Buzz
In the BTC community, the sentiment towards YoBit cryptocurrency exchange is predominantly negative, falling short of the reputation of exchanges like Cryptopia. Warnings about this exchange even outnumber negative reviews. Therefore, before committing your funds, it is advisable to thoroughly research reviews about the YoBit cryptocurrency exchange.
Review of YoBit Exchange, Electronic Trading Platform
Trading Account
- Account Type: Standard
- Leverage: N/A
- Trading Fee: Up to 0.2%
- Deposit Fee: Up to 6%
YoBit poses as one of the most challenging cryptocurrency exchanges to assess. Despite having a relatively large trading volume, especially in altcoins, the platform also faces criticism from users.
Review of YoBit Cryptocurrency Exchange
1. Advantages of YoBit
- Competitive Fees:
Transaction fees on YoBit vary depending on the asset you trade, but the company states that the trading fee does not exceed 0.20%. The fee level is reasonable compared to other exchanges.
- Acceptance of Common Currencies:
Common currencies (cash) are accepted on the YoBit exchange, although through uncommon payment methods outside of Russia. Below is the complete list of payment options and fees:
Unfortunately, credit cards are not supported. Although this is not a common payment method in the cryptocurrency world.
- Variety of Altcoins:
YoBit offers a multitude of altcoins. At the time of writing, there are over 250 reviews on the exchange. Transactions are conducted with cryptocurrency pairs such as BTC, ETH, DOGE, WAVES, using common currencies like USD and RUB. In case you are looking for other altcoin trades, you may check other exchanges like Bittrex and Cryptopia.
- User-Friendly Trading Platform:
User reviews of YoBit consider it quite impressive (excluding the charts). As seen in the screenshot below, everything on the trading platform is well-organized, including the availability of an online chat window:
2. Limitations of YoBit Exchange
- Unclear Company Background:
YoBit, a mysterious exchange, operates in the shadows without revealing any information about its location or the team behind the project. The lack of transparency on the website has led many users to speculate that Russia might be the central hub or headquarters. However, there is no concrete evidence to verify YoBit's actual location.
- Limited Information:
The company and its founders remain shrouded in mystery, leaving users uneasy when creating an account for trading on the platform.
- Negative Community Reviews:
YoBit has garnered a lot of negative user reviews. Most users complain that the platform does not facilitate the withdrawal of altcoins. In fact, the number of warnings about the exchange outweighs positive reviews.
- Withdrawal Fees:
YoBit charges withdrawal fees for both bank transfers and cryptocurrency transactions on the exchange. For specific details on transaction fees, you can refer to the screenshots mentioned by Mytour above.
- No Leverage:
Trading on YoBit lacks leverage. In such cases, you may opt for a forex broker as an alternative.
- Other Advertising Gimmicks on the Website:
While Mytour primarily focuses on the trading features of the YoBit exchange, there are numerous other offerings on the website. This includes a dice game and the InvestBox option (only available after users play the dice game).
- Subpar Charts:
The remaining part of YoBit's trading platform seems promising; however, the charts do not keep up with the evolving financial service industry.
In summary, YoBit is a cryptocurrency exchange that sparks considerable debate. On paper, in terms of trading conditions, YoBit offers a variety of popular cryptocurrencies and Altcoins. However, user reviews raise doubts about the exchange's honesty.
In fact, YoBit provides no information about the individuals behind the exchange or their main headquarters. Recent reports suggest that the company is under investigation by the Russian government, but there is no verified information on this.
Ultimately, the security of funds is always a top concern for investors. YoBit also provides security features for users. While other cryptocurrency exchanges are often associated with some partner risks, you may explore a reliable forex broker if you are concerned about the investment aspect of cryptocurrencies.
Bitcoin is the most widely traded digital currency today. It's crucial to keep an eye on the latest Bitcoin prices for optimal trading strategies and maximizing profits. Staying updated on the latest Bitcoin prices should always be a top priority.
Here is the Yobit exchange review table:
The following are some Yobit exchange reviews. In general, many users express negative sentiments about the trading platform, and the company provides no information. Therefore, before considering cryptocurrency investment on the Yobit exchange, thorough research is advisable to avoid financial loss.
There is still no information on Yobit exchange scam reviews, but currently, caution is advised in investments due to the emergence of exchanges offering attractive user incentives like Bitcoin Doubler to attract and later defraud investors.
IG Markets and Changelly are also actively promoted trading platforms. To explore and review Changelly and IG Markets, you can check them out here.
- Explore more: Changelly Exchange Review
- Explore more: IG Markets Exchange Review
