YoBit is a cryptocurrency exchange registered in Panama and launched in 2014. The Exchange has huge popularity worldwide, with a particularly large user-base in Russia and Europe and over US$50 million in daily trading volume. As will be seen in this review, Yobit likes to keep things simple by only offering spot trading. Though they also have some other interesting non-trading features such as their Dice Game, YoPony, opportunities for users to earn free cryptocurrencies by contributing to their community and various investment plans.
A key feature of YoBit is that it is incredibly simple. There are no advanced features such as customisation and everything is clearly displayed on its main page. The Exchange also aims to protect users’ anonymity and respect their privacy and confidentiality, so there are no KYC procedures required for registering an account and they do not collect any data from users. New users can easily set up an account and start trading in less than 5 minutes.
The Dice Game is super simple and fun, users simply guess if an upcoming dice roll is going to be less than 48 or more than 52.
Users can make guesses (can be several) on which pony will win the race. At the specified time the ponies will start racing and the speed of each pony would depend on the number of chat messages on the English chat, the number and sum of all guesses, microtime, pony number and the md5 hash of the previous pony. If you successfully guessed the winning pony you will get a distribution from 90% of the pool of all users that made guesses. If there are more than 1 winners, your winnings would be in proportion to the amount you put in for your guess.
To add some excitement to the game, Yobit will also add 5 BTC to one of the ponies 1 minute after the race finishes.
YoBit gives out FREE coins for users who share the Exchange on Twitter, Facebook or Vkontakte. On the FreeCoins tab, click Get free coins and you will be directed to your social media to put up the post. You will get your free coins after you submit the link to your post for Yobit to check.
If you are feeling really generous, you can also donate coins for others to redeem.
InvestBox allows users to invest their free coins and in turn help devs to promote their coins. Users can grow their portfolio and possibly earn from 0.1% up to 7% per day. The Exchange does make it clear that they are not a pyramid/HYIP since all the payments to the users come from a special fund. This fund is in turn replenished from commissions earned by the Exchange. The best part about InvestBox is that users’ funds are not locked into the plan, they can withdraw from the fund at any time for free.
Yobit’s InvestBox plans have different rules as what coin you would earn, the minimum amount you need to invest and time required, and what actions you need to take to get the payments. For ultimate customisation, users can also create their own plans. However users can only create plans for the following cryptocurrencies: Bitcoin (BTC), Litecoin (LTC), Namecoin (NMC), Peercoin (PPC), DASH, Dogecoin (DOGE), Camorracoin (CAM), CannabisCoin (CANN).
Each investment plan requires you to take particular actions in order to get your returns. Actions can include playing the Dice Game (aka “ds”), having a specified number of trades, restrictions on selling tokens or holding a certain number of Yobit’s own YO tokens.
Yobit also has reward campaign with CryptoTalk.org, a cryptocurrency forum where people can earn Bitcoin by engaging in discussions. YoBit will reward users with 0.00001 BTC per post, for up to 30 posts per day. Once you have posted, you will need to enter your CryptoTalk UID into the CryptoTalk campaign page for your posts to be verified. After verification by the moderators on the CryptoTalk forum, rewards will be given to eligible posts and you will be able to send this directly to your BTC balance on the Exchange.
Supported Cryptocurrencies and payment methods
YoBit has over 4,600 trading pairs and supports over 442 cryptocurrencies. This is A LOT MORE compared to other exchanges out there. So users who like to trade relatively unknown altcoins would find Yobit a very good choice.
Yobit accepts Visa/Mastercard, AdvCash, Capitalist, Payeer, Perfect Money and Yandex, and payments can be made in USD or RUB. Of course you can also deposit cryptocurrencies directly onto the Exchange.
Yobit offers services to US customers(!!) as well as others from around the world. The Exchange is available in English, Russian and Chinese. Yobit’s community is also very global, they have English and Russian telegram groups, as well as live chats on the Exchange’s sidebar in English, German, Arabic, Chinese and Russian.
Yobit charges 0.02% of every buy and sell order on the Exchange. All deposits onto the Exchange are free. However for withdrawals the Exchange charges 0.0005 for cryptocurrencies. Check here to see the fees charged by Yobit.
Is Yobit safe?
YoBit has not been hacked at all since it was launched in 2014. The Exchange uses various methods to protect its users such as email login confirmation, 2-factor authentication and a unique feature called freeze withdrawals. For login confirmation, once you log onto the Exchange, they send you a confirmation email telling you where and when you logged in. Users can also set up 2-factor authentication using Google Authenticator on their phones and link it with the Exchange. This means that if you want to withdraw cryptocurrencies, you will need to also provide the one time password shown on the app to authorise the withdrawal. Finally, for freeze withdrawals, users can click a single button on the exchange which will stop any further withdrawals from your Exchange wallet until you go through customer support to reactivate it. This feature is very helpful if you discover you have been hacked and want to immediately stop any further losses.
All in all, Yobit has most of the common features for safeguarding your security, and more. The fact that it has a good security track record also means that this Exchange is a good and safe option.
Yobit Pros and Cons
- Supports US users.
- Easy to sign up and start using. Because there’s no KYC we were able to set up an account and start trading in less than 5 minutes.
- Lots of supported cryptocurrencies and trading pairs, especially for relatively little known altcoins.
- The Exchange is very simple to understand and all its features are clearly displayed. In any event, if you need help you can always ask on the live chat on the side and you will get a response from the community very quickly.
- Difficult to find information on the Exchange and there are no tutorials on how to use it. However as mentioned in the pros section you can just ask other users on the live chat who are always happy to help.
- Only offers spot trading.
In conclusion, Yobit is very good for experienced altcoin traders. Traders who have been in the cryptocurrency scene for some time would easily be able to figure out how to use the Exchange. For those who are new to cryptocurrencies however they may find it a bit overwhelming especially since there are no tutorials or introductions to guide new users. Once they successfully registered an account they are literally thrown into the deep end. Fortunately however the Yobit community is very supportive and ready to help. Yobit’s unique features that we looked at in this article are also quite easy to understand, simple to get involved in and do not take a lot of time commitment, so it’s likely users will find themselves coming back to these features for more. All in all, Yobit may not be the first choice for many users since it isn’t one of the most popular exchanges out there, but cryptocurrency enthusiasts would find its simplicity a welcome change.