Yobit Exchange [Review & Comprehensive Guide 2018]

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One of the four most popular exchange platforms we’re going to cover on this blog is Yobit Exchange.

 

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Yobit Exchange

 

 

Unlike Binance, Yobit is an exchange that had different reviews and user experiences throughout last couple of years. We will stay true to our brand, be honest with you, and try to cover both sides of Yobit in this comprehensive guide.

 

 

What is Yobit?

 

Yobit.net is a Russia based Cryptocurrency Exchange Platform that got famous for it’s controversial nature. Currently, they are involved in an on-going investigation by Russian authorities regarding fraud claims. With all the traction that’s been around Cryptocurrency Exchange Platforms, this has led to “Yobit Russian Investigation” being one of the most searched terms on Google.

 

Yobit Executives have been denying all the claims, and instead, blaming it on another Cryptocurrency Exchange Platform operating in Ukraine, they are associated with: EdinarCoin.

 

As we stated in intro, without passing a judgment too quickly, this review will provide honest stance about this cryptocurrency exchange, an in-depth analysis, pros and cons and cover major features of this Russian exchange.

 

They are offering many cryptocurrencies on their exchange, such as - Bitcoin, Ethereum, Litecoin, Dogecoin, DASH, Vertcoin etc. On top of it all, they have their own Cryptocurrency YOVI coin (Yobit Virtual Currency).

 

One of the main Pros they are attracting their users with, is that they are offering two fiat currencies you can use to purchase Cryptocurrencies on their portal. Those Fiat Currencies are USD (United States Dollar) and RUR (Russian Ruble).

 

Once you visit the Yobit website you will notice bunch of features that can make you confused. Top bar has a lot of menus that most users are not familiar with, so you can say it’s not that User and Newbie friendly.

 

They have a dice-game featuring Bitcoin, on bottom-right side of the home-page.

 

Apart from that, they also have YobiCodes that we will cover in the next part of the review.

 

One thing is certain though, the interface needs a proper go-through and learning, especially for a newcomer. If you’re one, don’t expect to come and start trading on Yobit just like that

 

 

Yobit’s Pros.

 

Yobit has an advanced user interface and some controversial reports but should not be judged solely on those. It has bunch of positive features that cannot be overlooked. Read through all the Pros and Cons we are going to list below and then decide if this is the right Cryptocurrency Exchange Platform for you.

 

  • Advanced User Interface can be considered as one of the Pros if you’re seasoned trader and expert. You can find all the information consolidated at one place, and do not have to scroll up-down, or slide sideways. All you need is placed in the panels on home-screen.

 

  • YobiCodes. We mentioned them previously, now we’re going to explain what they are. YobiCode is a unique feature implemented by Yobit Exchange for their users. Basically, those are Codes you can redeem in order to receive a random amount of random Cryptocurrency listed on their platform. The rewards are usually low, but some users have reported a reward of 0.1 BTC as well..

 

  • No waiting time on Cryptocurrency deposit and withdrawal. Depositing cryptocurrency from an existing wallet to Yobit or transferring cryptocurrency from Yobit to another wallet is as fast as it can get. Bitcoin transfers however might be slower because of the traffic on the network. But otherwise, the transactions are quite fast.

 

  • Best thing about Yobit is that there are many different ways to purchase Cryptocurrency of your desire. Debit or credit cards, bank transfers or international wires, up to you to decide how you’re going to purchase Cryptocurrency. They also accept multiple mobile wallets such as: QIWI, AdvCash, WebMoney, Payeer, PerfectMoney etc.

 

 

Several more Pros

 

 

  • Another protection method is DDoS protection layer that verifies your browser before letting you in.

 

  • The DICE game on bottom-right corner of the screen is also a neat feature. Though, like with any gambling, be careful. It can be a great way to earn free Bitcoin, but you can lose your Crypto Coins really fast as well.

 

  • On top of online “hot” wallets, Yobit Exchang also offers cold wallets. That basically ensures that your crypto-assets are secure from hack or malware attack.

 

  • Security wise, Yobit also has SSL encryption: intelligent system to analyse queer transactions and blocking.

 

  • The API it provides can be integrated fast into bot-systems.

 

  • Yobit Exchange also lists new coins pretty fast. You will find all kinds of new ICOs and tokens on their websites. Try to use this in your advantage.

 

  • Another thing that may sound of value in terms of Security, is the option to freeze your Yobit account, in case you accidentally lose / leak your credentials.

 

 

Yobits Cons.

 

Before you jump to trading using Yobit Exchange, make sure to read about the disadvantages of this Exchange Platform.

 

  • As we mentioned the Russian Investigation previously, I will keep it short. While the Claims have not been proved, it sure does affect the impression of the Company and may scare away new investors.

 

  • While it offers the Fiat Currency purchase, it is also Yobits Con that there are only two Fiat Currencies available. Mostly because of the exchange you’d have to make if your funds are not in USD or RAR.

 

  • Fast listing of new Crypto Coins is also a Con in one way, mainly because of the low requirements for adding new Cryptocurrency to their database.

 

  • Once again, we mentioned this in Pros as well. User Interface is a Con, from Newbie point of view. All the data placed in one place can really be confusing and overwhelming. Take your time in understanding your options.

 

 

Couple of more Cons

 

  • From user point of view, their Customer Support is frowned upon for many reasons. We will just mention that they do not offer Live Support on top of other tinier details.

 

  • Last but not least, bad Reputation and Reviews. It’s spread all over the internet. Keep in mind, they cannot all be fake or falsely claimed.

 

 

 

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