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Yobit.net – Pros and Cons of Trading on Yobit
- Good Liquidity
- Many smaller coins tradable
- Bad support
- Transfer fees can be quite high, depending on the coin and amount
Yobit is a cryptocurrency exchange offering more than 100 cryptocurrencies that can be traded directly on their website. Although the trading platform is internationally oriented, only three languages are available: English, Russian and Chinese.
The provider’s focus is clearly on illuminating the prices of the individual cryptocurrencies from all sides as far as possible and making them available to customers on the website. The website could be slightly more informative, it’s not that easy to prepare a detailed test report on crypto trading platform Yobit. Nevertheless, we have highlighted a few points that might make it easier for you to decide whether you want to give the altcoin broker a try or not.
Our first look is at the provider’s seriousness. After all, every user wants to be able to rely on a secure trade that really washes the return into their own wallet. In recent years there have been some dubious offers on the market, but YoBit is clearly not one of them. The provider offers great protection for its users and works reliably and seriously. In our eyes, doubts about the correct way of working are superfluous.
Overview of our YoBit.net Experiences
First of all, it is worth mentioning that the users of YoBit.net can enter the trade almost directly. When opening the front page, you directly get to the trading interface, where numerous price values and developments can be seen. At first glance, the whole thing seems a bit unsorted, but after a short familiarization phase, you find your way around.
More than 100 currencies are traded here, including well-known majors such as Bitcoin or Ethereum as well as some exotic coins. In addition, YoBit offers a wallet for the corresponding coins, so that they can also be conveniently stored at the provider.
Something very unusual for a cryptocurrency exchanges: Right on the homepage of the platform you can find a dice game with Dice, in which Bitcoins can be won and lost.
In our experience, chatting for users is also an essential part of the offer. This is quite helpful for beginners, since often interesting news and messages can be pursued. The chat is available in various languages, including German. However, the website is only available in English, Russian and Chinese. In general it can be said that the provider is very reluctant to provide information.
Should questions or ambiguities arise, a ticket or a private message can be written to the support.
YoBit.net Check: Fraud or Serious?
The fact that a YoBit.net fraud or a rip-off can be excluded is proven by the provider on various levels. On the one hand, many users trust the provider, which is always a sign of good work. Also, the trading platform has been around for quite a while already and you generally don’t hear anything negative.
In addition, a lot of importance is attached to the protection of user data and their coins. All sensitive user information is protected with SSL encryption. In addition, users can rely on the fact that most of their assets are secured in a Cold-Wallet and thus protected against access by hackers or criminals. In addition, the entire platform is protected against attacks from outside with DDOS protection.
Of course, two-factor authentication isn’t missing here either, as it can be described as the absolute standard on the market. In this way, it is ensured that a security key is required in addition to the login for access to one’s own account.
The Yobit codes must also be entered for the processing of transactions, which provides additional protection. In this respect, we can clearly state that YoBit.net has given a lot of thought to the protection of users and offers a secure framework for trading.
Overview of the Trading Platform
At YoBit.net, the visitors of the website basically enter the trade directly, because the main component of the website is the trading interface. An additional download is not necessary, after opening an account and making a deposit you can start trading immediately. Opening an account is of course free of charge and can be done by clicking on the “Registration” button at the top of the page.
First of all, visitors will certainly have to orient themselves, as the numerous information and courses can cause confusion at first glance.
As typical for broker sites, we find the price chart at the top of the website. Here different filters can be defined, so you can check the chart in the time frame of your choice, like 12 hours chart, daily chart, weekly or up to the 6 months view. The order book is also shown in this area.
A bit further up you will find the “Market” area. A click here shows the list of all active currency pairs, which are often several thousand. There are numerous prominent pairs, such as BTC/USD, BTC/RUR, ETH/USD or DASH/BTC. In addition, many quite unknown pairs can also be traded here.
If you want to take a closer look at the currencies, you should go to the “CoinsInfo” section in the trading interface. All the individual currencies are listed here, a total of far more than 150 coins. As already mentioned at the beginning, Minors such as UCoin, TrickyCoin, iCash or Crave are tradable in addition to Majors such as Bitcoin, Litecoin or Dash.
All in all a very interesting portfolio, which should also be interesting for all experienced traders due to the large selection. At least worth mentioning is the dice game, which is also offered in many Bitcoin casinos. The users have to decide whether the number they roll is above or below a certain value and in the best case they can make a profit.
The altcoin trading site charges a fee of 0.2% for the purchase and sale of cryptocurrencies. This value is flat-rate, i.e. completely independent of the value or volume of a trade. A pleasant decision for the customers, especially since 0.20% can be described as perfectly reasonable and average. In this context, the provider does not provide a reason for any complaint.
