The crypto space has a lot of cryptocurrencies and there is the need for an exchange where users can trade their account balances, gain access to some trading features, without worrying about security breaches. Yobit trading platform is one of the innovative exchanges in existence with trading tools for digital assets, high trading volume, and designed for crypto enthusiasts to carry out trading activities. It was made available to the crypto community in 2015 by some European developers, and has grown to accommodate numerous digital assets, cheap fees, a good support team, topnotch security measures and much more which we will be diving into in this yobit review.
With Yobit, crypto enthusiasts can convert their fiat currencies to a wide array of cryptocurrencies with low trading fees. As a centralized exchange, the users’ funds are held by Yobit, but users are allowed to withdraw or deposit when they want. Yobit exchange has hosted initial exchange offerings for different blockchain platforms. With its popularity, these exciting crypto projects try to do their Initial Exchange Offering on the platform to improve their visibility.
Sometimes, Yobit exchange offers free coins as a way of convincing its users to carry out an activity like following a platform, retweeting, and similar activities. Though Yobit users may enjoy different events that the exchange hosts, there are limited trading activities available at the moment. in this article, we will be covering an in-depth review of Yobit exchange.
What are the Pros and Cons of Yobit Exchange?
• A wide array of currencies. Yobit supports a myriad of cryptocurrencies and fiat currencies in different crypto markets. Crypto enthusiasts can use any of the numerous trading pairs in existence.
• Private trading. It offers private trading, as well as a robust trading engine.
• Seamless to use. The exchange is easy to use by anyone, not minding their level of experience in the crypto trading space.
• Centralization. It is a centralized exchange, meaning that it holds the funds in wallets for users. The security of the funds lies on the exchange, which may be risky.
• Restricted trading functionalities. The trading features on Yobit are limited, unlike in other crypto exchanges such as Whalesheaven.
• Yobit trading fees are not as affordable as other exchanges.
Who owns Yobit Exchange?
The crypto exchange is owned by a group of European developers, under the parent company, YoBi Crypto Corp. It is headquartered in Panama. The crypto exchange was created in 2014, but released to the public in 2015, after announcing their launching on the BitcoinTalk forum in 2015. Yobit can be accessed in different languages such as Chinese, German, Russian, English, and even Arabic.
A review of Yobit’s Features
As an exchange that has been around for a while, Yobit has been able to incorporate the following features into its architecture.
• A myriad of cryptocurrencies
Yobit users have access to hundreds of cryptocurrencies and trading pairs in the exchange.
• Private trading
On this trading platform, those that want to trade without going through the KYC process can do that, but there are restrictions to this.
• Initial Exchange Offers
Exciting crypto projects tend to organize their Initial Exchange Offer on Yobit exchange allowing the users to purchase the tokens of these startups.
• Free coins
Sometimes, tasks pop up in the dashboard of those using this crypto exchange, and when the tasks are completed, the user is given free coins.
Another feature on this exchange is the YoPony, which is a betting platform, where users play bets with the plan of winning.
For those users that have idle tokens, they can invest in them and earn interest. There are different investment plans available with varying rates.
• Dedicated chat system
Yobit has a functional customer support team that interacts in different languages like English, Arabic, German, Chinese and so on. It is designed to ensure that crypto enthusiasts can seamlessly communicate their thoughts, and complaints to the team.
What are Yobit’s Trading Fees?
Based on our review, Yobit fees are not affordable to large-volume traders because it doesn’t use a tier system for its trading fees. When using the services, 0.20% of the volume of transactions is taken as the fee. This is not economical for those that want to carry out large volumes of trade. For large volume traders, it is advisable to use exchanges with affordable fees for whales such as WhalesHeaven.
How to register on the Yobit trading platform?
An email is required for registration, and the potential user is expected to verify that the email is theirs. Immediately this is done, they can begin depositing and trading. Users are allowed to use the 2FA to improve their security if they wish.
What are the Deposit and Withdrawal Options?
Yobit users can deposit and withdraw in brother crypto or fiat currency. There are different deposit and withdrawal options available to traders.
