YoBit Exchange: Registration, Trade, Reviews 2020

20 days ago
YoBit Exchange
YoBit Exchange

Yobit Exchange is a cryptocurrency trading platform, which stands out from other cryptocurrency exchanges due to its far-flung reputation in the crypto community. At the same time, it occupies a leading position in other countries of the number of users. 

Traders on Yobit are attracted by a huge assortment of coins and trading pairs, low commissions, as well as an unofficial listing of tokens that have not yet left the ICO stage. In addition, the platform offers customers to play “cryptocasino” and participate in the “pumps” of low-liquid tokens. 

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In our review you will learn all about the YoBit exchange, its advantages and disadvantages, the registration process on Yobit, the features of trading, balance replenishment and withdrawal of funds, security system, commissions and offered services.

History of Creation and Team Yobit

Until now, the history of the creation of the Yobit exchange and and the team remains a mystery. Neither the Internet nor other sources have any information about YoBit owner, which official website is located at yobit.net. According to the Whois service, the yobit.net domain was registered on August 25, 2014 in Russia, so it can be assumed that the founders are citizens of the Russian Federation. 

Yobit has three versions of the site: in English, Russian and Chinese. Note that Russian-language localization is done more thoroughly and at a high level, which again indicates that it was prepared by people for whom, most likely, the Russian language is native. 

For the first time, the mysterious founders presented YoBit at the BitcoinTalk thematic forum in early January 2015. It was when the site officially began its work. 

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Official website of the exchange: yobit.net

Register an Account on YoBit, Security Settings and Verification

Yobit Trading
Yobit Trading

Unlike many other exchanges, for example, Huobi, registering for YoBit is one of the easiest and takes just five minutes to complete. Let's see how to do it.

Account Registration

To create a personal account, the user must go to the official website of the Yobit crypto-exchange using any of the links — the official site, the link to which is above, or through the mirror, and find on the top menu of the page the item “Registration”.

Nearby is the language bar, where you can switch to the language you need.

Yobit Exchange Language Panel // Source: yobit.net
Yobit Exchange Language Panel // Source: yobit.net

After that you will need to click on the “Registration” item. A questionnaire field for entering personal information will appear on the screen. The user of the Yobit exchange needs to fill out a simple form, indicating personal data: a unique login, email address, password, as well as agree with the rules of the platform and pass protection from “bots” by solving the captcha.

Form for registration on Yobit // Source: yobit.net
Form for registration on Yobit // Source: yobit.net

The next step is to confirm the account through the link that will come to the mail. 

Link to go to Yobit // Source: yobit.net
Link to go to Yobit // Source: yobit.net

When the future client Yobit follows the link again to the exchange website, he will receive a confirmation email and a recommendation to enable two-factor authorization in the settings. For account security, you must accept the offer by clicking on the highlighted word. 

Confirmation of registration on Yobit // Source: yobit.net
Confirmation of registration on Yobit // Source: yobit.net

In a new window, you will need to configure two-factor authentication by downloading Google Authenticator on your mobile phone. After installing the utility and scanning the QR code, you can use it to work with Yobit.net. 

2FA Installation Page on Yobit // Source: yobit.net
2FA Installation Page on Yobit // Source: yobit.net

Enter the 6-digit code from the Google Authenticator app into the 2FA form and click “Enable.” Now Google Authenticator will need to be used every time you log in. 

Note that the Google Authenticator app can be installed as an extension for the Google Chrome browser. To do this, go to the Authenticator extension page in the Google Chrome online store and click on the “Install” plate.

Authenticator extension for Google Chrome browser // Source: chrome.google.com
Authenticator extension for Google Chrome browser // Source: chrome.google.com

In the upper right corner of the Google Chrome browser, go to Settings, then “Advanced Tools”, then “Extensions”. Scroll down the page and enable the extension. The icon of the installed utility should appear in the upper right corner of the browser. Click and select “pencil” in the context menu.

Then give the command to scan the QR code. After scanning, move the mouse cursor over the QR code and left-click on it. Now open the installed extension, copy the six-digit code and paste it into the line of code for 2FA. It remains to confirm the entry.

