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 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:
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The interface looks a little outdated compared to something like Bittrex.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.
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 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
- Secure Sockets Layer (SSL)
- File systems encryption
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…
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.
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.
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
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.
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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.
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.
- 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.
YoBit Pros and Cons
- User-friendly, clean and precise Interface
- Free Coins
- Security -Yobi codes (codes that are provided for transactions)
- A lot of negative reviews
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