YoBit review 2023

YoBit is one of the oldest cryptocurrency exchanges and was launched in 2014. Incorporated in Panama, the platform offers over 500 tradeable cryptocurrencies and has recently stepped into the defi space following the launch of its platform YoFarms. 

What can I do with YoBit?

YoBit lets you buy, sell, and trade cryptocurrencies instantly, while paying some of the lowest fees on the market. You can also stake tokens to provide liquidity and earn rewards through its YoFarm platform. 

The exchange was founded in 2014 by a group of European developers and crypto enthusiasts and is incorporated in Panama. Today it’s one of the largest in terms of traffic, trading volume, and liquidity. Its services can be accessed from anywhere in the world and its website works in English, Russian, and Chinese.  

YoBit cryptocurrencies and trading information

What coins can you buy and sell on YoBit?

YoBit has one of the bigget ranges of cryptocurrencies available and over 8000 pairs can be traded. All of the most well known coins including BTC, ETH, XRP, and LTC can be traded on the platform. 

Major cryptos traded on YoBit

• Bitcoin
• Bitcoin Cash
• Litecoin
• Ethereum
• Tether
• Stellar
• Paxos
• TrueUSD
• USD Coin
• Ox
• Augur
• Basic Attention Token
• BlackCoin
• Cardano
• Chainlink
• CureCoin
• Dogecoin

Fees, limits, and payment options on YoBit

What payment methods are accepted by YoBit?

Depositing and withdrawing funds on the YoBit platform is easy and both crypto and fiat are supported. For crypto payments there is generally no fee to deposit, while it varies for withdrawing. Fiat deposit and withdrawals can be made in either USD or RUB through either AdvCash, debit card, Payeer or Perfect Money.

YoBit users can make crypto deposits by connecting a MetaMask wallet. Any ERC-20 or BEP token can then be used in a swap for other cryptocurrencies on the exchange.

Payment method	Deposit	Withdraw
All Coins -min/max -fees -speed	Yes £1 / no max Free Instant	Yes £1 / no max 0.00050000 24 hours
Perfect Money – min/max – fees – speed	Yes £1/£10,000 Free Instant	Yes £1/£1,000 1% USD 24 hours
Payeer -min/max -fees -speed	Yes £1 / no max Free Instant	Yes £1/ no max 5% USD 24 hours
Adv Cash -min/max -fees -speed	Yes £1 / no max Free Instant	Yes 20% RUB / 4% USD 24 hours
Visa/Mastercard -min/max -fees -speed	Yes £1 / no max Free Instant	Yes £1 / no max 6% RUB 24 Hours

How much are YoBit’s fees and commissions?

YoBit charges a flat fee of 0.2% for buying and selling cryptocurrencies. Fees are calculated automatically and added to your order when placing a trade.

Transaction type	Fee amount
Buy/Sell	0.20%

YoBit’s brokerage platform

What devices can I use YoBit on?

You can use YoBit only though its web based platform. The exchange currently does not support the use of mobile apps. However, it is possible to use a mobile web browser to access the YoBit website. 

Can I use YoBit in my country?

YoBit can be accessed from anywhere in the world. It is based in Panama and is an unregulated exchange. Although, before accessing and using the platform, it is best to check the rules on cryptocurrency trading in your country to avoid any potential problems in the future. 

• United Kingdom
• United States
• Russia
• China

Is YoBit available in my language?

YoBit currently supports just three languages: English, Russian, and Chinese. You are able to select your preferred language by navigating to the top right corner of the platform. 

• English
• Chinese
• Russian

How easy is it to use YoBit?

It’s fairly straightforward to use, although for newer traders its platform could be a little difficult to navigate. The sign up process is quick and only asks for your email address and for it to be verified. Once registered, depositing funds into your account can be completed in a matter of minutes. 

Buying and selling coins can only be completed on YoBit’s web based platform and it has no mobile app. To make a trade you simply have to click on the ‘trade’ tab at the top of the platform. Here you’ll be able to see live prices and will also have an order ticket available. You can use the search function to choose the cryptocurrency you want to trade. 

Overall the YoBit platform is easy to use and navigate your way around. It has a lot of different features which can be accessed from its main menu. One thing some traders may find lacking is the quality of its price charts and technical tools. 

Key features

Buying and selling coins on YoBit is just part of what the platform offers. In addition to trading it has a host of other features available. Below is a brief breakdown of some of its top ones. 

