- Natural Gas:2.1560-0.0930-4.14%
- Crude Oil:42.025+0.4150+1.00%
- S&P 500:3,356.25+14.500+0.43%
- Natural Gas:2.1560-0.0930-4.14%
- Crude Oil:42.025+0.4150+1.00%
- S&P 500:3,356.25+14.500+0.43%
YObit.net Review 2020
YoBit is an online exchange trading platform designed to support the trading of cryptocurrencies. The YoBit platform facilitates the trading of as many as 497 cryptocurrencies and tokens (according to Coinmarketcap) and 8,575 active pairings.
As an online cryptocurrency trading platform, the platform delivers a simple to use exchange for those looking to gain access to just about every possible cryptocurrency/token pairing in existence today.
Founded in 2014, YoBit is incorporated in Panama and has been at the forefront of the cryptomarket since before the market frenzy of 2017. The more than 6-year track record makes YoBit one of the oldest exchanges in the cryptomarket.
YoBit’s founders are made up of a group of European developers and crypto enthusiasts.
The ‘no frills’ platform is known for its simple to use interfaces that has drawn in both novice and more seasoned investors and traders.
Unlike many cryptomarket exchanges, YoBit also facilitates the trading of fiat money- cryptocurrency pairings.
The exchange also continues to deliver traders and investors with anonymity. In contrast to many exchanges, traders and investors do not need to go through KYC and AML verification processes to gain access to the YoBit platform and the cryptomarket.
YoBit’s platform does not only give access to the broader cryptomarket but is also supported globally, with no geographical boundaries.
In spite of its global and long-standing presence, YoBit has yet to be hacked, with adequate security measures in place to protect assets.
- YoBit Platform Attributes
- The Pros and Cons
- Supported Cryptocurrencies
- The Details
- Trading Platform
- Fees and Charges
- YoBit Wallets
- Deposit & Withdrawal Options
- Privacy and Security
- Customer Support
YoBit Platform Attributes
Key attributes of the YoBit platform include:
- Traditional trading features that include charts and candlesticks for the available currency pairings.
- A user-friendly interface.
- 24/7 – Customer support – 24 hours per day support is available on Telegram, with a ticketing support mechanism available on the “Support” interface.
- Supports deposits in cryptocurrency and fiat money by way of AdvCash, a debit card, Payeer, and Perfect Money.
- Supports the withdrawal of cryptocurrencies and fiat money by way of AdvCash, a debit card, Payeer, and Perfect Money.
- Multi-lingual – Supports Chinese, English, and Russian. Tech chat support is available in Arabic, Chinese, English, German, and Russian.
- An extensive Telegram network of more than 80,000 members.
- Affiliate program – YoBit pays 20% of trade commissions for every trade that referrals make. There is an affiliate program page that can be located within your account name drop-down menu.
- Fast and easy registration process.
YoBit stands out from its competitors because of the extensive coverage of cryptocurrency pairings, simple to use interface and anonymity.
Its global support is another key feature that removes geographical boundaries and delivers the cryptomarket to a global audience.
The Pros and Cons
- Anonymity: There are no KYC / AML processes to complete, allowing traders and investors to remain anonymous.
- Execution Speed: YoBit focuses on platform performance, ensuring speed of execution to minimize slippage.
- Full transparency: The network’s trade history is made available on the YoBit platform. The details include transaction time, the cryptocurrency pairing traded, and transaction type.
- Competitively low fees: YoBit charges a flat 0.2%.
- Crypto Coverage: YoBit supports the listing of cryptocurrencies and altcoins from their early existence. This provides investors and traders access to coins/tokens at the early post-launch phase.
- Exchange Storage: Most newly launched coins/tokens are yet to have compatible wallets. YoBit allows investors and traders to hold coins on the exchange.
- Fast registration: There were no KYC or AML requirements, making the registration process fast and easy.
- 24/7 Customer Support: Available in Arabic, Chinese, English, German, and Russian via Telegram.
Other positives include
- Free Coins: Users are able to earn free coins via the “Free Coin” interface.
- Adequate Security: YoBit provides the necessary security measures to protect crypto holdings on the exchange. A unique “Freeze Withdrawal” option is also available to prevent theft.
- Global Platform: A truly global platform with an extensive user base delivers an efficient trading environment. YoBit has one of the biggest Telegram communities, with more than 80,000 in English chat.
- YoBit is regulated in Panama and there are no KYC requirements. This is a negative for those looking for a more regulated trading environment.
- There is a lack of risk management tools to support the more technical trader/investor.
- Public information about the YoBit team is limited.
