YoBit cryptocurrency exchange – May 2021 review
YoBit lets you buy and sell hundreds of cryptocurrencies, but an unregulated platform means you may want to tread with caution.
|Product Name||YoBit Cryptocurrency Exchange|
|Fiat Currencies||USD, RUB|
|Cryptocurrencies||BTC, BTG, DASH, ETH, LTC, DOGE, WAVES, LSK, CAM, TRX & 1415+ more|
AdvCash: Free (RUR & USD)
Payeer: Free (RUR & USD)
Perfect Money: Free (USD)
AdvCash: 6% (RUR), 7% (USD)
Cryptocurrency: 0.0005 (All coins)
Payeer: 4% (RUR) & 7% (USD)
Perfect Money: 1% (USD)
Capitalist: 2% USD
If you’d like to compare YoBit against other cryptocurrency exchanges, check out our guide to cryptocurrency exchanges.
What is YoBit?
The YoBit platform is a global cryptocurrency exchange that allows you to buy and sell an extensive range of digital currencies. It lists popular currencies such as bitcoin (BTC) and Ether (ETH) as well as hundreds of other rarer altcoins. It accepts both crypto and fiat deposits and has been in operation since 2014. It does not require users to verify their identity.
YoBit is reportedly based in Russia and registered in Panama, but there is little information available about who is behind the platform.
Although it has a customer support team, YoBit is an unregulated platform and you could be left with no legal recourse if your funds go missing while using YoBit.
Which cryptocurrencies can I buy/sell?
YoBit allows you to trade hundreds of cryptocurrencies, including the following:
- Bitcoin (BTC)
- Bitcoin Cash (BCC)
- Dash (DASH)
- Dogecoin (DOGE)
- Ether (ETH)
- Ethereum Classic (ETC)
- Lisk (LSK)
- Litecoin (LTC)
- Tron (TRX)
- Vertcoin (VTC)
- Waves (WAVES)
- And many more
Visit the YoBit website for a comprehensive list of the coins available to trade.
YoBit is a global crypto exchange that offers its services to users in countries all around the world, including Hong Kong.
If you’re unsure whether you’re able to access YoBit in your country, contact the exchange for more information.
Which payment methods are accepted?
You can deposit and withdraw funds to and from your YoBit account using the following methods:
- Cryptocurrency transfer
- Perfect Money
How much will it cost me to use YoBit?
YoBit charges a commission on each buy or sell transaction it processes. According to the FAQ section on the YoBit website, the commission amount varies depending on the currency you are trading; however, the commission does not exceed 0.2% of the transaction amount.
Deposit and withdrawal fees may also apply depending on the currency you use for your transfer. These fees are outlined in the table below.
|Payment method||Deposit fee||Withdrawal fee|
|Cryptocurrency||Free||0.0005 (All coins)|
(if using Visa or Mastercard, fees are 70 RUR + 7% RUR & 6 USD + 5% USD)
|Perfect Money||Free USD||1% USD|
Is YoBit safe to use?
In March 2017, CoinTelegraph reported YoBit was under investigation by Russian telecommunications regulator Roskomnadzor for alleged fraudulent activity. YoBit denied this, saying it was just a rumour fabricated by a competitor. As of June 2020, the outcome of these supposed investigations is unknown, the original source of the news no longer exists and the exchange has not been blacklisted by Roskomnadzor.
In 2016, YoBit reportedly sold a fake WAVES token, listing the coin even though it was not yet publicly available. More recently in 2020, YoBit announced that it was listing the Toilet Paper Token (TPT), even though the token was just an April Fools joke. YoBit then opened trading for the worthless TPT token, and presumably turned a profit from the misled traders who bought and sold it.
YoBit is an unregulated exchange with a history of listing and selling “play tokens” alongside “real tokens.” As such, YoBit is very much a “buyer beware” platform and it may be better suited to more experienced users who know enough to navigate their way around the pitfalls of an unregulated platform.
On the other hand, despite its red flags YoBit has operated without any publicly-known major incidents since 2014, and according to Similar Web it now receives more than 2 million visits per month.
To access customer support with YoBit, you’ll need to log in to your account and submit a support ticket. YoBit claims that they respond to the majority of support tickets within an hour, but that it can sometimes take up to 24 hours to receive a response.
YoBit also offers customer support through the admins in its Telegram community, and it says that’s usually the faster way to get assistance.
Pros and cons
- Multiple deposit options
- Ability to deposit fiat currency (USD, RUR) if you wish
- Wide variety of cryptocurrencies listed and extensive range of trading pairs
- A reasonably old and popular exchange
- Unregulated exchange
- Limited information provided on the exchange
- Buyer beware
Before proceeding any further, make sure you’re fully aware of the risks associated with trading digital currencies on YoBit.
Weigh up the pros and cons of using YoBit against other cryptocurrency exchanges.
If you decide that you’d like to sign up for an account, you can register by providing your email address and creating a username and password. You will then need to verify your email address. Finally, make sure you enable 2-factor authentication to provide an extra layer of security for your account.
Disclosure: At the time of writing, the author holds ADA, ICX, IOTA, POWR and XLM.