YoBit Review

YoBit Review

What is YoBit?

YoBit is an online exchange trading platform that supports cryptocurrency trading. The YoBit platform enables trading of up to 497 cryptocurrencies and tokens (according to Coinmarketcap) and 8,575 active pairings.

As an online cryptocurrency trading platform, this platform provides an easy-to-use exchange for anyone looking for access to almost every possible cryptocurrency/token pairing available today.  Founded in 2014, YoBit was registered in Panama and has been at the forefront of the crypto market since the market frenzy of 2017. With over 6 years of experience, YoBit has become one of the oldest exchanges in the crypto market. The founder of

YoBit Review: Key Features

YoBit is a popular cryptocurrency exchange that supports many cryptocurrencies, payment methods, and features. According to CoinMarketCap.com, the most popular coin index site, YoBit is one of the top 10 exchanges in terms of traffic, liquidity, and trading volume. It does not support complex trading features like leveraged trading, but there are many useful features, events, and games that make up a sound crypto trading experience.

8576 More than 520 supported cryptocurrencies in more than active markets. YoBit has the largest cryptocurrency choice of any cryptocurrency exchange.

Low transaction fees. All transactions on YoBit cost only 0.2%, regardless of whether you are a manufacturer or a manufacturer. Exchanges do not offer different levels of fees based on trading volume, and some coin withdrawal fees can be relatively high.

  • An exchange that advocates private transactions. YoBit makes registration and transactions on the platform easy, secure, and convenient because customers do not have to perform a forced acquaintance check (KYC). One of the easiest platforms to list coins. To list tokens on YoBit, you need to fill out a simple form and pay a fee of 2.79 BTC. This is great for new crypto projects. On the other hand, fraudulent projects can also exist, so you need to perform due diligence as a user.
  • YO token and YoBit IEO. The YoBit exchange has its own YO token, which brings many benefits to the owner. In addition, the platform organizes regular IEOs through the platform so that customers can invest in the latest crypto projects.
  • YoBit Games and Invest Box. YoBit allows you to invite customers to regular games and events such as YoPony and YoPump to try your luck and increase your inventory. In addition, interested users can invest in YoBit’s InvestBox section for a stable income.
  • Free coins. YoBit also offers the opportunity to earn free cryptocurrencies by completing simple tasks. Not so many, but it can be useful for some people.
  • Fiat crypto trading. YoBit Exchange also supports the Fiat crypto market. In other words, it can be used as a fiat gateway. This is a rare feature for self-regulatory exchanges that advocate private trading.

Pros and Cons of YoBit

Pros

  • Anonymity: No need to complete the KYC / AML process so that traders and investors can remain anonymous.
  • Execution Speed: YoBit focuses on platform performance to ensure execution speed and minimize slippage.
  • Full Transparency: Network transaction history will be available on the YoBit platform. Details include transaction time, the pairing of cryptocurrencies being traded, and transaction type.
  • Unmatched low rates: YoBit charges a flat rate of 0.2%.
  • Cryptocurrency Coverage: YoBit has supported the list of cryptocurrencies and altcoins since its early existence. This gives investors and traders access to coins/tokens early after launch.
  • Exchange Storage: Most newly introduced coins/tokens do not yet have a compatible wallet. YoBit allows investors and traders to hold coins on the exchange.
  • Fast Registration: There were no KYC or AML requirements that made the registration process quick and easy.
  • 24/7 Customer Support: Telegrams available in Arabic, Chinese, English, German and Russian.

Cons

  • YoBit is regulated in Panama and has no KYC requirements. This is a disadvantage for anyone looking for a more regulated trading environment.
  • Lack of risk management tools to support more technical traders/investors. Public information about the
  • YoBit team is limited. The platform is easy to use, but there are limited training manuals to assist users with navigation.
  • Social media exposure is limited and YoBit is only available on Twitter and Telegram.
  • YoBit is not compatible with Android and IOS mobile devices.

YoBit Payment Method

For traders/investors who want to withdraw, they can submit a withdrawal request. YoBit accepts deposits and withdrawals in both fiat and cryptocurrencies.

Fiat withdrawal rules and deposits can be made through debit cards, Perfect Money, Payers, and Advance.

YoBit supports withdrawals and deposits in various cryptocurrencies. Traders can deposit cryptocurrencies such as Bitcoin, Ethereum, Tether, and Litecoin.

YoBit Fees

Let’s talk about YoBit transaction fees, withdrawal fees, and deposit fees.

YoBit Transaction Fees

According to a YoBit review, YoBit transaction fees are very simple. YoBit calculates a fixed price of 0.20% for each taker-manufacturer transaction. You will not be charged different fees or volume-based transaction fees compared to other exchanges, but it can be a bit more expensive for traders with large volumes of transactions.

Withdrawal Fees

The withdrawal fees charged by the YoBit Exchange Platform are slightly higher for certain cryptocurrencies but relatively lower for other cryptocurrencies. Compared to other major exchanges, YoBit has the lowest withdrawal fees.

Deposit Fee

Unlike other crypto exchanges, you will not be charged a penny as a deposit fee from a trader. YoBit supports fiat deposits made through various payment services.

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