YoBit Review: With the fast-paced technological disruptions sweeping the world altogether, digital currencies aka cryptocurrencies have marked the onset of the digital era.
Along with this, the skyrocketing popularity and tremendous rise in Bitcoin prices, has made everybody curious to try their hands in cryptocurrency’s trading and therefore make some huge amount of profits.
However, It has become a well-established fact with time that other cryptocurrencies apart from Bitcoin, can also provide us some amazing returns on investment.
Essentially, In order to trade these cryptocurrencies we have got some of the extremely popular exchanges like Poloniex, Bittrex and Gdax. Nonetheless, there are several cryptocurrencies which have not been listed on these popular exchanges, therefore, such altcoins find their way to the lesser know exchanges like Yobit, Novaexchange, Livecoin etc.
Since there are n-number of people around us who find these unconventional cryptocurrencies interesting, I thought why not dig deeper into the same and explore the nitty gritties in detail.
Though there is a huge risk involved in these altcoins/cryptocurrencies, the returns are pretty lucrative.
So with this post, I will take you guys through Yobit Exchange review and see if it is a Scam or legit. Here, I will try to cover all the points that you should take care of before joining Yobit.
Yobit Exchange Review
Yobit is a cryptocurrency exchange launched in 2015, headquartered in Russia.
Yobit was first seen on BitcoinTalk forum thread and it represented itself as a shelter to the lesser known altcoins.
This exchange became an instant hit as there are many coins available in the market which can not make their way to big exchanges because of their hard approval process.
Before I head over to complete the review of YoBit exchange, let me tell you that there are two YoBit exchanges and both of them looks exactly similar. However, The site URL for both are different, as mentioned below.
With this article, I will review Yobit.net because it is much older and has more traffic than Yobit.io. Moreover, there is not much information available about the owner or the location of the company which is something very surprising.
Features of Yobit
- Web wallets
- Free Coins
Appended below are some exciting features which we do not get to see on any other exchange around:
Free Coins on your way: Yes! You’ve heard it right 🙂 You can get free coins from Yobit! This generally happens when a new coin is added to the exchange or if someone donates it.
Apart from getting the Free coins, you can also donate the coins which you own. This is something we seldom get to see. Is’nt it? 😉
It’s all about rolling the Dice: Yobit also has an inbuilt gaming feature which allows you to bet on the platform and try your luck with the cryptocurrencies you own.
Here, you just need to set the amount and select greater/lesser than button.
The result gets displayed within seconds and you will either Win or Lose the equal amount of the money.
Invest-Box is the new cool: Yobit has another very cool feature that allows to you to invest your cryptocurrencies and get some amazing returns from it.
Though Yobit Invest box seems like a great way to make decent money, I am still not too sure that I would invest my funds on their portal.
Reason is quite simple! You need to play 5 dice games in order receive the payment through invest box. Probably I do not understand this psychology, or rather too skeptical about the same.Well, I guess in one or the other way, Yobit is forcing the investors to bet 5 times in order to get their money back. Crazy!
How Safe is Yobit?
This might be your favorite question though and I am sure you would be reading the whole article for this only 😀
Certainly, security is one of the major concerns while selecting an exchange as it is all about real money. If the exchange turns fraud, we might end up losing all our hard earned money.
Yobit security includes:
- 2-factor authentication
- Login Email verification
- Freeze Withdrawals
Freeze withdrawals is really a nice feature as it would save your funds, in case your credentials are compromised. This feature adds an extra layer of security.
However, as truly said every good thing comes with some flaw. This security feature too, has another hidden aspect .
Whenever you wish to withdraw your funds from Yobit, you need to contact the customer support and ask them to unblock your account. I would suggest you to go for this option only if you can go through all these verification checks again!
What Payment Modes does YoBit support?
At the time of writing the article in November 2017, Yobit accepts all the coins, PerfectMoney, Payeer etc.
If you are a resident of Russia, then you can also use QIWI otherwise I would recommend you to deposit the crypto itself.
YoBit Customer Support?
YoBit does not have very good reviews about their customer support and therefore it is considered just average. They generally respond within 24 hours of raising the support ticket, but the answers given by them might not be satisfactory.
However, You can also visit their FAQ page to have a look at some basic questions and answers.
You can also reach YoBit team through these channels:
Pros and Cons
- Available Worldwide
- No Govt. ID Verification
- Dice Feature
- English, Russian, Chinese Languages
- Slow Customer Support
- Delayed Withdrawals
- Many Scam coins
Does YoBit have Scam coins?
This is a major concern that you need to look at while trading on YoBit.
YoBit has a very easy option to Add Coin, thus anyone can simply add a coin by paying a small fee. This considerably increases the probability of any scam coin getting listed on Yobit Exchange.
So you need to be extra cautious while buying any coin, otherwise you would end up losing money.
On the other hand, this feature of adding coin can act as a boon if you get the right coin at the right time.
Since most of the coins are in their infancy, you can make good profits while the coin becomes popular and gets listed on other bigger exchanges.
Verdict: Is Yobit a Scam Exchange?
I have gone through many forum threads and even used Yobit myself, so now I would say Yobit is definitely a Legit Exchange.
But we need to keep in mind that Yobit has many scam coins listed on their platform, which one needs to take care of while trading.
I would recommend you to use Bittrex, Polniex, Cryptopia, Binance to be on the safer side but if you want to buy any specific coin which is available only on YoBit exchange, then you can surely go ahead with it.
If you have ever used YoBit pr planning to do so in future, then please share your experience in the comments section below!
Meanwhile, You must have a look at the appended articles:
- Ledger Wallet: The Best Way to Store your Cryptocurrencies
- Coinmama: Quickest way to Buy Bitcoin with Credit Card