YoBit Review 2020: Everything You Need to Know About Crypto Exchange

Cryptocurrency exchange YoBit, one of the oldest platforms on the market with a daily trading volume of $50M according to CoinMarketCap, has been offering its services to traders all over the world since 2014. It is one of the favorite choice for traders because of its user-friendly interface and its high security level. As a result of its popularity, is has been included in the top 10 of CoinMarketCap’s new ranking.

Since Bitcoin’s genesis block was mined on January 3, 2009, the crypto world has evolved significantly. With the emergence of an almost endless list of cryptocurrencies, there are more than 4,000 of them, investors realized they were actually a very profitable way to make money with very little effort. But, how could they invest in this new type of asset? The answer is crypto exchanges, which offer users the possibility to buy, store or sell them.

YoBit, which was founded back in 2014 in Panama by a group of crypto enthusiasts and developers from all over the world, has been operating for around 6 years now allowing its users to trade Bitcoin as well as a wide range of other cryptocurrencies. The exchange was established in a closed jurisdiction, which helps to protect users’ funds. In particular, its official address is YoBiCrypto Corp. 0801-3254, Panama City, Plaza 2000 Tower, Calle 50, Panama.

Users from all over the world, both beginners and more experienced traders, opt to trade their crypto assets on YoBit for its simplicity, security and for being one of the most powerful platforms in the market.

One of the reasons why this cryptocurrency exchange attracts so many users is that it allows the direct purchase of cryptocurrencies via fiat money, meaning that traders do not have to waste their time trying to find a way to convert their fiat money into cryptos somewhere else. If you want to trade cryptocurrencies on YoBit, you only need some fiat money available and know the assets where you want to invest it in.

Many users fear their identity could be leaked as a result of an attack or disclosed to any third parties, which is not surprising if we consider this is something that unfortunately happens pretty frequently. However, users trading on YoBit have nothing to worry about as they can trade keeping their anonymity.

Unlike many other cryptocurrency trading platforms that make their users go through a very strict KYC (Know-Your-Customer) process before trading, YoBit simplifies the process by allowing traders to start placing their orders without the need to complete this tedious process, which means they can trade without disclosing their identity to the exchange.

In addition, there is one more reason why traders should feel safe while using the platform - YoBit has never been hacked, which clearly shows how effective its security measures are. For that reason, if you decide to store your cryptos on the platform, there is nothing to fear, as they are as safe as they could be.

In spite of the fact that YoBit's team attend main crypto events all over the world and is quite famous in the industry, they prefer not to disclose their identity so as to provide safeness and security, which is just another example of how seriously they take security.

As said before, users do not need to go through a difficult registration process to start enjoying the platform’s numerous features. Thus, the registration process only consists of a very few steps. In order to proceed to the registration, users only have to provide a login, a password, a valid e-mail address and agree to YoBit's rules.

After clicking on the confirmation e-mail, the next step is to enable 2-factor authentication, which requires users to introduce a single-use code every time they log in. This additional security layer helps keep the users’ funds safe.

Once the whole process is complete, which will not take more than a few minutes, everything is ready to start trading on the platform.

Before starting to trade, users must make a deposit on their account, which can be made with around 9 currencies and cryptocurrencies. There is a wide range of options available for making deposits and withdrawals. Traders can deposit their accounts with fiat money through VISA, Mastercard, AdvCash, Perfect Money and Payeer.

Once the funds are deposited, everything is set to start enjoying one of the best trading experiences in the crypto sphere. The platform’s interface, which has been designed with users in mind, is both simple and powerful at the same time. This means that inexperienced users will not have any problem to find the options they are looking for as they are all easily accessible, they will not find unnecessary buttons or alerts. However, YoBit's powerful engine also provides experienced users with all the necessary features they need to implement their trading strategies.

In addition, the platform has been especially designed to smoothly work even when trading activity is high, which means that users are always able to place their orders without suffering any type of lag.

After selecting a trading pair, the platform loads a candlestick chart as well as all the necessary fields to start trading. The BUY and SELL boxes allow you to define how much of your crypto you want to sell and at what price. The platform charges a 0.2% fee per transaction.

If, for example, you want to sell 1 LTC for BTC, you only have to introduce that amount on the “Amount” field, then set the price, click on the “Sell” button and wait for the order to be filled.

