About the YoBit Exchange
YoBit is a cryptocurrency exchange where you can buy, sell and trade over 450 crypto coins. Most crypto exchanges only allow you to deposit using cryptocurrencies, but you can also deposit using fiat currencies including USD and RUB at this exchange.
There is no information about where the exchange originates from or where it is based. The site can be translated into Russian or Chinese, suggesting it could be based in either of these countries. As it accepts Russian Rubles as a fiat currency for deposits, this could suggest it is a Russian exchange, rather than Chinese.
Pump and Dump scandal
The exchange made headlines in the crypto world for all the wrong reasons during October 2018. Their Twitter account posted several tweets about pumping randomly selected coins on its exchange. Pump & Dump is a way of manipulating the price of altcoins; the asset is talked up to drive the price up before it is dumped for a profit.
YoBit launched in 2015 and is an unregulated exchange; there is also limited information about the exchange. They have had bad reviews regarding its pump & dump of coins and the slow withdrawal times.
• Deposit using fiat currencies
• Mobile app on Google Play
• Unregulated exchange
• Has used “pump and dump” techniques
• Investigated by Russian authorities
• A dice game that allows you to gamble BTC
How Does It Work?
The exchange lets you trade cryptocurrencies, with main trading coins being Bitcoin, Ethereum, Doge and Waves. You can use the tools on the exchange to plot market trends, view the buy and sell volumes plus see the coins trade history. You can view the trading chart from as little as twelve hours up to a maximum of 6 six months.
The dice game lets you gamble BTC.
Depositing and Trading Fees
You can deposit into your account using AdvCash, Capitalist, Payeer, Perfect Money and QIWI. There are no deposit or trading fees.
Withdrawal and Transfer Limits
Fees may vary depending on the method used to withdraw from your account
• Cryptocurrency 0.0005
• AdvCash 3% RUR 4% USD (Visa or Mastercard, fees are 70 RUR + 6% RUR)
• Capitalist 6% USD
• Payeer 6% RUR 3% USD (Visa or Mastercard, fees are 70 RUR + 9% RUR)
• Perfect Money 2% USD
• QIWI 4% RUR (Visa or Mastercard, fees is 70 RUR + 5% RUR)
What Cryptocurrencies Are Available?
There are 486 coins available to trade on the exchange. The main trading coins are:
• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Yobit Virtual Coin (YOVI)
• Lisk (LSK)
Trust and Fund Security
As mention above, this is an unregulated exchange, and its association with pump and dumps should raise alarm bells traders.
To register an account you will need a username, email and password. Most exchanges also use 2FA (Two Factor Authentication) to make your account secure, you can do this using the Google Authenticator app or email and text (SMS) verification. YoBit doesn't offer these extra security options.
There is an option to raise a support ticket if you have any problems, questions or queries.