YoBit Review

There are currently numerous crypto exchanges available for us - the number ranges around 1500 platforms. With such a vast selection, it’s easy to feel overwhelmed—and that’s where a thorough YoBit review can help. 

While major players like Binance, Kraken, and Bybit have carved out their spaces with vast user bases and diverse offerings, YoBit is an exchange that often flies under the radar. Yet, for those willing to dig a little deeper, YoBit holds some unique features that just might make it worth considering.

In this YoBit review, expect to discover what sets this platform apart, from its wide range of altcoins to some of its lesser-known features. But is it really worth your time compared to the giants in the space? And what should you know if you decide to dive in? 

By the end, you'll have a clear idea of whether the YoBit crypto exchange aligns with your trading needs or if you'd be better off sticking with more mainstream options. So let’s get started and see if YoBit could be the right fit for your crypto journey.

Verdict at a Glance: YoBit is a straightforward crypto exchange that stands out with its no-KYC policy, allowing users to trade anonymously. It’s ideal for those who want a quick, minimal setup without providing personal information. The platform doesn’t share much about its team and security protocols, which can be unsettling for anyone prioritizing safety. If you’re comfortable with a bit of risk and value anonymity, YoBit might suit you—otherwise, more established platforms like Binance or Kraken could be a better fit.

What is YoBit?

To start this YoBit review, I think it is best to understand what it is and its position in this ever-growing landscape. Let’s dive into its beginnings, see how it stacks up in the industry, and address the question on everyone’s mind: Is YoBit safe?

Inception of YoBit

The YoBit crypto exchange first launched in 2014, making it one of the earlier players in the crypto space. Trying to find any information about the platform’s background can prove pretty hard. YoBit’s official website lacks the About Us page, which is commonly found on any company website.

That’s why the platform has faced criticism for limited customer support and a lack of transparency around its development team. Unlike big exchanges like Binance and Kraken, which have strong public leadership, YoBit has kept its founders anonymous.

This approach adds an element of mystery to the platform, which some traders enjoy but others find concerning. Some argue that this approach is intentional and a testament to YoBit’s commitment to practicing what it preaches, which is anonymity.

However, using a centralized exchange practically means entrusting your funds to the platform. So, the question is: would you so eagerly give your money to a faceless company that offers no information about its background?

YoBit’s Position in the Crypto Industry

In the crowded world of crypto exchanges, YoBit has a unique spot. While it doesn’t have the same high-profile reputation as Binance or Bybit, YoBit has maintained a steady user base thanks to its wide range of supported cryptocurrencies.

This YoBit review wouldn’t be complete without mentioning that the platform lists hundreds of coins, including many niche altcoins you won’t find on most other exchanges. At the time of writing this article, YoBit claims to support a whopping 9031 active trading pairs.

That said, YoBit’s platform isn’t as polished as some of its competitors. The user interface, while functional, feels outdated compared to the sleek, modern layouts of other popular crypto exchanges. For a beginner, this can make YoBit feel a little daunting, especially since the platform doesn’t provide much guidance or support.

Additionally, YoBit has a simple trading interface, but it lacks some of the advanced tools and educational resources that other exchanges offer. So, while YoBit excels in variety, it may not be the best choice for those looking for a robust, educational trading experience.

Is YoBit Legit?

One question that often comes up in a YoBit review is: "Is YoBit safe and legitimate?". YoBit has operated continuously since 2014, which is a positive sign in an industry known for rapid turnover. However, it has also faced criticism over the years regarding transparency and support.

Because YoBit’s founders are anonymous and there isn’t a lot of information on the company’s structure, some users question its legitimacy. In addition, YoBit doesn’t hold any major licenses or regulatory approvals, which can be a concern for traders prioritizing compliance and oversight.

There have been mixed reviews regarding YoBit’s customer service as well. Some users report quick resolutions, while others complain of delayed responses. Additionally, while YoBit claims to have security measures in place, it doesn’t provide extensive details.

That said, the platform hasn’t experienced any major security breaches, which offers some reassurance. Still, without transparent security practices or insurance, YoBit may not be the top choice if you prioritize safety (which you should).

So, what is YoBit? It’s an exchange platform that attracts users looking for variety and anonymity. However, compared to mainstream exchanges, YoBit comes with some limitations. Whether YoBit is the right choice depends on your priorities. Let's see if YoBit can fulfill your need for a crypto exchange.

Is YoBit Safe?