- Training manuals to assist users in navigation are limited, though the platform is simple to use.
- There is a limited social media presence, with YoBit only available on Twitter and Telegram.
- YoBit is not compatible with Android and IOS mobile devices.
To open an account, go to the YoBit home page and click on Registration on the top right-hand side of the site.
Complete the requested information, which includes login name, email address, and password, accept YoBit’s rules, and click “Register.” Don’t forget to confirm that you are not a robot.
We recommend that you don’t save your password in your Google Account and save it somewhere safe.
Upon creation of an account you will see a pop-up message on your screen requesting for completion of registration via an email.
Go to your email inbox and click on the link provided to activate your YoBit account.
It is also worth noting that there are additional links provided by the YoBit team within the registration email.
These include a YouTube link providing more details about the exchange and money earnings suggestions.
Once you have clicked on the registration link, you will be prompted to switch on your 2FA Authenticator via settings. (See Privacy & Security section for details).
Post Registration Deposit
At this stage, you will now need to make a deposit to begin trading, investing and taking advantage of the YoBit’s extensive crypto market coverage.
To make a deposit, go to the “Wallets” page and select the wallet that you wish to deposit into. There is a search option to enable you to find the crypto/fiat currency deposit that you wish to make.
For demonstrative purposes, USD has been chosen. Type USD in the Search section and click the plus sign under the ‘Deposit’ option for the USD Wallet.
Choose your preferred funding method, in this case AdvCash, Payeer, or Perfect Money, and enter the amount that you wish to transfer. Do note that there is no YoBit charge to deposit via AdvCash, Payeer or Perfect Money.
You will then need to confirm the payment order. For demonstrative purposes, we have chosen Perfect Money as the funding method.
Once you have selected the desired payment method (Perfect Money Account or e-Voucher / Prepaid Card), click “Make Payment”.
Complete the information requested and click “Make Payment”.
Enter your e-voucher number, activation code, and Turing number and confirm payment. It is worth noting that, while YoBit does not charge for deposits, Perfect Pay does charge a commission for transfers.
Once the funds have reached your US Dollar Wallet you’re ready to trade.
For investors and traders holding wishing to deposit cryptocurrencies, please see the Deposit section below.
YoBit has one of the most extensive coverages of cryptocurrencies in the market place today. This also gives investors and traders a more comprehensive list of cryptocurrencies to make a deposit with.
These include but are not limited to Bitcoin (“BTC”), Tether (“USDT), Ethereum (“ETH”), Litecoin (“LTC”), DASH (“DASH”), DOGE (“DOGE”), and YO Token (“Yo”).
With YoBit providing a comprehensive catalog of cryptocurrencies for trading and investing, there are also a total of 8,576 active parings to select from.
These can be located within the “Market” section of the YoBit platform.
YoBit supports the investing and trading of cryptocurrencies and altcoins. Unlike its competitors, YoBit has one of the most extensive coverages of cryptocurrency pairings in the market today.
A total of 8,756 active pairings are available via the “Market” interface for trading and investing. YoBit’s coverage not only includes the crypto market’s largest names, such as Bitcoin and Litecoin but also newly launched coins/tokens.
An easy coin registration process for developers delivers investors and traders with the widest range of coins/tokens in the market.
More importantly, investors are able to purchase and store their coins on the YoBit platform. This means that investors and traders do not need to wait until compatible wallets are developed and rolled out.
With a global reach, YoBit is jurisdiction agnostic. Investors and traders may face domestic restrictions, however, in trading and investing in cryptocurrencies.
As a platform designed to deliver the broader cryptomarket to investors and traders, the focus is on delivery and product offering.
There are, therefore, limited risk management tools for the more advanced trader, such as stop loss and take profit options.
While there are also no indicators for trading, this should not limit traders from considering YoBit as a platform.
An extensive client base and cryptocurrency offering more than makes up for the lack of trading tools that other platforms provide.
It is worth noting that there are also no minimum deposits, withdrawals, or limitations on trade size. There is a cap on withdrawals by debit and credit card, however.
YoBit has a number of offerings whereby users are able to earn free crypto coins. These include:
InvestBox: Allows YoBit users to invest their idle coins and earn interest on coins that are invested. YoBit has been clear that this is not a pyramid / HYIP, with all payments coming from a special fund. To start earning, simply go to the InvestBox page and select the preferred investment plan.
Free Coins: YoBit users are also able to use free coins. By going to the Free Coins page, users can select the income of choice and click “Get Free Coins”. You will then be given instructions in order to get the number of free coins specified. See below. Traders and investors are also able to donate unwanted coins here.
