Review on YoBit by Jerry Siegel
YoBit Exchange
Yobit is a crypto exchange which was founded in Russia in 2014. Since the beginning, this exchange is raising a lot of controversies. Founders of this exchange are unknown, and there's been a lot of speculations about it.
For those who considering trading on this exchange:
Everyone should be aware that this exchange has a shady reputation. You can find a lot of Bitcointalk threads stating that this is a scammy exchange. Newbies should be extra careful: there's a countless number of illiquid coins and tokens, some tokens (like OMG) represents other projects (it's not OmiseGO).
Legal investigations:
In 2017 it was under investigation by the Russian regulatory authorities (Roskomnadzor) for its questionable financial activities. Nevertheless, it amazes me that the exchnage is stil operates and presumably doing fine.
Exchange support:
Everyone should be careful trying to reach their support, cause there's a countless number of scammers, trying to impersonate the project management team. Newbies should be extra careful: do not send any funds to scammers.
Fees and deposit options:
Fees on YoBit are comparably low, for instance, cryptocurrencies deposit fees is free, and the withdrawal fee is 0.0005 BTC (~$4). Plus they have many deposit options, like Payyer, Perfect money, Yandex Money, QIWI, Webmoney, AdvCash and others.
If you are withdrawing fiat through VISA on AdvCash, they will charge a minimum fee of 6 USD + 5% USD from the withdrawal amount, which is pretty high.
Why I can't take this exchange seriously:
There's been a lot of LMAO situations with this exchange: for example in 2018 they've been officially announcing (through their twitter and official emails) that they will do a Pump and Dump of a random cryptocurrency, with a total buy amount of 10 BTC π , and the trick has worked: after this announcement, many users joined the exchange and daily trading volume almost tripled. Even though Pump and Dump schemes are bad and wrongful, given the attitude of this exchange, I can't look at this situation as something serious.
The bad thing about this situation is that someone could have lost their funds pretty easily, if they didn't know what was happening. Even though they are not doing this Pump and Dump schemes anymore (or rather not so openly), every new user should be aware of that and consider the attitude of this exchange.
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Pros
- It's been around for years: Yobit was launched in 2014 and it still operates, despite all the jokes and fraudulent claim investigations
- Comparably low fees: withdrawal fees for crypto is around $4, with no deposit fees. But fiat withdrawals is a lot more expensive.
Cons
- Trading volume is too small: 24h volume on many trading pairs is close to zero, in order to execute a limit order you should wait for hours/days/weeks until it will be filled
- TradingView charts are not available. YoBit has a default trading charts that is very hard to read, and this is a serious turn down. No tradingview charts is a major red flag, which makes it hard for me trade.
- They've been running pump and dump schemes. Yeah, no comments here, read the review ;)
- A lot of illiquid worthless tokens with zero volume, which makes it easy for unskilled traders to buy it and probably never have the opportunity sell it. They literally have ScamToken (SCAM) listed, and I don't know what that project is (it's not on CMC, only on Etherscan), but you can assume what it is by the ticker name pretty accurately π
- Misleading token tickers: for instance most crypto traders would believe that the ticker βOMGβ is related to OmiseGo project but on YoBit it is OMGame. And there's a lot of these misleading tickers. This could cause a serious confusion for an unskilled traders.
