Investing in Bitcoin is one of the latest buzzes around the tech world. There is definitely high risk involved, but the potential for rewards is also high. Even though there are many people who feel Bitcoin is a bubble, there are users who are using this potential bubble as a way of making a lot of money. So is Yobit a Scam?
Product: Yobit
Website: www.yobit.net
Owner: Not Known
Price: Trading fees of 0.2% or less per transaction.
Who is it for: Cryptocurrency traders
Investing in Bitcoins and other altcoins are taking the investment world by storm. Undoubtedly, the risks involved in making such speculations are quite high, but the rewards are equally tempting. Now, whenever you plan to trade crypto coins, you’ll first have to sign up for an exchange.
Speaking of which, there are a lot of exchanges that allow cryptocurrency trading. Being overwhelmed with so many options, you’ll find it challenging to sign up for the most suitable exchange. Well, that’s exactly where this review will help. Today, we’re reviewing one of the most popular trading portals—YoBit.
Is Yobit a Scam? 
Is Yobit a Scam? Yobit is a website that is shredded with complaints from left to right, not to mention an on-going investigation by the Russian Authorities! Though this investigation has not been proved yet, it would be best to know more about them before you invest. If you’re someone that wants to get into things that you want to prove wrong, then this might be the website you want to start looking into.
The alleged leader of the cryptocurrency exchange called Yobit or at least someone who had a big share in it has been arrested in Sheremetyevo Airport, Moscow. He is reportedly accused of establishing fraud financial schemes. His name is Pavel Krymov.
So, are they legit? Let us look into Yobit more closely. The company was found in Russian and was first introduced in a forum way back a couple of years ago in 2015. No further information can be found on the name of the owner of this website, quite interesting. The website caters to English, Russian and Chinese traders, which you can conveniently change easily on their website with one click.
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Creating an account with Yobit.net would not take five minutes of your time as the confirmation email almost instantly pops up. When it comes to sending out payments or doing withdrawals, the verification process is fast as long as you have the Google Authenticator installed. You will be given a step by step process on how to activate this once you register with them.
The only FIAT currency that is accepted would be USD. You can deposit USD into your account and purchase bitcoin with it. After you have credited your account, you can then trade it for BTC and move into your preferred cryptocurrency. They have a wide range of selection from BTC, DASH, ETH, XBY, and DOGE just to name a few.
How YoBit Trading Works?
Trading is surprisingly easy when it comes to YoBit. Even the beginner traders can easily know their way through the website. All you need to do is select which currency you want to trade with and put on a buy or sell order for it. The minimum transaction would be at 0.00010000 in all currencies. The transaction fee would be 0.2% for both purchasing and selling.
In addition, a live chat section is available for users to use, which comes quite in handy if you want to know which coin is hot on that day, or just want to know about the latest coin gossip. It’s important to note that fees would depend on the wallet that you will be using to transact with them. The cheapest deposit fee would be free for USD transactions underCapitalist, advcash, OKPAY, and Perfect Money. Payeer charges you 2% USD per deposit. QIWI Wallet would charge you 5% RUR per deposit. Withdrawals would range from 5% USD and 1% RUR to 3% RUR fees.
One more thing worth noting is that they have something called Free Coins. You can earn different cryptocurrencies in Yobiet.net with just a few clicks of your mouse. After you have clicked on the actions, you will then be given a cool-down time clock until your next freebie.
Website Interface
The website is clean, precise and mouse-motion-streamlined. This means that you do not need to break a sweat just to move your mouse pointer from one place to another. The first time I looked into their website, I was pleased to see the color scheme was not something out of a horror booth. It is very easy to navigate and everything is right in front of you!
When it comes to trading websites, it is always best to have something simple and not complicated to get in your way. The trading market is far complicated enough, an additional blinking widget is the last thing you want.
Verdict
Is Yobit a Scam? YoBit is a cryptocurrency exchange which leaves mixed feelings. On paper, their trading conditions and multiple altcoins would make it an interesting alternative to Simplefx (probably the current leader, in terms of crypto exchanges offering so many coins). But the user criticism makes us doubt the honesty of this exchange.
The fact YoBit does not provide any information on the people behind it, as well as its base of operations is also not impressive. Some reports suggest the company is under the investigation of Russian authorities. Hence Yobit exchange is not a scam. It’s not recommendable either.
Conclusion: Is YoBit Legit or a Scam?
Is Yobit a Scam? YoBit is definitely not a scam exchange. This means that you can safely use it to trade cryptocurrencies. However, they are not as polished as other exchanges. If you want to get hold of certain cryptos which are only available on YoBit, you can certainly do that, but you should always be aware of the risks involved in crypto investing.
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I wish you the best!
Ephraim,
Crypto trader and blogger on:
