What is YoBit?
Widely considered as one of the more reliable exchanges in the cryptocurrency space, YoBit was established as a crypto-only trading platform in 2014, in Panama. Since then, plenty of other crypto exchanges have popped up offering new unique features and functionalities to entice their user base.
However, in my opinion, YoBit still remains one of the most underrated exchanges in the crypto world. Especially considering how it's been around for a very long time and has cultivated a considerable user base, not by flashy new features but by consistency and reliability.
Nevertheless, it's still important to review YoBit and compare it with the crypto exchanges currently leading the race in 2023. Keeping that in mind, here are my honest thoughts about the strengths and weaknesses of YoBit as a crypto-only trading platform.
My Overall Thoughts on YoBit
Adding to my previous statement on how YoBit is still quite underrated as a crypto platform, here’s a few key features that YoBit brings to the table.
- RoboTrade: an automated trading mode that allows users to employ trading bots to execute trades after setting up some requirements and rules.
- Realtime ChatBox: Located at the front page of the application, it provides the exchange with a community-like feel, allowing users to chat with each other while trades are happening.
Besides these key features, YoBit allows traders to invest and trade in a considerable amount of cryptocurrencies. These include major cryptocurrencies like Bitcoin, Litecoin, Ethereum, Tether among others.
As for my overall thoughts, I believe YoBit is one of the best platforms for accomplished and experienced traders who already know how trades work and how to make automated bots to do their bidding.
Having said that, I wouldn’t recommend this particular exchange to beginners seeing as it does not have any learning center that could teach beginners about crypto trading. Plus, its user interface isn’t as intuitive or easy to navigate as some of the other leading crypto exchanges.
Key Features & Advantages of YoBit
Users who haven’t used YoBit before might find the exchange a tad awkward and difficult to use considering its slightly confusing user interface. However, if you spend some time on the platform and browse all its features, you’ll soon realize that the platform has plenty to offer.
Keeping that in mind, here are some advantages YoBit possesses that make it an overall decent exchange for crypto trading.
Negatives & Disadvantages of YoBit
I’ve been pretty clear so far in admitting that YoBit is far from the absolute best crypto trading platform in the overarching crypto world.
That’s because the platform does come with its own set of challenges that might put off some users from trading on the platform. The two major ones among them being:
What Services does YoBit offer?
In this section, I’ll be diving deeper into all of the key features of YoBit I discussed earlier in the post. According to me, these are the key services YoBit offers to its users.
Immense Amount of Tradable Assets and Cryptocurrency Pairs
YoBit boasts a highly impressive collection of crypto assets and cryptocurrencies that users can actively trade on the platform. In fact, currently the platform offers users access to 3,900 trading pairs, which include digital assets like:
You can find the full list of the trading pairs YoBit provides by clicking on this link. All in all, by increasing the amount of assets and cryptocurrencies it offers, YoBit has successfully upscaled its operations and managed to entice a larger customer base. All of these are signs that point to YoBit being a relatively reliable and trustworthy crypto trading platform.
In this day and age where technology has advanced spectacularly, every high level exchange has an automated trading bot that can execute trades on behalf of traders. YoBit has a trading mode of its own that provides each trader with their own personal trading bot for executing trades.
These bots operate autonomously, adhering to predefined rules that you set. You specify conditions such as when to buy or sell, and the bots carry out these actions automatically. After that, you can just set the amount of time the bot will be active and it’ll automatically execute the trade if the conditions you’ve entered hold true.
Real Time Chat Box
A really unique feature that YoBit introduces to its users is the real time chat box located on the home page. Once you visit the application, you’ll see a sidebar containing a community of users chatting to each other in real time.
This promotes a very community-like feel that plenty of users enjoy as it gives traders the chance to have discussions on the value of various crypto assets among other topics.
Having said that, I’d still advise not paying too much attention to the chat box while you’re trading as it can prove to be noisy and end up distracting you from your trades. Still, it's a pretty entertaining feature.
An initially surprising aspect that might be welcomed by many is that YoBit does not require Know Your Customer (KYC) verification for new users. That means the verification process for users who want to start trading on the platform is exceptionally quick. Making YoBit the perfect platform for traders who want to get straight into the action and capitalize on a short term trade that’s only available for a limited amount of time.
There are some who might disagree with the lack of KYC being a good thing, as it does open up the possibility of fraudulent traders making their way into the app. However, YoBit has a substantial security system that can detect intruders and fraudulent traders pretty quickly so the app has you covered.
