YoBit offers Spot trading on 3,300+ cryptocurrencies with a fixed commission of 0.2% for makers and takers. USD and RUR deposits are available via PerfectMoney and WebMoney.
Company Information and Regulation Status
YoBit (founded in 2014) operates as a cryptocurrency exchange without formal regulation or licensing from central financial authorities.
The lack of oversight has implications for both the platform's operations and user protection:
- No KYC Requirements: YoBit does not enforce Know Your Customer (KYC) procedures, allowing users to trade anonymously;
- Limited Accountability: The absence of regulation means users have less recourse in disputes or issues;
- Privacy-Focused: The platform appeals to users who prioritize privacy in their crypto transactions.
While the absence of KYC requirements may appeal to some users, it's crucial to understand the potential risks associated with using an unregulated exchange.
Table of Specifics
To give a picture of what this exchange offers, here is a table we prepared for you:
Exchange | YoBit |
Launch Date | 2014 |
Levels | No user levels |
Trading Fees | Fixed 0.2% |
Restricted Countries | N/A |
Supported Coins | BTC, DOGE, USDT, SHIB and more |
Futures Trading | No |
Minimum Deposit | $1 |
Deposit/Withdrawal Methods | Perfect Money, Advcash, Webmoney, Cards, Payeer, Crypto |
Maximum Leverage | 1:1 |
Minimum Trade amount | $1 |
Security Factors | 2FA, Cold wallets, SSL |
Services | Spot Trading, Investment Options |
Customer Support Ways | Ticket |
Customer Support Hours | N/A |
Fiat Deposit | USD, RUR |
Affiliate Program | No |
Orders Execution | N/A |
Native Token | YO token |
YoBit exchange offers a comprehensive set of features that are suitable for both new and experienced traders.
The platform's wide range of supported cryptocurrencies and trading pairs provides ample opportunities for diverse trading strategies.
User Levels & Features
YoBit does not specify different user levels or tiers. All users can access the same features and fee structure, regardless of their trading volume or account balance.
The lack of a tiered system can be seen as both an advantage and a disadvantage. While it ensures equal treatment for all users, it may not incentivize high-volume trading as other exchanges do.
Fees and Commissions
YoBit employs a straightforward fee structure:
- Trading Fee:2% flat fee for both makers and takers;
- Deposit Fee: No fees for cryptocurrency deposits;
- Withdrawal Fees: Vary by cryptocurrency.
The 0.2% trading fee is competitive within the industry, especially considering it applies to all users regardless of trading volume. However, users should be aware of the withdrawal fees, which can be significant for some cryptocurrencies.
Coins and Assets Offered by YOBIT
YoBit boasts an impressive array of cryptocurrencies and trading pairs. Some of the available coins on YoBit:
- Bitcoin (BTC);
- Litecoin (LTC);
- Dogecoin (DOGE);
- Binance Coin (BNB);
- Uniswap (UNI);
- Ripple (XRP);
- Polkadot (DOT);
- Cardano (ADA);
- Stellar (XLM);
- IOTA (MIOTA);
- Tron (TRX).
YoBit offers one of the most extensive selections of cryptocurrencies. This variety allows traders to explore established and emerging projects, catering to diverse investment strategies.
Futures and Margin Trading on the YOBIT Exchange
It's important to note that YoBit does not offer futures or leverage trading options. The exchange focuses solely on spot trading for cryptocurrencies. This means:
- No Futures Contracts: Users cannot engage in derivative trading based on future price predictions;
- No Leverage: No options exist to amplify trading positions through borrowed funds.
The absence of futures and margin trading can limit advanced traders seeking these options.
Registration and Verification Process
Registering on the exchange is easy to do; process of YoBit Registration:
- Visit the website and click on “Sign Up”;
- Enter a username and email address;
- Create a strong password for your account;
- Agree to the terms of service and click "Register";
- Verify your email address by clicking the link in your inbox.
Key points about YoBit's registration and verification process:
- No KYC Required: Users can start trading immediately without submitting personal identification documents;
- Quick Setup: The entire process can be completed in minutes.
Security & Safety Measures
The exchange implements several security protocols to protect user accounts and funds; some security measures in YoBit:
- SMS-Based Two-Factor Authentication (2FA): Users can enable 2FA for an additional layer of security;
- SSL Encryption: The website uses SSL encryption to protect data transmission;
- Cold Storage: A portion of user funds is stored in offline wallets to protect against hacking attempts.
Users are advised to enable all available security features and maintain good personal security practices when using the exchange.
Available Payment Methods
YoBit primarily supports cryptocurrency transactions but also offers limited fiat options; YoBit Payment Methods:
- Cryptocurrency Deposits/Withdrawals: Supported for all listed cryptocurrencies;
- Fiat Options: Limited support for USD and Russian Ruble (RUR) transactions is available;
- Third-Party Services: Some fiat deposits are facilitated through services like AdvCash and Perfect Money.
Users should be aware of the limitations in fiat currency support when considering YoBit for their trading needs.
Trust Scores and Evaluations
YoBit's reputation in the cryptocurrency community is mixed, with concerns about its trustworthiness; YoBit TrustScore:
- The Trustpilot Rating:3 out of 5 based on user reviews;
- User Complaints: Numerous reports of withdrawal issues and unresponsive customer support;
- Lack of Regulation: The absence of regulatory oversight raises concerns about user fund protection.
While YoBit exchange has been operating since 2014 without significant security incidents, the low trust scores and user complaints suggest caution when using the platform.
Copy Trading Services and Investment Options
YoBit offers investment options but does not provide traditional copy trading services: Investment on YoBit:
- InvestBox: A feature allowing users to earn interest on idle cryptocurrency holdings;
- YoPony: A cryptocurrency-based game that allows users to bet on virtual horse races.
While these features provide additional ways for users to earn returns potentially, they come with risks and should be approached cautiously.
Writer's opinion and conclusion
YoBit mainly provides Crypto investment programs, including InvestBox with daily payouts of up to 12% on 20+ coins (e.g., BTC, EDC, and X10) and YouStep with daily rewards of up to $81 for a $10,000 fund.
However, the lack of licensing from tier-1 regulatory bodies, low trust score of 1.3/5 on TrustPilot and no support for Futures trading are the YoBit exchange’s main weaknesses.