After that, the user becomes a customer of the exchange, protected by 2FA. 

Recommendations for registering on the exchange: 

  • Name-login must be written in Latin, you can include numbers;
  • Mail must be personal and current at the time of registration. This is necessary for the exchange client to immediately receive all notifications, letters, transaction reports on all operations. Use a mailbox in the Google system;
  • It is better to come up with a complex password, at least 8 characters, so that fraudsters do not crack the exchange wallet. Do not forget to confirm it. Those who invented a very complex password for entering should write it separately on paper so as not to lose; 
  • Take a screenshot of the login page and save it in a safe place. Or, be sure to copy and do not show anyone your secret key, which will be needed when the smartphone is lost. If you lose your phone, you will not be able to enter the exchange, and having a QR code, always restore the authorization data on any phone. 

Yobit Security

Security Yobit
Security Yobit

Despite the fact that the exchange has an ambiguous reputation in the crypto community, throughout its existence, YoBit has never been hacked. 

The Yobit exchange also takes care of user safety by offering an advanced system of account protection. 

In addition to the ability to install 2FA (two-factor authentication), it also takes other security measures on the platform, namely:

  • When withdrawing funds, the transaction must be confirmed via email. Information on all ongoing operations is automatically sent to the user's email address; 
  • When entering the account from a new IP, the system sends a special access code; 
  • When making changes to the user's personal data or changing security settings, the withdrawal function is immediately blocked; 
  • If you suspect an account hack, all assets are immediately "frozen";
  • There is an algorithm for protection against DDos attacks;
  • There is a cryptographic protocol Secure Sockets Layer (SSL);
  • File system encryption applied.

Verification on YoBit

Yobit Exchange Verification
Yobit Exchange Verification

YoBit differs from other sites in that it does not need to be verified on the exchange. Moreover, it is not important that only crypto assets or fiat currencies are involved in trading.

Also, no limits are set for trading

This feature of the Yobit exchange is both a plus and a minus at the same time. On the one hand, the absence of the need for verification ensures anonymity, but, on the other hand, non-compliance with KYC / AML rules attracts many scammers and causes distrust among regulators and investors. 

Available Cryptocurrencies and Orders

Orders on the Yobit exchange
Orders on the Yobit exchange

Before trading cryptocurrency on the exchange, it is useful to have an idea of which coins and orders on it are available. 

We will please traders — on the Yobit platform there are not just a lot, but a huge number of available cryptocurrencies and trading pairs. This is the main specific feature of YoBit, which provides it with such great popularity. At the time of writing (August 2019), 8,409 active pairs and about 500 cryptocurrencies are offered, among which, unfortunately, there are many so-called “shitcoins” - unpromising or nonexistent cryptocurrencies. 

7 markets are offered: BTC, ETH, LTC, DOGE, DASH. YOVI, LSK. The most traded are mostly popular coins, such as Dash, Ethereum, Lisk, Waves, Litecoin, Ethereum Classic paired with Bitcoin. It is noteworthy that, unlike other sites, the market for stablecoins on YoBit, including the most famous Tether (USDT), is absent. 

Yobit exchange allows you to create only two types of orders (buy / sell): 

  • Market - when the page is updated on the “Trade” tab, in the “Price” field, the market price of the coin is automatically set;
  • Limit - in the “Price” field, the user must set the desired purchase or sale price of tokens.
Orders on YoBit // Source: yobit.net
Orders on YoBit // Source: yobit.net

The function of setting stop limits is also absent.

Token Yobit (YO)

Rumors that the YoBit exchange will issue its cryptocurrency, from time to time, waves passed in the crypto community. More recently, in July it became a fait accompli. The Ebit exchange announced the release of the Yobit Token (YO). 

Yobit.net exchange twitter

There are only 17 thousand coins that are traded in pairs - YO / BTC and YO / ETH. CoinMarketCap has already added a new coin to its base, although it has not published any data on the price of the coin, its market capitalization, etc. 

Currently, BitForex, eToro, Crypto.com and others crypto exchangers support the token.

How to Trade on Yobit

Trading on the Yobit exchange
Trading on the Yobit exchange

Now about how to trade on the Yobit exchange, replenish the balance and withdraw assets from the site. 

