The YoBit Exchange Comprehensive Review – Scam or Not?
Last Updated: 02 August 2018
The most recent buzzes around the tech industry is investing in Cryptocurrency.
There is most definitely a lot of risk involved. Nevertheless, the potential for high rewards is also great.
There are plenty of folks who feel Bitcoin is a huge bubble. On contrary, there are also those who are taking advantage the potential bubble as a method of making a lot of cash.
Another cool thing about Bitcoin megaboom is the great variety of new coins, aka “altcoins,” that contribute to the entire “crypto ecosystem”.
I wrote a piece recently about popular cryptocurrency exchanges like Bittrex, Poloniex and Kraken. Though, the issues with these cryptocurrency exchange is that as they get more popular, listing new altcoin becomes more difficult.
This is primarily the reason behind other crypto exchanges like YoBit CoinExchange, and Cryptopia are getting more popular. By trading on some of these less popular cryptocurrency exchanges, you may easily get access to some awesome new coins that are unavailable on most mega exchanges like Bittrex and Poloniex.
Another awesome thing about buying a coin on a not so popular exchange is the fact that you may expect a decent price surge when some of these altcoins become listed on Poloniex or Bittrex.
In this comprehensive Yobit review, I will introduce this growing company from every possible business aspect, so that you can make an educated decision prior to committing to make any trades.
The YoBit Review
YoBit isn’t a new name in the cryptocurrency industry. It was first introduced on the BitcoinTalk forum back in 2015. The crypto company was founded in Russian Federation and has many similar features & characteristics of many other popular cryptocurrency exchanges.
Here’s what the Yobit trading dashboard looks like today:
The site is very precise, clean as well as mouse motion streamlined, which signifies that you don’t have to break a single sweat to drag your mouse pointers from one side of the screen to another.
The trading interface appears a bit outdated in comparison to Bittrex, however, its still decent enough to conveniently make trades.
The Yobit’s Security Aspects
The popular cryptocurrency exchange provides 2FA aka two-factor authentication as well as an email login verification security layer, which is an excellent feature when it comes to safety aspects of any trading platform that houses user’s sensitive information as well as private keys to multiple coin wallets.
The 2FA is an optional feature. However, despite of the platform used, this is the number #1 security feature every cryptocurrency trader must enable right after registering new account..
YoBit is among a few exchanges that address security extra carefully. The ‘Freeze withdrawals’ option, which could be easily accessed from the profile settings screen. This cool feature is capable of freezing any withdrawal from your accounts, should you suspect that you’re being tracked or attack.
YoBit Presents the following Security Features:
Yobit deposit safety features
- Hot/Cold Wallets are available.
- 2FA via Google Authenticator or Email.
- Intelligent system of queer transaction blocking & analysis.
- Anti-DDOS protection algorithm in place.
- Secure Sockets Layer (SSL) is present.
- File systems encryption.
The popular exchange platform lacks documentation on some of its features like the “InvestBox”. What is the InvestBox? By digging a bit deeper, we find out that it has something to do with its lending serves, like the one Poloniex has. However, due to lack of clear explanatory documents it quickly turns into a game of guessing.
There is a chance that folks can probably earn a decent amount if there were clear instructions available to understand how InvestBox actually works. Nevertheless, I’m not a really a big fan of laying my trust to YoBit. The company should most definitely improve the overall customer experience.
Yobit Verification Process
The email confirmation arrives almost instantly, which clearly indicates that registering an account with YoBit would only take several minutes of your time. When it comes to withdrawing, the verification process becomes relatively quick if there is Google Authenticator app installed. Once registered, you will be presented with a step-by-step activation process. Though USD is the only FIAT currency that is being accepted by the exchange. Easily deposit USD into your account & use it to buy Bitcoins or any other altcoin. Once your account has been credited, at that point you may easily trade it for Bitcoin, Ethereum or any other available crypto coin.
How YoBit Trading Works?
When it comes to cryptocurrency trading, Yobit makes it extremely easy! Though most experienced traders value advanced features like the in-depth charts over some of the design aspects and user friendly experience that most newbies appreciate. Furthermore, the minimum allowed transaction is 0.00010000 across all currencies, for which a 0.2% trade fee will be charged by Yobit. Also, a live chat box is available for users to keep communication going. I personally find live interaction between users convenient and entertaining. Traders could easily share the latest info on various hot coins and personal trading experience. Please note: the deposit and withdrawal fees may vary from one coin to another. The most up to date withdrawal fee would be displayed in the withdrawal window. The complete fee schedule could also be found here. Though, I wouldn’t rely on it too much, since the practice has shown that management often fails to update the fee schedule page, as result the actual fees turn out to be different.
The Yobit’s team got a sense of humor in the right place. A DICE game has been made available, where any trader could gamble BTC for a certain price, which is pretty cool in my opinion.
Best Part About YoBit
The exchange is known for being extra quick when it comes to listing new coins. In addition, since a coin storage wallet is being created for each newly listed coin, it solves a problem for many who are looking for coin storage. Though please keep in mind, an exchange should only be used as last reserve for storing cryptocurrency. If you have another option for storing a new altcoin like Nano Ledger S, I would strongly advise to keep the coin in cold wallets. Regardless of how reputable an exchange might be, there are always risks involved.
Almost any company can easily get their own coin enlisted to Yobit by paying a small fee. Yobit does not perform any due dillegence prior to accepting new coins. These folks are all about money, and the fact that one of their clients may end up corrupt, does not bother them. Yobit enlists some 6000 coins, I’d say with confidence that almost none of them were checked for reliability. Therefore, I strongly advise to stay alert, do your research prior to investing in any new altcoin. Try not to get too excited when you see a crypto coin proudly promoting itself as being part of YoBit’s listed coins.
I know this does carry a great degree of risk, and I sincerely hope this will never happen to you. Nevertheless, this is the reality of the matter
- Language – the website is available in three different languages; English, Russian, and Chinese.
- Support – the company does offers customer support via ticketing system.
In Conclusion: Is YoBit actualy Legit or a Scam?
I conclude that YoBit is most definitely a legit cryptocurrency exchange. You can safely proceed to trade your favorite coin, however keep in mind the cons that I’ve mentioned above. Despite the river of negative reviews, the company is here for the long term. Unlike some of the main polished competitors like CoinExchange, Bittrex and Cryptopia, Yobit still has a lot of growing to do in every single department. Before signing up for Yobit, I recommend getting acquainted with some of these customer reviews.
YoBit Pros and Cons
- Interactive, newbie friendly interface. Excellent navigation system.
- Over 6000 altcoins available for daily trading.
- Many negative reviews.
- Most altcoins are illiquid
- Often wallets are maintenance, as result users are unable to withdraw altcoin.