YoBit lets you buy and sell hundreds of cryptocurrencies, but negative reviews and alleged links with fraudulent activity mean you should tread with caution.
However, there are a few drawbacks you should be aware of before deciding whether to start trading on YoBit. Keep reading to find out what they are.
Pump and dump scandalIn October 2018, YoBit made headlines in the crypto world when it announced on Twitter that it would pump random coins on its own exchange. So-called “pump and dump” scams manipulate the price of a cryptocurrency through false or exaggerated statements.
At first, it was suspected that YoBit’s Twitter account had been hacked, but it appears that the pump announcement was entirely legitimate. Any association with fraudulent activity should be a major cause of concern for any current or potential YoBit users, so use extreme caution if you’re thinking of trading through the platform.
|Product Name||YoBit Cryptocurrency Exchange|
|Fiat Currencies||USD, RUB|
|Cryptocurrencies||BTC, BTG, DASH, ETH, LTC, DOGE, WAVES, LSK, BCC, TRX, ABYSS, PAC, ZEC, XVG, EOS, ETC, RDD, TOKC, B2X, TTC & 400+ more|
PerfectMoney: 5% (USD)
Payeer: 7% (RUR) & 5% (USD)
AdvCash: 4% (RUR) & 2% (USD)
Capitalist: 4% (RUR), 7% (USD)
Credit card: $6 + 5% (USD) & ?70 + 8% (RUR)
Yandex.Money: 5%-8% (RUR)
QIQI: 7% (RUR)
- Multiple deposit options
- Ability to deposit fiat currency (USD, RUR) if you wish
- Wide variety of cryptocurrencies listed and extensive range of trading pairs
- Unregulated exchange
- Has promoted “pump and dump” scams
- Reports of suspect trading activities and of the exchange being under investigation by Russian authorities
- Limited information provided on the exchange
- Also offers a dice game that allows you to gamble BTC
- Negative user reviews about slow withdrawal times
Alternatives to YoBitIf 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.
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 the US.
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|
(if using Visa or Mastercard, fees are 70 RUR + 6% RUR)
(If paying with Visa or Mastercard, fees are 70 RUR + 9% RUR)
|Perfect Money||Free USD||2% USD|
|QIWI||Free RUR||4% RUR|
(If paying with Visa or Mastercard, fee is 70 RUR + 5% RUR)
Is YoBit secure?
In March 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.
Then in October 2018, as outlined in the must-read box higher up on this page, YoBit publicly announced that it would start a pump scheme on random coins.
Given that YoBit is an unregulated exchange, any association with fraudulent activity should raise a big red flag for anyone thinking of trading on the platform. Make sure you research YoBit thoroughly and compare a range of options before deciding whether it’s the right platform for you.
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.
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.
- Unregulated exchange.
- Has promoted “pump and dump” scams.
- Reports of suspect trading activities and of the exchange being under investigation by Russian authorities.
- Limited information provided on the exchange.
- Also offers a dice game that allows you to gamble BTC.
- Negative user reviews about slow withdrawal times.
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 two-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.