By Shelly Melancon (Switzerland)
YoBit Review
Bitcoin has grown to become a great store of value with retail and institutional investors seeking to own invest on the top crypto asset. While everyone is looking to have a piece of the Bitcoin pie, it is necessary to have structures in place, from which these investors can easily access crypto assets. In light of this, we will be doing a review on Yobit crypto platform- which is one of the many crypto platforms around the world- so you can have comprehensive options while making a decision on which platform to pick.
While it is important that you know where you buy crypto assets from, it is likewise impertinent to do this on reputable crypto platforms. This reduces the risk of getting fleeced or losing your money. However, these risks are reduced if you sign up on a recognized platform. A reputable platform prioritizes the security of users’ funds and data, if any. Also, it should be able to meet its users’ needs as it relates to investing and trading.
Being a diligent crypto trader or investor matters; but choosing a proper exchange combines to make an investment profitable. This review will give a broad insight into Yobit exchange. Hopefully, with Yobit you would be able to enjoy your sojourn into crypto trading.
Above all, privacy and security should be at the forefront of a crypto platform’s offerings. Just as important as the aforementioned are fees (withdrawal, deposits, trading), a simple user interface, trading volume, liquidity and of course, customer support. All of these features should come to play on an investor’s mind as he tries to make a decision.
| Exchange | Yobit |
| Website | Yobit.net |
| Variety Crypto | 497 |
| Account needed | Yes |
| Verification | Yes |
| Verification levels | 2 |
| Trading Platform | Web and App-based |
| Payment Method | Bank Transfer, Payeer, AdvCash, PerfectMoney, Visa\MasterCard, QIWI Wallet, Crypto Transfer |
| Customer Service | Email, Telegram, Built-in Chat, Support Tab |
What is Yobit?
Yobit is a Panama-based centralized cryptocurrency platform that was established in 2014 to offer trading services around the globe. YoBit is owned and managed by YoBitCrypto Corporation. YoBit platform is for both experienced investors and newbies alike. The simple user interface of the platform makes buying and trading crypto assets fascinating.
YoBit features numerous cryptocurrencies, including newly-listed coins or tokens allowing users to divide their investment among these assets. There are over 8,000 cryptocurrency trading pairs on the platform, which is an advantage as it presents traders and investors with a range of options to choose from.
YoBit Trading Services
YoBit offers investors a retinue of trading options to choose from with over 8,500 trading pairs on the platform. As earlier mentioned, users on the platform can trade fiat pairs. Most crypto platforms do not have this option. This is what distinguishes Yobit platform from others. Transactions are affordable and executed at a fast pace. However, there are no derivatives on the platform; only spot trading pairs.
The exchange is open to both institutional and retail investors, which is a major attraction. Another attraction for investors is the trading of fiat currencies. There are fiat trading pairs on the exchange, especially between the Russian Ruble and the US Dollar. YoBit exchange is open to hundreds of countries including the US. The daily average trading volume on the exchange is almost $3 million and has over 100,000 users around the globe.
YoBit Fees
One of the benefits of a good platform is the low fees traders and investors pay while buying, selling, trading, depositing and withdrawing on the accounts. While the fees on all of these activities vary on different crypto platforms, traders opt for crypto platforms which offer low fees on transactions. This is one of the key factors most traders consider when trying to make a decision on where to trade their crypto assets.
There are however two most common different ways to place orders on some crypto platforms- market and limit order. Placing a market order- which represents orders that are executed immediately-places you in the position of a taker, as in taker of liquidity. A taker takes liquidity out of a crypto platform because places his order via market orders, whether buying or selling. In contrast, if a trader places his order via a limit order- which represents orders that are not swiftly executed- he becomes a maker because he provides liquidity for the platform. Limit orders are recorded in the order book where they are eventually matched.
As earlier mentioned, the transaction fees charged on exchanges vary. In a similar vein, makers and takers of liquidity are charged differently in some exchanges. It is very common to see makers charged less fee than takers due to the pivotal role they play. On YoBit, both makers and takers are charged a flat fee of 0.2%. So there is no discrimination between makers and takers despite the role makers play. Meanwhile, you are not charged for holding your assets on YoBit exchange if you are a long-term investor.