Deposit Funds

Before trading cryptocurrency or buying it, you need to replenish your wallet. The “Balances” tab opens with special addresses (for each coin its own address), to which a deposit is made. Different options are possible: the deposit is entered in US dollars, rubles, BTC and many other cryptocurrencies. 

ab “Balances” or “Wallet” // Source: yobit.net
ab “Balances” or “Wallet” // Source: yobit.net

So, the exchange user decided to replenish the wallet balance with fiat currency — the USD dollar. The first thing to do is find the coin in the address list. In order not to look for a long time, you need to enter a coin ticker in the search. The line will instantly open. 

Finding a string to enter a coin // Source: yobit.net
Finding a string to enter a coin // Source: yobit.net

Then click on the plus under the "Enter" menu and in the form that opens, select the service through which the balance will be replenished. After determining the amount and confirming the input, the amount of coins determined by the user will be credited to the wallet balance. 

Form for entering coins // Source: yobit.net
Form for entering coins // Source: yobit.net

Then you need to follow the procedure for replenishing an account with a service before crediting funds to the balance of the Ebit exchange. 

Trading on Yobit

If the user hopes to make more advanced deals, such as margin trading (with leverage), then he will be very disappointed in Yobit. Only stop orders are available on the exchange and nothing more. In fact, this means that the exchange is aimed at beginners and those who like to conduct their trading simply. 

When the coin is successfully deposited, to start trading, click on the “Trade” tab and select a pair for exchange on the left side of the page. For successful trading on Yobit, you must first study the dynamics of the value of the coin on the chart. If you intend to purchase, then the best offer is easily found in the “Purchase Orders” section. If the purpose of trading is selling, then you should pay attention to the section “Orders for sale”. 

Trading on Yobit // Source: yobit.net
Trading on Yobit // Source: yobit.net

For example, to trade DASH cryptocurrency or any other coin, you need to fill in the “Purchase Orders” fields, such as “amount”, “price”. The “total” field will be highlighted automatically. Exchange customers are allowed to enter their coin price or select it from a purchase order located directly below the transaction form. 

Transaction forms for buying and selling coins // Source: yobit.net
Transaction forms for buying and selling coins // Source: yobit.net

All transactions on the Yobit exchange occur after confirmation by email. This means that the funds transfer works according to the algorithm: 

  1. Click on the exchange site to start transferring money.
  2. Log in to your inbox.
  3. Receiving a letter with a code link to coordinate the transaction.
  4. After opening the letter, click on the link.
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Only after these steps the transaction will be completed successfully. This manipulation is protection against scammers. 

As you can see, on the Yobit exchange, even inexperienced users can easily trade. The minimum transaction amount is 0.00010000 BTC in all currencies, and the transaction fee is usually 0.2% for both purchase and sale. 

Withdraw Funds on Yobit

Withdraw funds on the exchange
Withdraw funds on the exchange

Withdrawing funds from Yobit is as simple as making a deposit on it. When withdrawing, you will first also have to go to the wallet page. Then you will need to select the currency to be withdrawn and click on the “-” symbol (minus). 

The withdrawal order // Source: yobit.net
The withdrawal order // Source: yobit.net

The next step — the client indicates his address (public key). Next, the withdrawal amount is added. The commission charged by the exchange for the withdrawal of funds is displayed and fixed automatically. 

The withdrawal form to the wallet // Source: yobit.net
The withdrawal form to the wallet // Source: yobit.net

When the form for withdrawing funds to the wallet is completed, the user must click the “Request for withdrawal of funds” button. and then strictly follow the simple instructions until the completion of the entire verification process. However, the withdrawal of funds from the Yobit exchange will remain unprocessed until the client completes this process, verifying it by email and / or through the Google Authenticator app. 

In the same way as with the operation to replenish the wallet balance, all active withdrawal orders fall into the “Pending withdrawals” block or into the “Pending credits” category. 

On the plus side, cryptocurrency withdrawals occur instantly. Only bitcoin transactions are slowed down due to network congestion. In addition, there is a very unpleasant drawback — there is no way to link a bank account to the site.

