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YoBit Review - is it scam or safe?

YoBit Review - Is yobit.net scam or good cryptocurrency exchange?

RATING: 1.5 / 16 REVIEWS YoBit
YoBit is not regulated. We cannot guarantee your money is safe.

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Trading Accounts

  

Account type Leverage Trading fee

Deposit Fee

Standard N/A Max 0.20% Up to 6%*

*Fees vary (a lot) by payment methods. Read on for more details.

 

YoBit is one of the most hard to evaluate cryptocurrency exchanges around. While relatively large volumes are being traded (especially in some altcoins), the exchange has received a lot of criticism.

 

YoBit Advantages

 

Competitive Fees –   Trading fees on YoBit 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.

 

Fiat currencies accepted – Fiat currencies are accepted at YoBit, although via payment methods which are not that popular outside Russia. Here is the full list of payment options and fees:

 

 

Sadly, credit cards are not supported. This is without a doubt one of the easiest ways to get into the world of cryptocurrencies, but there are a couple of details you should know. 

 

>>Where can you buy Bitcoin with a credit card?<<

 

Lots of altcoins  – There are a plethora of coins available at YoBit. The total number of instruments was over 250 at the time of writing of this review. Trading is done against BTC, ETH, DOGE, WAVES and the fiat USD and RUB (although the obsolete symbol is used for the latter). Be sure to check out Bittrex and Cryptopia, in case you are looking for other altcoin-focused exchanges.

 

Decent trading platform – The platform provided by YoBit leaves a positive impression (with the charts being the major exception). As you can see from the screenshot below, things look well organized, with a live chat also being available:

 

 

 

YoBit Disadvantages

 

Unknown company background – 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.

 

Poor presentation – The lack of information does not stop with the company hiding (or forgetting to mention) its information. As an example, we had to register an account in order to get to the trading fees. This is yet another factor which doesn’t inspire trust.

 

Negative user comments – A lot of the user reviews on YoBit are very negative. People make all sorts of claims, 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 scepticism, the number of warnings about this exchange vastly outweigh the positive comments.

 

 

Withdrawal fees – YoBit imposes withdrawal fees on both fiat and cryptocurrency transfers out of the exchange. This is not all that uncommon, but leaves a bad taste. You can find all the details about the fees in the screenshot, in the previous section.

 

No Leverage  – Trading with leverage is not available at YoBit. This shouldn’t surprise you, as implementing a solution for this is very complicated (and probably not that necessary). In case you are willing to speculate more aggressively with Bitcoin, a forex broker may present a decent alternative.

 

>>Leverage is available with these companies<< 

 

We must mention there is a serious difference between dealing with a crypto-exchange and a Forex broker. You will not actually be in possession of the given coin, but only make or loose money, based on its price movements. Read all about it here.

 

Other gimmicks on the website – We mostly focused on the exchange functionality of YoBit, but there are a lot of other things available at the website. They include a Dice game and InvestBox Option (available only after you have played dice). While everyone can decide if this form of gambling is suitable for them, the latter option seems shady at best. 

 

Poor charting – While the rest of the trading platform provided by YoBit seems fine, the charting is just not up to date with the financial services industry.

 

Conclusion

 

YoBit is a cryptocurrency exchange which leaves mixed feelings. On paper their trading conditions and multiple altcoins would make it an interesting alternative to Bittrex (probably the current leader, in terms of exchanges offering so many coins). But the user criticism makes us doubt the honesty of this exchange. 

 

The fact YoBit does not provide any information on the people behind it, as well as its base of operations is also not impressive. Some reports suggest the company is under the investigation of Russian authorities, but we couldn’t verify them.

 

At the end of the day, one’s security of funds will always be much more important than the available trading instruments. While dealing with crypto-exchanges is always associated with some counterparty risk, YoBit appears to be shadier than most counterparts. That being said, you can always find a trustworthy forex broker, if you are interested in the speculative aspect of cryptocurrencies.


>>Regulated Bitcoin forex brokers<<

 

Here are the pros and cons of this exchange:

 

Pros Cons
Competitive Fees Unknown company background 
Fiat currencies accepted Poor presentation
Lots of altcoins Negative user comments
Decent trading platform Withdrawal fees
  No Leverage
  Other gimmicks on the website
  Poor charting

 

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Traders` reviews for YoBit

Spread

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Slippage

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Requotes

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Price feed

Pros

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Platform

Pros

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Deposit/Withdraw

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Customer service

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Summary

Pros

Cons

 

 

Criminals

They are criminals who even hide their servers. Want to donate your finds to russian robbers? - then Yobit is this place

Darius 03/20/2019

Scamming admins

I got scammed through "yobitcodes" by the admins..
Be aware of this people and dont give them your money.

Leo Flores 03/08/2019

Beyond Contempt

If there was ever a Crypto Exchange that deserved a poor review, it is this one. YoBit is the epitomy of SCAM!!!! It wont be long before this exchange becomes the next Mt. GOX.