Safety is paramount in financial operations, especially in the cryptocurrency landscape. That is why most crypto exchanges boast their security features to convince potential customers to use their services. Unfortunately, this is not the case with YoBit.

During my initial research, I couldn’t find any clear information regarding YoBit’s security measures. The platform’s Rules and Regulations page only states this in the Data Protection Guidelines point:

"The Stock Exchange pays great attention to the protection of transactions and security of user's confidential data saving. All the user's personal data are strongly encrypted and their transfer between the Stock Exchange and users is fulfilled via enforced paths using attack-proof cryptoalgorythms. The Stock Exchange does its best and fulfill series of inspection actions in order to reduce risks of getting the access to the User's account by third parties due to a fault of the User who discloses his authentication data as well as due to virus attacks".

Despite YoBit’s claim to “paying great attention to the protection of transactions and security of user’s data”, there are no details regarding the measures taken to achieve this goal. No info about the type of storage used to store users’ funds or what kind of “attack-proof crypto algorithms” it uses to protect transactions.

Moreover, the YoBit crypto exchange is not ISO 27001 certified. According to CER, which is a well-known crypto security and auditing firm, the platform also has no approved penetration test, proof of reserves audit, and ongoing bug bounty.

The good news is that YoBit has no history of major security breaches. But ultimately, I find it hard to claim that the platform is safe considering how it fails to disclose any specific security measures to protect users’ funds and data.

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YoBit Review: PROS

When looking at the positives of the YoBit crypto exchange, several features stand out that are hard to ignore. This YoBit review wouldn’t be complete without highlighting what the platform does well, from its wide selection of altcoins to its low barrier of entry. Let’s take a look at some pros of the YoBit coin exchange.

A Wide Range of Supported Coins and Trading Pairs

As I mentioned earlier in this YoBit exchange review, the platform supports an extensive range of cryptocurrencies and trading pairs; even beating big names like Binance and Kraken. At the time of writing this YoBit review, there are more than 500 coins and 9031 active pairs supported by the platform.

Users can buy popular cryptocurrencies, including BTC, ETH, XRP, and USDT. In addition to that, YoBit also supports various altcoins, making it a great option for those who want to trade lesser-known assets.

With 9031 active trading pairs, YoBit offers great flexibility for users to explore a variety of trading options that go beyond what’s typically available on major exchanges. This wide selection allows traders to pair popular assets like BTC or ETH with niche altcoins, making it easy to diversify portfolios and access emerging projects.

YoBit's extensive list of trading pairs is especially appealing for those looking to get involved with early-stage or less accessible coins that might not yet be available on other mainstream platforms. 

Plus, the platform’s user interface, while basic, enables traders to switch between these pairs quickly, giving them the freedom to experiment with different strategies without the constraints of limited coin offerings.

For users interested in staking or yield farming with altcoins, YoBit’s variety opens doors to potentially profitable opportunities within the crypto space. The ability to trade these unique pairs without having to rely on external exchanges is a big advantage, making YoBit a popular choice for adventurous traders seeking flexibility in their strategies.

No KYC Requirements

One unique aspect I need to highlight in this YoBit review is that the platform doesn’t require KYC (Know Your Customer) verification to trade. For many, this can be a major plus—especially for those who value privacy and want to maintain more anonymity in their crypto transactions.

Unlike other more well-known exchanges, which require users to submit personal information for compliance purposes, the YoBit coin exchange lets you sign up and start trading with just an email. This approach is appealing to users who prioritize ease and speed, as it cuts down on time-consuming verifications.

However, the lack of KYC requirements can also be seen as a drawback, depending on how you look at it. Without KYC, there’s a bit more risk in terms of security and accountability, as the platform isn’t under the same regulatory oversight as some other exchanges.

For users who feel more comfortable with licensed, highly regulated platforms, this could be a sticking point. But for those looking for a straightforward, privacy-focused option, this YoBit.net review shows that the platform’s “no KYC” policy is definitely a standout feature that sets it apart.

Easily-Accessible Interface

Some of you who have seen how YoBit’s interface looks may let out a gasp seeing this point, but let me explain myself. Yes—the platform’s design is outdated and can be hard to navigate the first time you see it.

However, once I spent a bit more time browsing through the interface and understanding what each section does, I realized it has a certain charm to it. For example, the Balances section is always present as a side panel no matter which page you’re looking at. Here, you can easily deposit or withdraw your assets by simply clicking the + or - button.

You don’t have to navigate through two or three different pages to do it and I think it can be pretty convenient. The Balances section also shows the amount of assets you currently own, and since the panel is always present, you can see it at all times while opening the site.

