YoBit Review
A crypto exchange guide must provide reviews of all of the crypto exchanges out there, so that you can find the right one for you. This review of YoBit consists of four parts: general info, fees, deposit methods and security.
General Info
YoBit is a crypto exchange that is currently registered in Panama (previously Russia). It has an extremely impressive selection of altcoin trading pairs. If you can’t find the altcoin here, chances are you can’t find it at all…
The platform is available in Russian, English and Chinese.
On 20 July 2019, the exchange reported that it supported 8,379 active trading pairs. This is a very large number of trading pairs, maybe even world-leading.
YoBit does not explicitly state that US-investors are prohibited from trading. Accordingly, we do believe that US-investors can trade here. Any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
YoBit Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. We think YoBit’s trading view contains a lot of helpful information, but that it is still quite intuitive. Have a look for yourself here:
YoBit Fees
YoBit Trading fees
This Russian cryptocurrency trading platform doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. They charge 0.20% (regardless if you are a maker or a taker). These fees are quite competitive as the global industry average is around 0.25%. It can also be noted that all Russian cryptocurrency exchanges that we present in our Cryptocurrency Exchange List have flat trading fees between 0.10% and 0.20%, so no exception from the rest of the group here.
YoBit Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Let’s say you have reached your investment goals and you are looking to buy house with bitcoin. In order to buy that house, you need to withdraw the funds. And when doing so, the exchange can make up for its low trading fees by charging you high withdrawal fees when you’re halfway out the door.
Not this exchange. YoBit charges you 0.0005 BTC when you withdraw BTC. From a local (Russian) perspective, this is actually the lowest withdrawal fee that we know of. Very good, YoBit!
Deposit Methods
At YoBit, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors.
One should generally look out for the different deposit fees charged by exchanges for deposit of fiat currencies via wire transfer or credit cards, and whereas it might be indifferent to you whether you should deposit via wire transfer or credit card, it might be very different fees. Some exchanges charge a deposit fee of up to a staggering 11% for credit card deposits.
So keep an eye open for the different fiat currency deposit fees.
YoBit is one of the most hard to evaluate cryptocurrency exchanges around. While relatively large volumes are being traded (especially in some altcoins), the exchange has received a lot of criticism.
YoBit Advantages
Competitive Fees – Trading fees on YoBit vary by the asset you trade, but the company states they can’t get above 0.20%. This is in-line with the offers of other exchanges.
Fiat currencies accepted – Fiat currencies are accepted at YoBit, although via payment methods which are not that popular outside Russia. Here is the full list of payment options and fees:
Sadly, credit cards are not supported. This is without a doubt one of the easiest ways to get into the world of cryptocurrencies, but there are a couple of details you should know.
>>Where can you buy Bitcoin with a credit card?<<
Lots of altcoins – There are a plethora of coins available at YoBit. The total number of instruments was over 250 at the time of writing of this review. Trading is done against BTC, ETH, DOGE, WAVES and the fiat USD and RUB (although the obsolete symbol is used for the latter).in case you are looking for other altcoin-focused exchanges.
Decent trading platform – The platform provided by YoBit leaves a positive impression (with the charts being the major exception). As you can see from the screenshot below, things look well organized, with a live chat also being available:
YoBit Disadvantages
Unknown company background – This is one of the few crypto-exchanges which doesn’t provide any information on the location from which they operate or the team behind the project. While portions of their website would lead you to believe they are Russia-centric, we have no way to prove they are based in Russia.
Poor presentation – The lack of information does not stop with the company hiding (or forgetting to mention) its information. As an example, we had to register an account in order to get to the trading fees. This is yet another factor which doesn’t inspire trust.
Negative user comments – A lot of the user reviews on YoBit are very negative. People make all sorts of claims, with the most condemning one being that this company does not facilitate the withdrawal of altcoins. While the user reviews should always be viewed with mild scepticism, the number of warnings about this exchange vastly outweigh the positive comments.
Withdrawal fees – YoBit imposes withdrawal fees on both fiat and cryptocurrency transfers out of the exchange. This is not all that uncommon, but leaves a bad taste. You can find all the details about the fees in the screenshot, in the previous section.
No Leverage – Trading with leverage is not available at YoBit. This shouldn’t surprise you, as implementing a solution for this is very complicated (and probably not that necessary). In case you are willing to speculate more aggressively with Bitcoin, a forex broker may present a decent alternative.
>>Leverage is available with these companies<<
We must mention there is a serious difference between dealing with a crypto-exchange and a Forex broker. You will not actually be in possession of the given coin, but only make or loose money, based on its price movements. Read all about it here.
Other gimmicks on the website – We mostly focused on the exchange functionality of YoBit, but there are a lot of other things available at the website. They include a Dice game and InvestBox Option (available only after you have played dice). While everyone can decide if this form of gambling is suitable for them, the latter option seems shady at best.
Poor charting – While the rest of the trading platform provided by YoBit seems fine, the charting is just not up to date with the financial services industry.
Conclusion
YoBit is a cryptocurrency exchange which leaves mixed feelings. On paper their trading conditions and multiple altcoins would make it an interesting alternative to Bittrex (probably the current leader, in terms of exchanges offering so many coins). But the user criticism makes us doubt the honesty of this exchange.
The fact YoBit does not provide any information on the people behind it, as well as its base of operations is also not impressive. Some reports suggest the company is under the investigation of Russian authorities, but we couldn’t verify them.
At the end of the day, one’s security of funds will always be much more important than the available trading instruments. While dealing with crypto-exchanges is always associated with some counterparty risk, YoBit appears to be shadier than most counterparts. That being said, you can always find a trustworthy forex broker, if you are interested in the speculative aspect of cryptocurrencies.
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