Withdrawal and Deposit Fees
Transferring fiat to your account on YoBit platform can be done through different means- bank transfer, Debit/Credit Card, Crypto Transfer, Payeer, AdvCash, PerfectMoney etc. For deposits on the platform, no fee is charged. Fees are charged via some payment modalities. PerfectMoney and Payeer charge no fee for deposits of US dollar or the Russian Ruble to your account on the platform. AdvCash charges a 1% flat fee on deposits made on YoBit accounts.
Fees charged for withdrawals on the platform is determined by the asset class being withdrawn. For fiat withdrawals, debit cards transactions incur $6 plus 5% a maximum withdrawal cap of $2,000; Perfect Money incur 1% of any USD withdrawals, AdvCash, 5% and 7% on Russian Ruble (RUR) and USD withdrawals, respectively; on Payeer, 4% for RUR withdrawals and 7% on USD. On the other hand, cryptocurrencies withdrawals attract a flat fee of 0.0005 BTC, which is added to the actual amount to be withdrawn.
YoBit API
Yobit platform API is built with Representational State Transfer (REST) which allows for the design and development of the platform. YoBit’s Trade API allows developers to create orders, cancel orders and request for account balances including personal account history. However, to access the trade API, authentication is required at which point you are given a key. Subsequently, the key can be used to access the API afterwards.
YoBit also has a Public API which gives access to non account-related details. With the platform’s Public API, developers can access the volume of transactions done on a trading pair. The public also enables access to the ticker, trades and fees charged on a particular trading pair.
YoBit Limits and Liquidity
There is no limit on the amount of fiat or crypto that can be deposited on the platform. Likewise, there is no maximum cap on the amount of fiat or cryptocurrency that can be withdrawn. While this may be a good thing, it does not seem probable for a trader to deposit a fiat amount of as low as $5 if he is doing so with any of the payment means provided for deposit. In contrast, a deposit worth that amount in crypto could be made since crypto deposits do not incur any fee on it.
Drawing from the above, deposits as large as a $1 million in crypto or fiat can be done on YoBit platform. Also, there is enough liquidity on the platform to aid withdrawals and trading. Similarly, there is no cap on minimum and maximum withdrawals. Nonetheless, the max amount that can be withdrawn using Perfect Money is $2000. The numerous trading options including newly launched coins and tokens the platform offers ensure there is adequate liquidity for both traders and investors.
YoBit Portfolios
One of the profoundly important features of a crypto platform is the ability to offer numerous and different trading options and pairs for investors and traders. Crypto green horns may only be familiar with the top crypto asset, Bitcoin and a handful of other cryptocurrencies. Expert traders or experienced investors would want a range of options to split their investments among these options in order to maximize their capital and reduce their risks.
YoBit boasts of over 497 cryptocurrencies and 8000 trading pairs listed on its platform. Another unique quality it possesses is getting newly listed coins listed on the platform earlier than any other platform. As such, traders can take advantage of Initial Coin Offerings (ICOs) and make most of their capital. The variety of investment products on the platform also affords them to spread their capital wisely around these products. This goes to show that YoBit encourages proper risk management.
Cryptocurrencies Available on YoBit
The trading volume on every platform determines the liquidity such that the higher the trading volume, the higher the liquidity. Traders are more attracted to crypto platforms where the trading volume is really high than those who do not. If there is adequate liquidity on an asset, it means that the more people are willing to invest on such an asset, such that buying, selling, trading, transferring the asset will be really easy.
Moreso, more trading options and pairs is necessary for a crypto platform’s liquidity. As earlier mentioned, YoBit offers a long range of options and pairs. Cryptocurrencies listed on the platform include popular coins like Bitcoin (BTC), WAVES, Ethereum (ETH), Ethereum Classic (ETC), Dogecoin (DOGE) and the platform’s native token, Yo (YO). A wrapped version of Dogecoin (wDOGE) is also listed on YoBit.
On the platform, you can trade these cryptocurrencies against one another just like you can find on other crypto platforms. Apart from the common USDT pairs, the platform also allows you to trade the listed cryptocurrencies against the Russian Ruble (RUR). YoBit allows you to make deposits and withdrawals in all the over 500 cryptocurrencies. You can also check details of these coins on the ‘CoinsInfo’ section of the platform.
YoBit Interface
Traders and investors throng crypto platforms that offer simple and basic user interfaces. This is an area where some crypto platforms are defaulting; they trade simplicity for luxury or beauty. A reputable platform should ensure the user interface is friendly enough, understandable and that different sections on the platform are boldly identifiable.