I am an arbitrage trader and hence why i ended up at Yobit. The prices here are higher than any other exchange on planet earth. There are reasons for this. The fees to withdraw are 5%. Tether trades at over 10%. I was lead here by the price of BTG. The BTG wallet has been disabled for months. This is intentional. They BACKDOOR trade it. No one can Deposit or Withdraw yet it still trades at an extremely low price. They allow themselves the ability to withdraw to sell at 50% more elsewhere. If you look at the stable coins you will see the spread is huge All coins are 6% higher than any other exchange on the internet. Once your USD is there try and figure out how to get it out.... I sampled small deposits of TUSD and they show on the blockchain just not in my Yobit wallet. I have sent Support request that have been ignored for months. How this exchange stays in business trading with Fiat is beyond my explanation. Be forwarned that if you have money here then it is in danger of being lost.

Jasper Cat 01/14/2019

Yobit scam!!!!!!! Stole 940btc!!!!!! Scam!!!!!!!

Yobit is a SCAM !!!!!!! Got scammed for 940BTC while trading at their site, during that time, yobit called a denomination which is basically swapping a currency for a 10000000000000000:1 of its value,....SCAM!!!!!!!!! They not only closed up my profitable trade for 940BTC, but they did also swap the currency I was trading with for 1/16 of its value,.....and instead of accrediting me my 940BTC they decided that my trade was worth 0.00000940, what a SCAM!!!!!!!! Do not trade at their site, if you can trade somewhere else........

JD Kelly 01/13/2019

YOBIT is a very dangerous scam. AVOID

They stole a certain altcoin from me via their withdrawal system which is basically a black hole. There is ZERO support. Dominic Herzog - the owner - occasionally appears in the TrollBox and taunts users whom he has robbed. People have lost fortunes here. ABSOLUTELY ABSOLUTELY AVOID.

John 09/27/2018

Bad exchange

A lot of wallets in maintenance. XBY (a good coin) wallet is in maintenance more than 6 month! This is not serious, avoid Yobit at all costs.

Andrew 09/11/2018

1 BTC Withdraw Request Awaiting Confirmation for 7 MONTHS

I would avoid this exchange. My withdraw request is stuck for more than half a year. No response from support.
https://www.reddit.com/r/yobit/comments/9asmqk/1_btc_stuck_for_7_months_on_withdraw_email/

Ali Kaan Sungur 08/28/2018

YoBit scam

YoBit scam. Do not go on yobit. They steal money. I was stolen all the money and blocked my account. Support does not respond.

Andre 07/29/2018

Yobit| E-currency exchanger|payment proof

I exchange BTC TO USD amount $8.
And withdraw to perfect money.
I can exchange smoothly
They pay instantly

Signup link : Yobit

Payment proof image : https://prntscr.com/jubsv9

JL BTC PTC 06/15/2018

Ethereum withdrawal from Yobit

It has been 10 days since I tried to withdraw ethereum from Yobit. They are low life thieves. Scumbags.

Michael Hurley 03/28/2018

DONT put any money in this exchange

I put a very small amount of money into this exchange. The equivalent to 300 USD. By the time i was done with my trade i was left with the equivalent of 113 dollars in alt coins.
That 113 dollars got me 1000000 DIME and 1395000 PAC. when I got back on the site there was only 1395. shares of PAC and my DIME was in tact. I traded all for Ether and was going to move to a legit exchange lke bittrex or gemini. It would not let me withdraw the money. This is a shady, dishonest, or at best extremely flawed exchange platform which takes money and when you try to move it to another exchange they wont let you.

scott 03/03/2018

Yobit is a scam

I suggest everyone should stay away from them because their operations are skims to rob people off their cash. i exchanged my BTC for DGD token only to realize that their the prices were manipulated. Where 1 DGD was 0.03BTC on other exchange sites, they were exchanging 1DGD for 0.00003 BTC as selling price and 1DGD for 0.00004DGD as buying price. This was clearly to lure people like me into buying at a fake price and when you also try to sell back you will loose your money to fake rates and to exchange fees. The worse to all of this is that they disable your wallet with the excuse that your wallet is under Maintenance such that you can not withdraw your coin onto other profitable wallets. Their Support services does not respond to anything. i tried to get some feedback from the Devs and they had no idea what maintenance is going on.

08198 02/15/2018

Lost Deposit on EOS

This is horrible exchange site I ever had. Lost deposit and no one reply. It is really SCAM!!!

John 02/13/2018

Lost Deposit on XEM

This is horrible exchange site I ever had. So far, it is almost one week now I still didn't see my XEM coins deposit to my wallet. I have write 4 messages so far, only got auto-replies. I have no idea what is going on with the site. Asked many friends, it seems happened many times like this. I hope there is someway I can contact this site to get my coins back. It is really SCAM!!!

Tina Mars 02/09/2018

They will steal your money

Horrible company. The worst. Do not put your money anywhere near these people. they will steal from you! Also you will never ever hear from support. They just ignore you because these bastards know that they stole your money.

josh murray 12/09/2017

NLP2510

Hello,

I made a deposit of ETH and is still not available.
You requested to withdraw 0.20515921 ETH to address 0x2867dbb56b9dc05ef6d176868f7129bf289cfe30.
Untill now I don't have a answer or a explication from them. Nothing. They just ignore us.
If they don't support you, you don't have to trust them.
I still waiting from a answer. Since 02-11-2017 that I'm waiting for a answer, and nothing. I already send another support today.
They are a Scam.
Best regards

Manuel Fernandes 11/22/2017
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