YoBit users are also able to play games and earn coins. These include:
YoPony: Users can plan and win, with winners rewarded from 2 – 100x the initial bet. Here, the calculation of the pony speeds depends on EN chat messages, bets, the sum of all bets, microtime, pony number, and md5 hash of the previous pony.
To take part, simply click “Make Bet” and follow the instructions.
YoBit provides a single interface to provide investors and traders an effective and simple to use trading platform.
Investors and traders can place orders in one of two ways:
By accessing the “Market” page, users have access to the 8,576 active crypto to crypto and fiat money to crypto pairings.
Users can search for their pairing of choice and select the pairing, in this case BTC/USD.
You will then be automatically redirected to the “Trade” interface, where you are then able to place a “buy” or “sell” order.
In order to purchase Bitcoin with US Dollars:
- Enter the number of Bitcoins that you wish to buy and click “Buy”.
- YoBit provides the prevalent YoBit Bitcoin price, the total price before fees, the 0.2% fee in US Dollar equivalent, and the gross price including fees.
- Upon purchase, YoBit funds your wallet Bitcoin with the Bitcoins purchased and deducts your US Dollar wallet for the total amount including the 0.2% fee.
In order to sell Bitcoin for US Dollars:
- Enter the number of Bitcoins that you wish to sell and click “Sell”.
- Again, YoBit provides a prevailing Bitcoin price, the US Dollar equivalent value before fees, the 0.2% fee in US Dollars, and the total in US Dollars less of fees.
- Upon completion of the trade, YoBit deducts your Bitcoin wallet and credits your US Dollar wallet.
- Users can select the pairing of choice from the bottom left-hand side of the page and then follow the same steps as above.
We have selected DOGE and MICRO, as shown below:
The YoBit platform provides investors and traders with charts, which include candlesticks and volumes. Users are able to select adjust chart parameters, including time periods.
As an interactive chart, users can also move the cursor over the candlesticks to obtain volumes, open, close, minimum, and maximum prices for the pairings.
You can choose your pairing by selecting the cryptocurrency pairing, either on the left-hand side of the trade page or on the Market page.
Balances and Trading History
There is no shortage of detailed information for investors and traders to monitor personal activity across the platform.
On the left-hand side of each interface, YoBit users are provided with their balances in Bitcoin equivalent. These are broken down by cryptocurrencies, such as DASH, USDT, and Ethereum.
On the trade page, investors and traders are also provided with a breakdown of all trades made on the platform. These are by pairing and you will need to select the pairing to then receive the relevant trading history.
On the Wallets page, users are able to select click the “H” icon to see the history of deposits and withdrawals to and from a specific wallet.
There is also a history interface that provides a breakdown of user activity.
And finally, there is an “Orders” page that provides a detailed breakdown of each order placed by the account holder.
Fees and Charges
Trading fees are at a flat rate of 0.2% for the buying or selling of cryptocurrencies. Fees are automatically calculated and included within each buy or sell order.
When placing a buy or sell order, the equivalent fee is provided as shown below:
Fees for Deposits and Withdrawals are summarised as follows:
For Deposits, there are no fees charged by YoBit. There are likely to be transfer fees incurred by the different payment methods, however.
PerfectMoney and Payeer have 0% fees to deposit US Dollars or RUR into your YoBit wallet. Advcash charges a 1% flat fee for the transfer of RUR/USD fiat money to YoBit fiat money wallets.
For withdrawals, fees vary depending upon asset class withdrawn and withdrawal method.
In the case of fiat money, these can be summarised as follows:
Debit Card (US$6 + 5%, max $2,000)
Perfect Money (1% USD)
AdvCash (5% RUR / 7% USD)
Payeer (4% RUR / 7% USD)
For the withdrawal of cryptocurrencies, a commission fee is deducted at the time of withdrawal. The withdrawal fee for all coins is a flat equivalent of 0.0005 Bitcoin.
A full summary of deposit and withdrawal fees is shown below:
YoBit has a dedicated page availing existing crypto compatible wallets to the YoBit community, traders, and investors.
Investors and traders are able to easily transfer cryptocurrencies between their personal wallets and their wallets on the YoBit platform.
This facilitates the deposit and withdrawal of cryptocurrencies for investors and traders looking to either:
- Hold their digital assets within personal wallets.
- Deposit cryptocurrencies, acceptable to YoBit, for the purposes of trading and investing.
Investors and traders simply need to go to the “Wallets” page for a summary of balances held across the respective wallets.
Do note that a total balance is given in Bitcoin equivalent.
The page also provides users with a summary of pending deposits and pending withdrawals.
