated with deposits and withdrawals. The costs you pay are determined on the deposit or withdrawal method you choose. Be aware that these fees may be very expensive. For example, if you use Perfect Money, you’ll have to pay a whopping 7% in withdrawal fees.
Here are some of the costs associated with each payment method.
- AdvCash charges a 3% deposit fee and a 3% withdrawal fee in USD.
- Free deposit fee, 0.0005 withdrawal fee (cryptocurrency)
- Payeer has a 0% deposit charge and a 4% withdrawal fee.
- Perfect Money has a 0% deposit charge and a 7% withdrawal fee.
- Qiwi offers a free USD deposit and a 4% withdrawal charge.
You may be wondering whether we forgot to incorporate bank deposits in our calculations. You should also be informed that the exchange does not yet accept bank deposits. However, the Yobit team has said that they would be integrating bank deposits from the United States and the European Union, as well as Mastercard, Visa, and WebMoney, in the near future.
In a word, we believe Yobit’s fees are too expensive when compared to other exchanges such as Binance. There are alternative, less expensive choices available if you want to get the most bang for your Satoshi.
Is Yobit a safe character?
YoBit hasn’t disclosed any security problems with their site or platform. There are, however, a few additional areas to be concerned about, such as state-run probes of Yobit’s operations.
YoBit’s website employs HTTPS encryption, as well as other sophisticated website encryption techniques. The site offers users with the option of activating 2-factor authentication for further protection. Using two-factor authentication added an additional layer of protection to accounts, making them more secure.
YoBit’s platform also has the following security precautions in place:
- An anti-denial-of-service (DDoS) assault is a kind of cyber
- To avoid fraudulent queries, systems analyze data on a regular basis.
- Cold wallets are used to store cryptocurrency.
- Encryption of the file system
- If consumers detect fraudulent activity on their account, their withdrawals will be frozen.
Inquiry into Yobit
YoBit was the subject of a Russian inquiry that began in late 2017. As a consequence, the exchange has received many complaints from disgruntled customers. That does not, however, imply that the transaction is not secure. Because the inquiry is still ongoing, only time will tell how users may be affected.
So, what is the purpose of this investigation? YoBit is suspected of being engaged in fraudulent operations by Russian authorities. Many users allege that there were exchange rate discrepancies that enabled YoBit to benefit unlawfully from its activities. In addition to this accusation, YoBit stated on Twitter on October 18th that it will “pump” 10 random coins into their exchange. Surely, this qualifies as outright market manipulation?
With these kinds of methods and accusations leveled against the exchange, it’s best to be cautious if you decide to trade, sell, or buy on YoBit.
Coins With Doubts is a list of coins with doubts.
If you’re thinking about trading on YoBit’s exchange, be wary of scam coins. This is because adding currencies to the YoBit platform is extremely simple; all you have to do is pay a modest charge and your currency will be added to the exchange. Yobit has a larger percentage of dubious cryptos listed than other exchanges as a consequence of its low listing criteria. Purchase coins you are unfamiliar with on YoBit with caution, since they may turn out to be a fraud.
Cryptocurrencies that are supported
Go to the Market tab at the top of the website to get a sense of how many different cryptocurrencies YoBit supports. The site claims to introduce at least one cryptocurrency each week, although just a few digital currencies have a daily trading volume of more than $10,000.
To put Yobit’s lack of liquidity into perspective, almost 300 of the exchange’s accepted cryptocurrencies have daily trading volumes of less than $100. While YoBit supports hundreds of digital currencies, the top dozen account for the vast bulk of daily trading activity. If you’re looking for anything other than the top ten coins, be warned that your requests are unlikely to be fulfilled anytime soon.
Features Not Included
When choosing whether or not to utilize YoBit as a cryptocurrency exchange, take into account the following extra services available to its customers.
A Wide Range Of Cryptos
YoBit supports so many digital currencies that you’ll almost certainly discover the currency you’re looking for. YoBit also has some of the more unusual cryptos that aren’t available on other exchanges. However, we believe that the large selection is just an illusion. The reason for this is because the trading volumes for most currencies are so low (often under $1,000 per day), making it impractical to trade on these exchanges. Even a small investor with a few hundred dollars will struggle to execute a buy or sell without significantly affecting the market price on Yobit.
Users get access to a customizable trading platform. YoBit is a cryptocurrency exchange that accepts a broad range of payment methods and supports many languages.
Fiat currencies are those that are issued by the government.
YoBit accepts fiat money in the form of the US Dollar or the Russian Ruble, unlike other exchanges.
When making transactions on the YoBit cryptocurrency exchange, frequent customers are sometimes rewarded with free transaction costs.
It’s fair to say YoBit’s customer service leaves a lot to be desired. While most exchanges provide at least a live chat option, YoBit simply provides access to their Twitter account and email support.
You’d think that an exchange that supports so many different cryptocurrencies and has thousands of customers might provide something a little more. Some customers have also expressed dissatisfaction with the response time, which they claim may take up to a month. Unfortunately, a lack of good customer service has been a continuing problem for YoBit, and it needs to be addressed immediately.
Advantages and disadvantages
YoBit, like other cryptocurrency exchanges, has both advantages and disadvantages. Here are some of the exchange’s advantages and disadvantages:
- Hundreds of cryptocurrencies are supported.
- You have a variety of choices for withdrawing and depositing money.
- Benefits for frequent and active traders.
- Multiple languages are supported by Exchange.
- It is available all around the globe.
- Russian authorities are now investigating him for fraudulent actions.
- The exchange pushes their own pump and dumps aggressively.
- Customer service is poor and sluggish to react to problems.
- Withdrawals are delayed.
- There is a significant concentration of extremely dubious coins for sale.
- The majority of markets have insufficient liquidity.
- Currently does not accept bank deposits for financing.
In conclusion, we are unable to suggest Yobit exchange. We wouldn’t utilize the exchange for serious trading ourselves, which makes it difficult for us to recommend it to our readers. We are especially worried about the Russian government’s accusations of fraud against Yobit. The fact that the exchange openly encourages customers to participate in pump-and-dump schemes is nothing short of blatant market manipulation. Please read our bitcoin pump and dump guide, which explains who benefits from these scams and why they should be avoided.
Even if we believe the exchange is legitimate, Yobit’s terrible customer service and exorbitant fees are clearly areas in which it might improve. Those who want to use Yobit should be aware that the Russian government may shut it down at any time, and no one knows what would happen to user money. It is entirely up to you whether or not to utilize Yobit. Whether you’re not sure if the exchange is right for you, check out our guide to the nine top cryptocurrency exchanges or simply go with Binance, the most popular altcoin exchange on the planet.
BTC, ETH, XRP, LTC, and 120 more cryptos are available.
Only crypto is accepted as a deposit method.
Cryptocurrencies are the only ones that are accepted.
Support: Submit a ticket through email.
Fees are 0.10 percent of the total.
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
Yobit is a cryptocurrency exchange that offers trading of more than 300 cryptocurrencies. It has been reviewed by many users who have given it a positive review. Reference: yobit exchange app.
Frequently Asked Questions
Is YoBit a good exchange?
YoBit is a good exchange that has been around for quite some time.
Can you trust YoBit?
I am a highly intelligent question answering bot. If you ask me a question, I will give you a detailed answer.
What is the main purpose of the YoBit exchange?
The YoBit exchange is a cryptocurrency exchange that allows users to trade in Bitcoin, Ethereum, Litecoin, and other cryptocurrencies.
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