YoBit has introduced their own internal token; Fast USD (FUSD) allows users to earn and trade by doing a variety of tasks. They’ve dubbed this feature YoBit’s airdrop. Basically, each user on the platform can earn up to 4,700 FUSD daily by completing a bunch of different tasks including making a trade, making a deposit, among other activities.
This token then becomes tradable within the app for different cryptocurrencies. Traders can access their earned rewards after completing a task by navigating to the “get $$$” tab. Rewards are usually paid out after every 7 days.
Responsive Customer Support
Every respectable trader knows that crypto trading relies on split second decisions as the market itself is incredibly volatile. In instances like this, the quickness and responsiveness of an exchange’s customer support is vital. Especially when it comes to ensuring that any issues are resolved quickly, so that trades can be completed as fast as possible.
Fortunately, YoBit excels in that regard, as I’ve personally experienced the speed in which they respond. Apart from my own personal experience, I’ve also heard from multiple users in their reviews that YoBit’s customer support is one of the best among leading crypto exchanges.
I mentioned earlier how YoBit hasn’t experienced any breaches in their security ever since its establishment in 2014. That itself is a testament to how secure their application really is, especially considering that most top level crypto exchanges have experienced a breach or two. I’ve also heard from multiple users who’ve been using the platform almost since its inception that they’ve never had a problem with keeping their funds safe within the app.
Having said that, I’ll be the first to differ from this mainstream opinion...slightly. The reason being, the exchange does have a few holes in its security, as it doesn’t implement KYC, doesn’t have approved penetration tests and no ongoing bug bounty.
However, since the platform isn’t as mainstream as some of the others, I still consider it quite safe.
What I don't like about YoBit
Even top level crypto-exchanges have a couple of flaws that need mentioning. I’ve already mentioned the two aspects of YoBit that I particularly didn’t like. So, I’ll be using this section to expand upon those two aspects of the platform.
No Learning Center
What separates the good crypto exchanges from the true greats is a comprehensive and informative help/learning center that can train new traders. A proper learning center enables an exchange to give back to the community and increase their own customer base in the process. Unfortunately, YoBit lacks a proper learning center.
To add to that, it doesn’t feature any FAQ or help page either. Thus, there’s no way for the exchange to educate new users or advertise their own features in the form of FAQs. Flaws like that can really affect an exchange’s rating, especially among beginners who’re looking to make their first trade through the platform.
No Mobile App
As technology advances, web apps are becoming less popular, particularly in comparison to mobile apps. The convenience of using mobile apps, accessible within seconds, makes them the preferred choice for active traders. On the other hand, browsing websites on phones can be time-consuming, particularly with slow internet connections.
Currently, YoBit lacks a dedicated mobile app for users to install on their devices. In my view, this could be a significant limitation for the exchange and should be addressed promptly to enhance the user experience.
Now that we’ve discussed YoBit’s features, functionalities, drawbacks and advantages, let’s move on to another important aspect of the platform: Its fees.
In terms of deposit fees, YoBit only charges 1% deposit fee when you’re using Capitalist to insert your funds. YoBit charges no deposit fees for other fiat methods. When it comes to trading fees, YoBit again charges a very reasonable amount: 0.2% transaction fee from both maker and taker.
However, YoBit’s fiat and crypto withdrawal fees are quite high. The minimum fee for withdrawing fiat is 1% of the total withdrawal amount and it can go as high as 6%. Crypto withdrawal fees on the other hand depend on the value of the coin, for example BTC withdrawals can incur a 0.0012 BTC fee.
Pros and Cons of YoBit
- Offers over 3,900 cryptocurrency pairs to traders.
- Allows automated trading through RoboTrade mode.
- Boasts an exceptionally responsive customer support department.
- No KYC makes verification incredibly fast and easy for new users.
- Provides a unique real time chat box on the home page that gives the platform a community-like feel.
- Doesn’t feature a learning center or a help page for new users.
- No mobile app
To summarize my overall thoughts on YoBit once again, I still wholeheartedly recommend the platform to experienced traders who know how trades are executed. In that regard, the exchange boasts multiple unique features that should be of interest to them.
For example, no KYC will make user registration incredibly easy and fast, allowing traders to get into their trades almost instantly. Plus, automated trading through RoboTrade could also come in handy when executing multiple trades.
Having said that, I’m also going to hold true to my opinion that beginners shouldn’t use the platform as its lack of a learning center and complicated user interface may pose some difficulties. As for a rating, I’d rate the exchange as a solid 7 out of 10. For other options, I would recommend having a look at my article on the top crypto exchanges, and you can see a summary table below.
Comparison Table of the Best Crypto Exchanges in the USA
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