Pros
Cons
Quick Summary
| Headquarters Location | Russia |
|---|---|
| Fiat Currencies Supported | USD + 1 other |
| Total Supported Cryptocurrencies | 275+ |
| Trading Fees | 0.20% |
| Deposit Methods | Bank Transfer, Debit Card, Credit Card, Cryptocurrency, QIWI, PerfectMoney, Payeer, AdvCash, Capitalist |
| Support | Support Ticket |
| Mobile App | Has no mobile app. |
Launched in early 2015, YoBit.Net is a cryptocurrency exchange primarily serving investors in the Russian and Chinese markets. This platform features currency pairs with Bitcoin and facilitates trading options in Russian Rubles (RUR) and US Dollars (USD). Offering tools like InvestBox, CoinsInfo, and AddToken, YoBit stands out from other crypto exchanges when it comes to unique features.
YoBit’s reputation in the crypto market has been tainted by various controversies. Over time, allegations questioning the platform’s integrity have surfaced, leading to a divided perception amongst community members regarding its reliability.
Regardless of these disputes, YoBit is a functional alternative for traders who want to go beyond conventional exchanges while monitoring the discussions about its credibility.
About YoBit.Net
Launched by European crypto enthusiasts, YoBit first appeared on the BitcoinTalk forum in January 2015. It operates under its parent company, YoBiCrypto Corp., and is incorporated in Panama. The platform serves international customers with multilingual support, including languages like Russian, English, and Chinese.
What distinguishes YoBit from other platforms is its wide array of services and financial instruments for beginner and expert traders.
YoBit.Net has a number of active social profiles including Facebook, Twitter, LinkedIn and Reddit.
YoBit.Net Supported Cryptocurrencies
YoBit.Net supports trading on over 275 cryptocurrencies on their platform. This exchange currently supports 12 of the top 30 market cap cryptocurrencies.
Download full list of cryptocurrencies YoBit.Net supports
Trading Experience
An initial look at YoBit’s complex homepage might intimidate those new to the platform. Most people don’t consider the platform to have a user-friendly interface.
However, the YoBit platform is praised for the wide selection of cryptocurrencies it supports. Traders on this platform have access to many crypto-to-crypto and crypto-to-fiat trading opportunities, creating an environment for buying and selling crypto.
Still, YoBit’s trading platform has been marred by controversies. Aside from allegations regarding pump and dump schemes, regular occurrences where wallets undergo maintenance have drawn criticism. These issues have garnered attention from its community, showing the importance of caution when considering YoBit.
Note, too, that YoBit.Net focuses on a web-centric trading experience rather than providing a mobile app. Its signup process is uncomplicated and involves setting up a login, creating a password, and receiving email confirmation.
While it may lack advanced trading tools, YoBit is a gateway into cryptocurrency trading for individuals who prefer straightforwardness over intricate features.
YoBit.Net Fees
YoBit imposes a flat trading fee for market makers and takers, making it more affordable than other platforms. However, when examining deposit and withdrawal fees in detail and comparing YoBit’s fees against competing exchanges, we see a complex structure when attempting to deposit money (or withdraw money).
| Type | Fee |
|---|---|
| Deposit Fee (Bank Transfer) | 0% - 1% |
| Deposit Fee (Credit/Debit Card) | 0% - 1% |
| Trading Fee | 0.20% |
| Withdrawal Fee (Bank Transfer) | 1% - 7% |
Security - Is YoBit.Net Safe?
YoBit.Net has a clean record regarding security breaches. Nevertheless, questions about the efficacy of its security protocols have emerged. Below, we’ll discuss in greater detail how well the platform safeguards user funds and also touch on the exchange’s reliability.
Protection of User Funds and Private Information
YoBit implements encryption technology to protect user funds and private information during transactions and various security checks to stop unauthorized account access. To enhance account security, the platform employs two-factor authentication and sends a confirmation email whenever an attempt is made to log in.
YoBit can lock accounts and request user verification documents when payment systems report theft or burglary incidents. Although this could be viewed as a cautious approach to safeguarding platform operations, some users have pointed out troubling security lapses on YoBit’s part, such as unexplainable freezes of accounts and coins.
Transparency and Trustworthiness
Transparency is a crucial factor in establishing trust, and this is an area where YoBit falls short. The platform’s website lacks specific operational information and does not reveal team member identities, presenting itself as an anonymous trading platform. Without an About Us section, users are left in the dark about the people behind the exchange.
