Yobit was founded in Russia, and was introduced to the world in Bitcoin talk forum in 2015. Not much information is available about their founders. They have many cryptocurrencies on their exchange, including – Bitcoin, Ethereum, Litecoin, Dogecoin, DASH, Vertcoin etc. and they also have their own coin called YOVI coin (Yobit Virtual Currency).
Apart from this, they also have USD (United States Dollar) and RUR (Russian Ruble) as two fiat currencies listed on their portal. They do not allow deposits in any other currency, but these two. The first look at the home-page of their website will take you to a complex and tough to understand exchange.
The top-bar has a list of menus, out of which many are confusing, for example – InvestBox. Most of the users won’t have any idea of what an InvestBox is, and what its features are. They have a dice-game featuring Bitcoin, on bottom-right side of the home-page.
Apart from the dice game, they also have YobiCodes. We will talk about them in the next section of this review, but one thing that can be said for certain is that – the interface needs a proper go-through and learning, especially from a newcomer’s point of view. You just cannot expect a first-timer to come and start trading on Yobit smoothly.
ADVANTAGES OF YOBIT
Yobit cannot be criticized for its tough to use interface or controversial reports, it does have some positive features that cannot be overlooked. This Yobit Review aims to provide a clear picture about the exchange. Some of the upsides of Yobit are –
- It is a delight for seasoned traders and experts, who want all the information consolidated at one screen. You do not have to slide left to right, or up-down, the entire information is present only on the home-screen in panels.
- It provides its users with YobiCodes. Now we will explain what these mysterious codes are. YobiCodes are basically a code of recharge, a unique feature listed by Yobit exchange for their users. This feature allows the users to either redeem or auction YobiCodes to other users on chat. You need to press ‘Give Code’ button, enter it on the website after which you will receive balance of cryptocurrency in your wallet. Sometimes the balance is small and you might not necessarily receive the reward in Bitcoin every time, but some users have claimed to receive 0.1 BTC as well! That’s how rewarding it can get.
- The cryptocurrency deposit/withdrawal is instantaneous. If you are depositing cryptocurrency from an existing wallet to Yobit or you are transferring cryptocurrency from Yobit to another wallet, it will happen as quick as it can. Bitcoin transfers however might be time-consuming because of the congestion on the network. But otherwise, the transactions happen quick.
- There are many ways of buying cryptocurrency on Yobit. You may either use your debit or credit cards to purchase crypto-assets, or you may also use bank transfers or international wires. They also accept many mobile wallets like – QIWI, Payeer, PerfectMoney, AdvCash, WebMoney etc.
DISADVANTAGES OF YOBIT
Yobit has many advantages and features that other cryptocurrency websites do not. But this does not make it an ideal platform for everyone to trade in. To complete this Yobit Review, let us also glance at some of its disadvantages –
- As discussed earlier, it is under investigation by Russian authorities, who also threatened to black-list and block the website from Russia completely. The claims might not be accepted by Yobit or their managing-team, but a move as such, is enough to scare investors and user far away.
- The biggest disadvantage of Yobit is that it does not allow any other deposit apart from USD or RUR. If you are someone who does not own either of the currencies, you might have to spend heavily on converting your national currency into USD or RUR first, before you can buy anything on Yobit.
- Another downside of Yobit is that listing a new coin on their platform can happen with the blink of an eye. This makes it dangerous, as there might be hundreds of unreliable and fraudulent coins listed on Yobit. You cannot trust every coin you find on Yobit, because they hardly do any hard-verification before allowing the users to trade in that cryptocurrency.
- The interface is not friendly for newbies or first-timers, and is rather very confusing. It has an extensive learning curve, and you will have to spend hours on the platform to understand the functioning, before investing your money in it.