A Comprehensive YoBit Review: Updated for 2020

YoBit is a cryptocurrency company founded back in 2014 in Panama and it has been making waves in the market since 2017. 

Over the past six years, YoBit has broken records in the crypto market and it’s not surprising considering that it was founded by experienced European developers and experts in the cryptocurrency industry. 

Although it was registered in Panama, YoBit is accessible on a global scale and is one of the safest cryptocurrency companies in the world, having never been hacked before. 

That’s because the company takes asset safety and security very seriously and has put certain measures in place to ensure that safety. 

Main Features

What sets YoBit apart as a cryptocurrency exchange is the fact that it accepts a number of payment methods and cryptocurrencies, and it comes with a variety of useful features. 

Leading coin index site CoinMarketCap.com shows that YoBit is currently in the top 10 list of the best exchanges in the world, thanks to its trading volume, level of liquidity, and traffic. 

However, it’s worth noting that YoBit doesn’t come with trading function support functions that are important to some people, but it does offer other useful features that offer a comprehensive trading experience. 

YoBit supports 520 cryptocurrencies as of this writing, in 8,576 markets worldwide. 

Based on the available data on crypto exchanges, YoBit has one of the most diverse crypto selections in the world. 

• Private Trading

The great thing about YoBit is that you don’t have to go through a KYC check which makes for quicker, safer, and more convenient setup and operation. 

• Low Trading Fees

The average YoBit trade costs about 0.2% for makers and maker-takers alike. 

However, it’s important to note that withdrawal fees differ based on the different coins that are available.

• Easy to List Coins

If you want to list a new token on YoBit, all you have to do is fill in an application form and pay an application fee of 2.79 BTC. 

It’s important to do your research before you try this or any other platform to make sure that you’re not being pulled into a scam because there’s no shortage of companies who are fronting as YoBit but are actually scammers. 

• YO Token

The YoBit exchange has a unique YO token that people can use to invest in upcoming crypto projects. 

• YoBit Games

YoBit often hosts fun and interesting events and games including YoPump and YoPony. Playing and winning at these games and events can lead to increased holdings and earnings as a YoBit InvestBox investor. 

• Free Coins

YoBit users can also earn free coins by completing simple tasks offered on the platform. 

• Available in Many Languages

YoBit offers Exchange chat support in the following languages: English, Chinese, Arabic, German, and Russian. 

• Strong Community

YoBit is made up of a large community of Telegram users. The company’s Telegram account has over 80k users at the moment and you can find it on this link: https://t.me/yobichaten 

• 24/7 Support

YoBit offers 24/7 Telegram support where users are encouraged to PM admins at any time. There’s also a group chat available that provides mutual support between users and admins. 

• Fiat-to-Crypto Trading

The YoBit exchange is a fiat-to-crypto market support. This means that as a self-regulated exchange, YoBit actually provides support for private trading for those who want it. 

Basically YoBit is a comprehensive crypto trading platform that is perfect for seasoned and beginner traders alike. That’s because it has an easy-to-use interface with clean and simple aesthetic that doesn’t bombard the user’s field of vision with a bevy of unwanted features. 

The best part is that if anything feels confusing, you may ask for help on the integrated messaging system at any time. 

Registration

Because YoBit doesn’t have a Know-You-Customer (KYC) requirement, you don’t have to give them any of your personal information when registering on the exchange. 

This helps to guarantee user anonymity, while further protections in the form of wallet balances and no trading history guarantee your privacy. Also, since YoBit is registered as an offshore exchange in Panama, you can bet that they won’t be changing their KYC policy anytime soon. 

If you visit the YoBit website homepage, you’ll notice that on the top right corner of the page is a registration button. 

Once you click on it, you’ll be taken to a form that asks for your username and email address. Afterward, you should get a confirmation email with a link to your newly opened account. 

Depositing and Withdrawing

Now that you’ve set up an account, you need to deposit money into the account in order to start trading. 

The best part is that YoBit supports fiat currency as well as cryptocurrency so you can make your deposits and withdrawals using either option. 

At the top part of the page, you’ll see a section called “wallets” where you can choose between fiat and cryptocurrency as your preferred deposit currency. 

For example, let’s say that you wish to make a BTC deposit. If that’s the case, they’ll send you the following page with a QR code that represents your unique wallet address. 

However, if your intention is to use fiat currency for your deposit, use the provided methods to select your preferred currency.

For example, you might select USD from the provided menu and select the “+” button to make your choice in order to see the following: 

Write your desired deposit amount and your preferred payment prior to checkout. 

The withdrawal process is very similar to the deposit process in that cryptocurrency users start by providing the destination address. 

The good news is that you’ll be met with a simple and straightforward interface that’s easy to use. 

Trading

At this point, you’re ready to start trading since you’ve deposited funds into your account. The trading interface is similar to the previous one in that it’s simple and easy to use. 

From the image above we can see that available balances are shown on the top left corner, and below that is available exchange supports. 

You’ll notice a trading chart in the middle in addition to buy and sell order boxes. 

On the right-hand side of the page, you’ll notice a trader chat where you can talk to support staff if you feel confused about anything, as well as a dice game for anyone who feels like doing a bit of gambling. 

Commission Fees

Market takers and market makers are charged a flat fee of 0.2% for trading on YoBit. This is different from most exchanges that charge variables rates for takers and makers. 

Different deposit and withdrawal fees apply to different methods. For instance, BTC withdrawals attract a fee of 0.0005 BTC. 

Things like Payeer and Perfect Money attract a 1% to 10% fee based on the specific payment method and currency that’s used. 

Yobit.net Reviews for 2020

Crypto News – rating 4.5/5

CryptoPotato – rating 8.6/10

BlockOnomi – rating 8.2/10

Final Thoughts

YoBit is one of the most popular cryptocurrency exchanges in the world today, and for good reason. 

This unique exchange boasts positive reviews on reliable websites such as TrustPilot and CryptoWisser. 

They also hold a high ranking on the esteemed CryptoGeek website and are considered to be on the top 3 of the best exchanges in the world. 

This makes them a go-to resource for traders and makers like, especially when the exchange has a daily CoinMarketCap volume of $50 million and is consistently featured in the top 10 lists of the best crypto exchanges. 

Not only that, but YoBit has partnered with https://cryptotalk.org/ to create a reward campaign aimed at helping users to earn rewards. 

All you have to do is visit this forum: https://yobit.net/en/paybyposts/ and post messages on it.