Cryptocurrency Exchange YoBit: Exchange Review
YoBit cryptocurrency exchange has been around for quite some time now. The Panama-based platform has seen the industry mature from all the hype and grow to what it is today. YoBit was incorporated in 2014 making it one of the world’s oldest cryptocurrency exchanges and was the invention of a group of Europian developers and crypto enthusiasts.
Despite being in the cryptocurrency space for a long time and operating for more than six years, YoBit has never been hacked. Its interface while simple and easy to use is also very secure. YoBit is an advocate of financial privacy and does not require its users to go through a Know-Your-Customer [KYC] registration process. The platform preserves user privacy and confidentiality and it never collects any data from its users.
One of the interesting features of YoBit is that it offers fiat deposits and withdrawals, meaning, in addition to crypto-to-crypto, the exchange also supports fiat-to-crypto markets which also given users an option to use it as a fiat gateway.
Additionally, it supports a wide range of cryptocurrency trading pairs even for nameless altcoins. This helps traders to not miss out on lesser-known but profitable altcoins. YoBit also has a wide range of trading pairs, many of which are not found in any cryptocurrency platform. At the time of writing, there were active 8,583 cryptocurrency pairs.
With respect to language, the exchange supports English, Russian, and Chinese. In addition to these languages, YoBit’s chat function supports German and Arabic as well.
Registration on YoBit
YoBit has a very simple user interface that helps beginners to seamlessly register on the platform. A “Registration” option can be found on the top right corner of its official website that leads to a form. The steps are quite simple and the only details required are – a username and an email address and no lengthy KYC process. After this step of setting up the password, the user will receive a confirmation email of the link you get which will get the account to open.
Unlike other cryptocurrency exchanges, YoBit does not charge different fees between takers and makers. Instead, their model is called the “Flat Fee model” and charge only 0.20% for both maker or a taker unlike other cryptocurrency exchanges across the industry which generally tends to be around 0.25%.
This not only enables the user to have a great user experience but also offers simplified buy/sell orders that can be executed on the platform.
Depositing and Withdrawal
YoBit does not charge its users for deposits while for cryptocurrency withdrawal, fees may vary according to the coin being withdrawn as well as the method a user selects. Just before beginning to trade, the user needs to deposit funds into the account. The first step is to go to the top navigation menu, and select “Wallets“. From here, the user can select the preferred crypto or fiat for deposit.
For cryptocurrency deposits, users will essentially receive a page with a QR code and a designated wallet address. In the case of a fiat deposit, users will have to select the desired currency and use the available deposit methods. Following the fill-up of details regarding the amount of deposit and the payment method, users will be redirected to a check-out process.
The process for withdrawal is also quite similar. Users need to enter the destination address for withdrawal of cryptocurrencies while for fiat withdrawals the users may choose one of the available methods. The minimalistic and intuitive interface of YoBit enables the user to view the status of your pending deposits as well as withdrawals.
What makes YoBit different?
Some of the best features of the uniquely designed YoBit platform include investbox, coinsinfo, trade, markets, wallet, history, support, as well as PMs. Additionally, the platform offers a rewards campaign with Cryptotalk which enables users to get rewarded in Bitcoins for every post they submit to the platform.
YoPony and Dice are some of the cryptocurrency-based games offered by the YoBit where users can try to win Bitcoins. YoPony game is a weekly crypto horse racing, where users get to try their luck in a transparent blockchain game and whose results depend only on a mathematical algorithm. Users can play and win YoBit Pony races, make bets, and take prizes. The also gives players a chance to win 2-100x from their initial bet.
Dice, on the other hand, is gambling wherein users get to be and this game has gone on to become one of the favorites for many users on the platform. Similar to roulette, this online Dice game just needs its player to clock on to one of the two available buttons. If the output equals the player’s choice, he/she stands a chance to win.
InvestBox is one of the most innovative features of the platform. It is especially a great tool for traders wanting to earn some additional crypto by investing their free coins and fulfilling certain conditions as per the investment plan. It is also a tool for developers to promote their coins.
One of the most selling points, however, was the Free Coins section. These are essentially new projects which can either be received by the users. There is also a donation option for the same.
Security is one of the biggest concerns when it comes to global crypto exchanges. But YoBit has a proven track record. With respect to security, the cryptocurrency exchange scored an ‘A’ grade, in the test at Observatory by Mozilla. It also received a rating of 8.2 by the media platform Blocknomi.
With a minimalistic and user-friendly interface, YoBit has become one of the most prominent exchanges in the world. To top that, reviews on Trustpilot also indicated that the exchange platform rating has been great from the customer point of view. Besides, YoBit has been ranked quite high on popular crypto platforms such as CryptoGeek and Crypto Wisser and was positioned in the 10th place according to Coinmarketcap.
Support available 24/7
YoBit has one of the biggest Telegram communities. There are more than 80,000 people in English chat and roughly 60,000 in the Russian chat. Users can also directly send private messages to the YoBit support team who are also available on Telegram 24/7. Users can also write in group chat, and the support team with more than 10 professional admins will respond and give quick solutions.
Trading Pairs: 9.0/10
Registered as YoBiCrypto Corp, the official address of the exchange is 0801-3254 Panama City, Plaza 2000 Tower, Calle 50 Panama. For more details, visit YoBit.