YoBit.net review 2020: In-depth guide to popular exchange

Short information

>> Buy cryptocurrencies on YoBit now <<

About YoBit

YoBit is a crypto exchange currently registered in Panama and founded by the group of crypto enthusiasts and developers from Europe in 2014, is offering trading in over 1,400 cryptocurrencies and over 6,000 trading pairs. Among the most popular cryptocurrencies offered on YoBit are Bitcoin, Ethereum, Litecoin, Bitcoin Cash, DASH, Dogecoin, Monero and Zcash. The website is available in three languages: English, Russian and Chinese.

The special thing about YoBit is that it is one of the few cryptocurrency exchanges that is not yet regulated. This means for users of the platform that on the one hand it is not known who is behind the trading platform, on the other hand YoBit is much more anonymous compared to other exchanges. This means for potential users that there is no company that is responsible for anything.

On the other hand, YoBit does not check your identity within the scope of the KYC (“Know your customer”) procedure which is obligatory in Europe, for example. For crypto investors this is a plus because the lack of KYC guarantees more security because you do not share your personal data with 3rd parties. Be private and anonymous it’s essential in crypto and YoBit strongly follows this rule. Further, the registration in Panama helps YoBit to keep data in a safe jurisdiction and not to be influenced by government authorities (YoBiCrypto Corp., 0801-3254 Panama City, Plaza 2000 Tower, Calle 50 Panamá).

YoBit has established itself as a leader in the Russian market and is now conducting a global expansion. More than 166,000 followers on Twitter speak for the fact that YoBit is no scam. This is also shown by the fact that YoBit is ranking within the top-10 of cryptocurrency exchanges. Already now the exchange has a lot of customers from all over the world.

Which cryptocurrencies does YoBit offer?

One of the biggest advantages of YoBit is the insanely large selection of different cryptocurrencies. At the time of writing (05/2020) YoBit offered a total of no less than 1,431 different cryptocurrencies. Of course the most important cryptocurrencies are represented.

If you can’t find an Altcoin on other exchanges, there is a good chance that you can find it at YoBit. Below you will find a list of the most popular and important cryptocurrencies on YoBit:

The purchase of cryptocurrencies is possible by means of various trading pairs against for example Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Dogecoin (DOGE), Waves (WAVES) and the YoBit Token (YO). The exchange also offers various pairs against the US dollar (USD) and the Russian rouble (RUB).

>> Buy cryptocurrencies on YoBit now <<

YoBit costs and fees

Like other exchanges, Yobit.net charges fees. According to YoBit’s website, the exchange charges a commission for each transaction, which depends on the cryptocurrency itself. However, according to YoBit, this usually does not exceed 0.2% of the transaction amount. Thus, it relies on a “flat fee model” instead of a “maker/taker” model like other exchanges. In addition, YoBit thus positions itself in the lower to middle range, as the industry average is around 0.25%.

Deposit and withdrawal fees depend on the payment method and can be seen in the table below. To get an overview of all possibilities, we recommend you visit the fees page of YoBit.

How do I set up a YoBit account?

Setting up an account on YoBit is very simple and straightforward. The process should normally take no longer than 5 minutes. To start the registration process, first click on “Registration” (top right). Then you only have to enter very few details about yourself: a login, an e-mail address, and a password for the website.

YoBit will then send you a confirmation e-mail to verify your e-mail address. This was it already! The aforementioned information is already enough to be able to make transactions. You do not need to provide any further information. Account verification is probably also one of the factors that determine the popularity of YoBit.

Verification levels and limits

On YoBit there is only one account type and no other options. As far as limits are concerned, YoBit does not provide any information on whether there are any limits associated with transactions on the platform. However, according to the feedback from the community, there are no deposit or withdrawal limits. To be on the safe side, you should contact support for higher amounts.

>> Buy cryptocurrencies on YoBit now <<

Buy and trade cryptocurrencies on YoBit

Make a deposit

The trading process on YoBit’s website is practically indistinguishable from other exchanges. To trade cryptocurrencies, you need to go to the “Trade” tab. We will show you the individual setting options below. But first you should know how to make a deposit. To do this, go to “Wallets” and then select the cryptocurrency you wish to deposit. In the corresponding row, click on the plus (+) in the “Deposit” column. Now you will see your deposit address.

If you don’t have a cryptocurrency yet, YoBit also offers the possibility of depositing in US dollars or Russian roubles. To do so, go to the “Wallet” section and enter “USD” in the search field. You will then see the US dollar in the first place and click on the plus (+).