Commissions on YoBit

Commissions on YoBit
Commissions on YoBit

Commission fees:

  1. Cryptocurrencies — no commission (do not forget about the network commission when conducting a transaction);
  2. QIWI — no commission;
  3. Perfect Money (USD) — no commission;
  4. Payeer — no commission;
  5. AdvCash (USD) — no commission;
  6. Capitalist (USD) — no commission.

Commission for withdrawal:

  1. Cryptocurrencies — 0.0005 (plus the standard network commission for conducting a transaction on the blockchain);
  2. Perfect Money — 2% (USD);
  3. Payeer — 2% (USD);
  4. Yandex.Money - 5%;
  5. Visa / Mastercard (limit 60 thousand RUR) — 6 USD + 5%;
  6. AdvCash — 7% (USD).

You can see more complete information about commissions by clicking on the name of your account in the top menu of the exchange website. In this case, in the tab that opens, select the “Fees” item. As a result, a page will open informing about the commissions of “deposit — withdrawal” of funds through various payment systems. 

Information about commissions on Yobit // Source: yobit.net
Information about commissions on Yobit // Source: yobit.net

Regardless of the participant in the transaction (maker or taker) or type of order (purchase or sale), the size of the commission will be the same - 0.2%, however, there are no trading volume limits.

Additional Functions

InvestBox

The page is designed to place new tokens on Yobit. In other words, it is a tool that allows developers to easily promote their coins. 

However, InvestBox is by no means a “hype” (a scam project simulating an investment fund) or a pyramid. Each payment is made from a specialized fund, formed by deductions from commission fees, deductions from internal services and deposits from token developers. This Box can change the status from “No coins” to “Active”. And investors can close their investments at any time, which makes the function safe to use. 

InvestBox Page // Source: yobit.net
InvestBox Page // Source: yobit.net

In fact, InvestBox is a kind of crypto deposit that works like a similar banking service. The user can deposit any of the coins and receive interest for this. The interest rate differs depending on the cryptocurrency — from 0.1% to 20% per day / month / week.

For example, for Bitcoin —  0.1% monthly, for Waves and Dogecoin —  0.1% daily. The highest rates (from 5% to 20% daily) are offered for new coins, however, often such coins depreciate the very next day, and investors lose their assets. 

It is noteworthy that in order to get accrued interest on some coins, you need to play Dice (from 5 to 20 times a day). Regulars in this section use the dice bot and betzbot yobit bots to automatically create daily bets in Dice. 

FreeCoins

On the Yobit exchange page, you can receive or replenish the offered free coins. Naturally, you first need to log into your account. 

FreeCoins is Yobit’s own crane. But basically only shitcoins are offered to users, such as PUTIN, WHO, LIZA or LIZUN. 

You can use the function once a day.


FreeCoins Page // Source: yobit.net
FreeCoins Page // Source: yobit.net

CoinsInfo

The section has many details about any particular cryptocurrency. This data includes information about the PoW / PoS coin, algorithms, money supply and token symbol (ticker). The information is of interest to those who are engaged in mining and want to get more information about a particular crypto asset. 

CoinsInfo Page // Source: yobit.net
CoinsInfo Page // Source: yobit.net

AddToken

The section is intended for those who want its token to be listed on the YoBit exchange. The listing process is quite simple — you need to fill out the form and you're done. Of course, you must first go through moderation. 

Of course, you must first go through moderation: free (it is not known how many days the token will be added to the exchange and whether it will be added at all), Premium — 0.1 BTC (4-7 days to add), Exclusive — 0.5 BTC (2-3 days to add). 

These rates are very low compared to other exchanges. For example, according to unofficial data, listing on the most popular Binance exchange costs 400 BTC. 

Game of Dice

Dice is a favorite game of users of the Yobit exchange. The principle of action is similar to the gambling “Roulette”. The rules are very simple: the user needs to bet in cryptocurrency and click on one of two buttons: “Less than 48” or “More than 52”. The system will generate a random number, and if the bet is won, the player will receive a prize on the wallet, if it loses, then the coins will be debited from the account. If the number created by the algorithm is 49, 50, 51, then this will mean the victory of the site, i.e. none of the players will receive a win. The minimum bid is indicated at 0.000001, the maximum — without restrictions.

