YObit.net Review | Trading Fees & INVESTMENT PLANS

yobit-review

YoBit is an online exchange trading platform designed to support the trading of cryptocurrencies. The YoBit platform facilitates the trading of as many as 497 cryptocurrencies and tokens (according to Coinmarketcap) and 8,575 active pairings.

As an online cryptocurrency trading platform, the platform delivers a simple to use exchange for those looking to gain access to just about every possible cryptocurrency/token pairing in existence today.

Founded in 2014, YoBit is incorporated in Panama and has been at the forefront of the cryptomarket since before the market frenzy of 2017. The more than 6-year track record makes YoBit one of the oldest exchanges in the cryptomarket.

YoBit’s founders are made up of a group of European developers and crypto enthusiasts.

The ‘no frills’ platform is known for its simple to use interfaces that has drawn in both novice and more seasoned investors and traders.

Unlike many cryptomarket exchanges, YoBit also facilitates the trading of fiat money- cryptocurrency pairings.

The exchange also continues to deliver traders and investors with anonymity. In contrast to many exchanges, traders and investors do not need to go through KYC and AML verification processes to gain access to the YoBit platform and the cryptomarket.

YoBit’s platform does not only give access to the broader cryptomarket but is also supported globally, with no geographical boundaries.

In spite of its global and long-standing presence, YoBit has yet to be hacked, with adequate security measures in place to protect assets.

YoBit Platform Attributes

Key attributes of the YoBit platform include:
  • Traditional trading features that include charts and candlesticks for the available currency pairings.
  • A user-friendly interface.
  • 24/7 – Customer support – 24 hours per day support is available on Telegram, with a ticketing support mechanism available on the “Support” interface.
  • Supports deposits in cryptocurrency and fiat money by way of AdvCash, a debit card, Payeer, and Perfect Money.
  • Supports the withdrawal of cryptocurrencies and fiat money by way of AdvCash, a debit card, Payeer, and Perfect Money.
  • Multi-lingual – Supports Chinese, English, and Russian. Tech chat support is available in Arabic, Chinese, English, German, and Russian.
  • An extensive Telegram network of more than 80,000 members.
  • Affiliate program – YoBit pays 20% of trade commissions for every trade that referrals make. There is an affiliate program page that can be located within your account name drop-down menu.
  • Fast and easy registration process.

YoBit stands out from its competitors because of the extensive coverage of cryptocurrency pairings, simple to use interface and anonymity.

Its global support is another key feature that removes geographical boundaries and delivers the cryptomarket to a global audience.

The Pros and Cons

Pros
  • Anonymity: There are no KYC / AML processes to complete, allowing traders and investors to remain anonymous.
  • Execution Speed: YoBit focuses on platform performance, ensuring speed of execution to minimize slippage.
  • Full transparency: The network’s trade history is made available on the YoBit platform. The details include transaction time, the cryptocurrency pairing traded, and transaction type.
  • Competitively low fees: YoBit charges a flat 0.2%.
  • Crypto Coverage: YoBit supports the listing of cryptocurrencies and altcoins from their early existence. This provides investors and traders access to coins/tokens at the early post-launch phase.
  • Exchange Storage: Most newly launched coins/tokens are yet to have compatible wallets. YoBit allows investors and traders to hold coins on the exchange.
  • Fast registration: There were no KYC or AML requirements, making the registration process fast and easy.
  • 24/7 Customer Support: Available in Arabic, Chinese, English, German, and Russian via Telegram.
Other positives include
  • Free Coins: Users are able to earn free coins via the “Free Coin” interface.
  • Adequate Security: YoBit provides the necessary security measures to protect crypto holdings on the exchange. A unique “Freeze Withdrawal” option is also available to prevent theft.
  • Global Platform: A truly global platform with an extensive user base delivers an efficient trading environment. YoBit has one of the biggest Telegram communities, with more than 80,000 in English chat.
Cons
  • YoBit is regulated in Panama and there are no KYC requirements. This is a negative for those looking for a more regulated trading environment.
  • There is a lack of risk management tools to support the more technical trader/investor.
  • Public information about the YoBit team is limited.
  • Training manuals to assist users in navigation are limited, though the platform is simple to use.
  • There is a limited social media presence, with YoBit only available on Twitter and Telegram.
  • YoBit is not compatible with Android and IOS mobile devices.
Promotions

YoBit has a number of offerings whereby users are able to earn free crypto coins. These include:

InvestBox: Allows YoBit users to invest their idle coins and earn interest on coins that are invested. YoBit has been clear that this is not a pyramid / HYIP, with all payments coming from a special fund. To start earning, simply go to the InvestBox page and select the preferred investment plan.

Free Coins: YoBit users are also able to use free coins. By going to the Free Coins page, users can select the income of choice and click “Get Free Coins”. You will then be given instructions in order to get the number of free coins specified. See below. Traders and investors are also able to donate unwanted coins here.

YoBit users are also able to play games and earn coins. These include:

YoPony: Users can plan and win, with winners rewarded from 2 – 100x the initial bet. Here, the calculation of the pony speeds depends on EN chat messages, bets, the sum of all bets, microtime, pony number, and md5 hash of the previous pony.

To take part, simply click “Make Bet” and follow the instructions.

Registration

To open an account, go to the YoBit home page and click on Registration on the top right-hand side of the site.



Complete the requested information, which includes login name, email address, and password, accept YoBit’s rules, and click “Register.” Don’t forget to confirm that you are not a robot.



We recommend that you don’t save your password in your Google Account and save it somewhere safe.

Upon creation of an account you will see a pop-up message on your screen requesting for completion of registration via an email.

Go to your email inbox and click on the link provided to activate your YoBit account.

It is also worth noting that there are additional links provided by the YoBit team within the registration email.

