YoBit Review – Is YoBit Safe? Features and Fees Explained
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
YoBit is one of the most innovative cryptocurrency exchanges in operation today. Here, you’ll find a wide variety of digital currencies available for investment, as well as fantastic opportunities to multiply your holdings through exciting YoBit DeFi features.
Withdrawals and deposits are both lightning-fast and straightforward, making YoBit an ideal choice for anyone looking to invest in cryptocurrency.
With dedicated customer support and a user-friendly interface, YoBit makes it easy to get started with cryptocurrency trading – so you can focus on making money.
We will go through our comprehensive YoBit review, describing the platform’s unique features, before demonstrating how to get started buying and selling various cryptocurrencies right now – all in less than 10 minutes!
Table of Contents
What is YoBit?
With our honest YoBit review, you can be confident that you’re making the right choice. The firm’s origins can be traced back to the year 2014, when a group of software developers founded it.
The company is legally recognized in Panama as a legal entity. At YoBiCrypto Corp., the official registered location is Plaza 2000 Tower, Calle 50 Panamá (0801-3254 Panama City).
There is no KYC (Know Your Customer) process when it comes to the platform itself. As a result, the registration process may be completed in a matter of minutes.
That’s why more than 500 cryptocurrency pairings are available at more than 8500 cryptocurrency exchanges, as well as fiat-to-crypto marketplaces, for the benefit of all traders.
Cryptocurrency enthusiasts may join a Telegram group of like-minded people to share ideas, tactics, and recent market news. There are now more than 80,000 individuals joining the community. Aren’t these digits impressive?
Additionally, YoBits’ InvestBox activities, games, and initial exchange offerings (IEOs) may appeal to savvy investors, while the platform’s easy currency listing tool may appeal to crypto project founders.
When it comes to other crypto exchanges, Yobit stands out for its use of Telegram to facilitate communication amongst employees.
The crypto trading website offers English, Russian, and Chinese languages, while the chat supports Arabic and German as possible communication languages.
With average daily transactions of roughly $50 million, it is among the top ten most prominent cryptocurrency exchanges, according to CoinMarketCap.
There are several advantages to using this exchange, including its ease of use for newbies and seasoned traders alike. Just give it a go to get assured.
Is YoBit Safe?
YoBit’s complete anonymity and adherence to user privacy are unquestionable advantages. Because it is registered in an off-shore jurisdiction, the crypto exchange allows its users to remain anonymous.
In addition, registering does not necessitate completing the KYC procedure. In order to begin trading at Yobit with total anonymity and security, the following is required:
Two-factor authentication (also known as 2FA) is an additional security measure that can be used if desired. One-time passwords (TOTPs) must be added to YoBit’s Two Factor Authentication process if traders and investors want to log in or withdraw money.
Additionally, YoBit provides an email login verification step to safeguard users’ information further.
To prevent identity theft, YoBit clients can “Freeze Withdrawals” in the “Profile Settings” section of the website. Investors who are acquiring newly accessible currencies or tokens for which wallets have not yet been developed will find this functionality very useful.
Here are some of YoBit’s security recommendations:
- The only way you can access your YoBit account is with a password and an email address only you have access to.
- It’s best to use two-factor authentication for your email account and your phone’s fingerprint or passcode lock, as well as secure email providers.
- Use good antivirus software to keep your computer safe from malware.
- Always double-check the URL you’re looking at before you click the “Next” button.
- Transfer funds from the exchange to personal wallets as soon as they are available.
Additional YoBit security tools to safeguard your bitcoin holdings include the following:
- Coins are kept in cold crypto wallets for the vast bulk of the funds.
- Examples of this include SSL encryption and DDOS attack defense.
- In addition, the system files are backed up in real-time using encrypted data.
- System for the identification and prevention of suspicious activities.
- Yobicodes are transactional shorthand codes.
Furthermore, an overwhelming number of bitcoin exchanges are infringing their customers’ privacy rights by adopting Know Your Customer (KYC) practices.
You won’t be asked for a slew of personal information by YoBit, a cryptocurrency trading exchange that respects the privacy of its customers, unlike some of its competitors.
As a whole, the platforms’ security has never been compromised since its introduction in 2014. Personal and trade history data, as well as wallet balances, were not shared with governments of any nations; neither were they sold, resold, or leaked to other parties.
