YoBit Crypto Exchange Review

Rating: 4.5/5

Bitcoin Trading Verified

     Get A FREE Personal   

Account Manager!

What Is YoBit?

YoBit is an exchange where cryptocurrencies are bought, sold and exchanged. Verification is not required, there are fiat deposit methods. Its peculiarity is a huge number of represented digital assets: from the most well-known to those that appeared just today. YoBit can also be used as an online wallet, and more recently the exchange offers the opportunity to invest and receive a fixed daily income in the program "InvestBox". VMining has been launched since 2020.

YoBit exchange has been working since 2014 and during this time it has already managed to become the leading cryptocurrency trading platform. This is a powerful and popular resource, which is of interest to traders. In terms of functionality and convenience, it can be surely considered one of the strongest platforms among the competitors and you can hardly find such an impressive set of useful options on other cryptocurrency exchanges.

Criteria

Value

Site

Social Media

Date of foundation

2014

Head Office

YoBiCrypto Corp., 0801−3254 Panama City, Plaza 2000 Tower, Calle 50 Panamá

Types of support

Tickets in your personal cabinet
Online feedback form
Telegram
Facebook
VK
Telegram

Languages

English, Russian, Chinese

Trading Commission

Up to 0.2%

How to register on YoBit

How to register on Yobit

Registration in YoBit does not differ from the same procedure on other exchanges. You need to go to the official website yobit.net and fill out the form. In the form you need to enter your login, email, password, solve the captcha, agree with the "Terms of Service" and click "Register". After that an email from the YoBit exchange will be sent to confirm the account creation.

Registration on YObit

To enter the YoBit site you need to click on the main page of the site "Login", enter your username and password (you may need an authentication code, which will be sent in an e-mail). After that, you can start working on the exchange.

Deposit and start trading

The user can start trading on the exchange after depositing funds. To deposit funds, you need to go to the "wallets" page and select a wallet for the deposit. There is a search option to determine the deposit in a suitable cryptocurrency/fiat.

Deposit and start trading

Then the user will be able to choose the preferred method of funding the account: AdvCash, Payeer, Perfect Money, credit/debit card. After that it is necessary to enter the required amount. When depositing through AdvCash, Payeer or Perfect Money YoBit does not charge any commission.

After selecting the desired method of payment, the user should click on the "Make payment" button. YoBit does not charge a deposit fee, but Perfect Pay, for example, does charge a fee for funds transfers. As soon as the funds arrive in the wallet, the trader can trade.

How to trade on YoBit

By accessing the "Market" page, users get access to 8,801 cryptocurrency and crypto-fiat trading pairs. They will then be automatically redirected to the "trade" interface, where they can place a "buy" or "sell" order.

How to trade on YoBit

On the YoBit platform, traders can view charts while analyzing trades. Users can select and customize chart parameters, including time intervals.
As an interactive chart, users can also move the cursor over the rows to get trading volume data as well as open, closed, minimum and maximum prices of trading pairs. Users can select their trading pair either on the left side of the trading page or on the market page.

Deposit and withdrawal methods

YoBit allows cryptocurrency or fiat deposits and withdrawals. Deposits and withdrawals of fiat money can be made through AdvCash, credit/debit cards, Payeer and Perfect Money.

Funds can be withdrawn from YoBit wallet to a personal cryptocurrency wallet. To withdraw cryptocurrency in fiat, select a wallet and click the withdrawal button. You need to insert the address of your personal wallet, enter the number of coins and click "Withdrawal request". You should make sure that information is correct beforehand. Incorrect data can lead to loss of crypto-assets.

The withdrawal fee varies depending on the asset being withdrawn. After entering the required amount of coins, the user will receive the desired amount minus YoBit fees.

Virtual mining on YoBit crypto exchange

Virtual mining on YoBit was launched by the exchange in 2020 in order to provide investors with a sustainable alternative income opportunity. The emphasis is on a low barrier to entry, so that not only large investors, but also almost every user can take advantage of the service.

Virtual mining on YObit crypto exchange

The YoBit exchange offers a virtual mining method in which investors buy a so-called miner and through it earn a certain percentage of tokens every day. The income is currently paid in MINEX tokens, which can then be converted to Bitcoin (BTC), Ethereum (ETH) or any other cryptocurrency supported by the site.

Payments are made daily in the format of the exchange's own token, MINEX, so users profit every 24 hours. The value of the currency under the plan will continue to increase so that the meaning of mining is not lost. The increase in the price of the MINEX token is supported by a specially designed technology. Its features:

  • When the user buys a miner, 90-85% of the bitcoins are sent to MINEX support in the MINEX/BTC trading pair.
  • Each new miner purchase (except the Micro 2 option) increases the support price in the MINEX/BTC trading pair by 4 satoshi.
  • 10% of any miner's value is used to redeem another Yo exchange token in the Yo/BTC pair.
  • YoPower: there is an option to buy additional power for your miners, cost: 10% of the current cost of the miner, expressed in Yo tokens.

Additionally, the exchange provides a couple more opportunities related to virtual mining. So, for each purchase of a miner by a referral, the referrer gets 5% of the amount. And for publishing screenshots of their miners in the thread there is an opportunity to win cash prizes of up to 4 BTC.

How to use virtual mining on YoBit you will learn from the video below.

Advantages and disadvantages of  YoBit crypto exchange

Like any cryptocurrency exchange, YoBit has its advantages and disadvantages. Let's consider them in details

Advantages

Disadvantages

  • The interface is user friendly and straightforward. YoBit is easy to use and suitable for experienced traders and beginners.
  • Customer support 24/7. There is even a special telegraph channel for users (80,000+ subscribers). YoBit has received good feedback from users for the quality support work.
  • Deposit and withdrawal of cryptocurrency and fiat assets. You can deposit funds using QIWI, AdvCash, debit card, Payeer and Perfect Money or use your cryptocurrency wallets to transfer to the exchange. Withdraw cryptocurrencies and fiat with AdvCash, debit card, Payeer, QIWI and Perfect Money.
  • Multilingualism. The site is available in Chinese, English and Russian. Technical support is available in Arabic, Chinese, English, German and Russian.
  • Easy and fast registration. No KYC and AML. Account does not need to be verified to start trading. However, two-factor identification is provided for account security.
  • Transparency. You can view the history of your transactions on the platform, where the time of transaction, trading pair and type of transaction are specified.
  • Low fees and commissions. YoBit charges a flat fee of 0.2% or the equivalent of 0.0005 BTC depending on the type of transaction. Learn more about this below.
  • YoBit is based in Panama, where there are no KYC requirements. However, this aspect is not an advantage for those looking for a safer trading environment. At the same time, there is no detailed information on the team and developers of the exchange, which reduces its transparency and user trust.

Conclusion

YoBit is a cryptocurrency exchange offering a lot of opportunities for traders to work with virtual money. This is a powerful environment that allows not only to earn money by trading, but also to withdraw it quickly, invest in new coins, win them for free, etc. There is probably not such a strong and simultaneously functional resource among other crypto exchanges on the market.

Jack Evans


I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.
All articles of the author