YoBit Exchange Review 2021: Fees, Pros, Cons and Features

The cryptocurrency market is known as a high-risk market due to the volatile nature of cryptocurrencies and the concerns over hacking and integrity of different cryptocurrency marketplaces. Ever since the rise of bitcoin and other cryptocurrencies, many cryptocurrency exchanges have been hacked at some point. But one extremely popular cryptocurrency trading platform that has never been hacked and is considered among the safest in the industry is YoBit. And, not only this cryptocurrency exchange maintains a secure trading environment but it also supports lots of features and a wide range of coins to trade on including major digital assets like Bitcoin, Ethereum, Litecoin, and Cardano.

So, if you want to know more about Yobit, this guide will help you find more information about all the ins and outs of this cryptocurrency exchange. We’ll cover YoBit’s key features and tools, supported coins, payment methods, pricing structure, customer support, and more. We’ll also show you the full process of how to get started with YoBit and start trading through its platform.

What is YoBit?

Founded in 2014, YoBit is one of the oldest online cryptocurrency exchanges on the market. This online digital asset trading platform, which was founded and developed by a group of European developers and crypto enthusiasts, simply enables users to buy and sell a huge range of cryptocurrency pairs. At present, it is one of the top ten cryptocurrency exchanges in the world in terms of daily trading volume, liquidity, and the number of users registered on its network.  

YoBit is mostly known as a cryptocurrency exchange that offers an extensive selection of more than 500 cryptocurrencies and more than 8750 digital coin pairs. Additionally, this exchange is loaded with a plethora of features that include the RoboTrade, VMining, Dice and YoPony games, the YoBit DeFi, and many more.

The company behind YoBit exchange, known as YoBiCrypto Corp, is registered and located in Panama in the address – 0801-3254  Panama City, Plaza 2000 Tower, Calle 50 Panamá.

How does YoBit work?

YoBit is an international cryptocurrency exchange that does not require any personal information from users who want to sign up and trade on its platform. Instead, this exchange only requires users to enable the 2FA authentication factor tool to start trading. Essentially, it means that anyone can trade without having to complete a KYC procedure and, thus, keep anonymity when buying and selling digital assets.

The YoBit platform is most suited for intermediate or experienced traders who are looking for high liquidity, a wide range of assets, and a professional trading platform and trading tools. Additionally, YoBit is one of the few marketplaces out there that supports crypto-to-crypto as well as fiat-to-crypto trades.

YoBit Key Features

If you are looking for a cryptocurrency trading platform that offers you a range of unique and advanced features and tools, this is where YoBit’s platform fulfills that need. Simply put, it has lots of features that are not yet available on other cryptocurrency trading applications. Those include:

Supports fiat currencies

As mentioned previously, YoBit supports fiat money as a deposit method and enables users to instantly exchange fiat to crypto and crypto to fiat money. As such, users can use the US dollar and Russian ruble as payment options when depositing and withdrawing funds.

Dice game feature

On YoBit’s platform, users also get access to various betting games like the Dice game. The game is simple and easy to understand, and users basically can use any of the coins available on the platform in order to gamble.

YoPony game feature

YoBit offers users to play the YoPoni game which enables them to win x100 from their initial bet. The game is pretty simple – all you have to do is to insert the number of BTC on a certain pony and wait for the next time the race starts.

Low trading and non-trading fees

Undoubtedly, one of the key points of YoBit is the low trading and non-trading fees it charges. This exchange charges 0.2% for every trade you make irrespectively if you are a market maker or a market taker. Additionally, YoBit does not charge a deposit fee though it does charge a fee for withdrawing funds that varies depending on the coin you want to withdraw and the payment method the user chooses.

RoboTrade

The RoboTrade is another great feature provided by YoBit. This feature essentially allows you to automate your trading by inserting buy and sell orders in automated mode.

What cryptocurrencies does YoBit support?

One of the key strengths of YoBit in comparison to any other cryptocurrency exchange is the huge selection of cryptocurrencies on its platform. This includes nearly 500 cryptocurrencies and 8750 active pairs, according to CoinGeko.

Notably, on this exchange, you’ll be able to trade the most popular and traded cryptocurrency pairs in the market including BTC/USD, ETH/USD, ETH/BTC, DASH/USD, XRP/USD, LTC/USD, and many more. But what really makes this platform stand out from other cryptocurrency exchanges in the market is the huge selection of altcoins that include DOGE, Waves, LSK, EOS, HEX, BTG, OCC, PPT, etc.

Which countries does YoBit support?

YoBit accepts clients from all over the world including the United States. The Russian-based crypto exchange does not specify any restrictions regarding where investors are not eligible to open an online trading account.

YoBit fees

When it comes to fees and commission, YoBit makes it very simple and transparent for users to understand the pricing structure on its platform. This is not very common among cryptocurrency exchanges, which typically provide an unclear and confusing commission mechanism.

Simply put, YoBit charges market makers and market takers fee of 0.20% for every trade they make. These fees are very competitive as the average in the industry ranges between 0.25%-0.5%.

When it comes to deposits, YoBit does not charge any fees for funding your account, though you might have to take into account the fees charged by the different payment provider. Crucially, YoBit supports credit and debit as a payment method, meaning you’ll be able to buy bitcoin and other cryptocurrencies using VISA or MasterCard.

As for withdrawing funds, YoBit charges 0.0005 BTC when you withdraw funds with Bitcoin. For other payment methods, the cost for withdrawals ranges between 1%-5% depending on the payment option you choose, and the fiat currency you decide to use.