These are broken down by date, currency, amount, and status as reflected within the screenshot below.
Deposit & Withdrawal Options
For investors and traders looking to deposit or withdraw funds, YoBit allows deposits and withdrawals in cryptocurrencies or fiat money.
- AdvCash is an electronic online payment platform.
- Payeer is an electronic wallet that delivers a payment method supporting both cryptocurrencies and fiat money.
- Perfect Money is a popular online payment platform that is also available on mobile devices. Android OS device users
Cryptocurrencies: YoBit supports the deposit and withdrawal of cryptocurrencies. Investors and traders can deposit cryptocurrencies including, but not limited to, Bitcoin (BTC), Tether (USDT), Ethereum (ETH), and Litecoin (LTC).
Do note that, In order to make deposits, you will need to go through the registration process in order to open a YoBit account. (See Registration Process for details).
Investors and traders are able to:
- Make fiat money deposits by AdvCash, debit card or via Payeer or Perfect Money.
- Investors and traders already holding YoBit supported cryptocurrencies can make a wallet to wallet transfer.
In the case of transferring already held cryptocurrencies, select the appropriate crypto wallet listed on the “Wallets” page and click the deposit option.
In order to avoid making an error in entering the address details, it is recommended that you scan the QR code to transfer from your private wallet to your YoBit wallet. Then enter the number of amount you wish to transfer and complete the deposit to the YoBit exchange.
You can either copy the address or use the QR code to transfer from your private crypto wallet.
For withdrawals, traders and investors are able to withdraw cryptocurrencies by transferring out from your YoBit wallet to another compatible wallet.
YoBit also supports the withdrawal of fiat money from your YoBit fiat money wallets.
In order to withdraw your cryptocurrency, select the wallet from which you wish to withdraw your cryptocurrencies and click the Withdrawal option.
Paste your destination wallet address, enter the number of coins you wish to withdraw, and click “Withdraw Request”.
Ensure that you have entered the correct information. Incorrect information could lead to the permanent loss of your crypto assets.
There is also a fee for withdrawing, which varies depending upon which asset you are withdrawing. When you have inputted the number of coins that you wish to withdraw, you are also provided with the net of fees total number of coins.
When withdrawing fiat money, YoBit account holders are able to make withdrawals via (withdrawal fees are in brackets):
- Debit Card (US$6 + 5%, max $2,000)
- Perfect Money (1%)
- AdvCash (7%)
- Payeer (7%)
- Capitalist (1%)
Complete the details as prompted and click “Withdrawal Request”.
DASH: This is the Dashboard page that gives a snapshot of user account balances. Users can select the snapshot as a BTC estimate, USD estimate, or RUR estimate. The user can also vary the time frame of the snapshot.
TRADE: The Trade page is the main interface for investors and traders, where users place buy and sell orders for crypto-crypto and fiat money-crypto transactions.
MARKET: As an alternative to the “Trade” page, users can search and select the pairing they wish to trade. The YoBit platform will then automatically redirect to the “Trade” page.
WALLETS: Users are able to access their wallets here in order to make deposits, withdraw, view history, or simply check balances. There is an option to hide wallets with zero balances to limit the number of wallets in view.
COINSINFO: The interface provides users with details of each coin available on YoBit. These include YoBit name, full name, and the blockchain algorithm.
Orders: For traders and investors, the Orders page provides a breakdown of all orders made on the YoBit exchange.
History: The page provides a detailed breakdown of user activity on the YoBit exchange. Users can further narrow the range of categories that include:
- Orders / Bids
- Deposits / Withdrawals.
- Lotto / Dice
Affiliate Program: YoBit users can earn income through the referral program.
FREECOINS: Provides users with an opportunity to earn free coins by following a set of instructions set out by coin donators.
INVESTBOX: YoBit provides investors and traders an opportunity to earn from coins held. A list of available investment plans gives users multiple choices to invest in. The page also provides a summary of a users’ investments and history of investments.
CHAT: Available in Arabic, Chinese, English, and Russian, users are able to communicate with YoBit’s global network.
SUPPORT: Users are able to raise a support ticket, where they can also track the status of the request.
PM: This is a personal mail functionality.
Under the User Name drop-down menu, there are also a number of useful options. These include:
- YOBICODES: Users are able to create their own unique deposit codes
- YOTRA: This is another avenue for users to earn trade bonuses in YotraCoin.
- CRYPTOTALK Campaign: Users receive fees for posting on the CryptoTalk.org forum. A number of geographies no longer qualify due to quality issues.
ADD: Developers are able to add their coins to the YoBit exchange, ensuring that YoBit remains ahead of its peers in terms of its cryptocurrency coverage.