True, there is one big “but” — it is impossible to check whether the result of the game is correct, since a link to the hash of the result is not given. 

Yobit Support

There is a separate tab for customer support. This section is based on a ticket system — you pick up a ticket, and then your problem (ticket) will be solved. 

Support page // Source: yobit.net
Support page // Source: yobit.net

On the website of the Yobit exchange it is indicated that most of the requests are processed within an hour, and only a response to individual letters can take up to a day. According to user reviews, customer support is still the weakest side of the YoBit exchange. 

Clients of the exchange complain that requests are processed selectively, sometimes it takes a month or more to wait for an answer, and in some cases letters are simply ignored. 

PM

Since the site has many topics for communication, the developers of the YoBit exchange have created a special client for messaging. PM is located on the right side of the site. Here you can write messages to other exchange customers. To use this function, you must have at least 0.01 BTC in your account. 

I must say that live chat is very convenient if the client wants to find out which coin is the most traded on that day, or just hear the exchange news. 

YobiCodes

YobiCodes is a unique function, in fact, a code to replenish the balance. This option allows exchange customers to exchange or sell public YobiCodes to other chat users.

Tab with YobiCodes // Source: yobit.net
Tab with YobiCodes // Source: yobit.net

You must click the "YobiCodes" button, then on the page that opens, request a code and enter it on the Yobit website, creating vouchers. After that, the user will be able to exchange crypto coins directly in the chat, i.e. share your income with other customers. 

CryptoTalk Campaign

In early autumn 2019, the Yobit exchange launched the CryptoTalk forum, where users can earn bitcoins for creating high-quality messages. Each message must correspond to a number of parameters and before payment it is checked by the moderator without fail. 

For one high-quality message, the forum accrues 1000 Satoshi (0.00001 BTC), at the same time, a maximum of 30 messages is paid per day, i.e. the maximum daily earnings on CryptoTalk is 30,000 Satoshi (0,0003 BTC). 

Satoshi earned are automatically paid to your registered YoBit account, and you can check your earnings in the CryptoTalk Campaign tab.

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Official CryptoTalk Forum Website

Popularity and Rating of the Yobit Exchange

In the CoinMarketCap rating, YoBit is currently ranked 65th in terms of trading volume. The monthly trading turnover of the site is slightly more than $ 888 million, and the daily - $ 35.45 million.

Exchange Rankings // Source: CoinMarketCap
Exchange Rankings // Source: CoinMarketCap

According to SimilarWeb, the number of YoBit visitors in July 2019 was less than 50 thousand, while in November 2018 it was 4.35 million. Most of the users are from Mexico (42.38%), followed by the USA (11%), followed by Germany (6.81%), Taiwan and Costa Rica - each about 5%. A year earlier, the largest number of users were from Russia (almost 35%). 

Users of the exchange by country // Source: SimilarWeb
Users of the exchange by country // Source: SimilarWeb

What caused the observed drop is hard to say for sure. Perhaps this is due to the aggressive policy of regulators regarding the crypto industry. 

We must not forget that the YoBit exchange is, above all, an unregulated exchange that does not require users to deanonymize and comply with KYC / AML rules. In turn, this attracts scammers to the platform, which cannot but affect the trust of bona fide traders. Yes, and the Yobit exchange itself is far from infallible. There can be many reasons. 

Advantages and Disadvantages of Yobit

Pros and cons Yobit
Pros and cons Yobit

The YoBit exchange has long gained a scandalous reputation, however, despite this, it has its own unique advantages:

  • A large selection of cryptocurrencies, which has almost 500 coins and more than 6,000 trading pairs;
  • In addition to the English and Chinese locations, there is a version of the site in Russian, as well as a Russian-language support service;
  • The exchange interface is simple and accessible even for inexperienced users;
  • Advanced security and protection of user accounts;
  • There is no need to pass verification of identity;
  • A small commission for trading — 0.2% (as on most exchanges);
  • The ability to earn on a referral program (20% of the transaction amount);
  • The presence of a tap on which daily tokens can be received;
  • Very low tariffs for listing new tokens (up to 0.5 BTC per coin);
  • An opportunity to receive additional profit for "holding" coins in InvestBox;
  • Communicating with other users via chat and private messages.
Cons Yobit
Cons Yobit