YoBit platform dashboard

Despite being categorized as a trading platform suited for experienced investors, YoBit has a very user-friendly and easy-to-use trading platform. In a nutshell, it is an all-in-one trading solution where investors get access to the crypto markets as well as to a range of trading features and account management tools.

In terms of functionality and user interface, the platform may seem a bit intimidating at first, however, the YoBit web-based platform is very intuitive and easy to use and supports high-speed execution.

The YoBit dashboard is also useful for getting all the necessary data and information to make trading decisions and manage the account. This includes your live pending orders, trading history, the InvestBox, wallet, and the CryptoTalk campaign, a live chat, and more.

How to sign up and trade on YoBit

As previously mentioned, YoBit is one of the few cryptocurrency exchanges in the market that allows users to open an account without KYC and keep full anonymity. Generally, the registration process at YoBit is simple and straightforward so you won’t have to go through the complicated process as required on other popular cryptocurrency exchanges. With that in mind, let’s take a closer look at the account creation process with YoBit. 

Step 1. Open an account with YoBit

To get started, the first thing needed to be done is to visit YoBits’ website and open an account by clicking on the Register button and then submit your personal details. This includes a username, email address, and password.

Step 2. Confirm your email address and complete a verification process

In the next step, you’ll have to activate your account via the email you have received from YoBit. Once you click on the activation link, you’ll immediately be channeled to YoBit’s web-based trading platform. Then, you’ll notice a pop-up window to enable the Two-Factor Authentication for your account.

Step 3. Deposit funds

At this point, you can add funds to your account. To make a deposit, navigate to Wallets and choose the currency (fiat or crypto) that you wish to deposit with and then the amount you want to deposit. In terms of fiat currencies, YoBit allows users to make deposits with US dollar or Russia Ruble.

Depending on the preferred coin, click on the + button under the deposit column, and then choose the payment method, insert the amount you wish to deposit, and click on the Deposit button.

If you wish to make a deposit with Bitcoin or any other cryptocurrency that is supported by YoBit, you’ll be required to scan the deposit address.

Step 4. Start Trading

So now that you’ve funded your account, you can start trading on YoBit’s trading platform. To place an order, simply navigate to the ‘Trade’ tab on the top menu bar. From there, choose the coin you wish to buy or short sell and place an order in the order form.

You’ll then have to insert details of your transaction that include the number of coins you want to buy, and the price in which the order will be executed. Finally, to complete your trade, click on the ‘Buy’ or ‘Sell’ button.

Is YoBit regulated?

Much like the vast majority of cryptocurrency exchanges across the globe, YoBit is not yet regulated by governmental agencies. This is no wonder as cryptocurrencies are not legal tender in any region in the world, and therefore, cryptocurrency exchanges are not yet regulated and licensed with financial agencies.

Nonetheless, YoBit is a self-regulated exchange, which means it has a code of conduct and rules for market participants to operate a fair and transparent trading environment.

Is YoBit safe?

When it comes to the safety and the security of your funds, let’s start with the most important aspects of all. YoBit has never been hacked. Consequently, YoBit has a good reputation in the cryptocurrency trading world as evident from the positive reviews on TrustPilot and other reputable cryptocurrency-related websites such as CryptoWiser, CryptoGeek, and Blockonomi. In addition, the group behind YoBit also confirms that it never collects any data from users.

YoBit’s security measures

YoBit has managed to create a safe-zone for cryptocurrency investors. This can be largely attributed to the following security features available at YoBit.

Does YoBit have a wallet?

Yes, YoBit essentially offers a cold wallet that allows users to store a range of cryptocurrencies. This allows you to store, send and receive digital assets from YoBit’s wallet. In that regard, YoBit is likely among the safest options in the market and ensures funds are safe and secure in a web-based wallet that has never been hacked.

Having said that, YoBit does not have a mobile app and as such, it does not support a digital wallet that is available as a mobile app. Alternatively, if you wish to store your crypto coins safely, you could also use one of the offline hardware wallets.

YoBit customer service

YoBit makes a huge effort to provide a very effective customer support service via various communication channels. The exchange support is available 24/7 in the following languages: English, Russian and Chinese. The live chat support is available in English, German, Arabic, Chinese and Russian. 

The communication channels include submitting a ticket form, private message for admins (more than 10 admins are available online at any time), Telegram support (more than 40k members on YoBit’s Telegram’s group), and group chat. 

Does YoBit have an app?

At the time of writing, YoBit does not have a mobile app and as such, it also does not support a digital wallet that is available as a mobile app. However, users can access its mobile-responsive platform from any web browser.

YoBit pros and cons

Conclusion

To sum up, there are many reasons why YoBit is gaining popularity in the cryptocurrency world. This crypto exchange offers a different trading experience to crypto investors who are looking for anonymity, a cost-effective trading platform, a huge selection of crypto trading pairs, and the ability to use fiat currencies.

All of those have contributed to the growth of YoBit within the crypto community. YoBit is not only one of the oldest platforms on the market but it is presumably one of the top ten cryptocurrency exchanges in terms of daily volume and market liquidity. In addition, it ticks the box when it comes to offering a secure and safe marketplace for digital assets, which is a crucial factor when choosing a cryptocurrency exchange.

The YoBit exchange is ideal for experienced traders who seek to take advantage of the low fees, and the unique range of features provided on this platform. But, this exchange is also perfect for anyone who is looking for a one-time purchase of Bitcoin or any other of the 500 altcoins available on YoBit.

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