YoBit Review: A Reliable Choice for Crypto Trading in 2024?

Every year, the cryptoverse continues to expand, launching new DApps, tokens, and exchanges to compete with the many existing ones. This gives people lots of tools and exchanges to choose from, which can be overwhelming for the average trader.

Meanwhile, long-term traders like myself have more or less mastered the art of selecting the best exchanges. That matters, because using a good crypto exchange significantly reduces frustration and offers added security for my assets.

If you clicked on this article, it’s because you’re wondering: Is YoBit worth it? 

I’m here to answer to answer that question for you.

As someone with a lot of crypto experience under my belt, I’ll go over everything you need to know before choosing YoBit. I’ll dive deep into its policies and features – the good, the bad, and the weird.

After reading this review, you’ll know whether you should sign up for YoBit or take your trading elsewhere.

Pros and Cons of YoBit

Evaluating High Impact Factors

Trade with YoBit If:

• You’re an experienced trader
• You want a virtual mining platform
• You want a straightforward trading platform
• You want stable transaction fees
• You want a wide range of investment choices
• You want to trade under complete anonymity

Don’t Trade with YoBit If:

• You have an iPhone and want to trade on mobile
• You need training or guidance on how trading works
• You want fiat deposit options other than USD and RUB
• You want to trade on a highly responsive, attractive, and interactive platform

Verified Office Address

YoBit’s address is listed as Plaza 2000 Tower, Calle 50, Panama City, Panama, according to sources from TrustPilot, CrunchBase, and Traders Union.

There is much dispute over the actual office, however, as YoBit’s LinkedIn profile states that its office is located in the UK.

Expert Opinion on YoBit Review

It’s one thing to be a popular exchange – it’s another to be a trusted one.

Like Binance, YoBit is one of the oldest exchanges in the cryptoverse. But with a decline in its service delivery (not to mention past ties to pump-and-dump schemes), it’s quite difficult to get users to fully trust the platform.

It doesn’t help that recent comments and reviews by cryptocurrency experts have been highlighting the exchange’s faults. On TrustPilot, for instance, YoBit is rated a mere 1.5, with over 70% of the reviews giving it a 1-star rating.

CoinGecko also gives YoBit a similar ranking. Despite a daily trading volume of $214 million, the platform is ranked 159th among centralized exchanges with a trust score of only 3/10.

Sheila Renee, an expert trader on Quora, raises concerns about security, transparency, and customer support, urging potential users to consider these factors before deciding to signup to YoBit.

On Yavin, founder and managing partner at Cointelligence, reminds his followers that YoBit has admitted to being involved in a pump scheme. He further points out that the YoBit exchange platform and team scored low on Cointelligence’s rating system.

Yavin isn’t an outlier. He’s just one of many crypto experts who feel the YoBit exchange is, at best, a shady platform.

Finally, a regular user of YoBit, Jurgen Scholtz said:

“Bought for a higher price, sold for a lower price. They’re not even trying to hide it… If you’re on YoBit, get out. If you can, get your coins out. I can’t get my coins out.”

Expert Review of YoBit

That’s the consensus online. But I decided to dig into myself so I could give you my personal impressions of the platform.

My experience with YoBit gave me the impression that it’s a “has-been” exchange that simply couldn’t keep up with the times. YoBit might have been a big deal some five or six years ago, but it’s no longer what it used to be.

Digging through YoBit reviews from verified sources like Trustpilot revealed that at least some of the negative comments about YoBit are from scammers trying to gain access to other users’ accounts. Those scammers seem to be riding on the wave of poor services to discredit the platform.

On the other hand, I also found comments like the one below that suggest something went wrong with the exchange’s accounting. This indicates a lack of proper maintenance on the part of the developers. There seems to be a glitch with the tokens, since some enter into “maintenance mode” and actual traders can’t withdraw their funds.

Couple that with poor support services and delayed transactions and you’ve got a clear explanation for why YoBit rates so poorly on several crypto exchange rankings. YoBit exchange sports a 159th place on CoinGecko, for instance, while CoinMarketCap ranks it 187th out of 231 centralized exchange platforms.

