YoBit is a cryptocurrency exchange which has been at a constant exposure to lawsuits and complaints. First features on BitcoinTalkForm, YoBit was meant to offer easy trading when it comes to altcoins.
YoBit was launched in the year 2015 by a team of Russian developers. The main purpose of YoBit was to potentially target and attract local Russian cryptocurrency crypto enthusiasts.
YoBit located in Moscow (Russia)
Although the official domain name of YoBit comes from Panama city, YoBit has been originated from Russia, in Moscow. The website recently introduced additions for languages like Chinese, Japanese, English in a move to attract people from all around the world. Today, YoBit has a support of vibrant crypto traders from countries like the United Kingdom, China, Germany, United States as well as Russia.
History on YoBit
YoBit is known for its controversial history. The exchange is currently undergoing an investigation conducted by the top Russian authorities. Fraud claims led to the investigation and not just that, when people search about the exchange online, one of the most searched keywords is ‘YoBit Russian Investigation’. However, the platform’s executives, as well as officials, denied any such frauds happening at YoBit over the time. Talking about the supported coins, YoBit offers around the clock support for Bitcoin (BTC), DASH, Bitcoin Gold (BTG), LiteCoin (LTC), Dogecoin (DOGE), WAVES, Bitcash (BCC), Tron (TRX), Ethereum (ETH) etc. What comes as a noting fact is that a crypto enthusiast can deposit both fiat currency as well as cryptocurrency to fund the YoBit account. Russian rubles (RUB), as well as US dollar, are supported.
When it comes to buying and selling cryptos, YoBit charges a maximum transaction fee of 0.2% from its users. Stressing-upon the payment methods, you can withdraw & deposit funds to and from your YoBit account by making use of AdvCash, Payeer, Qiwi, Perfect Money and of course, the standard crypto transfer. The platform is similar to most of the crypto exchanges out over there when it comes to the operations. However, what makes YoBit unique is the fact that they offer some of the rarest crypto coins too such as Lisk (LSK), Vertcoin (VTC), PACcoin (PAC), TittieCoin (TTC), SegWit2x (B2X), ReddCoin (RDD) and much more. Also, any start-up can list their crypto token on YoBit by paying as low as 0.1 BitCoin (BTC).
YoBit has a daily trading volume of a little over $22 million USD. The platform features no limitations when we talk about buying any crypto coin listen on it. Ethereum (ETH) is one of the most traded altcoins on the platform. The coin has an average trading volume of $7 million USD. Talking about the investigation, Russian telecom regulator Roskomnadzor had opened a full-fledged investigation against YoBit last year in lieu of reports of fraudulent activities. There were a huge number of user complaints and the inconsistency in exchange rates was seen as well. Also, WAVES token was unable to get in touch with YoBit when their coin appeared as a BTC pair on the YoBit platform. Further, this happened when the coin was unable to be withdrawn from WAVES’ private wallet.
There is next to no official information available on the internet about the YoBit founders. Pavel Krymov is believed to be the rumoured founder of the platform. Also, there were rumoured reports where Moscow police had arrested Pavel in lieu of fraudulent activities. The portal doesn’t have much information about its management and executives, public.
How to trade on YoBit?
Talking about the crypto trading at YoBit, the process is fairly easy. The availability of advanced and sophisticated features like in-depth charts are compensating for not so the user-friendly design of the portal. One should take note that withdrawal fees also vary from one coin to another and so does the deposit fee. You can get access to the most updated withdrawal fees on the withdrawal window. A live chat box support has also been provided by the platform, thus making it easy for traders to share the latest information as well as hot topics.
When it comes to buying and selling cryptocurrency, YoBit has all the features under the same hood. Users are required to browse through the ‘Trade’ category which can be seen on the upper-left side of the screen. Now, once you click on that you will be able to see charts on the screen. Beneath the charts, there are two divided segments. One for buying and the other for selling. Also, users can get access to trade history for respective coins on the right of the ‘Sell’ section. Let’s say you wish to buy some crypto, well, stroll over to buy, select the currency from the drop-down menu. Further, enter details like amount and price, you’ll be able to see the fees now. If everything’s okay, click on the ‘Buy’ button which would be green in colour.
