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YoBit Broker Review | Pros & Cons In 2022
Launched in 2015, Yobit is a leading cryptocurrency exchange with more than 8500 crypto pairs to choose from. As one of the first exchanges in the crypto space, YoBit is well established, displaying resilience during downturns as a result of its loyal customer base.
First incorporated in Panama in 2014, one of the main benefits for YoBit customers is that they don’t have to go through the often lengthy process of KYC and can therefore start trading quickly and easily on the platform.
But there’s much more to YoBit besides, and this article goes full-depth into explaining more about what YoBit is, how it works, its features and benefits and what makes it stand out compared to other cryptocurrency exchanges.
3 Reasons to Use YoBit
With around 500 cryptocurrencies and more than 8500 crypto pairs available to trade, YoBit has a wider range of trading options than most exchanges.
YoBit stands out for its longevity in the cryptomarkets, having consistently ridden the highs and lows of bull and bear markets.
YoBit has deliberately taken a no-frills approach to its platform functionality, which has proved popular with traders and investors who like to see the raw numbers.
What is YoBit?
YoBit is an online cryptocurrency exchange with a state of the art trading platform where individual, business and institutional traders and investors are able to buy and sell a high number of different cryptos. The trading platform has all of the trading tools and features charting analysts need and is ideal for both seasoned and new investors.
How Does YoBit Work?
YoBit is an anonymous trading platform that allows users to simply enter their details, fund their accounts and begin trading cryptocurrency quickly and easily. Once inside the platform, users are greeted with a page that reveals buying and selling prices, a trade history—also known as an order book—market prices that show current prices for all listed cryptocurrencies against the US dollar, and any existing balances.
Once funded, purchased cryptos appear in the ‘balances’ section of the trading platform and the user is ready to start buying and selling. Notably, there is also a social function on the page where YoBit where users can engage with other traders in English, Russian, Mandarin and a few other languages. This feature is great for people new to the platform or new to trading crypto.
How does YoBit Make Money?
YoBit makes its money from commissions. Every broker or exchange is essentially an intermediary between two parties facilitating a transaction. In this respect, YoBit will be familiar to anybody that has used another exchange or broker. Users are able to see two things—the bid price and the asking price.
The difference between these two prices is known as the spread. Whenever a trade is placed, the spread, which is effectively a commission, is deducted and this helps fund operations and run the platform. This spread (commission) is how YoBit makes its money. For the trader, the spread is the cost of doing business and gaining access to the trade.
YoBit - What Sets it Apart from Competitors?
YoBit is built for speed. With other exchanges, particularly those with clunky KYC processes, signing up has, at best, taken an hour or two and, in the worst cases, several days. For people who want to get trading fast and perhaps lack the exact credentials most platforms need, YoBit wins hands down.
It’s also easier than most exchanges when it comes to navigating to the places that matter, and YoBit provides more fiat pairings than many exchanges, some of which don't offer any fiat pairings at all.
The flat maker-taker fee is also a marked difference as most exchanges have different fees for these two sides of trading.
Breaking Down our YoBit Review - Our Analysis
YoBit is a well-used exchange with trading volumes of around $100million per day making it one of the most heavily used platforms in the cryptocurrency space.
Its real strong suit is the absence of the need for KYC. While some people might see this as a red flag and want the assurance of using a broker in a highly regulated market, for others KYC is a barrier to entry they could do without. YoBit, therefore, fills a much-needed gap for those people who want to buy cryptocurrencies or trade the crypto markets but who lack the ability to do this due to a lack of stringent personal proof, or simply the belief that privacy is a basic human right.
When it comes to useability, YoBit is clean and efficient, providing beginners and experienced traders with an excellent user experience. YoBit is also competitive when it comes to trading fees, though the withdrawal fees can be quite high.
All New Yield Farming on YoBit
The platform also has the new addition of yield farming on its platform. Yield farming is YoBit’s first DeFi offering and allows traders to stake their cryptocurrencies in return for high percentage returns. Although these returns are dependent on the fluctuations in the underlying markets, if timed correctly they can be impressive. It's worth noting that the higher the risk of the pair the higher the yields, and YoBit provides three bands depending on risk appetite.
