YoBit Exchange Review 2020
Established in 2014 in Panama by a group of expert independent traders and developers, YoBit is one of the most reputable and well-established exchanges in the entire industry. The platform is also one of the few that does not require KYC (Know Your Customer) verification, respecting your rights for privacy and confidentiality. Listed in the top 10 exchanges on CoinMarketCap and reviewed by countless trusted crypto news and info platforms, YoBit offers an unparalleled service in terms of both crypto and fiat offerings as well as customer support.
Key Takeaways for the YoBit Exchange
- Offers an extensive range of cryptocurrencies and utility tokens
- Unrivalled security
- Allows users to retain anonymity
- Comprehensive, easy-to-use dashboard
- 1:1 Customer support through direct messaging
YoBit Payment Info
Accepted Payment Methods: AdvCash (free), Payeer (free), PerfectMoney (free)
Withdrawal limits: $2000 Visa/MasterCard excluding Russia and Ukraine
Withdrawal Fees: 1 – 7% respective of the withdrawal method
Deposits and Commissions: Users can deposit any cryptocurrency without commission. Withdrawals have a minimal commission of 0.0005 BTC
Is YoBit For Me?
I am a Beginner
Anybody new to the world of cryptocurrency will discover a great ‘starting block’ with the YoBit exchange. Registration is rapid and easy. You select your username, password and provide a valid email address. That’s all there is to it! You do not need to give any KYC documentation as YoBit is one of the few reputable crypto exchanges that still values your right to privacy and confidentiality, by allowing you to operate anonymously.
You will immediately receive an email that contains three handy videos. The first is an overview of the platform, with a quick look at the unique features and functionality offered to YoBit’s customers.
The second video focuses specifically on one specific feature offered exclusively by the YoBit exchange. InvestBox is a risk-free way for traders to earn a passive income by connecting investors directly with the creators of the cryptocurrency of their choice. Withdrawals can be made at any time, and this innovative live trading element has been a massive attraction to those who are just beginning to learn the mechanics of cryptocurrency investment.
Finally, the third video focuses on another exclusive and profitable feature of the YoBit exchange. The CryptoTalk forum is a social environment where users can discuss exciting developments due to occur in the crypto sphere and gain insights into different trading strategies. New users can even receive advice from experts who are incentivised to engage in the community; delivering on information, knowledge and experience.
Another fun addition to YoBit is the YoPony feature. A virtual horse race with an innovative twist. Similar to a real betting shop, participants can place a wager in BTC on a particular pony, and win 2-100x their original bet.
The performance of the ponies, that is the speed in which they race to the finish line, is determined by several factors, including the sum of all bets, how many best are made, microtime, the pony number, the md5 hash of the previous pony and the chat messages made within the forum.
This feature will undoubtedly enhance the social aspect of the platform in terms of participation and can be an exciting way to win some Bitcoin for new beginners.
Dice is an engaging automated dice bot, where users can set various parameters and strategies in order to win. Based on profitable, Martingale strategies, users can start from a minimal bet or jump straight in with an aggressive approach in a bid to achieve higher gains. The bot has low-level integration with the YoBit exchange, providing a well-designed interface that requires no unnecessary actions.
This offers a simple and effective user-experience, requiring no mathematical knowledge or previous trading experience to operate. If used responsibly, YoDice can be an excellent introduction to the world of cryptocurrency trading.
I am an Expert
For those who are more seasoned in the world of cryptocurrency investment, YoBit offers a comprehensive dashboard that offers all the live pricing information you could need to inform your investment trading decisions. The ‘Trade’ tab provides live candle charts and data to present opportune entry and exit points.
Experienced investors will also be interested in the InvestBox feature to create their customised plans for earning passive income. For Experts, the social forum CryptoTalk can be especially rewarding. Those who contribute relevant advice and information can receive 1000 Satoshi’s for every 100-word post. This unique feature keeps the forum vibrant and connected to current market data and provides proper compensation for those who have keen insights and opinions on crypto developments.