Additionally, YoBit also displays real-time market activities under the Market section. You can monitor essential information like price and volume for various assets and trading pairs. There is a search bar which makes it even more convenient to find a specific crypto or pair.

I admit that this intuitiveness can be hard to notice when you immediately feel intimidated by YoBit's unorthodox design approach. The platform’s user interface is far from perfect but once you dedicate yourself and spend time understanding how it works, I think you can find some positives. 

YoBit Review: CONS

Now that we’ve discovered the platform’s strong points in this YoBit review, let’s take a closer look at where the YoBit crypto exchange falls short. Like any platform, YoBit has its downsides, which may impact the overall user experience. From limited customer support to an outdated interface, these factors are worth considering if you're thinking about using YoBit for your trading needs.

Lack of Transparency

Throughout the years of its operation, few can tell you who actually runs YoBit or where its headquarters are located. There is almost no official public information about the company online, and the ones you can find from third-party publishers offer contradicting facts. Some sources mentioned Panama as YoBit’s base while others say that it is a Russian-based platform.

Normally, you can easily find the answer by going to the website’s About Us page where the company describes its business and where it operates. This makes the YoBit coin exchange feel more like an open-source, underground website rather than a reputable financial business.

Some people may tolerate this (as proven by YoBit’s last 24-hour trading volume that reaches around $200 million), but those who prioritize transparency and trust in a trading platform may find this lack of information unsettling. Without a clear picture of the team or location behind the YoBit coin exchange, potential users might question the level of accountability and security it offers, especially compared to more transparent exchanges.

Finding out about YoBit’s owner also proves to be hard. In some cases, the owner or founder of a cryptocurrency-related project may hide their true identity behind a pseudonym (i.e. Satoshi Nakamoto), but we don’t even have this for YoBit.

YoBit is also often associated with Pavel Krymov, a notorious figure behind several pyramid schemes including Questra World, Forex Trend, and Panteon Finance. However, I can’t confirm the legitimacy of this allegation, and YoBit itself has denied any association with Krymov.

That being said, the mysterious nature of the people behind YoBit and the allegations associated with this brand makes it hard to genuinely promote the platform as a reputable and trustworthy option in this YoBit review.

Unresponsive Customer Support

If you browse through numerous YoBit reviews available online, you’ll find one common complaint many users express: customer support’s unresponsiveness. While YoBit’s FAQ claims that most inquiries receive a response within an hour—and at most, within 24 hours—many users report a very different experience. In fact, some YoBit reviews mention that they waited up to three weeks to hear back from the support team.

For any crypto platform, reliable and responsive customer support is essential, especially when handling deposits, withdrawals, or account security issues. This is where YoBit falls short. The lack of timely assistance can make users feel frustrated and anxious, especially if they’re dealing with urgent account matters.

In addition, some users also complained that crypto withdrawals on the YoBit coin exchange can be hard, with many of the wallets listed as “under maintenance”. This, paired with the customer support’s slow response is certainly a recipe for users’ dissatisfaction.

So, while the platform may excel in offering a broad range of coins, the weak customer support experience discussed in this YoBit exchange review might be a deal-breaker for those who prioritize accessible help. If you’re considering using YoBit, it’s important to weigh the potential support delays against the platform’s other features.

Outdated UI Design

Alright, so let’s address the elephant in the room. One thing that you would notice immediately when visiting YoBit is its “unorthodox” design choice, reminiscent of the early 2000s website design trend. On top of that, you’re immediately welcomed by the trading interface the moment you reach the website’s homepage. There is no traditional landing page with engaging copy, call-to-action buttons, and introductions to the platform. Just numbers and charts.

To me, this approach can be a double-edged sword for YoBit. Crypto beginners who discovered YoBit’s homepage will certainly feel overwhelmed by YoBit’s pragmatic approach. With no educational content provided, I imagine newcomers would require more time to properly navigate this platform. Additionally, this design doesn’t exactly communicate trustworthiness.

But to play devil’s advocate, expert users who are used to trading cryptocurrencies may find YoBit’s interface pretty easy to use. There are no “distractions”, you just get straight to business.

Having said that, I still think the YoBit crypto exchange can benefit from adopting a more modern UI design approach. In most cases, website environment design and interactivity will generate higher brand loyalty through an increase in brand effect and brand trust^[1]. So, I think proper color palettes, clearer navigations, and tidier page layouts can make the platform look more interesting and easier to use.

