Yobit is a website that is shredded with complaints from left to right, not to mention an on-going investigation by the Russian Authorities! Though this investigation has not been proved yet, it would be best to know more about them before you invest.
If you’re someone that wants to get into things that you want to prove wrong, then this might be the website you want to start looking into. So, are they legit?
Let us look into Yobit more closely. The company was found in Russian and was first introduced in a forum way back a couple of years ago in 2015. No further information can be found on the name of the owner of this website, quite interesting.
The website caters to English, Russian and Chinese traders, which you can conveniently change easily on their website with one click.
− User-friendly interface;
− Full Trade page at the screen without scrolling;
− Immediate cryptocurrency deposit / withdrawal;
− YobiCodes (deposit codes);
− Api in btc-e format for faster integration into bot-systems;
− Two-factor authentication (Google Authenticator, email);
A process of exchanging bitcoins for some other products, currencies, and services. Bitcoin is a kind of digital money or electronic currency (crypto-currency). It implies an innovative network of payment that offers worldwide payments and fast peer-to-peer transactions with low processing charges. It is an open-source payment network so that anybody can have its access. This payment system is designed publicly and nobody is having the authority to control it. It does not encourage any intermediates in transactions.
Instead, it offers only direct user-transactions. The network nodes monitor and verify each and every transaction corresponding to that particular network and hold the details of those verified transactions in Blockchains. A Blockchain is nothing but a distributed public ledger that accepts bitcoin as its account unit. Users can access bitcoins from anywhere in the world. When compared to gold, bitcoin ensures seven times higher volatility.
Registration with YoBit.Net
Signing up for Yobit Cryptocurrency Exchange is as simple as typing in your email address and creating a username and password and then waiting the 10 seconds it takes to get the email verification. Click the link in the email and you are in. It really could not be any simpler. That is literally all there is to the sign up process.
YoBit Exchange: EMAIL VERIFICATION
The verification email will come almost instantly once you enter your info and click the button. The email is plain, simple and contains the obvious link to get your email verified. They do suggest that you check your spam box if you do not see the email in your box, but other than that it is pretty straight forward.
YoBit Exchange: ACCOUNT COMPLETION
Once your email is verified, you will be able to utilize the full exchange features offered unless you want to deposit funds via USD. USD deposits require you to get your account verified. However, depositing, trading and withdrawing in the several cryptocurrencies they offer is available to you as soon as you access your account for the very first time. Adjusting your settings can be done from the account page if you wish to set security settings,notification, etc.… There is not much to setting up and completing your account at YoBit Cryptocurrency Exchange and you can accomplish it in very little time.
How Yobit CryptoCurrency Exchange Works
Trading is surprisingly easily when it comes to Yobit, even the inexperienced can easily know their way through the website. All you need to do is select which currency you want to trade with (which is located on the left-hand side of the screen) and put on a buy or sell order for it. The minimum transaction would be at 0.00010000 in all currencies and the transaction fee would be 0.2% for both buying and selling.
In addition, a live chat section is available for users to use. This comes quite in handy if you want to know about the latest coin gossip or just want to know which coin is hot on that day.
Fees would depend on the wallet that you will be using to transact with them.
The cheapest deposit fee would be free for USD transactions under Perfect Money, OKPAY, advcash and Capitalist. Payeer charges you 2% USD per deposit and QIWI Wallet would charge you 5% RUR per deposit. Withdrawals would range from 1% RUR to 3% RUR and 5% USD fees.
Before moving your fortune into their website, please be advised that they have something called Free Coins.
You can earn different cryptocurrencies in Yobiet.net with just a few clicks of your mouse. After you have clicked on the actions, you will then be given a cool-down time clock until your next freebie.
Get Free Coin Every Hour
They also have a DICE game wherein you can gamble BTC for a certain price.
Multi-Coin Exchange Options:
At Yobit exchange there are multiple options are available to exchange between different cryptocurrencies.
Deposit Options at Yobit
In you account you have multiple options to deposit/withdraw a fund. Each account of Yobit is having the wallet for Bitcoin, Ether, Zcash, Monero, Litecoin, Dash etc. Wire transfer option is also available.
A lot of supposed members of Yobit.net are mad because of one common problem, and that is the delay when it comes to withdrawal of their bitcoins. A separate thread was made on a forum regarding this issue when it comes to having problems with withdrawals. The website is currently under flak from numerous forums in the Bitcoin world today.
Clearly, everything might just be a speculation as everything shows to just be a complaint, maybe bad customer service? Aside from the bad reviews and negative feedback from forums, we also have a number of positive reviews from people claiming that they had nothing but good experiences with Yobit.net.
Website Security of Yobit.net
The exchange claims that 99.5 percent of client funds are kept in cold storage, with other .5 percent stays in hot wallets to ensure needed liquidity. Their cold storage system has a multisig feature and is geographically distributed in multiple secure locations.
When it comes to online trading be it FOREX or BTC trading websites, it is always of best interest to make sure that they have a decent security platform that you can rely on. At the end of the day, you are trading your hard earned money and not sticks and stones.
Yobit also offers two-factor authorization which is always great when it comes to trading websites.
- Security system monitors withdrawals by IP address and other user behavior patterns, triggering manual admin inspection on withdrawals that appear unusual.
- Withdrawal confirmation step that is immune to malicious browser malware.
- Define an address white list to ensure no withdrawals can go anywhere else.
Advanced API key permissions
Create API keys with advanced read/write permissions on a per-feature basis. Unleash the full power of the platform through our REST and WebSockets APIs.
Email Encryption with OpenPGP
Want more protection? Encrypted email communication (PGP) adds an extra layer of privacy and security.
For security, Yobit.net has the following:
- File systems encryption
- SSL (Secure Sockets Layer)
- Intelligent system of queer transaction analysis and blocking
- Two-factor authorization (Google Authenticator, Email)
- Cold/Hot Wallets
- Yobi Codes (codes that are provided for transactions)
At the end of the day, knowing that this website offers fair trade would still be up to you. With all the forums in the world talking about how good a website is or how they steal people’s money, if you look right through them, one thing is clear -it all depends on the person that is trading.
- User-friendly Interface
- Security -Yobi codes (deposit codes)
- Free Coins
- Has a ton of negative reviews
Also Check- Bitfinex Review
Not all the websites Which listed in Top List are 100% safe to use or investment. We do not promote any of those. Due diligence is your own responsibility. You should never make an investment into any online program with money you aren’t prepared to lose. Make sure to research about the website.