RESEARCH & ANALYSIS
FOR THE CRYPTO ECONOMY.

YoBit

YoBit Exchange Review

Centralized

YoBit Overview



  • YoBit is a cryptocurrency exchange that is based in Russia. It was launched in 2014. A YoBit exchange review shows that it serves the cryptosphere via almost 500 active markets (493+) and a massive 7000+ currency pairs, including both crypto-to-crypto and fiat-to-crypto currency pairs. In addition, there website is available in Chinese, English and Russian.

    A YoBit exchange review shows that this crypto-asset trading platform is surrounded by many controversies. Controversies include being involved in pump-and-dump schemes involving various cryptos, including PutinCoin (Ticker symbol: PUT), the arrest of YoBit founder, Pavel Krymov, for allegedly being involved in fraudulent activities, the alleged questionable use of ticker symbols and token names to get market participants to buy fake tokens (BNB is “Boats and Bitches” instead of Binance Coin, KNC is “KingN” instead of Kyber Network, etc.), the alleged restriction of token withdrawals by claiming tokens are “Under Maintenance” while deposits remain open and many other controversies.

    In addition, there were media reports surfacing in December 2018 that alleged that Russia banned YoBit, making this crypto exchange inaccessible to Russian residents. They also seem to have notoriously bad customer service and technical support, including some support tickets allegedly not being answered at all. This while being slow to respond to inquiries in general.

    A YoBit exchange review also reveals that this digital asset exchange lost a substantial quantity of Ethereum Classic (Ticker symbol: ETC) tokens during the 51% attack on the ETC network that took place in January 2019. The hacker allegedly returned 94% of the stolen ETC tokens.

    Many reviews classified the platform as very easy to use in a way that becomes suspicious. The authentication process is extremely fast as users only need to have Google Authentication to operate. Moreover, the platform offers some free coins that can be acquired after waiting for a specific period of time which is timed by a digital clock input on the platform. In addition, users can gamble BTC at a certain price in the dice games that come with the platform. In terms of fees, YoBit charges 0.20% fee to market makers as well as market takers.

    Regarding customer services, the platform does not offer a live chat possibility but a ticketing system that, based on reviews, is slow as it takes a long time to get an answer and the user does not even get a reference number in case this inquiry never gets answered. Finally, most of the negative feedback comes from angry investors who claim that they have been unable to withdraw BTC as fast as they desire.

    YoBit Exchange Review, Trading Fees, Deposit and Markets

    • 24h Trading Volume

      3,004.766 BTC

      • YoBit Total Trading Pairs

        N/A

        • YoBit Margin Trading

          No

          • YoBit Deposit fees

            QIWI - 5% RWR. All other accepted payment methods - Free.

            • YoBit Trading fees

              0.2%

              • YoBit Fiat Deposit

                Yes

                • Accepted Payment Method

                  None

                  • YoBit Native token

                    Yes

                    • Native token smart contract

                      N/A

                      • YoBit Trading Markets
                        • YoBit Stablecoins trading

                          YoBit Withdrawals

                          • Daily Withdrawal Limit

                            N/A

                            • YoBit Withdraw fees

                              Coins - 0.0005 QIWI - Free RUR OKPay - 5% USD Perfect Money - 5% USD Payeer - 5% USD AdvCash - 3% RUR; 5% USD Visa/ Mastercard - 70 RUR + 3% RUR Webmoney - 2% RUR Yandex Money 2% RUR Capitalist - 5% USD; 3% RUR

                              • YoBit Withdraw fees discount

                                N/A

                                • Proof of Reserves

                                  N/A

                                  YoBit Exchange Rating Analysis

                                  Last edit 04.09.2019

                                  • Yobit is a Russian based crypto currency exchange site. Yobit offers both an above average number of markets and a much above average number of tradable pairs. Yobit has an about average commission fee. There are a number of concerns with Yobit. The first concern being the team. There is no public information available about the team members of Yobit. Other concerns for Yobit include a hack that occurred a few years ago and the lack of insurance in the case of a hack.

                                    YoBit Exchange Additional Information