Privacy and Security
YoBit delivers traders and investors a platform with the necessary privacy and security measures.
2-Factor Authentication (2FA): An essential additional security this is optional but highly recommended. YoBit traders and investors need to use Google’s Android or iPhone app to add a one-time password (“TOTP”) Two Factor Authentication confirmation each time you log in or request a withdrawal.
Log-In Email Verification: YoBit also provides an email login verification step to deliver an added layer of security.
Option to Freeze: Via the “Profile Settings” page YoBit users are also able to “Freeze Withdrawals” in case there is a concern over theft. This is a particularly useful functionality when investors are buying newly available coins/tokens for which wallets are unavailable.
YoBit also recommends that:
- You use a unique email address and password for your YoBit account.
- Enable fingerprint or passcode lock on your phone, use a secure email provider, and use 2FA for your email account.
- Secure your computer by using good antivirus software and keep it updated.
- Always make sure to check the domain address you are visiting.
- Transfer assets from the exchange to personal wallets as soon as compatible wallets are available.
YoBit provides support via its cryptocurrency exchange platform and via Telegram.
PM: Via the “Personal Message” page, investors and traders are able to messages via PM that can be tracked via the PM page.
Support Page: Via the “Support” page, investors and traders are also able to also launch a ticket request for support. This does take longer, however, but does allow the tracking of support requests made.
Telegram: YoBit provides 24/7 support in Arabic, Chinese, English, German, and Russian via Telegram, with a 10-member team delivering full support. Users can also join the YoBit Community on Telegram
Social Media: YoBit has a selective social media presence and limits presence to Telegram and Twitter.
Facebook: N/A – There is no YoBit Facebook page. Do ensure that you do not communicate via any page claiming to be YoBit.
Google Plus – This is no Google Plus page. Do ensure that you do not communicate via any page claiming to be YoBit.
LinkedIn: N/A – There is no YoBit LinkedIn page. Do ensure that you do not communicate via any page claiming to be YoBit.
YouTube: N/A – There is no YoBit YouTube page. Do note that any communication from YouTube will not be from the YoBit team.
Some of the more frequently asked questions available on YoBit include:
Where is YoBit based?
YoBiCrypto Corp. 0801-3254 Panama City, Plaza 2000 Tower, Calle 50 Panamá.
Is my personal information protected while using cryptocurrency?
Yes, it is! Cryptocurrencies don’t save any personal data about the owners of electronic wallets. Attack-proof encryption crypto algorithms are used by the system that excludes the threat of access to electronic wallets by third parties as well as forgery of electronic accounts. Bitcoin and other currencies are strongly protected and completely anonymous. Yobit.net doesn’t pass and doesn’t distribute any information about the users of the service in any way.
What do I need Yobit.net for?
Yobit.net is a cryptocurrency exchange platform that unites major market players. Yobit.net always supports cooperation with the most popular world cryptocurrencies and provides the possibility to gain profit at electronic money exchange transactions.
How quickly does the Support Team respond to the request?
Major quantity of responses comes to users within an hour, but sometimes it takes up to 24 hours to send the response. We are working at improvement of Support Team performance.
*According to the company support in Telegram replies usually just in minutes and available 24/7.
What is deposit fulfillment waiting time at Yobit.net?
Any deposit or withdrawal transactions starts just as the user’s application is created. However any funds transfer and changes can take up to 24 hours. Sometimes delays in 1-2 days are possible.
*According to the company transfers are being made less than in an hour. if there is a delay, users can ask for the support team to confirm the transaction manually
Is there any fee for using Yobit.net service?
Yobit.net fulfills exchange transactions and charges a commission from each transaction. Commission amount depends upon the currency type however does not exceed 0.2% of the transaction amount as a rule.
YoBit is a seasoned cryptocurrency exchange that delivers a user-friendly trading platform for both novice and experienced crypto traders and investors.
The no-frills, no spills approach, provides users with one of the largest cryptocurrency offerings available today.
Not only can investors and traders buy and sell household names such as Bitcoin but also newly launched coins.
Having been around since 2014 and with a global client base, volumes are also on the higher side supporting transaction speeds.
For prospective investors and traders who don’t own cryptocurrencies to deposit, fiat money pairings are also available.
The combination of pairings available, option to deposit and withdraw fiat money and global reach make YoBit a front runner in the crypto space.
With its long existence in crypto years, YoBit has also received numerous accolades. See below for reviews and accolades:
- 5Best BTC rate and fiat depositig optionsAnthony
- 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
- Puerto Rico
- French Polynesia
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