• Fiat currency
For those that want to deposit fiat and convert it to crypto on the exchange, they can use debit cards, Perfect Money, Payeer and AdvCash.
Another deposit and withdrawal option is via cryptocurrencies. Traders can deposit their crypto as USDT, LTC, ETH, BTC and so on. They are also allowed to withdraw their crypto to other wallets outside the Yobit ecosystem. While trading on this crypto exchange, it is crucial to note that the funds are held by Yobit in an in-house wallet but can be withdrawn to an outside wallet when needed.
How to Withdraw on Yobit Exchange?
As earlier mentioned in this review, Yobit allows its users to withdraw their account balances as either crypto or fiat currency. When withdrawing the crypto, the user is asked to type in the destination address. Crosscheck the destination address to ensure that it is correct. An incorrect address could lead to a loss of funds. Input the amount of coins that will be withdrawn and a transaction fee is charged for the completed transaction.
For fiat currency, the user can utilize different methods like Debit cards, Payeer, AdvCash, Perfect Money and so on. This type of withdrawal also has a fee.
Similar Crypto Exchanges like Yobit
For those that have been seeking a more anonymous crypto exchange to carry out transactions with low trading fees, multiple trading pairs, 0% withdrawal fees, and a trading platform that doesn’t request private data, the trading platform that comes to mind is WhalesHeaven. As its name states, it is a crypto exchange that allows users to buy and sell their cryptocurrencies, in large quantities, without necessarily affecting the value of that crypto in the market.
It is a non-custodial exchange, meaning that Whalesheaven doesn’t hold the funds of the users. Whalesheaven is outfitted with state-of-the-art security measures to prevent breaches. In conclusion, this crypto exchange is sticking to the core purpose of the crypto space, which is offering a haven for crypto enthusiasts and traders to carry out trading activities. As the world continues to embrace decentralization, using a non-custodial crypto exchange is efficient.
What countries support Yobit?
Based on our review, Yobit can be used anywhere in the world and does not restrict itself from any specific region. Users from all over the world exist on the crypto exchange and they can senselessly enjoy its services. It is crucial, however, that you cross-check if your jurisdiction allows you to trade on a platform like Yobit. To be sure, ask for legal guidance from the right sources so as not to break any laws.
How secure is Yobit?
Yobit is a custodial exchange, and like every custodial trading platform, it is open to risks that can mar the experience. It is not news that centralized exchanges have been the target of hackers in the past few years, though Yobit has remained untouched. People tend to prefer exchanges that do not hold their wallets or funds for them because it reduces the probability of being hacked.
The custodial exchange has security measures to protect the funds of users and ensure that they do not go amiss.
While using the exchange, it strongly recommends that the user utilizes the 2FA feature to improve the security of both the funds and account.
As a custodial exchange, it is advisable that a user doesn’t leave their funds more than necessary. If there is no need for keeping the funds in the exchange’s wallets, it is advisable to move it to the user’s private wallet. It doesn’t matter the level of security a centralized exchange may claim to possess, it is more advisable to move one’s funds to a wallet that they only control. It could be a hard wallet or a cold wallet, a mobile wallet or even a desktop wallet like WH Cypher.
To protect users’ funds, Yobit exchange has employed some security features:
• Top-level encryption.
Yobit claims to use system file encryption to ensure that the records and personal data of users do not leak out to intruders. To take it up a notch, it does a real-time encrypted backup, meaning that data are added to the backup immediately that they are created.
To ensure that transactions are done by the right person, Yobicodes are used. Before a transaction, a Yobicode is sent to the initiator, thereby ensuring that it was initiated by the real owner of the account.
• Cold wallets
The funds held by the custodial exchange are mostly stored in cold wallets, meaning that if a hack should happen, there is a great probability that the cold wallets will remain untouched.
• DDoS attack prevention system
Yobit has a DDoS attack prevention system to stop this type of attack and it uses SSL for its encryption system.
Yobit review Conclusions
Yobit Exchange has been around for more than five years, and has continued to serve its users, in this review, we recommend that before utilizing its features, it is crucial to do your research and decide if the exchange ticks the boxes of your needs.