Yobit Exchange Review
Yobit Cryptocurrency Review – According to cryptocompare.com yobit is reportedly under investigation from the Russian Authorities.
Trust Score 5/10
Yobit is a cryptocurrency exchange that operates out of Russia that was first launched in 2015. Since then it has become somewhat of a home to many of the less well-known altcoins that have had trouble being accepted onto some of the more popular and larger exchanges.
This is not to say that those altcoins have anything in particular that is wrong with them, just that they are not able to pass the difficult approval process that some of these exchanges have. Essentially, Yobit is giving some of the little guys a chance.
Yobit is an exchange that allows players to deposit using USD or RUR and then trade them for a wide selection of cryptocurrencies and altcoins. There are no advanced trades here, just spot trading but with so many currencies to trade, there is always the potential to use your expertise in order to make good gains.
Additionally, Yobit has a number of other unique little features that may appeal to those that want something a bit more. There is a roll the dice game that you can wager your cryptocurrencies on and a lending program called InvestBox which seems to be popular on the exchange among users.
What worries us is the lack of information regarding who owns this exchange but as it still seems to be running three years after its launch it would be difficult to label it as a scam just yet.
Carry on sifting through this in-depth review before deciding if you think Yobit is worth taking a look at.
As of writing this, there does not seem to be an app for the Yobit platform but we did not really expect there to be one. This is still a small exchange in comparison to many others so we doubt it would be too high up on their priority list right now.
Apps are great though for cryptocurrency exchanges as they make the whole experience a far more efficient one for mobile players.
The interface on Yobit is certainly clean and easy-to-use. If you have used cryptocurrency exchanges before you will have no problem finding everything that you are looking for.
The colour scheme is a good one that does not have you going blind when you look at it – which is always a nice touch.
At the top, you have all the buttons that will let you navigate the many features on Yobit while the screen is filled with the charts and graphs that you will need to analyze all of the cryptocurrencies available on Yobit.
The interface is also available in multiple languages which is also a nice touch although some of the translation to English can be sketchy at best.
All in all, however, the interface seems to look good and operates well.
Trading pairs on Yobit are all focused around Bitcoin, Ethereum, Doge, Waves, US Dollar and RUR. As for the cryptocurrencies these can be traded for, just a few of them are below:
There are also many new or unknown altcoins at Yobit that can be traded. This is a risk in our opinion, however, as many of these coins just have to pay Yobit to be listed. This opens the door for some scam coins to hit the exchange.
We suggest that you concentrate on the main currencies only and skip the many unknown coins. You might get lucky for a time but if you carry on playing with fire, you will eventually get burnt.
If you were hoping to do some more advanced trades such as margin trades with leverage, you are going to be disappointed at Yobit. Much like many other cryptocurrency exchanges, you can really only fill stop orders and not much else. This essentially means that it is aimed at newbies and those who like to keep their trading simple and without too much risk.
It is what it is though and there are many other hugely successful cryptocurrency exchanges that offer the same basic levels of trading.
Registering an Account at Yobit
When you get around to thinking about giving Yobit a try, you will first want to get yourself an account created on their platform. This is done very easily and there are just four steps you need to complete before you can start trading on Yobit.
- Provide a username, password and a genuine email address.
- Click the verification link in the email sent to you.
- Login to your new account.
- Fund your new account and start trading.
Accepted Payment Methods
Depositing on Yobit can only be done via USD or RUR as no other fiat currencies or any cryptocurrencies can be used. They have a variety of payment methods but most are eWallets such as:
These will have different fees attached and we will tell you more about those in the following section.
Having read through their F.A.Q section it does seem that they are planning to incorporate more payment methods in the future. They plan on adding bank wires for both USD and EUR and also Visa and Mastercard credit cards as forms of payment.
Transaction fees at Yobit seem pretty competitive without being as cheap as some of the more popular exchanges out there. That being said, there are certainly cryptocurrency exchanges that offer much higher fees across the board.
- Trading Fees
All trades at Yobit have a fee of 0.2% no matter whether you are the maker or taker.
