Introduction to YoBit
YoBit is a rather old exchange with an interesting reputation that opened in 2015. It started out primarily as a DASH exchange but began to take in floods of new altcoins, giving a chance to some of the smaller projects bypassed by bigger exchanges. YoBit now sees about $60 million in trading volume a day, making it a decently large exchange.
There have been several allegations of impropriety made against YoBit over the years — from deposits not being processed to account suddenly being closed to underhanded marketing techniques. It is largely unregulated in nature which allows it to pretty much do what it wants. Despite its shortfalls, YoBit has a loyal user base who will say they’ve never encountered any problem with the exchange.
YoBit’s interface is rather simplistic but also easy to understand. It seems a bit old school compared to other exchanges in terms of graphics and because it offers a very limited selection of order options (“buy” and “sell,” basically). On the upside, YoBit lists over two hundred coins and several hundred trading pairs, including altcoins that are seldom listed elsewhere.
Why use YoBit?
YoBit lists a lot of coins and tokens that aren’t usually supported which makes it attractive to those looking to trade or invest in smaller projects. Its deposit, trading and withdrawal processes are very simple and do not require much experience to use. For those looking to trade the obscure, there might be no better exchange, or at least one that’s been around as long as YoBit has.
Before Getting Started
It’s worth noting that YoBit has a controversial reputation in the cryptocurrency community. On one hand, traders of small altcoins are generally quite happy with their experience and the opportunity to trade their coins. On the other hand, there are several accounts of the exchange being less than forthright about its practices. They have been known to encourage the trading of highly questionable coins or tokens, even ones that don’t have a blockchain or any surrounding information.
How to get verified on YoBit
After completing YoBit’s simple registration process, you will be able to get started trading. There is no KYC process and no restrictions on who they will allow to open an account. Ultimately it is up to the user to know how cryptocurrency laws apply in their country when making an account.
How to make a deposit
In addition to accepting cryptocurrency, YoBit supports a number of fiat deposit options, including VISA or Mastercard, wire transfer QIWI, Perfect Money, Payeer, and Advcash. There is no deposit fee for any of the options listed here but some of them have varying withdrawal fees. The withdrawal fee for any cryptocurrency is a standard 0.0005, which is quite reasonable.
To make a deposit, click the “Wallets” option in the center of the menu bar. This will bring up all of your coin balances. Find the coin which you wish to deposit and click the “+” symbol next to your coin under the column that says Deposit. This will display your YoBit deposit address.
How to trade on YoBit
As mentioned earlier, trading on YoBit is exceedingly simple. They really only offer “Buy” and “Sell” orders, though they can be set at certain prices. Placing a buy order at a price at or above the lowest sell order will result in a Market order being executed. Place a buy order below the lowest sell order will result in a Limit order being executed. The order will remain in the orderbook until it is canceled or filled.
One of the interesting features YoBit has is called RoboTrade. This allows you to define the conditions for which you want trades to be made. RoboTrade uses simple “if/then” logic where if the price of a coin falls or rises to a certain price then you will automatically purchase/sell a set number of coins. For those who want to take the first step into automated trading to see how it works and what it’s like, this is a good starting point.
There is a standard Maker and Taker fee of 0.20% on all YoBit trades.
Overview of supported coins
In all, YoBit lists over 800 trading pairs covering hundreds of coins and tokens. While most of these trading pairs see less than $1,000 in volume per day, they do have some popular pairs and trade a lot of smaller coins and tokens that aren’t necessarily found elsewhere. This is in part thanks to YoBit’s easy coin addition process in which anyone can pay 2.6 BTC to have their Ethereum token listed on YoBit’s exchange. This has led to an explosion in popularity of the exchange over the years but also to them listing several tokens for scam projects, which they do not closely vet.
YoBit has been almost routinely hacked over the years but they manage to keep on plugging away. In order to do this, they frequently disable withdrawals of certain coins, sometimes for months at a time. Although it’s true they have hundreds of coins and therefore blockchains and accounts to maintain – after all, some of them are bound to have problems from time to time – users need to be aware that this has a possibility of happening to their funds. If you don’t keep your coins on the exchange for too long, you shouldn’t have any problems with them; especially with lower amounts.
Benefits of YoBit
- Huge selection of altcoins and trading pairs.
- Simple registration process and trading experience.
- No KYC.
- Accepts customers from anywhere.
Limitations of YoBit
- No advanced trading options or features.
- Low volume on most pairs.
- Frequent downtime among several wallets.
- Less-than-positive reputation among the community.
Wrapping it up
Let’s put it this way: YoBit is more geared toward high-risk personalities. It’s great that they don’t have KYC and give pretty much anyone a shot at listing a coin, but a lot of these coins aren’t very honest, and neither is YoBit, necessarily. If you are looking to make some quick purchases or sales and get in-and-out in a day or two, you’ll probably be fine. If you are looking for more sophisticated trading options and an optimum level of security, you’ll probably want to look elsewhere.