Questionable Security Measures

As I covered earlier in the “Is YoBit Safe?” section, the platform doesn’t really boast any of its security measures. Normally, a crypto exchange will have a dedicated “Security” page, or anything similar, on its website containing any features or certification to convince potential users that it’s safe to do business with them.

The closest mention of security I can find on YoBit’s website is a vague statement about using “attack-proof encryption crypto algorithms” to protect wallets. Yet, there’s no specific information on the actual technology behind this, which makes it hard to assess its effectiveness.

One red flag for me is how YoBit’s FAQ also sidesteps direct questions about the platform’s security and legality. Instead of a clear “Is YoBit safe?” question, the FAQ opts for “Is my personal information protected while using cryptocurrency?”

The answer, too, is quite vague, offering general advice on securing personal wallets or BTC storage rather than directly addressing YoBit’s own security practices. This lack of clear information can feel unsettling, especially for users who prioritize transparency and security in their trading platforms.

In addition to that, YoBit’s no-KYC-required approach can be either good or bad, depending on your perspective. If you’re someone who values anonymity above all else and doesn’t feel comfortable submitting your personal information to a crypto exchange, then I think YoBit can be a good option for you.

On the flip side, KYC requirements can be a sign that a platform is serious about following regulations and keeping users secure, adding a bit of extra peace of mind. If you’re someone who prefers using exchanges that meet industry standards and have those identity checks in place, then YoBit’s no-KYC approach might feel like a downside since it doesn’t offer the same level of reassurance.

Being transparent about security is such an important part of earning customers' trust, especially in the crypto world, where everyone’s naturally a bit cautious. This is especially true considering the rising concerns about information privacy and security issues in online transactions^[2], including crypto trading.

I think this openness really shows that the exchange cares about its users’ safety and is committed to accountability. Without that transparency—as we see with YoBit—it’s easy for users to feel unsure about fully trusting the platform, especially when your valuable digital assets are on the line.

YoBit Fees

In this part of the YoBit.net review, let’s take a look at the fees associated with using this crypto exchange platform. I have good and bad news regarding this. The bad news is, that trying to find a complete list of fee schedules for YoBit was more complicated than I expected.

As you can probably guess, the website header doesn’t include a navigation menu to the “Fees” page, unless you register for the platform. The page contains the deposit and withdrawal fees of various payment methods, including QIWI Wallet, Capitalist, and Advcash.

Unfortunately, this list is not as clear as I’d like it to be. While the table includes a rather extensive payment method list, most of them don’t even have specific fees for them. I also couldn’t confirm if YoBit actively updated this page.

But here is the good news: you can check the fees before you finalize your transaction. At the time of writing this YoBit.net review, the withdrawal fees are 0.0012 BTC for Bitcoin and 0.010 ETH for Ethereum. As for trading fees, YoBit applies a flat rate of 0.2% on all crypto buy and sell transactions. This is slightly higher than the fees on bigger names like Binance, but not outrageously expensive.

YoBit Features

When it comes to features, YoBit provides multiple ways for users to earn income from their crypto investments. This part of my YoBit review will briefly introduce these features to help you understand what the platform has to offer.

YoFarm

YoBit Farming (YoFarm) is a yield farming feature that lets users create liquidity on decentralized finance (DeFi) pools and earn rewards. At the time of writing this YoBit review, the yield farming feature has 28 pairs, including SHIBA2-BTC and BTC-USDT.

A lot of these pairs offer astoundingly high APY. For example, the SHIBA2-BTC has a 604.98% APY with a potential reward of 2750000 SHIBA2 daily. However, most of the pairs have no funds under the Bank tab, which means there will be no payments for liquidity in those pools.

YoDice

YoDice is a gamified earning feature where users roll virtual dice and earn YoDice tokens based on the amount of BTC they wager. The more you wager, the greater your potential winnings can be, adding an extra layer of excitement to the game. Here is the reward structure for YoDice:

• 0.001 BTC - you will get 10 YoDice tokens
• 0.01 BTC - you will get 110 YoDice tokens
• 0.1 BTC - you will get 1200 YoDice tokens
• 1 BTC - you will get 13000 YoDice tokens

As a reference, 1 YODICE is the equivalent of 0.00019235 USDT at the time of writing this YoBit review.

YoStep

Another feature I want to highlight in this YoBit review is YoStep. This is basically another gamified earning feature but with a different rule and native token. YoStep lets YoBit users earn the YOSTEP tokens by doing daily actions on the platform.