- Depositing Fees
There are numerous different eWallets that can be used to deposit money onto Yobit and each of them will have their own fees attached. If you are based in Russia you can even use a credit card to fund your account. For full information on the different payment methods and the fees attached to them, go here.
- Withdrawal Fees
The same page on the link above will show you the fees involved with making a withdrawal from Yobit. While some of the options were free when depositing, rather expectedly they are not free when withdrawing.
As Yobit is a Russian based site, it would seem that a lot is lost in translation as the information on the exchange is hard to understand at the best of times. They should probably look at getting a better translator.
For this reason, we were unable to determine whether there any deposit or withdrawal limits on Yobit. We assume we are just supposed to guess and if transfers go through at certain limits we can just be happy that we got lucky.
As well as the exchange where you can trade cryptocurrencies, there is also a number of other features that can help you to get your hands on some cryptocurrencies.
- Roll the Dice Game
The Rolla Dice game on Yobit allows users to gamble their cryptocurrency in a double or nothing game. It seems a little shady to be honest as we have no idea on how fair this game actually is. With no regulation, we are never likely going to find out either. You can bet small amounts so losses do not have to be too much and we have won a few times.
To be honest, it is difficult to understand what this feature really is but it seems to be something to that of the lending program that can be found on Poloniex. AN investment scheme that users can earn from. Furthermore, to able to invest each day, users have to play the above roll the dice game at least five times.
As we have mentioned a few times, the translation to English from Russian on Yobit is very poor and it is difficult to understand their instructions or information regarding many of their features. If they could just fix this translation, they might just be surprised that more people start to enjoy their features as they will understand how to use them.
We could not find any information where Yobit specifically confirms whether any users will not be allowed to trade due to their country of origin. We would assume that this means they do not really have too many restrictions at all and as long as you are able to fund USD or RUR onto the exchange, you should be fine to trade.
We are certain there will a few countries that are restricted from creating accounts on Yobit but as we cannot find or understand most of what is written on the exchange, it really is hard to tell.
What we like about Yobit in terms of their customer support is that they offer quite a few more channels to contact them than even some of the biggest exchanges. They have email support, a live chat feature and you can submit tickets.
Response times are generally good as well but you would expect that as this is quite a small exchange at the moment with moderate to low trade volume.
There is also a troll box that allows you to communicate with other traders. This is a good thing as with the poor translation and information on the exchange, speaking to others might actually allow you to start understanding how to use some features.
Safety & Security
With two-factor authentication and email confirmations for all logins available, Yobit does seem to want to provide players with the account security that they deserve. 2FA is actually optional, however, something that we would prefer was demanded. Many cryptocurrency exchanges demand that their users use this security feature.
Another nice little feature for users is a freeze withdrawals feature which will lock your account if you ever think that you are under attack from a hacker.
As for security features with regards to the exchange at Yobit, there is:
- SSL-128bit encryption
- Cold storage
- Offline wallets
One thing of comfort is that Yobit has never been hacked before, as far as we can tell anyway. Their security is certainly one aspect that they can be proud of and is one of our favourite things about this exchange. It seems they know what they are doing in this regard but we just wish this could be the same for other areas on the Yobit exchange.
Yobit certainly has some areas where it seems to do very well but lacks in others. The security and support of the exchange are pretty good. The latter could do with some better English speakers but at least they seem responsive.
The interface also looks pretty good as well and does not seem to encounter many problems from our experience. With plenty of coins and altcoins to trade and giving players the ability to use USD on Yobit are two other advantages.
As for the negatives, we will start with the poor translation and the lack of readable information on the exchange. We have no idea what InvestBox is or whether it would be a good feature or not.
Then there is the ability for coins to just buy their way on the exchange rather than going through any kind of vetting. There will be a reason why other cryptocurrency exchanges have not listed these currencies so it certainly leads to a higher element of risk if you were to buy them. They could be scam coins at the end of the day. For this reason, we suggest that you stay away from new coins and just stick to the big names.
Finally, the most worrying negative is that nobody knows anything about who owns and runs Yobit. All anybody knows is that it is a Russian cryptocurrency exchange. There is no information about the company or its founder anywhere.