Deposits and Withdrawals
It seems that they used to have wire transfer deposits and some other possibilities to deposit fiat money in the past, but those options don’t exist anymore as of 2019. Today Yobit is an altcoin brokers that accepts crypto deposits and withdrawals only. That’s the reason why you don’t need to verify your identity on this trading site.
According to our YoBit experience, payouts are in some cases also associated with fees (not only the network fees of the coin), therefore have a look at the checkout area of the trading platform. The duration of the credit transfer to your wallet depends on the respective network speed of the transfered coin.
This is the only area where we’ve heard some complaints, that transaction fees can get very high depending on the cryptocurrency you want to deposit or withdraw. So better check that in advance. Some people like to use DOGE for transfers because of their especially low network fees, but Yobit seems to charge extraordinary fees on DOGE transactions, at least that’s what people reported more often in 2018.
Yobit only offers the most basic order types, which are the limit buy and limit sell order. This means that this altcoin exchange doesn’t offer the technical functionality of professional trading brokers. The lack of stop loss orders, take profit orders or other conditional order types make it impossible to use the platform for professional day trading. However, Yobit’s focus lies likely more in providing the opportunity to invest in exotic low cap or micro cap altcoins which are usually rather meant to be long-term investments and not interesting for fast day trading activities.
This is also something that seems to have changed. In the past Yobit used to be a professional broker with any kind of advanced order types for professional day traders. But those all disappeared and they reduced the functionality of their trading system to a minimum. But that’s quite common, it happened to other big trading platforms, too, such as Kraken.com, for instance. It seems that some platforms or the teams behind them just can’t handle advanced trading activities technically. This differs them from the more successful ones, such as BitMEX, Bitfinex and others who are doing well as professional broker platforms.
Security and Regulation
Only very few providers today have a licence from a regulatory authority. YoBit.net is no exception, but this is not due to the dubious way of working, but simply to the unregulated market. Nevertheless, every user can rely on an absolutely secure framework.
There are several reasons for this, such as secure two-factor authentication for access to the trading account. In addition, the provider protects himself and his users with the help of SSL encryption and DDOS protection. This means that data and stocks are optimally protected against access by criminals. These factors indicate that fraud can be ruled out.
Another interesting point in this context is the separate storage of assets. Only a very small part of the inventory is stored in a hot wallet for day-to-day business and is therefore potentially and theoretically at risk of attack by hackers or other criminals.
The main part of the stock is in a Cold-Wallet and is therefore not at all tangible for criminals.
Should any ambiguities arise, users at YoBit.net can contact customer support. A hotline or a live chat is not available, but a classic and widely used ticket system. This makes it possible to send a message which, in the best case, will be answered after a few hours. Be aware that the support only answers in English.
In addition, a private mail can be sent to the support, which in this case is only a different name for the ticket system. Such private mails aren’t faster by any means.
In our eyes, it’s also a bit of a pity that they haven’t included an FAQ area at all so far. So no user has the chance to search for the answer to his question himself. This is a bit unfortunate, because normally a FAQ area can be counted among the “basic equipment” of all Bitcoin Exchanges. In the area of customer support, the maximum has not yet been reached and there is potential for improvement.
Admittedly, the portfolio of YoBit.Net may seem overstrained at first glance. The whole website is filled with quotes, currencies and charts. Especially for the newcomers it is not easy to find your way around. However, we can also give the all-clear, because after a short time the ambiguities may have vanished. In principle, the design makes it even minimal and can be described as absolutely minimalist. The platform offers a huge portfolio and tries to present it as “slim” as possible. In our eyes with success. However at this point once again the hint: The homepage cannot be called up so far unfortunately yet in German language.
What about a Yobit Mobile Version or App?
The fact that the provider does not provide a mobile YoBit.net app is somewhat surprising. Most providers are now using a mobile alternative, so that users can trade their currencies easily while on the move. Here, however, the website has to be used because the mobile display has not been optimized. So if you want to access the mobile offer with your smartphone or tablet, you should have good eyes because all components of the website are enormously small. A download app is not available at all.
According to our YoBit.net experience, the large selection in the portfolio can be described as the real flagship of the provider. It is often possible to trade several thousand currency pairs, in addition to which the list of coins includes well over 150 different currencies. Beside the prominent representatives like Bitcoin there are also many small altcoins to be found here, which the majority of all users may not yet be familiar with.
Anyway, it can be said that the platform is primarily suitable for experienced users. Other Bitcoin Exchanges are a bit more sorted in their appearance and can therefore be described as a bit easier to understand for beginners.