YObit.net Review 2020
Yobit is a DASH-based cryptocurrency exchange that commenced operations in 2015. Available as a multi-lingual platform (English, Mandarin, and Russian), Yobit offers users the opportunity to buy and sell hundreds of altcoin assets in several formats.
- Trading Platform
- Trade Types/Instruments
- Account Types
- Commissions and Spreads
- Deposits and Withdrawals Options
- Bonus and Promotions
- Customer Support
- Pros and Cons
Cryptocurrency exchanges are by their very nature, unregulated businesses. Therefore, Yobit is not regulated.
What has been the experience of users on Yobit?
Yobit features a chat box on the right-hand side of its web interface, which gives a sneak peek into the answers to these questions.
In terms of security of the platform, Yobit offers several security protocols for the security of wallets on its platform. These include the use of 2-factor authentication for logins and use of token codes for withdrawal transactions.
Customer support is only reachable using a support ticket, which for a platform with such high volume of traders, is quite disappointing. There have also been a few complaints of missing altcoin holdings, though it is not clear if these occurred spontaneously or during withdrawals.
Yobit should, therefore, work on improving its reliability. It has a strong brand name in the market but it is failing to meet the expectations of some of its customers in several aspects.
Trading services on Yobit are offered using two types of trading platforms.
- Web-based platform
Through the Yobit website, an online interface is provided to enable traders to buy or sell altcoin pairings and also view the Order Book to understand where trade flows are headed.
- Yobit also offers a mobile version of its platform.
Trading on Yobit basically involves two trade types: buy and sell. Traders can profit from rising prices by using buy orders or may profit from selling prices using sell orders.
Altcoins offered for trading on the Yobit platform include:
- Pandacoin, and close to 6,000 other crypto-crypto pairings.
Only one type of account is offered on Yobit. There is no option for multiple account types.
Commissions and Spreads
On Yobit, the incurred trade expenses come not in the form of commissions and spreads, but in the form of transaction costs and deposit fees. For each transaction, Yobit collects a 0.2% charge irrespective of trade type.
Deposits and withdrawals also come at a cost. The deposit fee will depend on what channel is used to effect the transaction. The table below is a summary of fees that you can expect to incur for conducting deposit and withdrawal transactions on Yobit.
|Payment Method||Fee for Deposits||Fee for Withdrawals|
|Perfect Money||Free||9 % USD|
|QIWI||Free||8 % RUB|
|Payeer||Free (both USD and RUB)||5% USD
5 % RUB
|Credit/Debit cards||6 USD + 5% USD
70 RUB + 7% RUB
|Webmoney||7 % RUB|
|Yandex.Money||6 % RUB|
|AdvCash||Free for US Dollar, 3% for Rubles
|Free for US Dollar, 3% for Rubles
|7 % USD
4 % RUB
Deposits and Withdrawals Options
To conduct deposits and withdrawals on Yobit, the following channels are available:
- Credit/Debit cards. Supported brands include VISA and Mastercard.
- E-Wallets: The e-Wallet methods were offered basically to cater to the Russian clientele of Yobit. You will, therefore, find Russian brands such as Webmoney, Yandex.Money and QIWI available for use, and also other e-wallet methods such as OKPay, Payeer, Perfectmoney, and Capitalist.
Bonus and Promotions
No bonuses or promotions are offered on Yobit.
Customer support at Yobit is only reachable using a support ticket, which is not very good considering the volume of users.
Pros and Cons
- More than 6,000 altcoin pairings mean that there are a lot of assets that can be traded.
- Cost of trading is relatively cheap
- Yobit is a multiple function platform, which allows coin innovators add their coins for trading as well.
- The security protocols on the website are quite good, even if not top notch.
- Yobit is unregulated.
- There have been cases of altcoin holdings of traders disappearing from their wallets without a trace.
- There are numerous complaints about customer support being unresponsive.
Is Yobit regulated?
No. Yobit is not a regulated cryptocurrency exchange, which is not abnormal for an industry which is still in its early stages of development.
Where is Yobit based?
Yobit is based in Russia.
How does Yobit make money?
Yobit makes its money from exchange transaction charges as well as charges on deposits and withdrawals.
How do I deposit in Yobit account?
Yobit supports deposits using Bitcoin and Ethereum. Deposits in fiat currency can also be made using credit/debit cards.
How do I withdraw money from Yobit?
Withdrawals of funds from Yobit can be done using Bitcoin, Dash or Ethereum.
How do I open an account with Yobit?
To open an account at Yobit, simply fill the signup form on the website and instructions on how to deposit funds will be sent to the trader’s email address.
Is Yobit reliable?
Yobit is not a reliable broker.It is under investigation in its home country over allegations of
Does Yobit use MetaTrader?
No. Yobit only offers a web-based platform as well as a mobile trading app.
Is Yobit a scam?
Yobit seems to be a scam, going by allegations of fraud and disappearance of altcoins from the wallets of its traders. Even the owners of the Waves cryptocurrency have issued warnings to its coin owners not to trade with their tokens on Yobit.
How safe is Yobit?
Yobit is not a safe platform to trade. There are too many unexplained dodgy occurrences on those sites.
In December 2017, Russian authorities announced that an investigation would be opened into the operations of Yobit following numerous complaints of missing funds and altcoins from traders’ accounts. Coinmarketcap has also delisted Yobit as an exchange partner on its website. The Waves cryptocurrency team also issued a statement warning its token holders to be wary of trading on Yobit as they had been unable to make contact with the Yobit team to address concerns of suspicious activities on Waves wallets.
These events put a stain on Yobit as a reliable cryptocurrency exchange, and users are advised to be very careful if they decide to trade on Yobit.
- 1Stay away from yobit.netNtombi
- Bitcoin Cash
- Ethereum Classic
- Cape Verde
- Sri Lanka
- United Kingdom
- Solomon Islands
- Trinidad and Tobago
- Burkina Faso
- Russian Federation
- Saint Lucia
- South Sudan
- Virgin Islands, British
- South Korea
- Saint Kitts and Nevis
- Saint Vincent and the Grenadines
- Vatican City
- Papua New Guinea
- Cote d'Ivoire
- Dominican Republic
- Bosnia and Herzegovina
- Equatorial Guinea
- Hong Kong
- Sierra Leone
- Saudi Arabia
- Cayman Islands
- Sao Tome and Principe
- Czech Republic
- United Arab Emirates
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- Central African Republic
- San Marino
- South Africa
- Isle of Man
- El Salvador
- Costa Rica
|Headquarters Country||Russian Federation|