Given all this, I personally wouldn’t trust this platform to be my primary source for trading crypto. In fact, I deposited a small amount of money so I could try the platform for myself and I haven’t been able to withdraw it since.

Signing Up with YoBit

Despite its poor service delivery, I do have to give YoBit credit for its quick signup and login process.

From the homepage, you can sign up to create a new account. My registration was as quick as they get, since there wasn’t a Know Your Customer (KYC) verification step.

Within two minutes, I had my YoBit account and was ready to trade.

Of course, I still had to confirm my account via email and then deposit funds. The site also recommended setting up two-factor authentication to add an extra layer of security to my funds.

The final step in the signup process was linking my account to a Telegram bot. This bot had quick links and increased my account security by providing real-time info on sign-ins for my account.

YoBit Dashboard

The YoBit exchange dashboard is one of the major positive talking points among users. The dashboard is very plain, lacking the usually attractive color schemes found on modern front-ends for crypto trading. Still, it’s simple to understand and any trader can navigate it quite easily.

The dashboard allows users to view their assets and the selected trade all at glance, reducing the need for multiple tabs or windows to monitor market activity.

While some traders like this more straightforward interface, I would have preferred a dashboard with more than just figures and a dull theme. The lack of customization was another issue I had while using Yobit. I couldn’t personalize displayed assets on the dashboard or rearrange them to fit my preferences.

Once you get past the plain presentation of the home dashboard and explore each section, you’ll find an inadequate amount of information in them.

Most crypto exchanges have a brief introduction, an explanation of their activities and operations, and an “About” page. But not YoBit. Each section glosses over information and guidelines in a few lines, leaving many users confused and lost.

The developers clearly tried to keep things simple, but that simplicity comes at a real cost.

Deposits and Withdrawals on YoBit

There’s a range of options to pick from when depositing funds into your account, especially if you’re thinking of using certain coins.

YoBit also allows the transfer of assets from many other exchanges, giving its users the needed flexibility between CEXs in the cryptoverse. Alternatively, you can use the fiat deposit option, although YoBit only supports USD and RUB deposits.

For fiat deposits, I couldn’t use my credit or debit cards. YoBit only accepts fiat currency from payment services like Payeer and AdvCash, so I had to create an account with one of these, which was a big hassle. I used the Bitcoin option for my deposit, transferring BTC from one of my wallets to the YoBit account.

Deposits don’t attract trading fees on YoBit – another plus in a sea of negatives for the exchange. Withdrawals, however, have a fixed rate for individual cryptocurrencies. This means that the fees for some coin withdrawals, like Ethereum, might be much higher than withdrawals for others, say Dogecoin. The same goes for withdrawal through payment services.

YoBit has one of the lowest withdrawal fees among the large centralized exchanges. Even its higher withdrawal fees are in the lower margin when compared to platforms like ByBit. The highest withdrawal rates on YoBit are on Payeer withdrawals, which are only about 5%.

However, after initiating a withdrawal, I still haven’t received my coins. I have continued to reach out to their customer service and haven’t received a response, meaning their service is completely out, or it takes several weeks.

Trading Conditions on YoBit

From my experience on YoBit, you can store whichever coins you deposit in any cryptocurrency the platform supports. Suppose you send in 0.0005BTC (the minimum deposit), you can then convert it to any token you want for storage.

Account Types

Unlike other CEXs, YoBit only has one kind of trading account, the standard type. There is no leverage, so every user earns profits in proportion to their deposits.

Crypto Tokens Supported

The YoBit exchange supports most of the popular tokens in the cryptocurrency market and about 3,000 trading pairs.

Geographical Restrictions

The platform doesn’t restrict any country. According to its official website, YoBit is “legal in all countries where crypto trading is allowed.”

With the recent slump in YoBit’s popularity, it’s possible that some countries have legislated against the exchange. Double check if your country allows YoBit before signing up.

