YoBit cryptocurrency exchange review
Trade bitcoin, Ethereum and hundreds of other cryptocurrencies
|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
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), Ethereum (ETH) and Litecoin (LTC) as well as hundreds of other rarer altcoins.
You can deposit cryptocurrency or fiat currency – both US dollars (USD) and Russian rubles (RUB) are accepted – and then buy or sell cryptos for a maximum transaction fee of 0.2%.
YoBit is a global crypto exchange that offers its services to users in countries all around the world, including India.
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 being traded; 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|
|AdvCash||3% RUBFree USD||3% RUB, 4% USD|
|Capitalist||Free RUB Free USD||4% RUB|
|Payeer||Free RUB Free USD||4% RUB, 4% USD (If paying with Visa or Mastercard, fees are US$6 + 5% or RUB70 + 8%)|
|Perfect Money||Free USD||7% USD|
|QIWI||5% RUB||5% RUB (If paying with Visa or Mastercard, the fee is RUB70 + 4%. If paying with WebMoney or Yandex.Money via QIWI, the fee is 4% in rubles.)|
Is YoBit secure?
YoBit offers the option to enable two-factor authentication on your account, providing an extra layer of security for any funds you deposit.
However, in addition to your own account, it’s also important to consider the security of the platform itself. In March of 2017, YoBit was reported to be under investigation by Russian telecommunications regulator Roskomnadzor for alleged fraudulent activity. YoBit was also listed as a site used for “pump and dump” scams in Business Insider’s 2017 investigation into cryptocurrency.
This serves as an important reminder that, no matter which crypto exchange you use, make sure you always exercise caution when trading and when managing your funds.
To access customer support with YoBit, you’ll need to log in to your account and submit a support ticket. YoBit claims that the majority of support tickets are responded to within an hour, but that it can sometimes take up to 24 hours to receive a response.
Pros and cons
- Multilingual trading platform
- Multiple deposit options
- Ability to deposit fiat currency (USD, RUB) if you wish
- Wide variety of cryptos listed and extensive range of trading pairs
- Bonus program to reward frequent traders
- Limited information available online
- Reports of suspect trading activities and of the exchange being under investigation by Russian authorities
- Offers a dice game that allows you to gamble BTC
- No online chat support
If you’d like to sign up for a trading account with YoBit, click on one of the “Go to site” links on this page. You can sign up by providing your email address and creating a username and password. After this, you will need to verify your email address.
Finally, make sure you enable two-factor authentication to provide an extra layer of security for your account.