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    Yobit Review 2022: Is It Legit & Safe To Use

    Updated: Jul 21st, 2022
    Kevin Groves
    Kevin Groves
    Yobit Review 2022: Is It Legit & Safe To Use

    Yobit is a popular cryptocurrency exchange that has been a platform of choice for several years. The exchange is well known for offering an extensive list of cryptocurrencies to trade from including low cap altcoins to the bigger and more common assets such as Bitcoin, Ethereum and XRP. However, the platform has come under fire with bad customer feedback. In this review, we examine the platform to see if it's a legitimate and safe place to trade.

    Yobit

    Trading Fees:0.2%
    Country:Global (US not allowed)
    Currency:Crypto only
    Promotion:None available at this time

    Key Features

    • One of the largest selections of cryptocurrencies and trading pairs available
    • Supports exotic altcoins that are not supported on other exchanges
    • Crypto only exchange that does not require KYC
    • Basic user interface for intermediate traders
    • Competitive trading fees of 0.2% per trade

    Yobit.net is one of the oldest cryptocurrency exchange that was established well before the likes of Binance, BitMEX and FTX. The main purpose of the platform is the spot markets that have over 8,000 trading pairs available to speculate on, including lesser known altcoins and tokens.

    Key Features

    • One of the largest selections of cryptocurrencies and trading pairs available
    • Supports exotic altcoins that are not supported on other exchanges
    • Crypto only exchange that does not require KYC
    • Basic user interface for intermediate traders
    • Competitive trading fees of 0.2% per trade

    Yobit.net is one of the oldest cryptocurrency exchange that was established well before the likes of Binance, BitMEX and FTX. The main purpose of the platform is the spot markets that have over 8,000 trading pairs available to speculate on, including lesser known altcoins and tokens.

    Ease of useStarStarStarStarEmpty Star
    ReputationStarStarStarEmpty StarEmpty Star
    Deposit methodsStarStarStarStarEmpty Star
    FeesStarStarStarStarEmpty Star

    This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information.

    What Is Yobit?

    Yobit.net is a pioneer in the cryptocurrency space that offers a simple yet powerful platform that is well-known for trading altcoins. A unique feature to Yobit is there are over 8000 different cryptocurrencies that can be traded against multiple base assets including Bitcoin, Ethereum and Tether. The ongoing popularity of Yobit as one of the best altcoin platforms is evident by its massive trading volume of near $50 million a day according to Coinmarketcap. The website once ranked number 10 for the most traded cryptocurrency exchange that was ideal for serious crypto traders looking to speculate on altcoins.

    Is Yobit Legit?

    Yobit appears to be a legit cryptocurrency trading exchange that has been operating for many years and has attracted a significant following of traders. The exchange is registered in Panama and available to users worldwide except for the USA.

    Yobit Compared

    A purpose built trading platform for altcoins with competitive trading fees are important features on Yobit. This comparison table lists other exchanges like Yobit with similar features and functionality.

    Is Yobit A Safe Exchange?

    Yobit does not appear to have been hacked since its launch in 2014. The platform does feature the basic security measures such as 2FA to protect user accounts. There is limited information on the site security measures, so we always advise users to do their own research.

    Account Registration & Login

    To get started with Yobit, you first need to create an account by following these instructions:

    1. Visit Yobit.net
    2. Click on the 'Registration' link at the top right-hand corner
    3. Enter in your email address and set a strong password
    4. Agree with the terms of service and click on 'Create An Account'
    5. Verify account by clicking the link sent to the registered email address
    6. Login to Yobit using your credentials

    ID Verification Requirements

    Users are not required to complete a Know Your Customer (KYC) process which is great. This means new traders can deposit funds and begin trading their favorite coins on the platform in a matter of minutes. Yobit does not collect any data which preserves the anonymity of traders on the exchange.

