Yobit Review: Is It Legit & Safe In 2020?

Yobit is a popular cryptocurrency trading 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. 

In this Yobit review, we will provide an overview of the exchange features, user-interface, trading tools, order types, fees, customer service and our experience using the platform. So, make sure you stay to the end to read our final verdict on Yobit.net.

Also note, while we aim to provide you with accurate and the latest information in our exchange reviews, we strongly suggest that you visit their site to keep updated with any changes that may occur afterward.

What Is Yobit?

Yobit.net is a pioneer in the cryptocurrency trading exchange space that offers a simple yet powerful platform that is well known in the crypto community. The popularity of Yobit is evident by its massive trading volume of near $50 million a day according to Coinmarketcap. The  website currently ranks Yobit at number 10 for best cryptocurrency trading exchanges in the world. 

yobit ranking

Before the likes of other platforms such as BinanceBybit and BitMEX, Yobit has been a leading exchange that offers a wide variety of lesser-known altcoins to trade. There are over 8000 different cryptocurrencies that can be traded against multiple base assets including Bitcoin, Ethereum and Tether. 

Tobit was established in 2014 and registered in Panama. Developed by a group of European crypto enthusiasts.

Yobit Compared

Advanced features, intuitive user interface and competitive trading fees are important features on Yobit. This comparison table lists other top margin crypto exchanges that offer world-class features.

Exchange

Fees

Rating

Website

bybit

Maker - 0.025%

Taker - 0.075%

5 / 5

FTX Exchange Logo

Maker - 0.025%

Taker - 0.075%

4.8 / 5

binance

0.1%

4.8 / 5

yobit

0.2%

3.7 / 5

Yobit 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
yobit register

Yobit Account Verification

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.

How To Deposit Funds Into Yobit

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 funds

Yobit User Interface

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.

Here, 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 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. 

Yobit Fees, Margin & Limits

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.

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.

Deposit & Withdrawal

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 Alternatives

BYBIT

Bybit

ByBit is a derivatives cryptocurrency trading platform with an emphasis on leverage trading with up to 100x leverage on Bitcoin and Etherium trading pairs. Bybit has become one of the best crypto exchanges in the world. 

plus500

Plus500

Plus500 is a CFD provider that offers its massive customer base to trade the world's most popular crypto assets with up to 30x leverage such as Bitcoin, Ethereum, Litecoin, Neo, Ripple XRP, EOS, Cardano, Tron and Monero.

Disclaimer: your capital is at risk

binance

Binance

Binance is the largest cryptocurrency exchange by trade volume and one of the fastest trading services providers for blockchain ecosystem. The exchange has seen astronomical growth and is a premium crypto trading platform. 

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 unusual.  

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 reviews

Frequently Asked Questions

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.

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.

Does Yobit Have A Demo Account

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

Is There A Yobit Affiliate Program?

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. 

Does Yobit Have A Mobile Trading App?

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

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. 

A few good points about Yobit exchange are:

  • Has never been hacked
  • Thousands of crypto coins to trade
  • Ease to use trading interface
  • Rapid sign-up process (no KYC)
  • Competitive trading fees

So, what's our final verdict?

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.

Risk management tools and platform features are very important for any prospective cryptocurrency investor. The following cryptocurrency trading exchanges - in addition to the above exchange - provide advanced trading features, technical indicators and a smooth, mobile-responsive charting interface that will be suited to beginners and professional crypto traders. 

  1. Bybit
  2. PrimeXBT
  3. FTX
  4. Plus500
  5. bitFlyer
  6. Kucoin
  7. PrimeBit
  8. DueDEX
  9. BitForex
  10. BLADE
  11. BitMEX

Yobit

3.7

Ease of use

3.5/5

User interface

3.0/5

Fees

4.0/5

Security

4.0/5

Customer Support

4.0/5

Pros

  • Well established
  • No KYC required
  • Massive list of crypto pairs
  • Reliable trading engine
  • Never been hacked

Cons

  • No mobile app
  • Not regulated
  • Mixed user reviews
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Kevin
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 after discovering it's potential as an alternative to fiat currency. He is also a trader with over 8 years of experience and is now trading crypto using various platforms. Now, he is focussed on helping others learn about cryptocurrencies via hedgewithcrypto.

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