In other words, YoBit has a long history of not being hacked or vulnerable. Attempts to hack into the site were thwarted. Because of its exceptional performance, it has become one of the best bitcoin trading platforms.
YoBit Fees
The trading fees charged by YoBit are easy to understand. The exchange charges a fixed fee of 0.20% for buying or selling cryptocurrencies. Fees are automatically calculated and charged within every buy or sell order.
Furthermore, users of the YoBit exchange can withdraw fiat money from their accounts for a fee, which is shown below:
- Debit Card (US$6 + 5%, max $2,000)
- Perfect Money (1%)
- AdvCash (7%)
- Payeer (7%)
- Capitalist (1%)
With YoBit, you can easily buy cryptocurrency and begin trading in no time.
YoBit Promotions
One of YoBit’s products is a referral program that allows clients to earn free bitcoin coins. What do you think?
InvestBox
YoBit users may now put their spare coins into the InvestBox and earn interest on their investments.
In order to make it obvious that this is not a pyramid scam nor a high-yield investment program, YoBit has said that all payments would come from an independent fund.
To get started, go to the InvestBox website and select the investment plan that best suits your needs.
Additionally, if you’re looking for a smart way to make some extra money, yield farming crypto platforms are definitely worth considering.
Free Coins
A free coin option is available to YoBit users. When a player visits the “Get Free Coins” page, he or she can select their chosen method of earning money.
Finally, you’ll receive a detailed breakdown of exactly how to claim your free coins.
See the section that follows for further information. Professional traders and investors may also give away useless coins.
Dice by YoBit
The Yobit exchange uses DICE coin (DAYS) as its native token. It is exchanged in pairings with rubles, dollars, and DOGE on this exchange. It was given out for free on the exchange.
The YoBit exchange has a balance of 700,000 DICE for those who haven’t been there recently.
Only three trading pairings are available for DICE on the YoBit online exchange:
- DICE / RUR – selling DICE for rubles, here is the most favorable rate of the coin;
- DICE / USD – sale of the coin in dollars;
- DICE / DOGE – selling DICE for DOGE.
You can’t sell coins in other cryptocurrencies like BTC, ETH, YO, or WAVES because there aren’t any offers to buy them.
How Do I Withdraw my DICE out of YoBit?
Because DICE coin is an internal token of the YoBit online exchange, you will not be able to transfer it to other exchanges.
For example, you may sell DICE and then withdraw rubles to QIWI, Visa/Master, AdvCash Payeer, Yandex, or any other exchange that allows this. Phone or cash.
Users of YoBit may also earn money by participating in games. These are a few of the examples:
YoPony
Users can plan and earn prizes ranging from two to a hundred times their original bet, depending on their strategy.
Pony speeds are calculated in this scenario using English-language chat messages, bets, the total of all bets, microtime, the pony number, and the md5 hash of the preceding pony, to name a few variables.
Make a bet by clicking the “Make Bet” button and following the instructions that appear on the screen.
YoBit DeFi
Users of cryptocurrency exchange YoBit will soon be able to earn a passive income from their crypto holdings thanks to a new platform called YoBit DeFi.
For the future development of the cryptocurrency and blockchain sectors, the field of decentralized finance (DeFi) should be considered a top priority. It’s called DeFi, and it aims to provide an alternative to the banking industry (Digital Financial Institution).
With its help, a new type of investment and loan is feasible. Coin exchange YoBit has announced the launch of YoBit.net, a new DeFi platform that allows users to create passive income from cryptocurrency assets housed on the exchange.
YoBit.net is a platform that provides users with the opportunity to earn passive income from their cryptocurrency holdings.
The YoBit cryptocurrency exchange included the DeFi investment platform as a new feature in August of this year. It is possible for each registered user to move his or her crypto assets to a separate fund for safe storage. As a result, you may earn interest money while you sleep.
When it comes to earning a return on your investment, there’s nothing quite like a crypto interest account. By depositing your digital assets into one of these accounts, you can earn a high yield on your investment without having to worry about the volatility of the markets.
Here are some examples of how the platform works: Paired pools are used by investors and consist of two distinct crypto assets.