    Depositing Funds

    Depositing funds into a Yobit account is fairly simple. Like other crypto exchanges, this can be performed by navigating to your 'Wallet' and selecting the asset you want to deposit. This will bring up a unique Yobit wallet address that can be used to securely transfer funds from a hardware wallet in your possession or from another crypto platform. Here, you can also withdraw funds and view the history of transactions from your wallet.

    yobit deposit cryptoyobit deposit crypto

    Trading Experience

    When you visit Yobit.net, the trading user-interface is the first page you see. It is basic in appearance but includes the standard trading features and tools that is expected for a digital asset exchange. On the left, traders can quickly view the account balance summary which can be useful. The markets are listed below which are categorized into the different pairs available to trade.

    You can quickly switch through hundreds of trading pairs to search for opportunities. Showing the daily change % and volume is great for rapidly scanning for high momentum coins (e.g. breakouts).

    yobit user interfaceyobit user interface

    The charts are positioned in the middle of the user interface. Traders that rely on advanced charting software or tools using technical indicators, patterns, or chart tools will not find these available on Yobit. Although, traders that know how to read the order book, volume and candlestick patterns will love trading on Yobit to speculate on hundreds of coins available on the platform.

    Overall, we found the trading experience on Yobit to be simple and easy to use. It is similar to other well-known exchanges and reputable exchanges such as Poloniex and Gate.io which have around for many years. 

    Fees, Margin & Limit

    Most traders will know that trading fees are an important consideration when using a cryptocurrency trading exchange. Particularly for active day traders that can execute several trades a day with high leverage which is ideal for a Bitcoin short sellers. Yobit fees are as follows or you can visit their website to view in full.

    Trading Fees

    To buy and sell crypto using the Yobit platform, the trading fees do not exceed 0.2% of the transaction amount. Compared to other crypto trading platforms, Yobit's fees are competitive in the market. For example, Yobit's fees are cheaper against similar exchanges EXMO and Coinfloor which have a trading fee that begins from 0.3%.

    Deposit & Withdrawal Fees

    There are no deposit fees to transfer any cryptocurrency into Yobit. For withdrawals, a standard blockchain fee applies which is determined by the network load.

    Customer Support

    An important factor when deciding to use a particular cryptocurrency exchange is customer service. According to the Yobit FAQs, support queries are usually responded to within an hour but can sometimes take up to 24 hours.

    Yobit.net does have a FAQ section but is fairly limited and answers basic questions only such as how to get started, deposits, fees and withdrawing funds. We did not see a 'Knowledge Base' section which would be helpful for beginners that are getting started with Yobit.

    Yobit has one of the largest communities on Telegram with over 80,000 people in the English group chat. The admins appear very active and responsive when sent a direct message for support.

    Yobit Reviews & Feedback

    The exchange has received 4.5 stars out of 5 on the respected review website Trustpilot. This is usually a good indication and a measure of the reputation and trustworthiness of the exchange. The majority of the comments are positive with a few negative comments. We did notice there are no neutral ratings which we found suspicious.

    When selecting a new crypto exchange, users should always apply their due diligence, risk management practices and continue to keep updated with exchange reviews such as this.

    yobit reviewsyobit reviews

    Frequently Asked Questions

    Yobit.net has an affiliate program that rewards existing users that bring in new customers with their unique referral link. The referral bonus is 20% of the referred users tradings fees.

    Yobit does not have a mobile app for Android and iOS users to trade cryptocurrency.


    Yobit does not have a demo account to allow traders to practice crypto trading without making a deposit

    Conclusion

    To conclude our Yobit review, it is one of the oldest crypto exchanges that has delivered a rock-solid trading platform for several years. It appears the exchange has come a long way to improve the customer service with a responsive Telegram community and several admins to support their growing user-base. 

    In short, we found the exchange easy to use, deposit funds and execute trades. It's a great platform for crypto traders and investors that are looking to capitalize on new cryptocurrencies to build wealth in Bitcoin should consider using Yobit. However, we were concerned with the negative feedback and suspected manipulation of comments on reputable review websites.

    Kevin GrovesKevin GrovesKevin Groves

    Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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