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What is Yobit and why the service is criticized

Pros and cons of Yobit, reasons for popularity

YoBit is a cryptocurrency exchange letting you trade hundreds of digital coins. However, not all coins are reliable therefore the person should be very cautious when he selects the one. Yobit offers very low fees – just 0.2% per transaction. There are some negative features you should know if you want to use Yobit.

The service appeared in 2015 when its executives introduced the platform to the world. It happened on Bitcointalk forum.

In autumn of 2018, Yobit announced that it is going to pump some coins at the platform. Some people thought that account was just hacked because pump actions is associated with fraud. It is frequently the way to manipulate the prices. However, it wasn’t. The announcement was made by managers of the service. Some people do not perceive such things and find them suspicious.

Hundreds of coins are offered on the site. It is possible to deposit Russian rubles and American dollars to the platform. As for the digital coins, Yobit currency list includes BTC, LTC, ETH and numerous other altcoins, which are less popular among crypto users, are offered at the exchange.

Any person from any country of the world is able to use the service including USA. Anyway, it is always possible to contact the platform to get details on the subject. Numerous payment methods make the site rather popular among customers. The list includes such payment systems as Capitalist, Payeer, QIWI, Perfect Money, AdvCash and, certainly, crypto transfer.

The fee is affordable and even low. Actually, the person has to pay the commission, which is variable. It is determined by the type of cryptocurrency traded. Anyway, the amount is not higher than 0.2% per transaction. There are also fees when you deposit and withdraw the assets. The highest withdrawal fee is charged by Perfect Money, which is 7% USD.

Yobit net uses 2F authentication for security along with other up-to-date security techniques, which help to protect your account. Is Yobit a reliable service? It was reported about Russian regulator checking it up as it suspects the site in fraudulent activity. Sometimes it resorts to pump and dump scams as it was mentioned above already. Therefore, users should be very cautious using Yobit online. There are numerous other alternatives that do not cause any problems when trading. Such exchanges as Novaexchange, GetBTC and Foxbit can be, probably, a better variant. Try out Tradesatoshi as well. The platform also deserves your attention.

Yobit has a lot of advantages therefore it is liked by customers. It has multilingual, convenient interface that is clear to all. Users can take advantage of Yobit code and get some crypto on balance. If you learn to trade via Yobit API and find a convenient Yobit bot, these are additional benefits of the site. Pay attention to the bonus program of the service and get your rewards using the service.

Some experts criticize the site for lack of online chat. There is no opportunity to ask for urgent help when necessary. There is also a dice game not approved by some people for gambling BTC. Some users, on the contrary, love this feature. Actually, the customers have been divided into two opposite camps: those who trust the service and their opponents. There is no much info about people behind the service and it looks suspicious. Those who like to risk find such conditions favorable and do not mind some gambling and doubtful reports.


What is Yobit and why the service is criticized (͡๏̯͡๏) - average rating 5 from 5 (based on 231 user reviews)