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.
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:
The interface looks a little outdated compared to something like Bittrex, but it is still good enough to easily trade cryptos.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 also supports a ‘Freeze withdrawals’ feature in case you feel you are under attack. This feature can be accessed from the profile settings page.
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.
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.
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.
- 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.
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.
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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