In the range of 50 percent to 50 percent, crypto assets may be transferred to the pools; user-traders may quickly and effectively trade assets inside the pools based on their reserve that has been accumulated there.
User-traders are charged a 0.3 percent fee on each transaction, with the bulk of the money going to user investors.
The platform’s advantages will help both investors and traders. An increase in traffic is important to the administration of the YO exchange, which wants to utilize 10% of its fees to support the YO exchange’s proprietary currency.
A rise in YoBit activity has been attributed to the establishment of the DeFi platform on the YoBit exchange, which allows certain users to generate passive income while others trade at a reduced cost and get rewards under promotional conditions.
In less than a month, the daily volume of transactions in the pools topped $6 million.
DeFi tools may be used by anybody who wants to earn a passive income from their bitcoin holdings without having to sell them. If you participate in the YO-BTC pool, it is possible to earn an annual profit of up to 30%.
It is necessary to perform the following procedures before using DeFi tools on the platform.
Enter your details on the official YoBit exchange page to get started.
Create an account for yourself. You will not be needed to present identifying documents or to subject to an identity verification procedure.
The exchange does not do Know Your Customer (KYC) verification since it is run from offshore entities.
A fiat money transfer or an external wallet can be used to fund a cryptocurrency account. Select the best DeFi pool for your needs. In accordance with the current exchange rate, funds are sent in a 50-50 split to the designated pool.
The site’s main page provides easy access to all of the available ways to contribute bitcoin to the pool (in the sections labeled “Market” and “Add liquidity” respectively).
The “Take Liquidity” block immediately following the “Withdraw” block is where the withdrawal option can be found. There is also an information screen where the user may see their daily earnings as well as their share of the total coins in the pool, allowing them to track their progress.
Two SWAP sections have been added for traders, allowing them to quickly complete trades on a pre-selected pool on the Market table by clicking on the relevant button.
Moreover, crypto staking platforms are worth considering if you enjoy making money as you can simply put your cryptocurrencies to work and earn a reasonable return on investment.
YoBit Customer Support
Both the Bitcoin exchange and the Telegram messaging software are used by YoBit to deliver its services. Both the YoBit communities and YoBit customer support are on hand to help their customers whenever they need it.
On Telegram, you’ll be able to get help and information from over 80,000 people in the English chat room and over 60,000 people in the Russian chat room, two of the internet’s biggest communities.
Direct private communications from the YoBit team are also available on Telegram around the clock, seven days a week.
Investors and traders may send and receive messages using the “Personal Message” page, which can be seen via the PM page.
Customers may also use the “Support” option to send a support request to the company. However, this process does take longer, but it allows for the monitoring of assistance requests.
Direct private communications from the YoBit team are also available on Telegram around the clock, seven days a week.
YoBit’s 10-person team offers complete assistance in all languages supported by the platform, including Arabic, Chinese, English, German, and Russian, through Telegram, 24 hours a day, seven days a week.
YoBit has a minimal social media presence, with most of its updates occurring on Telegram and Twitter.
YoBit Ratings and Recommendation
Since YoBit’s inception in 2014, the platforms have consistently ranked well in numerous overviews and rankings. Credibility, openness, and effectiveness are all reinforced by this reality.
For the last year, YoBit:
- Has obtained an 8.2 rating from Blocknomi, a reputable media source.
- Received an 8.6/10 rating according to an authoritative resource Cryptopotato
- 4/5 rating according to the top crypto blogger Boxmining
- Top 2 in the ranking of exchanges according to Ruscoins
- Rating 4.⅘ according to users on Cryptogeek
Where to Begin on YoBit
YoBit’s Know-Your-Customer (KYC) free registration approach eliminates the need for any personal information during the signup process, as previously indicated.
Anonymous and private users are highly prized by the exchange, which does not collect any personal information about them.
Because of their Panama offshore registration, they are able to evade KYC procedures and protect user confidentiality.
With only a few basic clicks on their platform, you may begin trading on YoBit. It’s an easy exchange to operate with. Starting off is as simple as going through the steps listed below.
How to Get Started with YoBit Today – Detailed Walkthrough
Step 1 – Sign Up
Go to the YoBit official website and click ‘Registration’. The exchange requires only a login and an email address. Enter your email address, choose a strong password for your account, agree to the rules, and click the blue ‘Register’ button to finish creating your account.