These include a YouTube link providing more details about the exchange and money earnings suggestions.

Once you have clicked on the registration link, you will be prompted to switch on your 2FA Authenticator via settings. (See Privacy & Security section for details).

Post Registration Deposit

At this stage, you will now need to make a deposit to begin trading, investing and taking advantage of the YoBit’s extensive crypto market coverage.

To make a deposit, go to the “Wallets” page and select the wallet that you wish to deposit into. There is a search option to enable you to find the crypto/fiat currency deposit that you wish to make.

For demonstrative purposes, USD has been chosen. Type USD in the Search section and click the plus sign under the ‘Deposit’ option for the USD Wallet.

Choose your preferred funding method, in this case AdvCash, Payeer, or Perfect Money, and enter the amount that you wish to transfer. Do note that there is no YoBit charge to deposit via AdvCash, Payeer or Perfect Money.



You will then need to confirm the payment order. For demonstrative purposes, we have chosen Perfect Money as the funding method.




Once you have selected the desired payment method (Perfect Money Account or e-Voucher / Prepaid Card), click “Make Payment”.

Complete the information requested and click “Make Payment”.

Enter your e-voucher number, activation code, and Turing number and confirm payment. It is worth noting that, while YoBit does not charge for deposits, Perfect Pay does charge a commission for transfers.

Once the funds have reached your US Dollar Wallet you’re ready to trade.

For investors and traders holding wishing to deposit cryptocurrencies, please see the Deposit section below.

Supported Cryptocurrencies

YoBit has one of the most extensive coverages of cryptocurrencies in the market place today. This also gives investors and traders a more comprehensive list of cryptocurrencies to make a deposit with.

These include but are not limited to Bitcoin (“BTC”), Tether (“USDT), Ethereum (“ETH”), Litecoin (“LTC”), DASH (“DASH”), DOGE (“DOGE”), and YO Token (“Yo”).

With YoBit providing a comprehensive catalog of cryptocurrencies for trading and investing, there are also a total of 8,576 active parings to select from.

These can be located within the “Market” section of the YoBit platform.

The Details

YoBit supports the investing and trading of cryptocurrencies and altcoins. Unlike its competitors, YoBit has one of the most extensive coverages of cryptocurrency pairings in the market today.

A total of 8,756 active pairings are available via the “Market” interface for trading and investing. YoBit’s coverage not only includes the crypto market’s largest names, such as Bitcoin and Litecoin but also newly launched coins/tokens.

An easy coin registration process for developers delivers investors and traders with the widest range of coins/tokens in the market.

More importantly, investors are able to purchase and store their coins on the YoBit platform. This means that investors and traders do not need to wait until compatible wallets are developed and rolled out.

With a global reach, YoBit is jurisdiction agnostic. Investors and traders may face domestic restrictions, however, in trading and investing in cryptocurrencies.

As a platform designed to deliver the broader cryptomarket to investors and traders, the focus is on delivery and product offering.

There are, therefore, limited risk management tools for the more advanced trader, such as stop loss and take profit options.

While there are also no indicators for trading, this should not limit traders from considering YoBit as a platform.

An extensive client base and cryptocurrency offering more than makes up for the lack of trading tools that other platforms provide.

It is worth noting that there are also no minimum deposits, withdrawals, or limitations on trade size. There is a cap on withdrawals by debit and credit card, however.

Fees and Charges

Trading fees are at a flat rate of 0.2% for the buying or selling of cryptocurrencies. Fees are automatically calculated and included within each buy or sell order.

When placing a buy or sell order, the equivalent fee is provided as shown below:




Fees for Deposits and Withdrawals are summarised as follows:

For Deposits, there are no fees charged by YoBit. There are likely to be transfer fees incurred by the different payment methods, however.

PerfectMoney and Payeer have 0% fees to deposit US Dollars or RUR into your YoBit wallet. Advcash charges a 1% flat fee for the transfer of RUR/USD fiat money to YoBit fiat money wallets.

For withdrawals, fees vary depending upon asset class withdrawn and withdrawal method.

In the case of fiat money, these can be summarised as follows:

Debit Card (US$6 + 5%, max $2,000)

Perfect Money (1% USD)

AdvCash (5% RUR / 7% USD)

Payeer (4% RUR / 7% USD)

Capitalist (1%)

For the withdrawal of cryptocurrencies, a commission fee is deducted at the time of withdrawal. The withdrawal fee for all coins is a flat equivalent of 0.0005 Bitcoin.

A full summary of deposit and withdrawal fees is shown below:



Conclusion

YoBit is a seasoned cryptocurrency exchange that delivers a user-friendly trading platform for both novice and experienced crypto traders and investors.

The no-frills, no spills approach, provides users with one of the largest cryptocurrency offerings available today.

Not only can investors and traders buy and sell household names such as Bitcoin but also newly launched coins.

Having been around since 2014 and with a global client base, volumes are also on the higher side supporting transaction speeds.

For prospective investors and traders who don’t own cryptocurrencies to deposit, fiat money pairings are also available.

The combination of pairings available, option to deposit and withdraw fiat money and global reach make YoBit a front runner in the crypto space.

With its long existence in crypto years, YoBit has also received numerous accolades. See below for reviews and accolades:
  • Received an 8.2 rating from authoritative media Blocknomi.
  • According to coinmarketcap daily volume is more than 50mln$ and included in top 10 exchanges
  • YoBit has positive reviews on reliable websites such as TrustPilot and CryptoWisser (in top 3 of all exchanges).
If you are looking for a great exchange that has lots of tokens for you to trade, and also accepts fiat currency deposits, YoBit is worth a look. It has low fees as well, which makes the whole trading process even easier.

 Source: https://www.fxempire.com/crypto/exchange/yobitnet/review

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