Regulation, Licenses and Security
YoBit was incorporated in Panama and is regulated by the Panamanian authorities. Beyond this, its security is in its track record and trusted review status. The added benefit of the Panamanian base is that, as mentioned earlier, traders can use the platform without the need for KYC.
Is YoBit Secure?
YoBit is considered to be a safe and secure broker, mainly because of its longevity in the cryptocurrency market and its commitment to a fast-growing customer base. When it comes to hacks and data breaches, YoBit has maintained a clean track record throughout its operation.
For individual customer security, the platform has other security measures in place including email login verification and two-factor authentication. Should a customer suspect that their account has been compromised they are also able to freeze withdrawals on their account to protect their funds.
Key YoBit Services and Additional Features
Taking a closer look at the YoBit platform, there are a number of tabs at the top of the page. Each serves a purpose for cryptocurrency traders and investors. These are the most important ones to look at:
Dash - provides users with a rapid overview of their transaction history and current holdings of various cryptos denominated in USD, RUB and BTC.
Trade - the main trading page where stop, limit and market orders can be made. Set up your trading strategy here and execute it. Users can also find the order book, social chat, balances and current crypto market prices here, as well as track pair prices on the included candlestick chart.
Market - delivers a clearer overview of the active trading pairs as a list without the distractions of other features and indicators. Use this for a quick, clean snapshot of thousands of real-time prices and the place to quickly search for your preferred pair before trading.
Wallets - See how much fiat and cryptocurrency you’re currently holding and use this section to make new deposits and withdrawals.
Orders - Shows all orders that have been placed including live, expired and cancelled orders. Users can go here to track fees and see their trading activity in action.
History - For a more granular overview of all trades taken on the YoBit platform.
Free coins - this is where users can go to check out free airdrops on YoBit
Support - YoBit provides 24/7 support for its customers and this is the tab users can visit if they have any issues or problems they want to raise that need resolving.
Pros & Cons of YoBit
Supported Cryptocurrencies on YoBit
There are around 500 supported cryptocurrencies on YoBit with more than 8500 cryptocurrency pairs available. Some of the most popular supported currencies on YoBit include: Ethereum (ETH); Tether (USDT); Bitcoin (BTC); Tron (TRX); Dogecoin (DOGE); Ripple (XRP); Circle (USDC); and more.
YoBit Trading Platform at a Glance
At first glance, the YoBit trading platform appears clean and fresh with minimal use of icons, buttons and graphics. This streamlined look allows users to focus on what’s important when it comes to choosing a pair and placing taking a position.
Although those with no experience may find the frenetic buzz of data a little overwhelming at first, spending a few minutes navigating the various platform sections via its tabs should be enough to gain good familiarity with the site.
Any questions that need asking can be posted in the chat section or posted to customer support
Deposits and Withdrawals on YoBit
Making deposits and withdrawals on YoBit is straightforward.
Simply had to the ‘wallets’ tab and decide which crypto or fiat denomination you want to use to fund your trading account. This could be BTC, USD, RUB or other supported crypto or fiat currency.
Click the ‘deposit button’, denoted as a ‘+’ sign, and choose from one of the free deposit options in the pop up that appears. There are a number of payment services to use including debit card, Perfect Money, AdvCash, Capitalist and Payeer, so pick the one that suits you best.
Next, choose the amount you want to fund your account with and click the ‘deposit button’ within the pop up box. The money will be transferred to your account.
For withdrawals, the process is similar. Simply press the withdrawal button, denoted as a ‘-’ sign and go through the same process in reverse. Note, that there are fees for making withdrawals.
If you are sending crypto to another wallet, either a non-custodial wallet such as Metamask or a wallet on another crypto exchange, select cryptocurrency and enter the destination address.
Make sure you are on the right network and send your funds to your cryptocurrency wallet. The transaction may take a while to go through depending on any gas fees and network congestion.
