YoBit is a crypto exchange created by a group of Russian developers in 2015. The platform now states that it operates in San Francisco, with a reserved domain in Panama City.
Trading fees on YoBit depend on the traded asset, but the company states they don’t go over 0.20%. This is in-line with the average offered by the rest of the market.
Fiat currencies accepted
YoBit accepts fiat currency deposits, although via payment methods which are not that popular outside Russia.
Large altcoin selection
YoBit’s platform looks clean and well organized (with the charts being the main exception), which is a plus for newbie users.
The platform uses a two-factor authentication procedure to secure the accounts of its users. The website is encrypted with HTTPS.
The withdrawal fees imposed by YoBit is applied to both fiat and cryptocurrency transfers is not all that uncommon, but it is not very pleasant from the user’s point of view.
Trading with leverage is not available on the exchange.
While the rest of the trading platform looks precise and clean, the charting is just updated with the financial market.
Poor customer support
While most exchanges feature a live chat option through which customers can reach the service, YoBit only has email support and access to their Twitter account. Requests are made through a ticketing system, and users have reported that it can take up to a month or more to get a reply from the website.
Few supported languages
Currently, the site only supports three languages: Chinese, English, and Russian. This is disadvantageous for traders from other regions that do not know one of the languages mentioned above.
Dice Gambling game
The site features a Dice game and an Invest Box Option (which appears only after you have played the game) with no explanation given on how the game actually works.
The company doesn’t provide any information regarding the location from which they operate or the project’s team members. While portions of their website imply that they are based in Russia, which sees a strict regulation against crypto trading and businesses affiliated with this practice, there is no way of proving they are based in Russia.
Also, in order to view the trading fees, you have to register an account on the platform. This is yet another factor that makes the platform seem untrustworthy.
There have been a lot of negative user reviews on YoBit and its services. People have claimed all kinds of bad experiences, one of the most serious accusations being that the company does not let users withdraw their altcoins. Others claimed that they lost substantial sums of money while trading altcoins. While user reviews should always be taken with a grain of salt, the sheer number of negative comments about this exchange vastly prevail over the positive ones.
In 2017, the Russian authorities launched an investigation for suspicion of carrying out fraudulent activities. As the exchange deals with fiat currency, it is expected that the government to step in and regulate the matter. The results of the investigation have not yet been made known.
Russia’s policies and regulations regarding cryptocurrencies and their use are not very lenient (nor that specific, for that matter), as many which engaged in trading or mining within the Federation’s borders were seized by authorities and jailed.
YoBit is a cryptocurrency exchange that has some issues regarding its legitimacy. First, it would be the issue regarding its pending unproven accusation. Then there is also the case of its elusive background, as there is no information available on the team members behind it.
Also, some analysts have speculated that the coins featured on the platform might also be scams.
Considering these factors and the fact that the internet is flooded with negative user experiences regarding its services, YoBit is not a secure option, and it would be recommended that traders use another platform instead.
Image Source: Medium