Yobit Exchange is one of the good exchanges nowadays but many of our readers keep asking us is Yobit a good exchange etc so today here at BlockchainBiome we are going to share a complete Yobit exchange review with you. If you are also searching for questions like is Yobit exchange safe or yobit exchange fees etc then keep reading this review.
Technology has revolutionized the lifestyle of humans in almost every possible way. The most effective disruption took place in the communication sector. With the introduction of Web 2.0, there was a two-way communication possible with the server, as a result of which dynamicity in content increased rapidly. Then came in E-mail, which enabled interpersonal communications among the people. This was the onset of technology which enabled people to communicate with each other virtually. Then came in live real-time text chatting platforms, this almost eliminated the time lag of communication and enabled people to reply as if they were talking face to face. As the technologies in digital communication advanced, several features were added like the voice and video conferencing. Social networks gained humongous popularity and then came in the generation of smartphones. Introduction of smartphone almost eliminated every possible constraint from getting connected to the world. The internet accessibility got in much easier and cheaper and that too at very good connectivity speeds.
All of the above factors led to rising of electronic services, which solved real-life problems, in a virtual way. All of these services are specifically designed for smartphone users and also web users. Some of the services are mobile shopping applications, cab rental applications, online pharmacy, online food ordering, virtual maps, and many others. Nowadays almost every solution is available through smartphones. People no more need to carry hard cash with them, because of the e-wallet facilities. People can monitor their banking financial transactions through their phone, clear their bills, book tickets and many more. Life has become easier and faster for smartphone users. Have you ever wondered, what could be the next disruption in smartphone application services?
Well, to help with this situation comes in the play Yobit, a platform that aims at bringing out the best for the people.
What is Yobit Exchange?
Yobit exchange is a global cryptocurrency exchange platform that allows the users to buy and selling of digital currencies. Popular currencies like Bitcoin (BTC), Bitcoin cash (BCC), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC) and as well as hundreds of other rare altcoins are being listed under Yobit for buying and selling.
In this, a user can deposit cryptocurrency in the following both forms: US Dollars and Russian Rubles. These both currencies are acceptable under Yobit for exchanging digital currencies. Buying and selling cryptos for a maximum transaction fee of 0.2 %.
Yobit exchange was found in 2015 which is a Russian based crypto exchange. It offers to exchange or buying and selling of the digital currencies. Yobit exchange was actually designed to target the local cryptocurrencies traders of Russia. It is said that it is being operated from San Francisco California but as already mentioned yobit exchange is a global cryptocurrency exchange which offers their services to users in all countries they include India too in this. The website has added the Chinese language icon and the English language icon so that it becomes very easy for the people to attract people from different countries too. This will also help in growing the website rapidly. The platform is accessible to people in every country and all over the world which also includes UK, India, as well as China.
Yobit Exchange is different from other cryptocurrencies because of the numerous coins they accept and also deals with it besides this they are similar in operation to the cryptocurrency exchanges. And because of this reason the public is attracted towards their cryptocurrency as they are trading with the very rare coins in the world of cryptocurrency. The platform uses an efficient business model by which it can involve peers easily and attract partnerships with other companies providing various kind of services. This platform would surely add to the unity and bonding between the people and also provide opportunities to solve in the disputes peacefully. It is going to be a tool for making friends, business contacts, community services, and others. It would be available for use on a subscription basis and tokens could be bought from the portal itself. It would extensively use the location services of the device to reach the users potentially available for help.
Yobit Exchange payment methods
Being a cryptocurrency exchange, yobit is the most popular cryptocurrency that provides everything that people need. Yobit exchange provides a special wallet for payment method which is fund using bitcoins.
However, in this exchange, you are allowed to buy Bitcoins, Ethereum, Ethereum Classic, and Litecoin by using US dollars. Up to 19 cryptocurrencies using US dollars can be purchased in total. If anyone wants to trade more cryptocurrencies than one who uses Bitcoins.
If you are having bitcoins in your wallet, then you have all the authority to buy any altcoins on the site. The way you it happens in a purchase, it will make it done with a payment. This is where you can go ahead and make your payments in the coming time.
Yobit provides you with various methods of payments such as:
Payeer – this is mostly considered as a personal e-wallet for the users that helps the traders to do all sort of trading, storing as well as sending and receiving money at the same time. So, one has to go through the process of registration that will require one to access the wallet and also protects from various attacks.
AdvCash – This method of payment is the most advanced method for conducting any sort of payment that is integrated to facilitate the payment process. It also launched it debit cards recently.
QIWI – It provides all sort of payment methods to access visa options and get along with it. Nevertheless, this form is available to make ruble deposits only.
Yobit Exchange Fees
Yobit is having a flat fee of 0.2% for every trade that has been made. If a person buys 1 bitcoin, then yobit will be charging you 0.002 bitcoins, which will be equivalent to the flat rate that is 0.2 %. When you are selling 1 Ethereum coin, the exchange will be deducting 0.002 either coins as fees.
Yobit does not charge their users while depositing and withdrawing funds instead the user has to pay only miners fee or gas fee depending on which the user can deposit or withdraw their cryptocurrencies.