Fees on YoBit are competitive with a 0.2% maker and taker fee. This means that fees for trades are a flat 0.2% unlike other brokers that charge variable maker and taker fees. There are also withdrawal fees on YoBit. These vary depending on the chosen payment system and range from just 1% with Capitalist to 7% for payeer. Withdrawals to a debit card are charged at a flat rate of $6 plus 5% of the withdrawal amount capped at $2000.
YoBit Registration Process
The YoBit registration process is one of the simplest in crypto. The reason for this is that there is no KYC to complete. KYC is a requirement of many crypto exchanges and a regulatory requirement that takes time. Fortunately, for anyone sighing up to YoBit, it’s more straightforward. All that assignees need to do is provide a Login name, email address and a password, confirm they are not a robot and that’s it. Verification by clicking the link in the email sent from the platform is the final stage and then users are ready to fund the account with their first deposit.
How to Trade Cryptocurrencies on YoBit
To trade crypto on YoBit exchange, head to the ‘Trade’ tab and choose the currency pair you want to trade. If you can’t immediately see the pair you want, or you’re not sure, go to the ‘Market’ tab. Here, you can search through more than 8500+ cryptocurrency pairs using the search option at the top of the page. If you only want to see USD pairs, type in USD, then pick a pair. For argument’s sake, let’s say you want to trade BTC/USD, click the pair and this will take you straight to the trading page.
Now you’re on the trading page, you’re ready to make your order. In the example given, you’ll be buying BTC with USD. Simply choose how much BTC you want to buy. Double-check the amount and click the buy button. You will now have purchased BTC at market price. To sell it, the process is the same. Note, whenever you buy and sell the 0.2% fee is always listed so you can see how much the trade is costing you.
Final thoughts - Our Experiences with YoBit
We found YoBit to be one of the easiest cryptocurrency exchanges anywhere to sign up to and use. From landing on the homepage to depositing money and beginning to trade took less than ten minutes. Once inside the platform, we found navigating a breeze with everything we needed to get trading easy to find and just as easy to use.
When trading, the execution speeds were lightning-fast and we didn’t experience any serious slippage when it came to getting our orders filled.
We liked the fact that we could see everything at a glance and didn’t have to dig around to find our open orders and order history. Overall, it was a great experience.
Methodology - how we tested and compared YoBit to other crypto exchanges
To pinpoint the strengths and weaknesses of YoBit exchange, we first took a deep dive into the platform and used it, analysing every part of the process from signing up to trading, to withdrawing money. We then took the results of this qualitative research and compared it to other crypto exchanges. The main things we looked for were as follows:
- How easy was it to register and place our first trade?
- Initial impressions - how easy was it to find our way around the site and use it.?
- What was the experience of depositing and withdrawing fiat and crypto like on the platform?
- How wide was the range of cryptocurrencies?
- Were any other useful services available?
- Were there user-friendly social features where traders could engage with peers and ask questions?
These were just some of the criteria we looked at in summing up YoBit individually. We then compared YoBit to the other exchanges reviewed to see where it outperformed its competitors and where it was either equal to or worse than its competitors. These strengths and weaknesses were then outlined in the pros and cons section of this article.
Frequently Asked Questions
To set up two-factor authentication on YoBit, go to the settings on your account. Front and centre you will see the QR code. Scan this with your phone and follow the instructions. Enable 2FA on your profile settings page by pressing the green ‘enable’ button. Each time you log into your YoBit account after this, you will need to enter the timestamped 2FA code that appears on your phone. This refreshes every 30 seconds giving your YoBit account maximum protection from hackers.
Go to your account as quickly as possible using your 2FA and click the red button at the bottom of the settings page ‘Freeze withdrawals from my account (I suspect hacking)’. This will immediately stop your funds from being siphoned away by a third party.
Market Makers provide liquidity by setting buy and sell orders, and takers pick up this liquidity by accepting the price. Makers and takers are the driving force of markets and are required for all exchanges to work efficiently.
KYC stands for Know Your Customer. KYB stands for Know Your Business, and AML stands for Anti Money Laundering. One or more of these are often required when signing up to use a cryptocurrency exchange or broker. YoBit doesn't need them because it is based in Panama, a jurisdiction where these things aren't a requirement.