Alternatives to YoBit
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.
However, there is little information available about where YoBit is based or who is behind the platform. While some website features (like support for Russian rubles and the option for a Russian-language interface) and the fact that YoBit has been investigated by Russian authorities in the past would certainly suggest that the exchange is based in Russia, there’s no information available on the YoBit site about where the platform is registered.
As such, it’s safe to assume that YoBit is an unregulated platform and you’ll be exposing yourself to an elevated level of risk should you choose to use it.
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 Ireland.
If you’re unsure whether you’re able to access YoBit in your country, contact the exchange for more information.
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 secure?
In March 2017, CoinTelegragh 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 206, YoBit reportedly sold fake WAVES token, listing the coin even though it was not yet publicly available. More recently in 2020, it 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 brought 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 it responds 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.