1 Level
41 Review
50 Karma
Review on YoBit by Arun Kaul
Review of YoBit Exchange.
In short, I cannot recommend Yobit exchange. I don't use the exchange myself to do any serious trading and this makes it impossible for us to be positive about it to our readers.
I particularly concerned about allegations of fraud made to Yobit by the Russian government.
The fact that the exchange is actively encouraging their users to engage in pump and dump schemes is just outright market manipulation.
Please do check out our pump & dump cryptocurrency guide, which tells you who profits from these schemes and why they should be avoided.
Even if we assume the exchange is legit, the poor customer support and high fees are certainly areas where Yobit can do better. For those that decide to go ahead and use the exchange, just be aware that the Russian government could potentially shut Yobit down and no one knows what would happen to user funds.
It’s on you to decide if you want to use Yobit or not. However, if you are not quite sure if the exchange is for you, then consider assessing your options with our nine best cryptocurrency exchange guide.
Pros
- Variety of options which allow you to withdraw and deposit funds.
- Hundreds of supported cryptocurrencies.
- Perks that reward active and regular traders.
- Exchange supports multiple languages.
- Available worldwide.
Cons
- The exchange actively promotes their own pump and dumps.
- Currently under investigation from Russian authorities for fraudulent activities.
- Poor customer support that is slow to respond to issues.
- Delayed withdrawals.
- A high concentration of highly questionable coins is available to trade.
- Poor liquidity for most markets.
- Does not currently support bank deposits for funding
New products
Comments (2)
January 29, 2021
The Yobit exchange platform is an exchange platform that got me interested in their services. These services are in the form of top notched security, affordable trading fees, multilinguality and responsive customer support. Their services are actually nice but I had problems with using their interface as I found it a bit hard to understand.
January 15, 2021
excellent review. Do you think YoBit can keep up all these years with all the complaints he has received? I think that maybe it will continue to do so due to the airdrops they have launched, but he has already lost a lot of confidence.
