YoBit Exchange Review 2019 – Scam or Not?

In the recent months voices about Yobit’s shady business practices are getting louder. Best place to find these first hand bad experiences are certainly Reddit and other crypto forums. The amount of complaints about Yobit are burgeoning and we can’t state anymore that Yobit is a legit exchange.

One of the latest buzzes around the tech world is investing in Bitcoin.

There is definitely high risk involved. However, the potential for rewards is also high.

There are many people who feel Bitcoin is a bubble. On the other hand, there are also users who are using this potential bubble as a way of making a lot of money.

Another aspect of the Bitcoin amazing boom is the other new coins, known as “altcoins,” that make up the whole “cryptocurrency ecosystem”.

I talked recently a little bit about two popular cryptocurrency exchanges – Bittrex and Poloniex. However, the problem with these exchanges is that as they become more and more popular, getting an altcoin listed on them takes time.

This is the reason why other cryptocurrency exchanges like Binance, Kucoin and YoBit are becoming more and more popular. Using these less popular cryptocurrency exchanges, you can get access to some new coins that large exchanges like Poloniex and Bittrex have not listed yet.

One great thing about getting a coin on a less popular exchange is that you can expect a huge price surge when one of these coins gets listed on Bittrex and/or Poloniex.

In this guide, I will share with you a review of YoBit.net. This is a less popular cryptocurrency exchange that frequently adds new and lesser-known altcoins.

Buy coins on Yobit

YoBit Review

YoBit is not a new name in the crypto world and it was introduced on the BitcoinTalk forum in 2015. The company was founded in Russia and offers many of the same features and characteristics of other cryptocurrency exchanges.

Here’s how their dashboard looks like:

yobit

The website is precise, clean and mouse-motion-streamlined, which means that you do not need to break a sweat just to move your mouse pointer from one place to another.

The interface looks a little outdated compared to something like Bittrex. However, it is still good enough to easily trade cryptos.


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Security of YoBit

YoBit offers two-factor authentication (also known as 2FA) and a login verification email security feature, which is always great when it comes to trading websites.

Enabling 2FA is optional. However, Regardless of which platform you use, this is one feature every cryptocurrency investor should enable as soon as they create an account. 

yobit

YoBit also supports a ‘Freeze withdrawals’ feature, which can be accessed from the profile settings page. This feature is extremely useful in case you feel you are under attack.

For security, YoBit has the following features:

  • Yobi Codes (deposit codes)
  • Hot/Cold Wallets
  • 2FA (Email, Google Authenticator)
  • Intelligent system of queer transaction analysis and blocking
  • Anti-DDOS
  • Secure Sockets Layer (SSL)
  • File systems encryption
Buy coins on Yobit

InvestBox

The lack of documentation offered about how to use the exchange is the one thing that I don’t like about YoBit.

For example, they have something called “InvestBox”. This is something similar to a lending program like the one Poloniex offers, but it lacks details…

yobit

You can probably earn a decent amount of money if you understand how InvestBox works. However, I’m not a huge fan of trusting YoBit with too much of my money at this stage. They should definitely improve their overall customer experience.

Verification Process

The confirmation email almost instantly pops up, which means that creating an account with YoBit would not take five minutes of your time. When it comes to doing withdrawal or sending out payments, the verification process is quick as long as you have the Google Authenticator installed. Once you register with them, you will be given a step by step process on how to activate this.

USD is the only FIAT currency that is accepted. You can deposit USD into your account and use it to buy Bitcoins. After you have credited your account, you can then trade it for BTC and move into your preferred cryptocurrency (BTC, ETH, DASH, DOGE, and XBY).

Read our comprehensive guide on best cryptocurrency exchanges.

yobit

How YoBit Trading Works?

Trading is surprisingly easily when it comes to YoBit. Even the beginner traders can easily know their way through the website. All you need to do is select which currency you want to trade with and put on a buy or sell order for it. The minimum transaction would be at 0.00010000 in all currencies. The transaction fee would be 0.2% for both purchasing and selling.

In addition, a live chat section is available for users to use, which comes quite in handy if you want to know which coin is hot on that day, or just want to know about the latest coin gossip.

