YoBit Review 2021 | Scam or Legit? [Must Read]

Estimated reading time: 10 minutes

In this article, we will review YoBit, a cryptocurrency exchange founded in 2014 by a group of European developers and crypto enthusiasts. They are registered in Panama as YoBiCrypto Corp. The platform supports over 500 cryptocurrencies in over 8000 active markets. They also offer a massive range of altcoins and allow creators to list them. 

They also have an ERC20 token named YO token. The exchange does not specify any geographical restrictions and supports anonymity.

Summary

  • YoBit has a good track record and the exchange never been hacked.
  • YoBit is an easy-to-use crypto exchange that supports a variety of cryptocurrencies.
  • They support both cryptocurrency and FIAT deposits.
  • The platform is entirely secure and uses cold wallets, two-factor authentication, and other methods to ensure safety.
  • YoBit offers a user-friendly interface with complete transparency.
  • Above all, it offers YoBit InvestBox, YoPony, YoBit API, IEO, Yobit VMining, and free coins.
  • IT is easy to list new coins in the exchange.
  • They provide 24/7 customer support.
  • A lot of old and unused coins are listed on Yobit, please Do Your Own Research (DYOR) before buying cryptocurrencies.

How to get started with Yobit?

To start trading in YoBit, you should create an account by clicking on the Register button on the YoBit website’s top right side. You have to enter your username, email address, and password. After clicking on Register, you will get a verification email in your account. Once you confirm it, your account has been created successfully.

Yobit Registration
Yobit Registration

Now, to deposit funds, you must click on YoBit wallet. You will see a list of supported cryptocurrencies; you can select any one and click on the ‘+’ sign.

YoBit Review: Wallet
YoBit Review: Wallet

Yobit Deposit

You will see a popup, which will contain the address in which you can deposit Bitcoin. After your deposit is completed, you can start trading on YoBit.

YoBit Deposit
YoBit Deposit

YoBit FIAT Deposit

You can deposit funds in the YoBit account in any of their supported cryptocurrencies. Additionally, they also support FIAT

For every cryptocurrency, you will see a deposit address mentioned on the website.

For FIAT, YoBit supports four payment gateways – Payeer, PerfectMoney. However, some currencies may not support one of the payment methods.

YoBit FIAT deposit
YoBit FIAT deposit

YoBit Cryptocurrency Support

YoBit supports more than 1400 cryptocurrencies. You can check the complete list, supply numbers, consensus algorithms, forums, and more here.

YoBit Review: Security

YoBit uses cold wallets to store a more significant part of the funds securely. They use two-factor authentication, which is disabled by default. You have to use Google Authenticator. 

Additionally, they also use SSL encryption and DDOS attack preventive measures. They provide you an option to freeze your withdrawals under your profile settings. You can use it if you have any security concerns or new coins that do not have wallets yet. 

You can modify your letter settings, which allow YoBit to send letters when you are logging into the platform, withdrawal request, and YobiCode (deposit codes) creation.  Additionally, you will also get notified when your orders and deposits are completed. 

YoBit allows you to create your unique deposit codes, also known as YobiCodes. You should have a favorable balance in your wallet to create one.

They have been attacked once using the 51% attack in 2019, and they covered the amount using their insurance fund. 

The exchange never collects any data from you and respects your privacy and confidentiality. 

YoBit Review: User Experience

YoBit provides a user-friendly interface. The trading platform offers price charts, market order books, order placing tools, and candlestick charts over multiple time frames for analysis. They have a robust trading engine. 

Under the History tab, you can check all the transactions performed till now. You can also check your balances and user activity. The wallets page will also have information on all the deposits and withdrawals.  The details of all the orders placed by you are mentioned on the orders page.

The platform supports Engish, Chinese and Russian. They do not support dark mode. 

YoBit User Experience
YoBit User Experience

YoBit Fees

YoBit does not charge you for deposits except the 4% withdrawal fee is mentioned in the table below. 

Payment MethodWithdrawal Fee
Coins0.00050000. 
PerfectMoney1% USD
Payeer5% USD

The trading fee is 0.2% per trade irrespective of whether you are a maker or a taker. It also does not depend on the trade volume.

YoBit Review: Additional Features

Adding New Coins

YoBit allows you to list coins on their exchange easily. The listing price is 2.79 BTC, which is spent on buying Yo Tokens from the market. New coins are added every one to seven days. 

To add a coin, you have to fill out a form available on the website under the add section. The company can also decline your request if they do not like your coin. 