You’ll receive an email confirming your selection of a password after you’ve completed the process. To activate your account, all you need to do is click on the URL provided.
Step 2 – Deposit
It’s crucial to note that the site accepts deposits in nine different cryptocurrencies and fiat currencies. In addition, the organization uses the most widely used CIS platforms.
You will be able to trade currency pairs as soon as you make a deposit.
YoBit offers both cryptocurrency and fiat cash for deposits and withdrawals. Payeer, AdvCash, and Perfect Money are just some of the payment options that clients can use to trade fiat money with the exchange.
The “Wallets” part of the top navigation menu is available via the drop-down menu on the left.
Here, you have the option of depositing bitcoin or fiat cash into your account.
With Bitcoin, the following page will include a QR code and the address of a chosen wallet for you to input.
In order to deposit fiat money, you must first select the currency that you want to use and then select one of the deposit alternatives that are available.
In the instance of a USD deposit, for example, you would select it from the drop-down menu and then click on the “+” button to deposit.
The usual check-out procedure will begin when you have entered your deposit amount and the method of payment you want.
Metamask deposits may only be made through the YoBit exchange platform, which has no know-your-customer (KYC) requirements. Next, all you have to do is click the “+” button next to the balance and you’re done!
Users may also link their Metamask wallet or send money to the wallet using one of these methods. Isn’t that convenient?
Step 3 – Buy and Sell Different Assets
Your YoBit account has been funded, so now is the time to buy your first Bitcoin. Let’s get this party started!
In the top left corner of the page, you may access the trading environment by clicking on ‘Trade’. You may study the market capital, historical data, price, and more. The right-hand side of the screen has a chat area where you may communicate with other buyers and sellers.
Simply type in the amount you want to buy. Calculating the fee and charging yourself is not necessary. Click the “Buy” button to continue.
After you’ve placed your order, go back to the Trade page and refresh to see your current balances and buy orders. Go to Orders or History to see what you’ve purchased in the past.
In your YoBit wallet, you’ve just received the first Bitcoin you’ve purchased.
Step 4 – Withdrawal
In a similar fashion, money can be withdrawn. Your withdrawal address will need to be specified if you are using a cryptocurrency. Using any of the ways now available, you can withdraw fiat dollars.
The interface is simple and easy to use, and you can see the status of your pending deposits and withdrawals at any time.
Depending on the type of asset that is being withdrawn from the account, there is a separate charge for withdrawals. After costs have been subtracted from the number of coins you want, you will be shown the final amount of coins you will get.
The following ways (and associated fees) are available to YoBit account users who wish to withdraw fiat money from their accounts:
- Debit Card (US$6 + 5%, max $2,000)
- Perfect Money (1%)
- AdvCash (7%)
- Payeer (7%)
- Capitalist (1%)
Click “Withdrawal Request” after you’ve filled out the form with the relevant information.
To begin trading, you must first fund your account. Overall, the user interface is straightforward, uncomplicated, and easy to operate. The trade panel looks like this:
In the top left corner of the screen, you’ll notice the available balances, and below that, you’ll find a list of all the marketplaces the exchange offers.
Buying and selling orders, with order books directly beneath them, are all located in the center of the screen along with a trading chart for the selected pair.
For those who want to gamble, there is a dice game and a chatbox on the right side of the screen where traders may connect and communicate with support staff.
YoBit Review – Conclusion
With a wide selection of over 800 coins and an active community, YoBit is a legal cryptocurrency exchange that also offers privacy, a clean UI, minimum fees and games as well as great platform performance.
A key point to remember here is that the exchange may nevertheless freely traverse the treacherous international crypto waters while being governed by an off-shore authority.
For retail investors looking for a straightforward, secure, and fun cryptocurrency exchange, YoBit is still a viable option that delivers great service and a wide variety of both major and low-value crypto projects.
As a consequence, we offer the crypto trading platform a score of 4.5 out of 5 stars.
FAQs
Is YoBit safe?
What fees does YoBit charge?
Do I need to submit KYC documents to YoBit when signing up for an account?
Can I list a token on YoBit?
How do you contact YoBit?