It’s important to note that fees would depend on the wallet that you will be using to transact with them.

The cheapest deposit fee would be free for USD transactions under Capitalist, advcash, OKPAY, and Perfect Money. Payeer charges you 2% USD per deposit. QIWI Wallet would charge you 5% RUR per deposit. Withdrawals would range from 5% USD and 1% RUR to 3% RUR fees.

One more thing worth noting is that they have something called Free Coins.

With just a few clicks of your mouse you can earn different cryptocurrencies in YoBit.

Buy coins on Yobit
yobit

They also have a DICE game wherein you can gamble BTC for a certain price, which is pretty great.

The Best Part about the YoBit…

How fast they list new coins is my favorite part of the YoBit exchange.

This solves the problem of a new coin needing a wallet (because you can store them on the exchange), and it also gives ample amounts of opportunity for smart investors to get these new coins during the initial phases. Note: As soon as a wallet comes out for a coin, move your coins there.

Buy coins on Yobit

One Important Thing That You Should Know:

Any company can list their coin on YoBit exchange for a small fee, which is very important to know because many “scam coins” can easily be listed on this exchange.

yobit

This means that having a coin listed on YoBit does not make it reliable, so you have to be extra cautious. So, don’t get too excited if you see a coin which is proudly promoting itself as being listed on YoBit.

Also, since YoBit keeps adding new coins, they often don’t have the support needed for those coins’ wallets, which means that you won’t be able to withdraw some of your “shit coins”.

I know this sounds risky and I sincerely hope this doesn’t happen to you. However, this is a very important thing to know.

Other Features

  • Language – The site is available in Russian, English, and Chinese language, which you can conveniently change easily on their website with one click.
  • Support – The site offers customer support via a ticketing system which can be accessed from the dashboard.
  • YoBit Dice – This is a gambling feature where you can bet with any coin of your choice.

Conclusion: Is YoBit Legit or a Scam?

YoBit is definitely not a completely legit exchange. This means that you should be wary of leaving larger amounts of money on their servers.

However, they are not as polished as other exchanges like Binance, Bitfinex and Bittrex.

If you want to get ahold of certain cryptos which are only available on YoBit, you can certainly do that, but you should always be aware of the risks involved in crypto investing.

Buy coins on Yobit

YoBit Pros and Cons

Pros

  • User-friendly, clean and precise Interface
  • Free Coins
  • Security -Yobi codes (codes that are provided for transactions)

Cons

  • A lot of negative reviews

Useful Links

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

5 Comments
  1. Many people have problems withdrawing their tokens. A yobit scam group is already existing on telegram.

    Do you know anything about this?

  2. thank you bro nice.

  3. Definitely not a scam??? I just got scammed BIG TIME by Yobit.io.. Lost 85% of a significant investment on FALSELY ADVERTISED FAKE COINS that can no longer be withdrawn to their advertised blockchain.. And they know this but still advertise them as if they’re the fully functional version of the coin.. The place is a cess poll of scammers and scams! Literally the worst and most scammy exchange I’ve ever encountered! Just do a search on google for “Yobit.io Scam” and you’ll see more negative reviews than any other exchange.. Hell, they’re even being investigated by the Russian police! One thing is for sure.. Don’t even pretend to think you know what you’re buying on there..

    Meanwhile, on top of the exchange itself misrepresenting coins, there’s scammers who are clearly insiders at the exchange as they respond to the SUPPORT messages showing they’re able to read them.. I was trying to get help withdrawing my SCAM coins and some other SCAMMER tried to convince me to deposit another 0.1 BTC to solve my problem and tried to get me to send my codes to some other email.. I’m SURE it’s an insider, but if I had fallen for it they would have just said it was my fault.. STEAR CLEAR!!

  4. Yobit is a massive scam exchange. Check reddit, bitcointalk forums and twitter to see how many people have had their cryptocurrency stolen by Yobit. I transferred 1.55 ETH to yobit almost 2 years ago and they have never credited my deposit to my account even though the TX ID proves it was successfully transferred. They haven’t even replied to any of my support tickets about this.

  5. Yoshit they are all scammer they stole 2.5 BTC from me pretending the are tech support, be away from this scam exchange

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