Yobit has not failed in this regard as it offers users a simple and easy-to-use interface giving them ample opportunity to invest and trade crypto assets comfortably. The platform features green, blue and white hues and has every functionality labelled for users’ easy navigation. There are trading tools on the platform which can make your trading activities enjoyable.
The user interface contains the market page where you can find the active cryptocurrencies on the platform and their various pairings. From the market page, you can select a pair you want to place a trade on. Trades on the platform are executed; there is no room for advanced order types such as stop-limit and OCO. This is a disadvantage as traders would have to monitor their trades and decide when to sell manually if they are in loss unlike when done automatically. The platform also provides charts for expert traders to analyze their trading pairs. The charts also include candlesticks, volume and timeframes.
How Secure is YoBit?
Ordinarily, security and privacy should be a basic feature of any crypto platform. While users may do due diligence to ensure that their accounts are secured and safe, there is nothing much they can do if a crypto platform does not provide necessary security measures to protect its users’ funds and data. Thus, traders and investors shy away from crypto platforms that do not assure them of security.
Users’ anonymity are guaranteed on Yobit as it does not need users to fulfill Know Your Customer (KYC)/Anti-money Laundering (AML) requirements. You just require your email and a password to sign up or login. Yobit does not ask for any means of personal identification; not even your real name.
The platform also offers users the two-factor authentication feature where users use a one-time password from the Google Authentication app when logging in or making withdrawals. However, this is optional but it is advisable to use this on your account. To add an extra layer of security, the platform has also provided for email verification while logging in.
One unique service which YoBit platform also offers its users is the ‘Option to Freeze’ feature which allows them to stop withdrawals in the event of a hack or fraud. The platform is fortified with the Secure Sockets Layer (SSL) encryption and DDoS protection security frameworks. Also, the majority of YoBit’s crypto assets are stored in a cold wallet which makes it impossible for hackers to gain access to the assets. Other security measures like encrypted system files and real-time data including suspicious activity detector and blocker are also in place.
Customer Support
Crypto platforms normally provide means through which their users can lay complaints in the event of any emergency. These means include live chat, email support, chatbox, Frequently Asked Questions (FAQ), hotlines and social media support.
YoBit offers users a retinue of means to channel their grievances. The options are somewhat limited.
Users of the platform can request for support via the ticket option on the support page, Telegram Channel or PM (Personal Message), where traders on the platform can chat with themselves. Users cannot send complaints or call as YoBit does not have email support or a hotline support. So users have to be wary of anyone who claims to be a YoBit employee and sends mails or calls users to address their complaints.
- Telegram
YoBit provides multilingual 24/7 support on its Telegram channel with over 80,000 members. New users can send their issues to the channel and get answers in split minutes. The Telegram support cuts across five different languages- Arabic, Chinese, German, English and Russian. There is also a YoBit community on Telegram.
The platform has a Twitter presence, however, it does not provide customer support on Twitter. Users can only follow updates on the YoBit platform on their Twitter page. Thus, users cannot channel their complaints there.
- Ticket Support
There is a support page on the platform. Users with concerns can request for support by submitting a ticket via the page. They can also track their complaints. However, requests via the medium are not attended to immediately.
- FAQ Page
YoBit does not have a FAQ page which is really a disadvantage as users cannot resort to looking for a solution themselves. A FAQ page is commonplace on crypto platforms which provide services to their clients. So it is somewhat of an anomaly not to have a FAQ page.
- Personal Message
Traders can chat with themselves in the PM section. Users can also ask questions here and get their questions answered by other investors.
Conclusion
YoBit platform offers numerous benefits to traders and investors to take advantage of, making it one of the crypto platforms to reckon with. YoBit offers a friendly and single interface giving newbies to understand and utilize. There are other unique features on the platform such as FreeCoins, InvestBox, YoPony, AddToken (which allows developers to list their tokens).
The range of deposit and withdrawal options offered by the platform makes it an added advantage. Some crypto platforms do not offer as many options as Yobit for deposits and withdrawals. Traders and investors have a handful of options to choose from. There is also an affiliate program for users on the platform as well where they earn 20% of every trade made by their referrals.
With this review, you should be able to make a decision on whether YoBit is a good platform for you to trade your assets. Trading crypto assets requires you to have an account on any platform of your choice.
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