To participate, you’ll need to purchase virtual Sneakers, which come in levels from 1 to 10. Higher-level Sneakers yield more YOSTEP rewards, so the potential earnings increase with each level. You can start with a level 1 sneaker for as low as 10 USDT, making it an accessible entry point for most users.

InvestBox

The InvestBox feature works similarly to a regular crypto lending program. At the time of writing this YoBit review, the feature includes 32 coins to invest in. Most of them are altcoins, but the tool also lists BTC as one of the investment plans. It offers the potential of 2% daily returns with a minimal investment of 0.01 BTC and a maximum of 10 BTC.

Looking at the InvestBox page, you may notice some interesting wordings in the description, such as “it’s NOT Pyramid/HYIP” and “it’s 100% safe”. In How to Avoid Sketchy Projects 101, the first rule is to be cautious of any platform that feels the need to loudly declare “it’s 100% safe” or “not a pyramid scheme”—usually, that’s a red flag in itself.

Of course, this could just be a case of awkward phrasing or something lost in translation, as YoBit isn’t an English-based platform. From what I can see so far, there’s nothing else here that actually suggests InvestBox is a pyramid scheme. 

How to Use YoBit

Before I conclude this YoBit review, I want to give you a brief guide on how to use YoBit, starting from creating a new account up to withdrawing funds from the platform. If you’re overwhelmed by how YoBit presents information, this guide should help you use it more easily. Let’s get into it!

Step 1: Visit YoBit.net and click on the “Register” button at the right top corner of the page.

Step 2: Enter your account information, including your email address and your password. Complete the captcha and tick the box to agree to YoBit’s rules. After that, click “Register”.

Step 3: Check your email inbox containing the next step of the registration process.

Step 4: You’ll get a link to activate your account via Telegram. Click it and follow the instructions, once you’re done, click “I activated” on the initial page.

Step 5: Consider activating 2FA to secure your account. Since YoBit doesn’t require KYC verification, you’re all set to use the YoBit coin exchange immediately.

Step 6: Click the “+” button beside your preferred crypto asset under the “Balances” section to deposit the asset to your YoBit account.

Step 7: Go to the “Trade” tab to start trading your coins. You can easily choose your preferred trading pairs under the “Market” section. For example “ETH/BTC”.

Step 8: Click the green “Buy” button to buy BTC using your ETH or click the blue “Sell” button to sell your BTC for ETH.

Step 9: To withdraw your asset to an external wallet, simply click the “-” button beside your preferred asset under the “Balances” section.

Step 10: You can also withdraw fiat via the Wallets page using PerfectMoney or Volet (Advcash). The fees for this fiat withdrawal are 1% and 7% respectively.

Remember to check the site’s domain name before you’re registering for YoBit. The official domains for the exchange are yobit.net, yobit.biz, yovip.net. Be careful not to register on a fake website, otherwise you may lose your funds.

Pros

• Very low trading fees
• Exceptional functionality
• Mobile trading app

Main Features

• Very competitive trading fees
• An intuitive mobile app
• Up to 100x leverage available

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Pros

• A very well-known crypto exchange platform
• More than 500 different cryptos available
• Two-factor authentication

Main Features

• Over 500 different cryptocurrencies available
• Strong security
• Small withdrawal fees

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

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Conclusions

To wrap up this YoBit review, YoBit offers a straightforward and no-frills approach to crypto trading. If you’re looking for a platform that lets you trade anonymously without KYC verification, YoBit could be a convenient option. Its simple setup and range of trading pairs make it appealing for those who just want to dive right in without dealing with lengthy sign-ups or personal information requirements.

However, there are some big considerations to keep in mind. YoBit’s lack of transparency, particularly around security measures, may be a concern for users who want to feel confident about where their funds are going. Unlike other exchanges, there’s no “About Us” page or detailed security information to ease those worries. It’s understandable to wonder, is YoBit safe?—and without clear answers, some users might feel hesitant.

For traders who value trust and transparency, platforms like Binance, Kraken, and Bybit are likely better choices. YoBit has its pros, but for those who prefer a more established and transparent exchange, this platform might not check all the boxes. Ultimately, knowing what is YoBit and its unique approach can help you decide if it’s the right fit for your trading style.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Lin M., Lee B.C.: The Influence of Website Environment on Brand Loyalty: Brand Trust and Brand Affect as Mediators;

2. Mashatan A., Sangari M. S., Dehghani M.: How Perceptions of Information Privacy and Security Impact Consumer Trust in Crypto-Payment: An Empirical Study.