What Is Yobit?
Yobit.net or Yobit is a Russian cryptocurrency exchange that was created in 2014. Unlike what you could expect from such an old exchange, if you google the company, you will see that there are many complaints about it saying that Yobit is a scam. Is it, though? Read our review and find out.
This exchange has the option to be used in English, Russian and Chinese. It offers basic exchange options like trading your tokens and also dice games and online investing. The site does not state who are the owners of the company, though, which is already a red flag if you are prone to believe that Yobit is a scam. The company is located in Moscow, though.
How To Use Yobit Crypto Trading Platform, ICO Investing & Games
Yobit supports many tokens like Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Dogecoin. It has a variety of ERC20 tokens too. The verification process is somewhat simple and you can set up your account in less than five minutes. Verifying your ID is easy and does not take long, as the company does not seem to have very high ID verification standards.
Trading is easy and can be done in a few moves. You just need to use a buy or sell order. The transaction fees are always 0.2%. You can trade tokens by one another and take them into your wallet or you can convert them into fiat currency (only USD despite the company being Russian).
You can also use the chat section to talk to other users on the platform if you want to become more well informed. The interface of the site is very clean and easy to navigate.
The company has two-factor authentication and login verification via email. Two-factor authentication is optional but advised.
Is Yobit A Scam?
In short, no. The longer answer is considerably more complicated, though. Many people call Yobit a scam because the company, which has been in the market for four years now, is very untrustworthy, which does not mean it is a scam, but is a huge negative point.
For instance, Yobit is very secretive about its owners and administration issues as a whole. While the company will not scam you, you might be scammed using the company and you will not receive any help at all. Many users state that the support of the company, which works in a ticketing form, is awful. Your problems will generally not be solved at all and sometimes you are ignored.
A huge problem of this exchange is that any token can be listed for money. You just pay and Yobit lists your token even if it is a huge scam. The company definitely does not care about its clients and will not solve your issues if you buy a scam coin.
To add to the problem, the company has the InvestBox, which is like a High Yield Investment Program (HYIP). Yobit.net states clearly that is it not a HIYP, but it really looks like it is. The company is on the market for four years now, so at least this looks to be one of the safest HYIPs out there.
Yobit uses SSL and anti-DDOS systems, though, as well as cold and hot wallets, so you are more likely to lose your money on the platform due to scams than to hackers, at least.
Yobit Exchange Verdict
You definitely have better options than Yobit.net. In fact, you have many of them. We do not deem Yobit.net to be a good platform for our readers. Almost any crypto exchange that you can find in any list on our site would be a better option for you.