YoBit Exchange Review: Legit or a Scam?

YoBit Exchange Review

Investing in Bitcoin is one of the latest buzzes around the tech world.

There is definitely high risk involved, but the potential for rewards is also high.

Even though there are many people who feel Bitcoin is a bubble, there are users who are using this potential bubble as a way of making a lot of money.

Another aspect of the Bitcoin boom is the other new coins which make up the entire “cryptocurrency ecosystem”.

Here at CoinSutra, we have covered many of these “altcoins”. The altcoins found on CoinSutra are technically sound based on the projects’ white papers, the considerable amount of work done, and the firm foundations these projects are built on.

Recently, I talked a little bit about Bittrex and Poloniex, two popular cryptocurrency exchanges. However, as these exchanges become more and more popular, getting an altcoin listed on them takes time.

This is why other cryptocurrency exchanges like Cryptopia, YoBit, and CoinExchange are becoming popular. Using these not so popular exchanges, you can get access to some new coins that big exchanges like Bittrex and Poloniex have not yet listed.

One great thing about getting a coin on a less popular exchange is that when one of these coins gets listed on BIttrex and/or Poloniex, you can expect a huge price surge.

Disclaimer: This is not investment advice; rather this is helping you to understand the mediums you can use to invest in cryptos.

In this guide, I will share with you a review of YoBit.net, a less popular cryptocurrency exchange which frequently adds new and lesser-known altcoins.

YoBit Exchange Review

YoBit is not a new name in the crypto world.

In 2015, YoBit was introduced on the BitcoinTalk forum. It offers many of the same features and characteristics of other cryptocurrency exchanges.

Here’s how their dashboard looks:

Yobit Review

The interface looks a little outdated compared to something like Bittrex, but it is still good enough to easily trade cryptos.

Security of YoBit

YoBit offers two-factor authentication and a login verification email security feature.

Enabling two-factor authentication is optional, but it’s something you should enable as soon as you create an account. Regardless of which platform you use, this is one feature every cryptocurrency investor should use from day one.

YoBit Exchange Security

YoBit also supports a ‘Freeze withdrawals’ feature in case you feel you are under attack. This feature can be accessed from the profile settings page.

InvestBox

One thing that I don’t like about YoBit is the lack of documentation offered about how to use the exchange.

For example, they have something called “InvestBox”, which is something similar to a lending program like the one Poloniex offers. But it lacks details…

Invest your free coins to InvestBox! It’s a tool for devs to promote their coins. It’s NOT Pyramid/HYIP, all payments are made from the special fund. InvestBoxes can change status from Active to «No coins», but you can close your investment any time, it’s 100% safe. To get InvestBox Payments for BTC, ETH, DOGE, LTC, DASH, WAVES – you need to Play minimum 5 Dice Games / day at these coins.

Yobit-Investbox

If you understand how InvestBox works, you can probably earn a decent amount of money. However, at this stage, I’m not a huge fan of trusting YoBit with too much of my money unless they improve their overall customer experience.

The best part about the YoBit exchange…

My favorite part of the YoBit exchange is how fast they list new coins.

This gives ample amounts of opportunity for smart investors to get these new coins during the initial phases. This also solves the problem of a new coin needing a wallet (because you can store them on the exchange). Note: As soon as a wallet comes out for a coin, you should move your coins there.

One important thing to know:

  • Any company can list their coin on YoBit for a small fee.

YoBit Coins

This is important to know because many “scam coins” can easily be listed on this exchange.

So, you have to be extra cautious because having a coin listed on YoBit does not make it reliable. So if you see a coin which is proudly promoting itself as being listed on YoBit, don’t get too excited.

Also, since YoBit keeps adding new coins, they often don’t have the support needed for those coins’ wallets. This means that you won’t be able to withdraw some of your “shit coins”.

I know it sounds risky and I hope it doesn’t happen to you, but it’s an important thing to know.

Other features:

  • YoBit Dice: A gambling feature where you can bet with any coin of your choice.
  • Support: They offer support via a ticketing system which you can access from your dashboard.
  • Language: The site is available in English, Russian, and Chinese language.

Conclusion: Is YoBit A Legit Exchange?

YoBit is definitely not a scam exchange, and you can safely use it to trade cryptocurrencies.

However, they are not as polished as other options like Bittrex, Cryptopia, and CoinExchange (to name a few).

If you want to get ahold of certain cryptos which are only available on YoBit, you can certainly do that.

But you should always be aware of the risks involved in crypto investing.

Create an account on YoBit

Important links:

Have you used YoBit to exchange cryptocurrency? How was your experience? Share your review of YoBit in the comments section below!

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13 thoughts on “YoBit Exchange Review: Legit or a Scam?”

  1. Hi,
    Instead use Binance, move your cryptos there and freely do the trading. It is 100% legit has all the mainstream crypto currencies, many altcoins and very user friendly interface.
    Trading fee is negligible even then if you want to save 50% more on your trading fee
    Happy trading, Thanks!

        1. Thanks Harsh,

          I am a silly person. Confused in punctuation !

          You mean to say that there is no Fees for Bid Orders or Cancelled orders on Binance. Fees is charged only for confirmed orders.

          Is that what you mean !

  2. Hi can you tell me how much is the minimum deposit with usd and how much is the minimum trading size that yobit requires? thank you very much.

  3. 100% SCAM!
    I cannot login cause my 2FA code does not work and support hasnt answered for 5 months. Awesome, now my money is lost. Stay away from them

  4. Yobit is a scam exchange that never responds to support tickets and regularly steals user funds. Do your own research and you will find forums littered with posts from people who lost their funds to this shitty excuse for an exchange.

  5. No information about their fee structure on their webpage. This fact pretty much disqualifies Yobit as a legit exchange! Anyway, tried asking their support and received an empty reply.

  6. I have very bad experiences with the exchange. I am a very active trader, with experience on at least 20 exchanges, which are all OK to good. With the exception of Yobit! Withdrawals almost never succeed (nevertheless the wallet-status of the coin) and there is ABSOLUTELY NO SUPPORT AT ALL!). Unless you start complaining in the chat (which I just did), then there is an immediate response. They are a joke, nothing more nothing less. Just avoid is my advice, so with it what you want:)

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Howdy, Welcome to the popular cryptocurrency blog CoinSutra. Here at CoinSutra, we write about Bitcoin, wallet management, online security, making money from Bitcoin & various aspects of cryptocurrencies. You can read more about CoinSutra on the “About” page.
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