Review

YoBit.net Exchange Review 2020

· May 19, 2020 · 6:47 am

Platform Name: YoBit
URL: https://yobit.net/
Founded: 2014
Location: Panama
Languages: English, Chinese and Russian

Social Media

Telegram English: https://t.me/yobichaten
Twitter: https://twitter.com/YobitExchange

Overview

YoBit is a popular cryptocurrency exchange and trading platform known for its extensive list of cryptocurrency trading pairs which exceeds 8000. The platform has a no-nonsense interface which is a bit plain but offers great user experience in terms of functionality and ease-of-use. It is designed to meet the requirements of both experienced as well as novice traders. It also includes a few aspects of social trading by enabling live chatroom features where users can share their views, tips, and interact with YoBit’s trading community. It also implements industry-standard security features with a simple account opening process and a customer support desk that is quick in responding to user queries.

All these things combined with easy deposits and withdrawals using multiple payment methods make YoBit one of the most attractive crypto platforms in the industry today, which according to the latest CoinMarketCap ratings, established in the top 10 and processing more than $50 million in trade volumes every day.

YoBit: signing up and getting started

One of the important factors that decide on the success of any trading platform is the onboarding process for new users. If the registration process is easy, more people will be encouraged to sign up and start using the solution. YoBit scores very well in this front as it has kept the entire process straightforward with new users required to just fill in their name, email address and preferred password.

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Once the registration form is submitted, they will receive a verification link over email to confirm the address. With the registration formalities completed, users can sign into YoBit at any time, follow the activation process to deposit funds into their account and start trading.

YoBit.net Trading Platform

YoBit has a clean and precise mouse-motion-streamlined web interface that allows users to navigate through the dashboard with relative ease. It presents all the necessary information on a single page, saving the users from scrolling up and down in the middle of their trading session. Aimed at a wider audience the YoBit platform is available in three major languages – English, Chinese and Russian.

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All users on YoBit are provided access to a suite of charting and trading tools to help them in the decision-making process. The buy and sell orders can be readily placed, and market activity monitored with a quick glance at the dashboard. However, traders on YoBit don’t have to confine themselves to just trading some of the popular cryptocurrency pairs. They can explore a lot of new crypto tokens that are regularly listed on the platform by leading blockchain projects. Also included in the trading platform are two attractive gambling options – Crypto lottery and Dice games which can be accessed from within the account.

Interesting Features & Tools

Some of the other notable features YoBit includes InvestBox, YoBit Pony and Dice. InvestBox is a great tool for traders to earn some additional funds by investing their free coins and fulfilling certain conditions as per the investment plan. Meanwhile, YoBit Pony is a game where users can place bets on their respective ‘Ponies’ and the one that finishes first will stand to win. During the course of the race, the pony’s speed changes every 5-10 seconds depending on the EN chat messages, bets, sum of all bets, microtime, pony number, md5 hash or previous pony and more.

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The Dice game is also not far behind, it is a gambling game quite similar to roulette and the users will just have to clock on one of the 2 buttons. If the output matches the user’s selection, they stand to win.

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YoBit also has an ongoing CryptoTalk campaign where the community members can post about the platform and get an opportunity to earn as much as 0.00001 BTC per each post.

KYC and Anonymity

YoBit doesn’t insist on KYC and gives its users a choice to trade anonymously on its platform. The exchange respects user’s privacy and does not store any data (cookies, passport data, even your real name and address). YoBit does not give out your transaction history and wallets data to government authorities, they follow key principles of cryptocurrencies’ world consisting of confidentiality and anonymity.

YoBit Team and Legitimacy

There are many rumors around founders and team members of YoBit. We know, that exchange was created by a group of traders and developers from Europe and registered in closed offshore jurisdiction of Panama for providing anonymity and keeping the safety of user’s data and funds. There are some documents at our disposal confirming registration of the exchange and legal entity:

YoBiCrypto Corp.
0801-3254  Panama City, Plaza 2000 Tower, Calle 50 Panamá

Founders of the exchange are well-known in closed crypto communities and usually attend leading international conferences, but remain anonymous in public for security purposes.

YoBit.net: Deposit and Withdrawal

As on any other trading platform, users are required to first deposit funds into their respective accounts on YoBit. The platform not just supports cryptocurrencies, but also fiat deposit and withdrawal options. It has a long list of payment options starting with a whole lot of cryptocurrencies, leading credit and debit cards, Perfect Money, Payeer, AdvCash and more. The presence of flexible payment options on YoBit effectively reduces the barrier to entry for traders, as they can start trading within minutes of signing up.

The fee structure in YoBit is quite attractive compared to other similar platforms in the market. The platform doesn’t charge any fees for most of the deposits made into the user accounts. However, it has a small withdrawal fee structure in place which varies depending on the withdrawal method. E.g. Bitcoin withdrawals from the platform carry a fee of 0.0005 BTC.

The platform also implements a flat fee model without making any distinction between makers and takers, charging 0.20% from both.

Is the YoBit safe?

There are several security features in place on YoBit to ensure the safety of its users’ information as well as funds. The platform’s commitment to security is proven by the fact that YoBit has never been hacked. Some of the security features implemented in YoBit include file systems encryption, SSL, anti-DDOS, intelligent system of queer transaction analysis and blocking, real-time encrypted data backup, cold wallets and more.

It also implements 2-factor authentication for trading accounts and freeze withdrawal option that can be used by the traders to prevent unauthorized withdrawal in case there is a hacking attempt on the account. Further, with KYC not being mandatory, users also have an option to minimize the risk of exposing their private information by not submitting it in the first place. Last but not least, the exchange has the highest safety rate “A” according to Cryptowisser analytics.

Customer support

YoBit has a strong customer support team in place that is more than capable of handling most of the customer queries. The customer support team can be reached by raising a ticket on the platform and one can expect a response within a few minutes. Another interesting option is to contact support directly in Telegram. YoBit support team is available 24/7 to handle any user’s troubles.YoBit boasts of one of the largest online communities across two Telegram channels in two different languages – English and Russian with 80,000 and 60,000 members, respectively. It is also a great place to discuss the platform, trading strategies, and also get any issues they have had with the platform resolved.

YoBit.net Review and Ratings

The YoBit platform has gained a lot of good reviews so far, which not only speaks of the platform’s reputation but also encourage traders to seriously consider it to fulfill their trading needs. Some of the websites where YoBit is reviewed include TrustPilot, Reviews.io, Cryptowisser and more.

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Moreover, the exchange was highly rated by many independent cryptocurrency media like Blocknomi and Coinspeaker.

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Conclusion

YoBit is a hidden gem, a simple trading platform offering the best trading experience. It probably offers more trading pairs than many of its more well-known peers, and not to mention, the kind of support it offers to various blockchain projects by giving them a place to list and trade their tokens. All these things considered, YoBit could be that trading platform a lot of people are looking for. It is worth giving a try.

YoBit pros:

  • Friendly and fast user interface
  • Simple registration process without KYC
  • High-security level
  • Support of fiat money with fair fees.
  • Fast and responsive support
  • Exchange conducts many events for traders

YoBit cons:

  • No mobile app
  • Supports just 3 languages
  • Many nameless altcoins

 

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