Yobit Fees when withdrawing or depositing-
|Payment Method||Deposit Fee||Withdrawal Fee|
Additional fee when withdrawing and depositing funds
As compared to other exchanges, the 0.2% fee is great. There is an only exchange that is similar to yobit for a lower fee is BINANCE which charges only 0.1 % per trade. Most of the exchanges charge their users Taker versus MAKER fee, where a person pays a specific fee when they are buying cryptocurrency and pays a different fee while selling that cryptocurrency. On an average fee’s differences fee exchanges between 0.25% and 1%.
For Registering for a Yobit account it requires minimal verification details.
By creating login details, an email address, and password, one can start trading on Yobit. Yobit is also supporting 2-factor authentication with them so as to secure your hard-earned coins better.
If the user wanted to add funds in real cash, then the user can have the following options: OkPay, AdvCash, Payeer, Perfect Money, Capitalist, Cryptocurrency transfer, and QIWI. But yobit exchange does not accept direct transfers of the bank, which can inconvenience to its users and a thing that to let down the users. From the above, most of them are not having any fees for transferring money.
Why Yobit Exchange?
Moving forward in this Yobit exchange review lets see why is this necessary at all?
There is more than one reason which makes Yobit a platform to vouch for. This is what will help the platform grow in the long run as well. So, let’s have a look at what this platform has to offer to the people.
- Long List of Cryptocurrencies – The number of cryptocurrencies that are listed on Yobit is very good. Few exchanges have as many cryptocurrencies as Yobit. If the user wants to trade in any cryptocurrency the market with the cap of $500,000 or more then he/she can find it on Yobit.
- ICO Stats – This exchange tells the user important information about the initial coin offerings. However, it doesn’t seem like that the exchange gives you those new ICOs often. The last ICO that was to be listed on Yobit was ‘Taxi’ and which ended in February.
- DICE Game – Yobit is having a dice game with them where the user can gamble their Bitcoins in that hope of earning double the users gamble. The minimum amount that a user can gamble is 0.1 Bitcoins, and the maximum is 10 Bitcoins. Yes, it obvious that the game is having a big risk, and the user can face the to lose all of their investments. It makes sure that the algorithm is not out in the open for people to be a part of it or use it in the manner they wish to.
Benefits of Yobit Exchange
Flexible: To its users, yobit is providing them with a trading platform that is a flexible one. It is available for its users in numerous language so that users from different backgrounds can use yobit easily without any language problem. They are having flexible charges too and provides the users with many payment method options.
Robustness: Yobit is having so many Cryptocurrencies with them it is unlikely that the users will not find the what they wanted to trade in that is not listed on yobit whereas some of the rare coins are listed in it already.
Fiat currency: Yobit Accepts the currency in form of Ruble and US dollars for the exchange purpose that should be fiat that is it should be authorised.
Perks and bonuses: The platform make sure to offer rewards to its users who has been a frequent part of the platform by offering them trading opportunities and by sending them extra options for transactions and making exchanges in any form?
Is Yobit exchange safe or not?
Yobit exchange is not having a good reputation since 2017. Most of their users are unhappy with the customer services yobit provides to its users. There are a lot of complaints regarding this.
In 2017 Russian authorities started an investigation on yobit and even till today, it is not completed. As mentioned earlier yobit is under investigation of Russian authorities so it cannot be determined that it is safe or not, as the results are still pending.
On the basis of forums, as they discussed yobit is having a rating of below 2.5/5 whereas in some forums this exchange is having an average rate of 1.5/5, that is showing that yobit is having poor community trust.
Most of their users have admitted that yobit is a lawful company, but they are having poor management in their company.
Common complaints were – Problems in withdrawing their Cryptocurrencies, Customer support is poor, losing money of double amount while trading with some of the altcoins Despite these negative comments yobit is having positive qualities too for which their users admitted that they are not having any issues with yobit. Online reviews cannot weight more than the actual comments by the users. A large number of claimed that they are not having any reflection on their deposits.
Yobit exchange Security
Currently, there are no security related issues are observed with yobit. Yobit Exchange is an encrypted site that is using HTTPS that is an advanced website encryption method. New members should create a strong password to gain access on the yobit. And above of all this they are having 2-FA that is 2-factor authentications to make it a difficult task for hackers to hack it.
Others securities are:
- Stores Cryptocurrencies in cold wallets
- A system to analyse and prevent malicious requests
- File system encryption
Yobit Exchange Review
Yobit is not having such best of them in their customer’s support. Wherein as the most of the exchanges provides a live chat yobit provides its customers only the email support and access to their Twitter account. Each of the requests is done through a ticket system that is having a first come and first serve basis. A web site that is having 515 Cryptocurrencies involved with them where thousands of people trading, it is hard for them to have only two types of contacts.
Most of the problems faced by the users are the handling speed when withdrawal requests are made by them.
Some of the people are not happy about the speed and some of them are not happy about the process that yobit is having for depositing funds in real cash. Yobit’s poor customer support problem is ongoing since 2016, the site is facing so much negative response on most of the forums.
If you still have any issues regarding Yobit exchange then do let us know in the comments below, we’ll try our best to help you out as soon as possible.
And, last but not least, if you like this Yobit exchange review then don’t forget to share it with your friends.
Yobit Exchange Review
Deposits and withdrawals Fees9.6/10
Ease of Use8.4/10
- Chinese, Russian and English languages are supported
- Number of Payment Methods
- Bonus rewards system
- Good number of supported cryptocurrency
- User Friendly Interface
- Negative Reviews on Google
- Customer support service
- Faces Investigation in Russia
- Lack of Information provided on site
- Dice Game that allows gamble with BTC