The company was founded in 2015 in Russia. There is no other information about the company that could be found information like the name of the owner of this website, which is quite interesting. The website is translated into English, and Chinese, but is originally made in Russian language. This is very convenient for their traders who can change the language on their site with only one click. Yobit made sure that trading on their website is very easy, so even if you are totally new in this type of work, you will have no problem making it on your own. The minimum transaction would be at 0.00010000 in all currencies and the transaction fee would be 0.2% for both buying and selling.
Registration is very easy and standardized, so we won’t find any surprises there and would be able to register without any prior references. We should click on the Registration tab. Fill-up all the necessary details in the Registration form, and click “Register”. An email address, password, confirmed password, agreement to rules of YoBit.net and checked I am not a robot box are considered as necessary details.
After registration, we should check our email and click the verification link from the message sent by Yobit. Yobit will recommend you to enable 2-Factor Authentication. Download and install Google Authenticator app to your mobile phone and use it to scan the 2FA QR code on Yobit. After inputting the 6-digit code from the Google Authenticator app to the 2FA form and we should click “Enable”. We should use Google Authenticator every time we log in. To create an account with Yobit.net won’t take more than few minutes as the confirmation email is almost instantly sent. You will have a step by step form on how to activate it after the registration.
Make a deposit
When you want to make a deposit, the verification process is very quick with a Google Authenticator installed. You can deposit USD, RUR, BTC and many other currencies. For USD deposit, you can use OkPay, Payeer, PerfectMoney and Capitalist. For RUR deposits, you can use QIWI, Payeer and Capitalist. To deposit, go to Wallets page. After choosing the currency you would like to deposit, click the “+” mark. For BTC deposit, use the address given or the QR code as the receiving address when sending or buying bitcoins from an agent or third party exchange. Obtaining a new email address can be accomplished by clicking on “Obtain new address”. If you want the lowest cost of deposit fee, then you should know that USD transactions under Perfect Money, OKPAY, advcash, and Capitalist are free. Payeer charges you 2% USD per deposit and QIWI Wallet would charge you 5% RUR per deposit.
When you want to withdraw funds, you can do it very easily. You just need to go to Wallets page and click on minus sign to choose a currency to withdraw. For example, if you want to use BTC withdrawal, you should input your withdrawal address and the amount you want to withdraw. Second step is inputting the address of your withdrawal, which should be from a third party wallet or exchange and inputting the amount you wish to withdraw. The fee is fixed and will be displayed. After this step, you should click “withdrawal” request button and the given instructions will guide you through the verification process. Withdrawal will be processed after the verification through the email or Google Authenticator. Withdrawals vary between 1% RUR and 3% RUR, and 5% USD fees.
One of the many pros of YoBit exchange is that it provides the possibility of getting many new coins during the initial phases. This is enabled due to the velocity by which they list new coins. This also solves the problem of a new coin needing a wallet , because you can store them on the exchange. As soon as a wallet comes out for a coin, you should move your coins there. Another good thing about YoBit website is the fact that it is clean, precise and mouse-motion-streamlined.This means it is quite easy to maneuver a mouse pointer through the site. Also, the first impression by looking at the site is that the colors suit the eye, and you can easily find everything you are looking for.There are plenty of coins available at YoBit. Trading is done against BTC, ETH, DOGE, WAVES and the fiat USD and RUB. Our advice would be to look at Bittrex and Cryptopia, in case you are interested in other altcoin-focused exchanges.YoBit.net has a decent trading platform. The platform leaves a very positive impression, except for the charts. It looks quite organized and it also provides a live chat which is a bonus. Another advantage of YoBit is that the trading fees vary by the asset you trade, but the company states they can’t get above 0.20%. This is in line with the offers of other exchanges.
We must admit that the lack of documentation offered about how to use the exchange, could raise suspicion about their legitimacy. This is one of the few crypto-exchanges which doesn’t provide any information on the location from which they operate or the team behind the project. While portions of their website would lead you to believe they are Russia-centric, we have no way to prove they are based in Russia. There are many negative reviews of YoBit. Users make all sorts of complaints, with the most condemning one being that this company does not facilitate the withdrawal of altcoins. While the user reviews should always be viewed with mild skepticism, the number of warnings about this exchange platform vastly outweigh the positive comments.
You can’t see customers complain about the platform because they don’t provide a live chat, which is very bad for the exchange. They have a support system, but it is not the same, you can’t see complains that are coming at the moment. Many users complain about the delay that is happening with withdrawal. You can’t hear many good things about the platform, they are constantly being attacked by users on other forums that are reviewing exchanges. There are always going to be some good reviews, but these users are more likely on the platform for a long time and made a significant buck for YoBit.
YoBit is a usable cryptocurrency exchange platform if you have the desire to register there. But they have many issues that have to be worked on. You need to do a great research before trading on any platform out there. Many users that complain didn’t even new everything about the platform. There are always going to be problems with digital currency exchange because they are constantly changing and in a rapid paste.