However, most of these advantages are offset by minuses:

  • There is no information about the creators, the team, as well as licenses and other legal documents;
  • Among the huge selection of coins there is no less huge number of “dead” tokens;
  • Exchange operators can block an account without providing a detailed explanation of the reasons;
  • There are constant problems and delays with the withdrawal of funds;
  • When using the InvestBox service to get interest on most Coins, you need to make bets in the Dice game at least five times a day;
  • The possibility of margin trading is not provided;
  • The exchange was seen in adding tokens that have not yet left the ICO stage, as well as in manipulating trading volumes;
  • A large number of complaints about customer support feedback;
  • Android mobile app does not work.

Scandals

Cryptoscandals
Cryptoscandals

Fraud allegations are constantly pouring into the YoBit exchange. What is the reason for such serious user dissatisfaction?

Firstly, from the moment the YoBit Exchange was created and until today the founders did not disclose their names and, it seems, are not going to do this. Also, there are no license documents for the site. Added mistrust to rumors that behind the YoBit exchange there is a well-known in the Russian Internet fraudster Pavel Krymov. This person is “famous” for creating more than 40 financial pyramids, as well as the ICO Solvena, from which money disappeared in an unknown direction. However, there is no direct evidence that this person owns YoBit. 

The exchange’s reputation has also suffered due to the scandal surrounding the listing of fake coins. It was at the beginning of June 2016. Then the Waves team warned users about the appearance of a “mysterious” WAVES / BTC pair on YoBit, available for trading. However, at the time, listing real WAVES tokens was not possible: ICO Waves has just completed, and all the coins were in the personal accounts of investors. The Waves team emphasized that it has no information about the participation of exchange representatives in the crowdsale. 

Later, a similar situation occurred with Bitcoin Gold tokens.

The most interesting thing is that the YoBit exchange (Ebit) is openly engaged in pumping and market manipulation. 

YoBit has been operating for quite some time, almost four years, and despite the dissatisfaction of users and many scandals, the exchange remains quite popular. So, it is impossible to claim about the YoBit exchange that it is exclusively engaged in manipulation and created as a scam. However, this is an unsafe exchange. 

YoBit Reviews

There are a lot of reviews about the exchange, but the vast majority of blog participants, such as Bitcointalk, Revain, Coincodex, Bestchange, Scambitcoin, Uk.Trustpilot and many others, express a negative opinion about YoBit. Opinions are distributed almost everywhere the same as on the survey graph on the Uk.Trustpilot website. Only 8% give the highest rating, while as many as 58% have a negative view of the exchange.

Opinion analysis results on Uk.Trustpilot // Source: Uk.Trustpilot
Opinion analysis results on Uk.Trustpilot // Source: Uk.Trustpilot

Mostly complaints about delayed withdrawal of funds, manipulation of trading volumes, blocking user accounts Yobit without explanation. 

However, there are those who believe that the Yobit cryptocurrency exchange has not yet revealed its positive potential and will eventually be able to fix all the flaws. Others put a taboo sign on the exchanger and strongly recommend against using its services. 

For instance:

“In short, I cannot recommend the Yobit exchange. I do not use the exchange to do any serious trading,” said trader Arun Kaul about his position. 

Another Review

“Fairly quick withdrawal of funds. Also available are many young coins that are unlikely to add major exchanges in the near future. But we must remember that there are problems with the withdrawal of coins. Support will not reply to you shortly. In my case, I was waiting for an answer for 6 months, ” said Serge Sky.

In general, the YoBit exchange is one of the simplest and most functional trading platforms, on which it is convenient to perform operations with many pairs of cryptocurrencies, even for a novice in the crypto industry. However, security considerations of funds will always be much more important than the available trading tools. 

Given that working with crypto exchanges is always associated with some risk and the competitive environment is quite tense, the situation of YoBit can be precarious. 

Moreover, criticism of users makes many investors doubt the honesty of this exchanger. In any case, you decide whether you want to use the Yobit exchange or not.