Yobit.net is a Russia based cryptocurrency exchange that is famous for its controversial nature. They have an on-going investigation by Russian authorities regarding fraud claims. That's not all, Yobit Russian Investigation, has become one of the most searched keywords online, when people try to look up 'Yobit' on Google.
But Yobit executives and officials denied accepting any of the claims as true, and rather blamed it on EdinarCoin, another cryptocurrency exchange operating in Ukraine. Whatever the truth maybe, it did shake the trust of its users and investors for a bit.
But, without passing a judgment too quickly, this review about Yobit exchange is aimed at providing a clear, transparent and honest stance about this cryptocurrency exchange. We will provide an in-depth analysis, pros and cons and talk about the major features and short-comings of this Russian exchange.
Yobit was founded in Russia, and was introduced to the world in Bitcoin talk forum in 2015. Not much information is available about their founders. They have many cryptocurrencies on their exchange, including - Bitcoin, Ethereum, Litecoin, Dogecoin, DASH, Vertcoin etc. and they also have their own coin called YOVI coin (Yobit Virtual Currency).
Apart from this, they also have USD (United States Dollar) and RUR (Russian Ruble) as two fiat currencies listed on their portal. They do not allow deposits in any other currency, but these two. The first look at the home-page of their website will take you to a complex and tough to understand exchange.
The top-bar has a list of menus, out of which many are confusing, for example - InvestBox. Most of the users won't have any idea of what an InvestBox is, and what its features are. They have a dice-game featuring Bitcoin, on bottom-right side of the home-page.
Apart from the dice game, they also have YobiCodes. We will talk about them in the next section of this review, but one thing that can be said for certain is that - the interface needs a proper go-through and learning, especially from a newcomer's point of view. You just cannot expect a first-timer to come and start trading on Yobit smoothly.
Yobit cannot be criticized for its tough to use interface or controversial reports, it does have some positive features that cannot be overlooked. This Yobit Review aims to provide a clear picture about the exchange. Some of the upsides of Yobit are -
Yobit has many advantages and features that other cryptocurrency websites do not. But this does not make it an ideal platform for everyone to trade in. To complete this Yobit Review, let us also glance at some of its disadvantages -
Yobit is accessible in most of the countries of the world, including USA. They welcome USD and RUR deposits from their users, and have no compliance issues as such. From security side, Yobit is much more secure than many other cryptocurrency exchanges out there.
It allows its users to implement 2FA (two factor authentication) apart from DDoS protection on browsers. They have SSL (secure socket layer) and fire system encryption. If you accidentally leak your credentials anywhere online, you may even freeze your withdrawals which acts as an additional protection layer to the overall account.
Operating since over 2 years now, Yobit cryptocurrency exchange has a strong position worldwide. As per similarweb.com, the views it pulls on an average are around 27.3 million, with average visit duration being almost 13 minutes. Which is very high, given that people do not spend much time on websites online, and tend to move elsewhere quickly.
Being Russian website, it is natural and expected that it will pull the highest traffic from Russia. Almost 31.6% of its traffic comes from Russia, while the rest comes from United States of America (5.9%), Ukraine (5.34%), Japan (4.6%) and Vietnam (3.16%).
Social media plays an important part in popularizing and making a platform famous. But the social media influence on Yobit is not much. Only 3% of the total traffic comes from social media. YouTube (40.11%) being the top-most crowd-puller, followed by Facebook (20.2%), a local Russian social media named VKontakte (19.2%), Twitter (11.7%) and lastly Reddit (2.8%).
Signing up is fairly easy, as you can make a new account and register in under five minutes. The verification code arrives almost instantly on your registered email ID, using which you can make your account. To verify your account with your government issued identification documents and bank-details, might take some time though. Verification of your account, depends upon congestion and traffic on the network. After signing-up, you can enable 2FA (two factor authentication) on your account to give it added protection.
Yobit is the hub of cryptocurrencies, ICOs and tokens. You will find all ICOs listed on Yobit, including the latest ones. Listing a coin is very easy on Yobit, as even users can see and learn the entire process. It takes some time and fees, to be paid in Bitcoins if you want your process to complete fast. You will find all major cryptocurrencies including - Bitcoin, Ethereum, DASH, Dogecoin, Peercoin, Vertcoin etc. Many ICOs and tokens, including - OMGCoin, Buy Coin, Rocket Coin, Chat Coin, and many more. Here is a snapshot of some of the ICOs listed on Yobit -
Yobit fees is another matter of debate altogether. It charges a flat 0.2% fees on both buying and selling. Yobit does not have any maker-taker model like Poloniex, neither does it reward any rebate to the users who are making orders, like HitBTC.
It has no deposit limit on cryptocurrency. You can deposit as many crypto-assets from your existing wallets to your Yobit wallets for free. For deposits in Fiat, you might have to pay depending upon the medium you are using and the currency you are trading in.
If you are using PerfectMoney, you will not have to pay anything for both RUR and USD. But if you are using Payeer, you will have to pay 0% for RUR and 5% for USD. For withdrawals, they have different rules and regulations. If you are withdrawing cryptocurrency, you will have to pay 0.0005 coins of that currency as fees.
If you are withdrawing USD or RUR from your Yobit account, QIWI will charge you 0%, while Payeer will charge you 2% for RUR and 1% for USD. For your debit or credit cards, the withdrawals will cost you even heavily. For Visa and MasterCard, you will have to pay 70 RUR + 3%.
Customer support is under criticism and scrutiny since a long time now. Lack of live-chat window and slow response to user complaints has lead to users being furious with Yobit exchange.
Update: Currently under investigation by Russian Authorities. Yobit, a Russian-founded company first introduced on the BitcoinTalk forum in 2015. Widely criticised in online forums and not too much information to be found about them. Given the controversy surrounded we felt it only fair to look a little bit deeper at the exchange and see if they are being harshly judged. Read the review here, in short, not awful but recommend staying away!
Security deposit codes (Yobi codes)
Fiat currencies accepted and lots of altcoins available
Heavy consensus of negative user comments
No leverage trading
Unknown company background
High withdrawal fees
Yobit is not the ideal cryptocurrency exchange for someone who wants to invest his money in it, because of the recent news and controversies it has been a part of. Before investing, every user must complete his due diligence, and do proper research on his part. Considering this Yobit Review, we have tried to cover every aspect of this Russian cryptocurrency exchange. It has a lot of room for improvement, and it must start with solving customer-issues quickly.