Afterwards you have three different deposit options available: PerfectMoney, AdvCash and Payeer – all free.

Trade cryptocurrencies on YoBit

To get you started, we would like to introduce you to the user interface and the individual functions of YoBit.

1. “Balances”: shows your credit balance in the individual cryptocurrencies (BTC, LTC, etc.)
2. “Market”: As we will explain in a moment, you choose your desired cryptocurrency or trading pair here.
3. Chart: In this area you will see the classic candlestick chart of the trading pair you selected under 2. There are 5 time slots available: 12 hours, 24 hours, 7 days, one month and 6 months.
4. “Buy”: If you want to buy a cryptocurrency, enter the amount in this area. You will also see the trading fee that YoBit charges.
5. “Sell”: If you want to sell a cryptocurrency, enter the amount of the sale in this area.
6. “Sell Order and Buy Order: In this section you can see the order book of the exchange for the selected trading pair, i.e. the orders of other traders. As a beginner, you should not be distracted by this area. It should not be very interesting for you.
7. “Trade History”: History of all transactions.

To make a trade, you should select the “Trade” section (step 1). In the second step, go to “Market” and select the trade pair you want to trade. For example, if you want to trade BTC for ETH, click on “BTC” in the upper blue bar and select “ETH” in the area below.

Then you can go to step 3 and put your attention on the “Buy” area. There you only have to enter the amount (“Amount”) you want to buy. Selling crypto-currencies works in the same way, only that you select the “Sell” area in step 3.

>> Buy cryptocurrencies on YoBit now <<

The YoBit Wallet

As for any cryptocurrency exchange, we recommend you to use an external wallet to increase the security of your cryptocurrencies. An overview of all possibilities and options of wallets can be found here.

To make a payout, go to the “Wallet” area and select the payout option in the “Withdrawal” column.

YoBit test

Is it safe to use YoBit in 2020?

The security of the trading platform should be a top priority for traders. Therefore, it is crucial that you learn about the security measures and reputation of the platform. Regarding security measures, YoBit has taken several measures to ensure the security of user information, including Secure Sockets Layer (SSL) encryption. YoBit also offers a 2-factor authentication function.

Previously, some users reported long waiting times for payouts, so YoBit has now improved their systems and all payouts are very fast. In case you can contact the telegram support, they will do their best to make sure that the process is faster. Irrespective of this, it is also advisable to take larger cryptocurrencies for payouts or the status of the wallet should be checked in advance.

YoBit reviews

YoBit itself enjoys a good reputation among experts in the crypto industry due to the advantages it offers, as shown by the 166,000 followers on Twitter (as of May 2020). Otherwise, there are also numerous good ratings on the rating portals such as Trustpilot, Cryptowisser and Bestchange. On these platforms especially the very good and fast support is praised, as well as the huge number of Altcoins that can be purchased.

Fees and payment options

As already mentioned, the flat fee for YoBit generally never exceeds 0.2% of the transaction amount. Thus, YoBit relies on a different fee model, like other exchanges (e.g. Binance, Kraken and Coinbase Pro), which use a “maker/taker” model. In addition, YoBit thus positions itself in the lower to middle range, as the industry average is around 0.25%.

The support

As a customer you can log in to your YoBit account and submit a support ticket if you have problems. On their website, YoBit states that they will respond to submitted support tickets within one hour, although it may take up to 24 hours under certain circumstances. If you want more fast way, you can also use the Telegram group of YoBit. There are more than 80,000 people in the YoBit telegram community and 10 admins are 24/7 online to answer any questions. Furthermore, YoBit also offers a chat box on the right side of the website to answer general questions. We have had very good experience with YoBit’s support.

Bottom line

If you want to use YoBit as a marketplace for cryptocurrencies, you should be aware of the advantages and disadvantages we have described. Unlike many other crypto exchanges worldwide, the exchange offers the advantage that no extensive verification of the account is required. In addition, YoBit’s fees are very competitive and are in the lower range compared to the typical maker/taker fees on other exchanges.

Although YoBit has so far focused on the Russian market, the platform is now aiming for worldwide expansion. The numerous positive reviews on the above mentioned rating portals show that YoBit is no scam. Especially for crypto enthusiasts who want to buy rather unknown cryptocurrencies, YoBit is a very good address worldwide.

>> Buy cryptocurrencies on YoBit now << [ratings]