Yobit

Yobit exchange review

Yobit exchange was established in 2015 and is a relatively well-known cryptocurrency exchange. The exchange is based in Russia (based on their own Linkedin page) and supports multiple cryptocurrencies, which attracts a global audience. Yobit exchange is a great option for traders looking for an alternative exchange.

Yobit exchange bonuses

Yobit exchange offers users an array of different bonuses. New users can get up to 4700 FUSDT for completing simple tasks. Note though that FUSD value isn't anything similar to USDT or BUSD, and 4700 FUSD might only be worth cents. 

Yobit exchange safety and regulation

Is Yobit safe to use?

Yobit exchange has not had any major security breaches to date, but this does not necessarily guarantee your safety. The exchange is not regulated in any jurisdiction, which poses a risk to users.

Yobit licenses

Yobit exchange does not have any licenses issued by any regulatory authorities.

Yobit exchange account security options

Yobit exchange provides users with different security options such as 2-factor authentication and email verification for extra layer of protection.

Deposits & withdrawals in Yobit exchange

How to deposit money into Yobit exchange?

Users can deposit funds into their Yobit exchange accounts using different cryptocurrencies or fiat currencies such as USD and RUB. However, at the time of writing, the fiat deposit options were under maintenance.

How to withdraw from Yobit exchange?

Users can withdraw funds by visiting the Wallet page found in the top menu. The exchange offers various withdrawal methods, and they generally take no more than 24 hours to complete.

Does Yobit exchange have a withdrawal limit?

Yobit exchange does place limits on withdrawals, and they vary depending on the type of cryptocurrency being withdrawn. For example, users can withdraw up to 10 BTC within a twenty-four-hour period.

Yobit exchange fees

Deposit fees

Yobit exchange does not charge any fees for crypto deposits. However, users may incur fees when using other payment methods.

Withdrawal fees

Withdrawal fees vary depending on the type of cryptocurrency being withdrawn. For example, the exchange charges 0.00120000 BTC for Bitcoin withdrawals. Withdrawals through AdvCash is 7%, through PerfectMoney it is 1%.

Trading fees

Yobit exchange charges a flat fee of 0.2% for all trades, and this fee is applied to both sellers and buyers (Taker and Maker).

Trading on Yobit exchange platform

Yobit exchange offers users the ability to trade multiple cryptocurrencies, but it primarily focuses on alternative coins trading. The platform is not as user-friendly as other exchanges, so it may be hard (simply because it can be a bit overwhelming) for beginners to navigate.

How high leverage does Yobit exchange offer?

Yobit does not seem to offer any leverage at this point. Although different sources claim that Yobit offers either 5x or 100x leverage, I was unable to confirm these claims.

Yobit exchange KYC

Do you have to verify your account on Yobit exchange?

Users do not have to verify their accounts on Yobit exchange, and there doesn't even seem to be any KYC option.

Yobit exchange app

Yobit exchange does not have a mobile application at this point.

Yobit exchange earn

Yobit exchange offers users the opportunity to earn by participating in the Yobit InvestBox program. The program provides guaranteed income to users who invest their cryptocurrencies in selected coins AND perform certain actions.

Yobit exchange Customer support

Yobit exchange offers customer support services through a ticket system on its platform. Users can also reach out to the support team via social media platforms such as Facebook and Twitter.

Pros and cons of using Yobit exchange

Is Yobit exchange simple to use?

Yobit exchange is  definitely not the most user-friendly platform, and it may be challenging to navigate for beginners. The exchange's menus as well as general interface is pretty cluttered and can be hard to use.

Which countries does Yobit  accept people from?

Yobit exchange accepts people from most countries, except those under economic sanctions such as the US, Canada, and Japan.

Can people from USA, Canada, and Japan use Yobit exchange?

Unfortunately, Yobit exchange does not serve users from the US, Canada, and Japan.

What do traders think about Yobit  based on reviews and comments on other websites?

Traders have different opinions about Yobit exchange. Some traders like the exchange's selection of altcoins, while others are concerned about its lack of regulation and user-friendliness.

Most crypto exchanges have people with different experiences, and the ones with negative experiences always stand out the most. But in case of Yobit there are more negative opinions than in case of most other exchanges.

Final Thoughts

Yobit exchange may be a good option for traders looking to diversify their crypto portfolios. However, its lack of regulation, high fees, very non-user-friendly and 90s-looking interface does not make it attractive choice. So users should exercise caution when using Yobit exchange.