The exchange features a wide range of sections including Dash, Trade, Market, InvestBox, Wallets, Orders or History and PM (personal mail), among others. Special mention must be made to FreeCoins, that allows users to get free coins by simply sharing a link to the exchange on their social networks (Twitter, Facebook or Vkontakte).

However, this is not the only way YoBit users can get free Bitcoins. They are also given the option of making some extra money by simply posting messages on CryptoTalk. The exchange has a dedicated section to keep track of how much BTCs users get through this method.

The exchange also has a “Wallets” section in which users can see all the currencies that are compatible with the platform and therefore accept deposits and withdrawals. Users have the possibility of hiding all assets with zero balance. In addition, there is an extra option that allows users to check the history of a certain asset. To do so, they simply have to click on the “History” button and see all transactions in which that particular asset has been involved. Traders can order withdrawals from this section, and they are automatically processed. The commissions are automatically deducted.

If users want to find out some information about any crypto they are interested in, they do not have to leave the platform to find it. Users can just go to the “CoinsInfo” section and find everything they need: the cryptos’ full name, their algorithm or their money supply, among other things.

The exchange features another extra section that offers users the possibility of investing a part of their funds in some special investment programs. Each of these programs offer a different rate, however, they range from 0.1% to 10%. The invested funds are protected by YoBit. The exchange implements some special measures aimed at protecting the users’ funds. For example, the maximum return on investments in InvestBox is around 5%.

YoBit’s promotes the participation of its users in the platform by allowing them to propose the listing of new tokens. The “Add” button leads to a section in which users can suggest the addition of new tokens. However, it must be noted that all additions are subject to the platform’s approval. According to the exchange, tokens are added every 1-7 days.

YoBit does not only include the most popular trading pairs like ETH/BTC or LTC/BTC as many other exchanges do. Users looking for pairs formed by less popular altcoins will definitely find them on the exchange, as the platform features an almost endless list of trading pairs some other platforms have never heard of.

In particular, the exchange features 8,575 trading pairs. Have you ever visited CoinMarketCap and found out that the cryptocurrency with the highest growth over the past 24 hours is not listed on other popular exchanges? You will probably find it on YoBit.

The trading platform has an enormous community on Telegram with more than 80,000 people on the English Telegram channel and more than 60,000 on the Russian one. Those users who might have any problem on the platform or simply would like to share their experience with other traders can do it directly on these channels.

On top of that, YoBit also offers its users the possibility of contacting their support team directly on Telegram. They can just send a private message and receive support very quickly. It does not matter the problem you have with the platform, as the exchange’s support team is available in the messaging app 24/7. There are always at least 10 admins online, so your problem will be solved in a matter of minutes.

Support can also be contacted by opening a ticket on the “Support” section. Regardless of whether users contact support through Telegram or through the Support section, they will always receive an answer in a few minutes.

The exchange is currently available in three languages (English, Russian and Chinese), so users from all over the world can enjoy all the platform’s features in their mother tongue.

YoBit also features a chat (available in English, Russian, German, Chinese and Arabic) in which users can share their thoughts with other traders to make trading a social activity.

YoBit is one of the best valued crypto exchanges of all times. And it’s not us who say it but reputable reviews platforms such as Trustpilot, Cryptowisser, Cryptogeek and Blockonomi. For instance, Truspilot gives the exchange 4 stars out of 5 based on 31 reviews, which clearly shows the users’ opinion on the platform.

However, this rate is even higher on the popular reviews platform Cryptowisser, where the exchange has a 4.59 rate (out of 5) based on over 300 reviews. According to Cryptowisser, the exchange gets an A rate at the sites analysis tool Observatory by Mozilla (https://observatory.mozilla.org/), which shows how secure the platform is if we take into account that most exchanges featured in Cryptowisser only get an F. The exchange also has some really good reviews on Blockonomi, where it has an 8.2 rate (out of 10).

According to users, its ease of use, fees, customer support and payment methods deserve an 8 each, while the exchange’s reputation is rated at 9!

If you are looking for a secure trading platform to easily trade an extended list of cryptocurrencies through a wide range of trading pairs, add funds to your account very easily through Visa or Mastercard cards and have the chance to get free coins by simply sharing a link on your social network, then YoBit is what you were looking for.