On the other hand, if you want to sell any coin, it’s easy to do that too. Simply refer to ‘Sell’ segment and you will be able to pick the coin from your wallet and you can enter details like amount, price and total with fees would be displayed to you. Click on the ‘Sell’ option which is blue in colour and you’re done. On the left-hand side of the screen, users can see their balances as well as market trends accumulated. If you wish to access the Wallet, Orders and Support options, simply refer to the very top of the screen. What comes as a fruitful fact is that whenever new coins are added on YoBit, one might receive some free coins. You can also donate some of your coins on the portal.
Users should know that they can get access to an inbuilt gaming feature on the YoBit dashboard. Simply refer to Dice on the top and you will be able to bet on YoBit. There is another sophisticated feature on YoBit with the name Invest-Box. Now people can invest their cryptocurrencies on YoBit and may avail great returns. One of the most fascinating facts about YoBit is that this exchange is extra quick. From listing the new coins to timely execution of transactions, YoBit is a win-win.
YoBit maintains a dedicated smartphone application on Android PlayStore. A user can simply search the application with the name ‘Yobit.net Mobile Exchange’ and they can easily install the app on their smartphones. The app has been enabled with AES encryption for protecting the users. A user can also view their wallet on the app. You can make transactions like withdrawals and deposits through the application. You can keep an around the clock reality check on the market trends and can further place and remove your orders.
Create an account on YoBit
Looking forward to creating your YoBit account? Well, simply stroll over to their website and click on the ‘Registration’ button on the upper right corner of the screen. Once you click on that, a pop-up registration form will appear and will ask you details. Once you’re done, click on register. The next step is to confirm your YoBit account. For that go to your email and click on the verification link which has been sent by the YoBit team. Further, the portal may recommend you to enable the 2-factor authentication. You can also download and make use of Google’s authenticator application and can further use it for the purpose of scanning 2FA QR codes on the platform. As soon as you verify your email, you will be able to get access to your account’s crucial information like public and private key. It is always advised to write the duo on a piece of a paper and store it somewhere safe.
Further, you will be required to fund your YoBit account. One can do that by depositing fiat currencies through Capitalist, Payeer, OkPay and more. Click on the ‘+’ button under the ‘Wallet’ page. You should note that dedicated coin storages are created for every newly listen to coin, thus you don’t really have to worry about the coin storage when you make a purchase at YoBit. However, it is always advised not to leave your coins under the exchange’s hood. As mentioned earlier, YoBit lists coins of start-ups as soon as they pay the fee. Now, there are over 6,000 coins available on YoBit and it has been observed that no dedicated prior investigation was conducted before listing the coins. Further, if you wish to withdraw your funds from YoBit, you should refer to ‘-’ sign under the ‘Wallet’ page and you can make use of BTC withdrawals. After you input your wallet’s address, transaction fees can be seen and after 2FA, your transaction will be processed.
YoBit verification process is dedicated and proven. As soon as you stroll over to their official website, you can set-up your account and get going in a matter of few minutes. A user is just required to verify his/her email and you’re good to go.
You might wonder if YoBit is really secure after all the frauds and associated history? Well, as a matter of fact, the platform enables the option of two-factor authentication on a user’s account. Thus, YoBit accounts are always equipped with an extra layer of security. Also, in case of an emergency, you can contact their customer support around the clock. A user is required to simply stroll over to the account and generate/submit a support ticket. YoBit has already stated that they take at most an hour to respond to the maximum number of tickets. However, you can expect a sure shot reply within 24 hours of submitting the support ticket.
Conclusion on YoBit’s review
With features like freeze withdrawals, 2FA, login email verification and more, security at YoBit is dedicated. The exchange accepts an array of payment modes, thus making it easy for crypto enthusiasts to get started. Although the customer support doesn’t have very good reviews from the customers, customer service at YoBit is just average. There is no requirement for government ID or verification. The portal is available worldwide and supports a multi-lingual approach. The website has been secured with SSL protocols, YoBit is not prone to DDOS attacks. Both cold and hot wallets can be used and YoBit smartphone application is secured as well.