YoBit.net 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.net (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.net 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 Crypto exchange offers, here is a table we prepared for you:
Exchange | YoBit.net |
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.
Pros and Cons of YoBit.net Exchange
Let's examine the advantages and disadvantages of using YoBit.net:
Pros | Cons |
Extensive selection of cryptocurrencies and trading pairs | Lack of regulation raises concerns about user fund safety |
No KYC requirements, allowing for anonymous trading | Numerous user complaints about withdrawal issues and unresponsive support |
Competitive flat fee structure (0.2% for both makers and takers) | Basic user interface compared to more modern exchanges |
While YoBit.net offers some attractive features, potential users should carefully weigh these pros and cons against their personal trading needs and risk tolerance.
User Levels & Features
YoBit.net 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.net employs a straightforward fee structure:
- Trading Fee: 0.2% flat fee for both makers and takers
- Deposit Fee: No fees for cryptocurrency deposits
- Withdrawal Fees: Vary by cryptocurrency
- Inactivity Fees: No costs for inactive accounts and maintenance
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.net
YoBit.net boasts an impressive array of cryptocurrencies and trading pairs. Some of the available coins on YoBit.net:
- Bitcoin (BTC)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Binance Coin (BNB)
- Uniswap (UNI)
- Ripple (XRP)
- Polkadot (DOT)
- Cardano (ADA)
- Stellar (XLM)
- IOTA (MIOTA)
- Tron (TRX)
YoBit.net 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.net Exchange
It's important to note that YoBit.net 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 and takes only a few minutes of your time. It will be explained in 3 phases.
#1 Visiting the Website
Go to the website, then find and click on “Sign Up”; you will be taken to a form later on.
#2 Completing the Form
Enter a username and an email address in the form. Also, create a strong password for your account based on the requirements.
Next, agree to the terms of service and click the "Register" button. Finally, verify your email address by clicking the link in your inbox.
#3 Verifying Your Identity
Although YoBit.net does not require KYC for trading and using basic services, you must verify your identity to lift all the limitations. You can do so by submitting personal identification documents.
Platforms and Applications
YoBit.net primarily operates through its web-based platform; YoBit.net’s platform features:
- Trading Interface: An interface for executing trades and managing orders
- Account Management: Features for deposit, withdrawal, and account settings management
Key points about YoBit.net's platform:
- Web-Based: The platform is accessible through any modern web browser;
- No Mobile App: Currently, YoBit.net does not offer a dedicated mobile application;
- Limited Advanced Features: The platform focuses on essential trading functions rather than advanced tools.
While the lack of a mobile app may be a drawback for some users, the web platform is designed to be responsive and accessible on mobile devices through a browser.
Security & Safety Measures
The exchange implements several security protocols to protect user accounts and funds; some security measures in YoBit.net:
- 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.
YoBit.net's website has received a 30/100 Trustscore from the "ScamAdviser" platform; however, no real reports of any scams or successful attacks on the exchange have been submitted.
Users are advised to enable all available security features and maintain good personal security practices when using the exchange.
Available Payment Methods
YoBit.net primarily supports cryptocurrency transactions but also offers limited fiat options; YoBit.net 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.net for their trading needs.
Trust Scores and Evaluations
YoBit.net's Trustpilot profile and other sources show a mixed reputation, with concerns about its trustworthiness; Trust Scores:
- The Trustpilot Rating: 1.3 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.net exchange has been operating since 2014 without significant security incidents, the low trust scores and user complaints suggest caution when using the platform.
YoBit.net Features
Here's a table summarizing all additional features provided in the discussed exchange:
Staking | No |
Yield Farming | No |
Social Trading | No |
Launchpool | No |
Crypto Cards | No |
Support’s Working Time and Contact Info
The exchange’s customer support system is primarily ticket-based; YoBit.net Support:
- Ticket System: Users can submit support tickets through the exchange's website;
- Response Time: No specified working hours or guaranteed response times.
Key points about YoBit.net's support:
- Limited Direct Support: No phone or live chat options are available;
- Variable Response Times: User reports suggest inconsistent response times to support tickets.
The need for specified working hours and direct support options may frustrate users requiring immediate assistance.
Copy Trading Services and Investment Options
YoBit.net offers investment options but does not provide traditional copy trading services: Investment on YoBit.net:
- InvestBox: A feature allowing users to earn interest on locked-up assets and 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.
List of Restricted Countries
YoBit.net does not explicitly specify a list of restricted countries. However, users should be aware that:
- The lack of regulation may make the platform inaccessible or legally risky in some jurisdictions;
- Users are responsible for ensuring compliance with their local laws and regulations;
- The absence of KYC requirements may conflict with regulations in certain countries.
Users must research and understand local cryptocurrency regulations before using YoBit.net or any unregulated exchange.
YoBit.net in Comparison with Other Exchanges
The table below compares the platform with 3 popular competitors based on specific parameters:
Parameters | YoBit.net Exchange | |||
Number of Assets | 3,300+ | 800+ | 1300+ | 700+ |
Maximum Leverage | 1x | 125x | 100x | 100x |
Minimum Deposit | $1 | $1 | N/A | $1 |
Spot Maker Fee | 0.2% | 0.005% - 0.1% | 0.005% - 0.1% | -0.005% - 0.1% |
Spot Taker Fee | 0.2% | 0.02% - 0.1% | 0.015% - 0.1% | 0.025% - 0.1% |
Mandatory KYC | No | No | Yes | Yes |
Futures Trading | No | Yes | Yes | Yes |
Mobile Application | No | Yes | Yes | Yes |
Fiat Payment | Yes | Yes | Yes | Yes |
Staking | No | Yes | No | Yes |
Copy Trading | No | Yes | Yes | No |
Writer's opinion and conclusion
YoBit.net 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.net exchange’s main weaknesses.