How to Start Trading with YoBit

Once you sign-up with YoBit and confirm your email address, you can deposit crypto or fiat currencies and start trading on the exchange.

There are no verification requirements, but you can opt for two-factor authentication to further secure your funds.

Remember, you can’t use card payments for deposits, but you can always use coin transfers from your other wallets or third-party payment services. From there, you can select trades for analysis and enter them depending on your analysis.

There are no ETF or futures trading options on YoBit – the platform only supports coin asset trades.

Useful Tools for Traders on YoBit

While a lot of YoBit’s operations are either at a standstill or in doubt, here are some of the high-value tools the exchange offers – or used to offer.

YoDice Tokens

On YoBit, you can wager Bitcoin for YoDice tokens, which can be withdrawn for personal use. Users roll virtual dice in a game-like format and win YoDice tokens, which can then be converted back into BTC. The potential rewards are split up into the following tiers:

• You can wager 0.001BTC (the minimum) to win 10 YoDice tokens
• For bets greater than 0.01BTC, you get 110 YoDice tokens
• For bets over 0.1BTC, you get 1,200 YoDice tokens
• For bets over 1BTC, you get the maximum winnings: 13,000 YoDice tokens

Withdrawals from the platform are every 10 minutes, and your YoDice winnings go straight to your account.

YoStep

YoStep is very similar to YoDice, except it involves buying virtual sneakers with USDT and keeping them while they appreciate. Users can also earn YoStep sneakers when they complete daily tasks, such as playing the YoDice game ten times a day.

The entry fee for YoStep is a $10 deposit, which gets you 2 YoStep sneakers. After a year, your YoStep sneakers will have appreciated to $17.78.

On YoStep, you can deposit up to $50,000, which will appreciate to about $88,543 after a year.

Certain terms and conditions guide the YoStep process, including:

• The sneakers need monthly repairs, which are paid in the native YO tokens
• There are a limited number of sneakers to buy, though they refill every hour
• The maximum one-time purchase per user is 80 sneakers, but you can get up to 160 sneakers at once if you hold YO tokens

Investment Opportunities with YoBit

Apart from the tools outlined above, YoBit users can invest their crypto assets in yield farming and the InvestBox option to earn more value from their trading.

Yield farming allows traders to earn rewards for contributing liquidity to the YoBit exchange pools. Based on reviews I consulted, the exchange’s Annual Pool Yields can go as high as 1,465% on some BTC liquidity pools.

InvestBox, meanwhile, works like stake protocols, where users contribute their coins, this time for lending purposes. InvestBox could see traders earn as much as 5% ROI daily, depending on how much they contribute to the lending pool.

Many analysts and reviewers are skeptical of these investment options, especially since the exchange keeps disappointing its users. Coin Bureau experts maintain a critical stance on its trustworthiness, as the exchange’s connections to Russian serial conman Pavel Krymov skewed their opinion of YoBit significantly.

YoBit’s Affiliate Program

YoBit encourages activity on its exchange platform by rewarding customers who use their referral link to bring new users on board. Once verified on the YoBit server, you’ll be given an affiliate link that you can share with other users and earn bonuses and commissions.

The YoBit affiliate program gives you a 20% share of all trading commissions by your referred users. You also get an extra 5% whenever they buy BTC coins on the YoBit exchange.

The most interesting thing about the YoBit affiliate program is that there is no limit to the referral commission you can earn. As long as referred users keep using the platform, your commission keeps growing.

Referral commissions have to be converted to BTC before you can withdraw them.

YoBit Summary

YoBit is one of the oldest centralized crypto exchanges. It was launched in 2014 and hosts 520 crypto tokens and 2,990 trading pairs. The platform is popular for its strict anonymity, since it’s one of the few centralized exchanges that doesn’t make users go through a KYC process.

YoBit has come under fire in recent years and many of its users have become dissatisfied with the platform’s operations and service delivery. And even more problems have sprung up recently, causing most crypto traders to distrust the platform generally.