YoBit Review: Listing new coins
YoBit Review: Listing new coins

Since coins can be added easily, you should also be cautious before investing in adding any new coin. The rate with which new coins keep on getting added, the wallet functionality for them is not added in the same rate. Hence you won’t be able to withdraw them so quickly. 

YoBit InvestBox

YoBit InvestBox allows you to invest your free coins to earn passive income. Additionally, developers can use it to promote their coins. There is a minimum and maximum investment account for each coin. You can close your investment at any time.  It is not an HYIP or pyramid, and all the payments are made from a special fund. InvestBoxes can change their status from active to no coins. Additionally, you can also check your investment history.

YoBit InvestBox
YoBit Review: InvestBox

YoPony

YoPony is a cryptocurrency racing game. Here, each pony represents a coin, and you have to bet on which pony will win the race. The pony’s speed is calculated using EN chats, pony number, md5 hash of the previous pony, bets, sum of all the bets, and micro time.

The speed of the pony changes every five to ten seconds. The prize money is  90% of all users’ total pool divided between the winners in proportion to their winning bets.

The current BTC pool and the time for the next race is mentioned on the website. Additionally, you can also check the history of the previous games for your reference.

Yobit Dice

Other than YoPony, YoBit also offers Yobit Dice, based on a randomized probability. The games allow users to bet on specific cryptocurrency prices. The legality of these games depends on your local jurisdiction; however, we advise readers to be wary in participating.

Yobit Dice
Yobit Dice

YoBit API

YoBit offers a Public and Trade API for communicating with third-party softwares. 

Public API is used for information that does not require access to your personal data. In contrast, Trade API is for information that requires access to personal data such as creation and cancellation of orders, actual balance information, and more. 

You can read in detail about it here.

YoBit IEO

YoBit provides initial exchange offerings through which you can become an early investor in exciting crypto projects.

YoBit Free Coins

YoBit offers you to earn free coins by sharing their platform on Twitter, Facebook, or Vkontakte.

YoBit Virtual Mining

YoBit allows you to become a virtual miner. Ten percent of the cost of the miner is used to buy Yo Token. Additionally, you can buy power for miners, which is five percent of the current miner fee. For more details, you can check here.

YoBit Review: Customer Support

They have one of the largest Telegram communities that supports multiple languages, with more than 40k people in English chat. The channel has more than ten admins to solve your queries.

The chat feature in exchange supports English, German, Arabic, Chinese and Russian.

The personal message feature allows you to connect with traders and investors. You can also create support tickets that can be tracked. According to the website, your request will receive a response within 24 hours.

YoBit Pros and Cons

Pros

  1. YoBit supports FIAT deposits.
  2. The platform does not require you to enter your personal information or complete any identification process such as KYC.
  3. They offer a variety of tradeable cryptocurrencies.
  4. They support FIAT.
  5. Low Trading Fees
  6. 24/7 customer support. 

Cons

  1. They do not have mobile applications to handle accounts on the go.
  2. Yobit does not have leverage trading.

Yobit Reviews

You can find many positive YoBit reviews on several trustworthy websites on the internet, in which few are mentioned below.

YoBit Review: Conclusion

YoBit is a cryptocurrency exchange that you offers a lot of trading options allowing you to maintain anonymity. The deposits and withdrawals are easy and have a low trading fee. They use various methods to secure the platform. 

Though the platform is easy to use, they provide many cryptocurrency features that can confuse beginners. They do not provide a proper manual for beginners to get started with, nor do they offer a testnet to get accustomed to the platform. The platform is self-regulated, which has its pros and cons. 

YoBit Review: Frequently Asked Questions

Is YoBit a legit exchange?

Yes, YoBit is a legit exchange founded in 2014. They offer an easy to use secure, user-friendly platform that supports a variety of cryptocurrencies with additional features.

Is YoBit a legit exchange?

Yes, YoBit is a legit exchange founded in 2014. They offer an easy to use secure, user-friendly platform that supports a variety of cryptocurrencies with additional features.

Where is YoBit located?

YoBit is registered in Panama as YoBiCrypto Corp.

How to get free coins on Yobit?

YoBit offers you to earn free coins by sharing their platform on Twitter, Facebook.

What is YoBit Investbox?

InvestBox allows you to invest your free coins to earn passive income. Additionally, developers can use it to promote their coins. You can close your investment at any time.

What are YoBit trading fees?

YoBit charges  0.2% per trade irrespective of whether you are a maker or a taker. It also does not depend on the trade volume.

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