Review on YoBit by Temitope Babatunde
What You Might Experience With Yobit Exchange
Established in 2014 by Pavel Krymov and based in Russia. The website is available in three languages that is English, Russia and Chinese. The interface is not all that attractive but it has all what you need for good trading experience.
There are so many altcoins on the exchange and if you can not find an altcoin on Yobit, probably you may not find it elsewhere. Yobit accept fiat currency deposit and also allow trading from crypto to crypto or fiat to crypto and vise versa. The fee Yobit takes is not different from that of other exchanges, it takes 0.2% for both maker and taker. Withdrawal fees depends on the particular coin you wish to withdraw.
The founder of Yobit was arrested sometimes in the past for alleged shaddy deals on the exchange like change the sticker of a less popular coin for a popular coin so that customers that is not alert will buy it thinking that they have bought a popular coin, it was also alleged that withdrawal button was tampered with such that it will alway read wallet under maintenance, whereas trading wallet is OK.
As per security there is 2 factors authentication. But in January 2019 the exchange was hacked and some number of ethereum classic was stolen.
Regarding the support service for customers it is not all that reliable.
Pros
- Home to many altcoins for trading.
- You can deposit fiat currency via wire transfer and credit cards and this is good for new comers.
Cons
- Lots of negative reviews against Yobit on internet by unsatisfied users.
