YoBit is a page where you can invest in different cryptocurrencies such as bitcoin. This time, we are talking about a company that has been involved in several problems that have put in doubt whether it is a fraud or not. Our team has carried out an analysis in which different aspects of the provider were evaluated, and, in our opinion, YoBit does not commit any kind of scam. However, we know that with so many negative comments floating around the net, you may not feel completely confident about investing here.
Our Experience at YoBit
YoBit is a provider that certainly amazes with the number of cryptocurrency pairs it handles. The supply and the list of assets is obviously not always the same, because there are some currencies that add and others that disappear. When we did our analysis, we found a number of more than 7,000 pairs, which clearly gives us to understand that at YoBit you can invest in any crypto you can think of. The operation and design of the page is quite simple, since in the same way there is not much content that can make navigation difficult or confuse you.
A peculiar aspect is the online chat that is on the right side of the portal, in which you can write once you have logged into your account to comment on any questions, read news or keep up to date with changes in the markets. Of course, remember that the chat is open to everyone and that, just as there are users who want to collaborate with the community by providing quality information, perhaps others are inclined to do the opposite. Take your precautions when you go to use it.
Is it safe to invest in YoBit?
Our recommendation is that, before investing in any pair of cryptocurrencies in YoBit, try to find references from an acquaintance or relative who has used this provider and can tell you if they have had any problems. Of course it will not be the most reliable guarantee, but at least you will have an idea of how things work at YoBit. There is also a factor that generates questions among users with little experience, and that is that among the pairs of cryptocurrencies available, sometimes there are totems with names very similar to that of another crypto, but that is not the original. Pay close attention before making a trade and do not forget that if you want to invest in popular currencies such as bitcoin or ethereum, perhaps there are other more appropriate exchanges in our list that you may like.
If there is something positive to say about YoBit, it is how easy it is to buy and sell cryptocurrencies on its portal. It really is one of the easiest pages to use, so if you’ve never done it before, you might see it as a plus. The variety is indisputable, because as we mentioned before, there are thousands of different pairs to invest, such as ETH / BTC, DASH / BTC, ZEC / BTC, LTC / BTC, ETC / BTC, BTC / USD, DOGE / BTC and many more. . You will have at your disposal the usual analysis tools, such as charts, percentage of change in the last 24 hours and volume traded. From what we observe, the two fiat currencies managed in YoBit are the US dollar (USD) and the Russian ruble (RUR). Although the idea of exchanging cryptocurrencies with dollars is interesting, there are certainly more attractive providers to do it, with more security guarantees and a better reputation. But if you are more interested in exotic or less operated cryptos, you should give this portal a try.
In the CoinsInfo section you can obtain more information about the cryptocurrency you want to buy or sell, which we recommend for what we mentioned in the security section that sometimes there are coins with very similar names that can confuse users. YoBit commissions are quite interesting since they are below the 0.25% that we commonly see, being only 0.2% per operation. Registration is totally free and there are not too many steps to take to create an account, although that point does not seem entirely favorable to us since, the more conditions they ask the user at the time of registration, the more likely it is that it is a company respectable and professional.
There is no kind of promotion or welcome bonus in YoBit, which does not surprise us since it is not a frequent service in this type of investment platform. If there is a change, we will notify you by updating this section of the article, but since its commissions are so accessible, we see it difficult to enable this type of offers in the future.
Web Design and Mobile App
In this section we think that is the strong point of YoBit, and that is that its page is so intuitive and easy to use that even the most inexperienced user could sell and buy their cryptos without problem. The design is simple and is not saturated at all, rather, on the contrary, we think that you need to add more content, especially of an informative nature that will serve customers. If we can say something positive, it is that there is no place for distractions, since the entire list of cryptocurrencies and trading tools are at a glance, so the process of opening an order is quite straightforward.
YoBit does not have a mobile application, or at least there is no information about it on its website. When we entered the Play Store, we found an app called Yobit.net Mobile Exchange, but we were struck by the fact that the manufacturer is SmartChoice LLC (a company that we do not know if it is the owner of YoBit) and when entering its page the link sent us to another portal that had nothing to do with YoBit. We also noticed that the application’s rating is not good, as it is evaluated with a 2.8. In addition, there are several comments from users who claim that the app does not belong to the same company as the YoBit desktop version and that they have been scammed.
For those reasons, we don’t recommend downloading it. Unfortunately, the YoBit page does not run very well from mobile either, as it does not have the necessary settings. Everything looks very small and you have to zoom in to be able to press the buttons and perform other tasks. If you need to operate cryptocurrencies from your mobile, you definitely have to look for another portal on our list.
Again, there is very little information about YoBit’s payment methods. You can make income in a wide variety of cryptocurrencies, but the fees, limits and processing times will depend entirely on the crypto you have chosen. From what we have seen, sometimes withdrawal times take too long, long enough for users to think they have been scammed. Keep this in mind if you decide to register with YoBit and assume the risks or problems that may occur when you want to withdraw your funds.
Security and Customer Service
Regarding the security of YoBit there is not much to say, because, as we have been mentioning throughout the article, there is practically no information. We know that the web has SSL encryption because when entering a green padlock appears right next to the YoBit URL, which shows us that it has a valid and active certificate, so personal information such as user names and passwords are protected.
The exchange also uses Google’s two-factor authentication (2F) system that allows you to generate an additional code to log into the platform and increase security. Although these measures cover the minimum that a trustworthy portal must offer, there is no visible guarantee regarding the safety of funds, which in the end may be the most important thing for many.
Customer service is an aspect that undoubtedly needs to be improved, as the only way to raise a problem or complaint is by creating a ticket in the support section. You must write the subject, leave an email and explain what the problem is that you are having. In some cases the response can be quick, but in others it takes a long time, so you should be very patient.
Just below this inquiry form there are some Frequently Asked Questions (FAQs) accounts where you may find some information, but at the moment it does not have much content either. It is worth mentioning the YoBit online chat again, where you can communicate with other members of the page and find a solution. Of course, the possibility that this tool will work for you to solve a problem will be a matter of luck.
A portal with a lot of variety and acceptable security measures, but which is far from being a recommended bitcoin exchange for all public. We do not like the fact that there is so little information about YoBit, because not knowing which company is running the site, there is not much to investigate to know if it is a scam or not. The number of registered users and the constant activity of people investing in YoBit makes us think that they are doing their job and that it is not a scam, but this is only an assumption. There is also no mobile app and the customer service is very poor compared to other exchange sites. If you already have experience buying and selling cryptocurrencies, maybe you can operate in YoBit assuming the risks or evaluating the quality of the exchange with your own criteria, but otherwise, our suggestion is that you try another platform.