When it comes to recommending exchanges for those interested in purchasing some BitCoin or other cryptocurrencies, I always recommend the big names out there. I tend to stay away from the smaller exchanges because I consider most of them risky. But for some reason, I’ve been an Yobit trader for 6 months now and I am here to write about it today.
I realized that smaller exchanges can be high quality and I decided to give more of them a chance. That is why I am investing some trust in UpCoin right now (which I am still don’t trust 100% since it sounds too good to be true) and I still trade on the Yobit exchange. And today, we’re going to talk about the latter in a complete and honest Yobit review.
What is Yobit Exchange?
One of the smaller altcoin exchanges out there, Yobit is a Russian-based exchange that offers puts a lot on the table:
– buying cryptos directly with cash (they accept USD and Russian Rubles)
– buying altcoins with BTC, ETH, Waves or Doge (yes, Doge!)
– investing in ICOs
– risking it all (or just part of your portfolio) in a game of Dice
Their interface is extremely easy to use and one of the reasons why I signed up with them is that it’s very easy to get accepted and start trading right away. This is a bonus in today’s cryptocurrency world, where it is more and more difficult to open new accounts anywhere.
Multiple fiat currency payment options
Another thing that makes me love Yobit is the fact that they offer a lot of options when it comes to depositing fiat currency (such as USD or RUR) and their fees are pretty fair or what I would call the industry’s standard.
For example, when it comes to depositing USD, there is no fee associated and you can do it through Payeer, PerfectMoney, AdvCash and Capitalist at the moment and the lowest amount you are allowed to invest is $10.
They don’t allow you to buy directly with your credit card (like my recommended exchange Cex.io does), but you can transfer money from your credit card our bank account to the services they accept and it’s all easy from there on.
If you’re depositing Russian Rubles, you can instantly depost RUR by using QIWI (but there’s a high fee of 8% associated), or all the other USD methods.
So all in all, I absolutely love their payment options – no more traditional bank accounts are needed, no huge fees and worries. This is how you do it!
When it comes to withdrawing fiat currency, you can do so directly to your credit card (for a pretty large fee: $6 and 5% of the amount), but also Payeer and AdvCash (4% fee) or PerfectMoney (7% fee).
The withdrawal fees are not small, but it’s not too bad either. And if you combine them with zero fees when depositing, you realize that you have some good deals in the end.
Fees for trading & withdrawing cryptocurrency
Of course, these matter the most since you’ll most likely deal with altcoins most of the time. And here, fortunately, their fees are really good!
When it comes to trading, there is a 0.2% fee on all pairs, when buying or selling. This is a very good fee, actually and lower than what some of the larger exchanges offer.
If you want to withdraw your BTC, ETH or altcoins to a different wallet, there are various fees involved and they depend on the type of currency you plan to withdraw. For BTC, for example, there’s a transfer fee of 0.0012 per withdrawal, while ETH is taxed at 0.005.
But since they offer fiat currency withdrawals as well, if you are an active trader you can avoid these fees completely.
Altcoins available for trading
If you enjoy diversity and tons of options when it comes to investing in altcoins, Yobit certainly offers it. At the moment of writing this review, there are 480 coins listed on this exchange and they constantly add new ones.
The problem with these coins is that the vast majority are very poor ones, coins with no future and absolutely no value. There are actually – also at the moment of writing – 92 coins with a trade volume of less than $10 and 225 coins with a trade volume of $100 and under.
In other words, most of the coins listed on the Yobit exchange are not really worth looking at and hopefully they’ll do some spring cleaning soon.
However, they also have lots of great coins listed. One of them is their in-house Yovi – a raise only market coins whose price can only increase. I wrote about it more in depth in this article and it already made me some nice profits.
Apart from Yovi, you have a bunch of solid coins to invest in like BTC, ETH, DASH, LSK, Waves, BCC, LTC and so on. However, most of the top coins listed by market cap are not here and instead you get a ton of shady coins that could end up costing you a lot if you’re not careful
Ever since I first used Yobit six month ago and to this day, I had no problems or concerns regarding the safety of my funds. It’s true, I keep minimal amounts of money there because I still don’t fully trust smaller exchanges, but if I were to send a larger amount I wouldn’t worry for a second.
I also never heard of anybody having problems with the exchange itself, so I would consider it extremely safe. You can deposit and withdraw without a problem and without having to worry that you will lose your funds.
One thing that isn’t directly related to the safety of the exchange, but which might cost some more inexperienced traders money is the fact that, since there are a ton of lesser known and poor coins out there, you get the feeling that there are some pump and dump schemes going on.
In other words, prices and trade volumes are artificially increased for some very low cost coins so that other honest traders purchase them. Once they reach a specific trade price, those who did the artificial increase dump the coins they own, selling them for a lot of money and crashing the price of the said altcoin. Sometimes, they even place a wall at a very low price, making it impossible or very difficult for traders to get their money back.
Of course, these are easy to spot by a more experienced trader – while a newer one can simply stay away from coins they know nothing about and have a huge increase in price without an apparent reason. (After all, this is trading 101: you never buy when the prices are high! Still, you’ll be surprised to see how many people get fooled by this. I have to shamefully admit that I’ve been there too).
All in all, I don’t think that Yobit is one of the best exchanges to test your trading skills on at the moment. However, it’s not a bad exchange at all and I consider it beginner friendly, despite the negatives mentioned above.
I made some really nice money on this platform with coins that I have never heard of and never will in the future and from some of the Bitcoin forks that they listed on the exchange. I actually like the fact that they’re listing so many BTC forks as it basically gives you free money.
Despite the fact that it’s a small exchange with lower trade volumes than you see on the major ones, it’s pretty active to keep things entertaining, it has a fair exchange fee, keeps your funds safe and has many very good options when it comes to funding your account or withdrawing fiat currency.
In conclusion, I will continue to use Yobit and even though it won’t be on the top of the list, it will be on my list of recommended exchanges. If you want to give it a try, you can create an account here.
Please note: I am not a financial advisor and these are just personal opinions of an individual. You are fully and solely responsible for the financial decisions you make.