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YoBit cryptocurrency exchange review

Trade bitcoin, Ethereum and hundreds of other cryptocurrencies

YoBit is a Russian-based crypto exchange that was founded in 2015. It offers access to bitcoin as well as hundreds of other altcoins and charges trading fees of 0.2% or less per transaction.

We’ve gathered a wide range of useful information about YoBit in this comprehensive review. Keep reading for details on the platform’s features to help you decide whether YoBit is the right cryptocurrency exchange for you.

Product Name YoBit Cryptocurrency Exchange
Fiat Currencies USD, RUB
Cryptocurrencies BTC, BTG, DASH, ETH, LTC, DOGE, WAVES, LSK, BCC, TRX, NANOX, PAC, ZEC, XVG, EOS, ETC, RDD, TOKC, B2X, TTC & 400+ more
Deposit Methods Cryptocurrency, Payeer, AdvCash, Perfect Money, Capitalist, QIWI* Only available for RUB deposits
Trading Fee None
Deposit Fees None
Withdrawal Fees Cryptocurrency: 0.0005
PerfectMoney: 5% (USD)
Payeer: 7% (RUR) & 5% (USD)
AdvCash: 4% (RUR) & $2 (USD)
Capitalist: 4% (RUR), 7% (USD)
Credit card: $6 + 5% (USD) & ?70 + 7% (RUR)
Yandex.Money: 5%-8% (RUR)
QIQI: 7% (RUR)

Pros

  • Multilingual trading platform
  • Multiple deposit options
  • Ability to deposit fiat currency (USD, RUB) if you wish
  • Wide variety of cryptos listed and extensive range of trading pairs
  • Bonus program to reward frequent traders

Cons

  • Limited information available online
  • Reports of suspect trading activities and of the exchange being under investigation by Russian authorities
  • Offers a dice game that allows you to gamble BTC
  • No online chat support
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

What is YoBit?

The YoBit platform is a global cryptocurrency exchange that allows you to buy and sell an extensive range of digital currencies. It lists popular currencies such as bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) as well as hundreds of other rarer altcoins.

You can deposit cryptocurrency or fiat currency – both US dollars (USD) and Russian rubles (RUB) are accepted – and then buy or sell cryptos for a maximum transaction fee of 0.2%.
YoBit-Homepage

Which cryptocurrencies can I buy/sell?

YoBit allows you to trade hundreds of cryptocurrencies, including the following:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCC)
  • Dash (DASH)
  • Dogecoin (DOGE)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Lisk (LSK)
  • Litecoin (LTC)
  • Tron (TRX)
  • Vertcoin (VTC)
  • Waves (WAVES)

Visit the YoBit website for a comprehensive list of the coins available to trade.

Available countries

YoBit is a global crypto exchange that offers its services to users in countries all around the world, including Australia.

If you’re unsure whether you’re able to access YoBit in your country, contact the exchange for more information.

Which payment methods are accepted?

You can deposit and withdraw funds to and from your YoBit account using the following methods:

  • Cryptocurrency transfer
  • AdvCash
  • Capitalist
  • Payeer
  • Perfect Money
  • QIWI

How much will it cost me to use YoBit?

YoBit charges a commission on each buy or sell transaction it processes. According to the FAQ section on the YoBit website, the commission amount varies depending on the currency being traded; however, the commission does not exceed 0.2% of the transaction amount.

Deposit and withdrawal fees may also apply depending on the currency you use for your transfer. These fees are outlined in the table below.

Payment methodDeposit feeWithdrawal fee
CryptocurrencyFree0.0005
AdvCash3% RUBFree USD3% RUB, 4% USD
CapitalistFree RUB Free USD4% RUB
PayeerFree RUB Free USD4% RUB, 4% USD (If paying with Visa or Mastercard, fees are US$6 + 5% or RUB70 + 8%)
Perfect MoneyFree USD7% USD
QIWI5% RUB5% RUB (If paying with Visa or Mastercard, the fee is RUB70 + 4%. If paying with WebMoney or Yandex.Money via QIWI, the fee is 4% in rubles.)

Is YoBit secure?

YoBit offers the option to enable two-factor authentication on your account, providing an extra layer of security for any funds you deposit.

However, in addition to your own account, it’s also important to consider the security of the platform itself. In March of 2017, YoBit was reported to be under investigation by Russian telecommunications regulator Roskomnadzor for alleged fraudulent activity. YoBit was also listed as a site used for “pump and dump” scams in Business Insider’s 2017 investigation into cryptocurrency.

This serves as an important reminder that, no matter which crypto exchange you use, make sure you always exercise caution when trading and when managing your funds.

Customer support

To access customer support with YoBit, you’ll need to log in to your account and submit a support ticket. YoBit claims that the majority of support tickets are responded to within an hour, but that it can sometimes take up to 24 hours to receive a response.

Pros and cons

Pros

  • Multilingual trading platform
  • Multiple deposit options
  • Ability to deposit fiat currency (USD, RUB) if you wish
  • Wide variety of cryptos listed and extensive range of trading pairs
  • Bonus program to reward frequent traders

Cons

  • Limited information available online
  • Reports of suspect trading activities and of the exchange being under investigation by Russian authorities
  • Offers a dice game that allows you to gamble BTC
  • No online chat support

Next steps

If you’d like to sign up for a trading account with YoBit, click on one of the “Go to site” links on this page. You can sign up by providing your email address and creating a username and password. After this, you will need to verify your email address.

Finally, make sure you enable two-factor authentication to provide an extra layer of security for your account.

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