This lack of transparency, combined with a poor security ranking and a past filled with criminal allegations and unsupported claims of legality, raises questions about YoBit.Net’s commitment to user fund safety. While some users report a positive experience with YoBit, others have faced issues with customer support and complications during the withdrawal process, leading to mixed opinions about the exchange’s trustworthiness.
Also, because Yobit lacks authorization in the United States (attributed partly to an absence of a regulatory framework specific for cryptocurrency exchanges), the integrity and stability offered by the exchange come into question.
So, individuals considering using YoBit must do thorough research before committing to the platform.
YoBit.Net Customer Support
While YoBit claims to address customer inquiries within one hour, user feedback indicates this is not always true. Actual response times vary widely, with some users receiving answers within the promised time frame and others experiencing delays of up to 24 hours.
The YoBit support team is accessible via their Telegram channel for assistance. However, users have reported challenges while engaging with YoBit’s customer service representatives, from receiving inadequate responses to dealing with persistently unresolved issues despite multiple support ticket submissions.
Nevertheless, several individuals have shared satisfactory encounters with YoBit’s customer service. Their experiences point to prompt and efficient resolutions, which suggests that while some may face challenges in obtaining help from YoBit’s customer support, others find quick resolutions to their problems.
YoBit.Net Support Channels
Investment Opportunities in YoBit.Net
Users can access different investment opportunities on the platform, including farming, and using the InvestBox feature. However, users must exercise caution and consider the risks of making money on the platform.
InvestBox and Other Earning Features
InvestBox is designed for users to allocate their money and receive regular returns. Although YoBit assures that investing through InvestBox is entirely secure, individuals must approach these assertions with a discerning mindset.
Risks and Rewards of Investing in YoBit.Net
InvestBox and the additional earning features on YoBit allow users to earn interest on select coins, which can benefit active service participants. The platform’s proprietary utility token, YO, offers holders advantages such as reduced commissions and perks when participating in InvestBox.
However, engaging with these YoBit earning opportunities is not without risks. YoBit.Net could encounter regulatory scrutiny, which could lead to shutdowns. Remember, allegations have already surfaced regarding inadequate security measures at YoBit and possible involvement in pump-and-dump schemes. If these allegations are true, they could result in financial losses to unsuspecting investors.
Geographic Availability and Restrictions
YoBit is accessible to users worldwide. If individuals are located in an area where cryptocurrency trading is banned, they should seek guidance from their local authorities. Considering YoBit’s international presence, prospective users should understand its significance in the crypto industry and possible legal issues.
YoBit.Net has clients from other locations, including the US, EU, and countries part of the Commonwealth of Independent States. Yet despite this assertion of legality concerning operations, YoBit’s self-reported operational centers located in Panama City, Russia, and the UK cast doubt as to under which jurisdiction it falls or ought to be regulated.
Legality and Compliance Concerns
YoBit claims to be fully legal and authorized according to the laws of almost every country, yet its compliance with various jurisdictions is unclear. As a self-regulated entity, YoBit prioritizes trading that protects privacy, which could potentially conflict with local regulations in some areas.
American traders are advised against using YoBit since it lacks the necessary financial licensing from US regulatory bodies. Building credibility for an exchange often involves following local jurisdictional rules and forging connections with established financial institutions.
How to Sign Up on YoBit.Net
- Create Account - Visit the YoBit.Net website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
- Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
- Transferring Funds - Once your account has been verified, you'll be able to deposit using the deposit methods listed below.
- Start Trading Crypto - That's it! You should now have everything in place to start trading.
Deposit Methods
YoBit.Net Alternatives
Binance
Total Supported Cryptocurrencies
408+
Trading Fees
0.10%
Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others
Kraken
Total Supported Cryptocurrencies
321+
Trading Fees
0.08% - 0.40%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other
OKX
Total Supported Cryptocurrencies
319+
Trading Fees
-0.005% - 0.10%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others
Final Thoughts
Dealing with cryptocurrency exchanges can be intimidating, particularly with platforms as controversial as YoBit.Net. Despite its mixed reputation, YoBit is praised for supporting many cryptocurrencies. The platform also offers unique investment opportunities and prioritizes privacy.
However, potential users must also consider the numerous red flags and online fraud reports associated with YoBit. These include the lack of transparency, poor customer support, and allegations of involvement in pump-and-dump schemes, among others.
Therefore, while YoBit may offer attractive features and opportunities, potential users should approach the platform cautiously and conduct thorough research (and due diligence) before diving in.
YoBit.Net User Reviews
0.0 out of 5.0
0 reviews
No reviews yet for YoBit.Net - be the first to review!
Methodology
At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.
About The Authors
James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.
His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.
Check James out on:
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.
Check Adam out on: