Before we start to discuss YoBit exchange, let’s get to know a little more about crypto exchanges.
The very first step in the crypto world is likely to occur through an exchange. Cryptocurrencies can be traded through crypto exchanges; it is a platform where users can buy and sell cryptocurrencies. The cryptocurrencies are to be traded using digital currencies or fiat currencies like US dollars, Euros and other such currencies that are declared as legal tender by the governments.
With the growing number of cryptocurrencies, there is also a significant rise in the number of exchange platforms. In this review guide, we will discuss another crypto exchange platform called ‘YoBit.’
YoBit is a Russian-based crypto exchange and was launched on the BitcoinTalk Forum in 2015. Although this exchange is not that popular, it still offers the same features and characteristics of other exchange platforms.
Here in this article, we’ve gathered the most useful of information in the comprehensive review of YoBit.
Security of YoBit
Security is vital before starting to trade on an exchange, considering the amount of hacking and funds lost. YoBit provides a two-factor authentication along with an email login verification.
YoBit has the following security features:
1.Security Sockets Layer (SSL)
2. File Systems Encryption
3. An intelligent system of queer transaction analysis and blocking
4. Anti-DDOS protection algorithm in place
5. Hot and Cold wallets available
6. Two-factor Authorization (Google Authenticator and Email verification)
The major upset from the exchange is the lack of documentation for some of its features like the Invest Box. YoBit’s Invest Box is similar to Poloniex’s lending program; however, the exchange doesn’t describe the feature.
All that platform states is, Invest your free coins to InvestBox! It’s a tool for devs to promote their coins. It’s NOT Pyramid/HYIP, all payments are made from the special fund. InvestBoxes can change status from Active to «No coins», but you can close your investment any time, it’s 100% safe.
Nevertheless, to secure Invest Box payments, one has to play Dice Games. To understand the Invest Box option; is a game of guessing, but once users learn about this option, they can generate a decent amount of funds.
YoBit Verification Process
The email verification arrives right away, indicating that creating an account on YoBit is not that time-consuming. During sending or withdrawing payments, the process becomes relatively quick once users install the Google Authenticator app. Once users register with the exchange, they will be guided with a step-by-step activation process.
Currently, USD is the only FIAT currency that is accepted by the exchange. Users can deposit USD into their account and can readily purchase bitcoin or other altcoins with it.
After the account is credited, users can easily trade it for Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies.
Trading on YoBit
Trading on YoBit is straightforward, the beginners may find the platform easy to navigate and initiate trading from the platform, whereas the seasoned traders appreciate features like in-depth charts over the design of the webpage. Users need to select only the currency they want to trade with and attach a buy or sell order for it.
The minimum transaction allowed on the exchange is 0.00010000 on all currencies and a 0.2% transaction fee for both buying and selling.
Furthermore, a live chat box is available on the right side of the webpage for users to communicate. The chat box serves as a pretty handy tool for users to have live interaction with other users of the exchange.
Customer support has a significant impact on users who look to continue with the exchange. In order to access YoBit’s customer support, users will have to login into their account and submit a support ticket.
The exchange claims to respond to the support tickets in an hour, but in most cases, the response can take up to 24 hours. Another let down by the exchange is that it does not feature a live chat support option with the technical assistance team.
Pros and Cons
In the end, there are a few hits and misses with the exchange platform; here’s a list of some of the major takeaways and upsets:
1.A range of Altcoins: There is a wide range of cryptocurrencies available to trade at YoBit. Trade is commonly made against Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and with the fiat currencies like USD and RUB. However, this is not a significant advantage in contrast to other altcoin focused exchanges.
2.Competitive Fees: YoBit’s trading fees depend on the asset a user trades, although the company has mentioned that it can’t get above 0.20%. The fees are the same in comparison with offers of other exchange platforms.
3.Interactive and a user-friendly interface.
4.Variety of cryptocurrencies listed with an extensive range of trading pairs.
5. Frequent traders are awarded bonus programs.
6. The website is available in three main languages: English, Russian and Chinese languages.
1.A scarcity of information/documentation available on the website.
2.No live chat support
3.A ton of negative reviews: There are a plethora of negative reviews, claiming the exchange does not facilitate withdrawal of altcoins.
4.Withdrawal fees: YoBit has withdrawal fees on both fiat and cryptocurrency transfers out of the exchange.
5. The exchange was under investigation by the Russian authorities, with reports of suspect trading activities.
6. Company background is anonymous: YoBit doesn’t provide any information; neither the location they operate from nor the team behind the exchange platform.
YoBit is a crypto exchange that is shredded with mixed reviews. However, negative reviews outweigh the positive ones. YoBit is definitely a legit crypto exchange, where users can safely proceed with their favourite crypto coin, but it is the users who get to make the final decision of trading.
Unlike its counterparts, which seem to be perfect in every department, YoBit has a lot to do in terms of being the next “go-to” crypto exchange for newbie traders. YoBit is perhaps not the ideal crypto exchange for someone investing their money in it, due to the recent news and controversies it is surrounded with.