Is YoBit Safe?
After six years in business, YoBit is one of the most established brands in the industry. Listed on CoinMarketCap within the top 10 cryptocurrency exchanges based on traffic, liquidity and trading volumes, YoBit is the preferred platform for those who want a more extensive list of investment options. With over 400 cryptocurrency pairs, the exchange can cater for those who wish to use their current holdings to buy a less-known coin with high potential that would not be available on other platforms.
Unlike other exchanges, some of which also ranked in the top 10, YoBit has never suffered a single hack. This speaks volumes for the security that the platform has in place. Users are also encouraged to enable 2FA (2 Factor Authentication) to help to protect their accounts.
Even if a user is contacting support staff, the platform provides clear advice to help to avoid being scammed by those who would wish to prey on the unprepared.
By 2020, YoBit had gained over 80,000 community members, freely discussing ideas, strategies, and passions in the exchange’s official Telegram chat group.
YoBit administrators of this Telegram group are made available to customers 24 hours a day, 7 days a week and will answer any questions or concerns immediately.
History of YoBit
YoBit was created by a dedicated group of expert developers and cryptocurrency specialists back in 2014. The exchange prides itself on its respect for security, privacy and their user’s rights to anonymity. As such, the identities of the founders are protected similarly. This is not unusual for the cryptocurrency space, as many projects have anonymity at the core of their ethos.
The exchange also has a great deal of transparency, and the accessibility provided by the GUI is unrivalled by even its closest competitors.
The top-ranking cryptocurrency exchange, YoBit, has now firmly established itself as the platform of choice among crypto enthusiasts, novice traders and serious expert investors alike. With more innovations and incentives almost any other platform, the user-base of YoBit will continue to grow; teaching beginners, rewarding those that share knowledge and providing countless opportunities for profitable investment to all.
Yobit: Scam or not?
YoBit is definitely not a scam. With hundreds of thousands of customers worldwide, the digital exchange has been around for longer than most of its competitors. Many of its users have left glowing reviews of the platform on trusted sources such as TrustPilot.
The YoBit Exchange has also received extremely high ratings from cryptocurrency experts and enthusiasts on several popular crypto news and information websites. These Include:
- An incredibly high 4.5/5 star rating from cryptonews.com
- cryptopotato.com rated the platform 8.6/10
- High rating by popular crypto news trading platform blocknomi.com who gave YoBit 8.2/10
All of these verified and trusted reviews and ratings, combined with our own experience using the YoBit cryptocurrency exchange was enough to allay any suspicions of the platform’s authenticity. YoBit is one of the most functional and feature-packed digital exchanges available on the market today.
YoBit charges no fees whatsoever for deposits onto the exchange. For withdrawals, the cost is dependent on the withdrawal method and is competitive with other leading exchanges, ranging between 1% and 7%. YoBit trading fee is a minimal, 0.2% per trade. We found this to be an extremely competitive and even negligible percentage when trading financial instruments as volatile as cryptocurrency.
These fees are how cryptocurrency exchanges make their money, so you can expect to encounter similar percentages on those platforms that claim to cost the least. The critical factors to consider with YoBit are the introduction of InvestBox and CryptoTalk, where users can earn cryptocurrency without risk or limitation. These unique and innovative features more than compensate for any typical fees that you are charged for withdrawal.
According to CoinMarketCap, the daily volume of YoBit is well over $50 million, which positions it as a top 10 ranking cryptocurrency exchange. It is also one of the few exchanges that protects user privacy by not insisting on laborious KYC processes to open your account. With several hundred cryptocurrencies to choose from, YoBit has become the exchange platform of choice among those who are excited at the prospect of investing in these new digital assets.
The reward scheme of CryptoTalk is a truly innovative idea, incentivising experts to participate, and providing an environment for beginners to learn new strategies and benefit from the experience of others.
With the ability to register and trade effortlessly, we believe that the continued growth of this already successful exchange is assured, and we eagerly anticipate its progress up the rankings very soon.
For full details of their offering, please visit their website here.