YoFarm

YoBit’s DeFi platform, YoFarm, rewards you with additional tokens if you provide liquidity. Yield farming is increasingly becoming popular and earning passive income on YoBit is very easy. There are lots of pairs available on YoFarm for providing liquidity with some offering high APYs. YoFarm is discussed in more detail below.

Dice games

You can play ‘dice’ on YoBit to earn extra crypto tokens. Dice games can be played with top coins like Bitcoin, Ethereum, Litecoin, and Dogecoin, as well as a handful of other cryptocurrencies, and you can earn special DICE tokens in return.

InvestBox

InvestBox is a feature that lets developers promote new coins by offering a percentage yield return on each investment. The yield on offer is relatively small in most cases but we have seen rates up to 15% available on some cryptocurrencies.

Robo Trade

Robotrade lets you create orders in automated mode allowing you to trade even when you’re not at your computer. The feature is similar to using stop or limit orders whereby you can enter the price you want to buy or sell and wait for the market to reach your price. One thing RoboTrade doesn’t incorporate is a stop loss. 

Security and regulation

Is YoBit safe?

YoBit has some security features that makes it a reliable choice for traders or investors. Since it was created, its robust security measures have kept it from being hacked. Additionally, users can benefit from 2-Factor authentication, email verification, and the option to freeze withdrawals. 

• 2FA. YoBit users have the option to use a one time password each time they log into their account keeping their passwords more secure. 
• Email verification. You can also opt in to receive email verifications each time you log into your YoBit account. 
• Freeze withdrawals. A unique feature YoBit employs is the ability for users to freeze withdrawals when they suspect their account has been hacked. 

Am I and my funds protected?

YoBit does not offer any insurance if your funds are stolen or lost during a hack, however it does use a number of security features that help keep your account safe. Most customer funds are kept in cold crypto wallets and the platform uses SSL encryption and DDOS attack prevention measures.

Is YoBit regulated?

No it is not. It is based in Panama and can be accessed around the world, however it is not regulated in any specific jurisdiction. 

Do I have to verify my account with YoBit?

There is no need to verify your account when joining YoBit. All that is required to create an account is an email address. There are no KYC or AML procedures and the whole process of trading crypto is completely anonymous.

Customer support

YoBit provides customer support directly on its platform and via Telegram. You can access 24/7 help via the support tab while logged into your account, or download the Telegram app to speak with support staff. 

• Personal Message. In your account you can visit the PM page and message support members. All messages are tracked and replies are fast. 
• Support Page. You can also launch a ticket request for support. Compared to PM this process is slightly slower, although it allows you to track requests. 
• Telegram. YoBits Telegram supports Arabic, Chinese, English, German, and Russian. You can get 24/7 support on the telegram channel. 

YoBit Defi

What is YoBit Defi?

It’s a new platform YoBit launched that focuses on DeFi. The YoFarm platform is simple to use and allows you to be rewarded with additional tokens if you provide liquidity. YoFarm has lots of different trading pairs available for providing liquidity. You can swap coins in seconds and start earning rewards right away. 

How does YoFarm work?

When you are logged into your YoBit account, you have to click the YoFarm tab at the top of the page. Here you can see the different pairs available and the amount of APY each has on offer.

All you have to do is select the pair you want to provide liquidity for and click the ‘farm’ button. When you have added liquidity you can access your funds at any time and see the number of tokens you have been rewarded with. 

YoFarm strategies

There are three levels of risk on the YoFarm network including low, medium, and high. You can choose which approach to take with the higher risk strategies generating larger APY. Below are some examples: 

• Low risk with stable pairs: YO/BTC pool or SHIBA/WSHIBA pool
• Medium risk with well-known pairs: BTC/USDT pool, FLOKI/USDT pool, TONCOIN-BTC pool
• Higher risk with high volatility altcoins pairs: SIMON/BTC pool, SPITZ/BTC pool, YOFARM/BTC pool

Our verdict 

YoBit is a long standing cryptocurrency exchange providing an easy to navigate platform that all levels of traders can use. It has one of the largest selection of tokens available including many newly launched coins. Not only does it operate as an exchange, but its newly launched YoFarm platform gives extra incentives to use its services. 

Many users will be drawn to how easy it is to create an account and trade completely anonymously. All that is required to join YoBit is an email address and users can sign up and start trading from anywhere in the world. As it’s been around for such a long time and has never been hacked, security appears to be strong. 

It’s easy to use platform with numerous additional features, low and transparent fees, and 24/7 customer support makes YoBit one of the most convenient places to buy and sell cryptocurrencies.