YObit

The Yobit exchange has been operating in the market since 2014, and during this time it has become a leading trading platform for crypto assets. Today, it’s a powerful and popular resource that attracts traders globally. Due to its functionality and convenience, it can be considered one of the best platforms among competitors, and it provides an impressive set of useful options that are unavailable on other crypto exchanges.

You might be wondering whether Yobit is a scam or a legitimate platform, as it allows its users to trade cryptocurrencies and withdraw funds with ease. We’ll try to answer this question below.

Yobit is among the 10 most successful crypto trading sites (the whole truth about cryptocurrencies you can find here) in the world. It’s an impressive tool for trading. Any trader should try it because such an extensive functionality can’t be found anywhere else. The official website of the yobit.net exchange is a sort of portal. It’s a powerful environment with many unique opportunities for full-fledged trading, investing, and participating in ICO, games, etc. You can trade here, earn or receive digital coins for free, have a chat with market players, act as an investor, etc. Keep reading to learn more about the function of the exchange.

The site attracts a large number of users with unique options and a convenient and simple interface of the trading terminal. Traders can choose cryptocurrencies for trading from more than 300 assets. They can also trade in fiat money, quickly and simply create crypto wallets, and withdraw money in any convenient way. It is interesting that new coins first appear on the Yobit site, and only then on other crypto exchanges, and you can even trade currencies, which are still at the ICO stage. A lot of informative graphs and tables simplify trading on the crypto exchange.

Additional options for the exchange are amazing. It’s convenient to track information about orders in the order section, follow the history of your transactions on the platform, learn about virtual coins in the CoinsInfo tab, add new digital currencies or make a request for creating an ICO in the AddCoin tab, have a chat with exchange participants in the PM section. You can also buy the exchange’s digital currencies dubbed Yovi, which show decent growth dynamics. Yobit.net ICO traders can raise funds for the release of altcoins, and invest free digital coins in InvestBox, a special tool for promoting currencies. It’s possible to create unique replenishment codes by transferring a currency to an electronic code and then using it in other systems for replenishment or payment. This feature allows you to reduce commissions and accelerate the timing of the transaction. Such options as Dice (they enable you to bet on the change in the exchange rate and get a reward instantly) and FreeCoins (it’s an opportunity to collect free digital coins).

The Exchange pays much attention to the provision of secure trade in cryptocurrencies, for this purpose, the following solutions are used: file system encryption, a system of cold and hot wallets, SSL protocol, a two-factor authentication. The exchange is interested in increasing its audience, trying to offer it a comfortable trade. To do this, the official website of the exchange supports several languages, helpful resources are presented in multiple languages as well. Tons of useful information for traders can be found on the main page. These are actual orders for the purchase and sale of currencies, and the history of trading. You can also find online chat.

Replenishment and Withdrawal of Funds

The Yobit exchange offers a large number of withdrawal and replenishment options. You can replenish your trading account with cryptocurrencies and fiat money (the system supports US dollars).

Methods of replenishment of funds:

• Bank transfers (VISA, MasterCard),
• Electronic payment systems (QIWI, Payeer, Capitalist),
• Mobile phone.

Methods of withdrawal of funds:

• Bank transfers (VISA, MasterCard),
• Cryptocurrencies,
• Payment systems (QIWI, WebMoney, Payeer, Capitalist),
• Mobile phone.

The exchange provides very low commissions for transactions, which is also one of its advantages.

Complaints About Yobit

Due to the tremendous potential of Yobit.net, the exchange is popular among traders globally. There are a lot of traders’ opinions about the site today and they are all very diverse. The forums offer enough positive comments about the work on the stock exchange: the convenience of trade, a large number of useful services, an impressive selection of cryptocurrencies, instant transactions, fast technical support, low commissions, and high-quality analytical data. Some traders are satisfied with the exchange and recommend it for work.

The negative comments of traders, mostly point to the following problems in the work of the company: long withdrawal of funds, loss of money when transferring to a deposit, lack of communication with technical support, and long answers of managers. The main two issues of the exchange, which are problematic withdrawal of funds and lack of communication with support managers, definitely spoil the reputation of the company. In numerous reviews, traders call Yobit a scam. As follows from this, the company doesn’t have enough active work on the thematic forums to tackle issues, as currently, the comments can work against the exchange.

Regulation of Yobit

The main office of the organization is located in Panama, where it’s regulated.  Visiting the website means a user completely agrees with the principles of its work, described in the specialized section, «Rules and conditions of use Yobit.net». Working on the platform, users must comply with the local laws of the country in which they are located. All responsibility for making decisions during the trade is on the trader, the organization is not responsible for the losses associated with inefficient management of users, for erroneous actions during trading, in case of system failures. In case of disagreement with the rules, a user must leave the website.

The company is trying to pay great attention to the security of transactions and the confidentiality of user data. All information about clients is encrypted; data transmission is carried out using secure communication channels using reliable algorithms. Terms of work on the resource can change without informing clients. They have been published in the «Rules» section. It’s up to the users to monitor all these changes.

To familiarize yourself with the “Terms and Conditions of Use of Yobit.net” on the Exchange website

Is Yobit a Scam?

Today, Yobit is considered to be a powerful and leading resource for full-fledged work with virtual currencies. It has found itself at the TOP-10 of the most successful sites for trading cryptocurrencies in the world. In terms of functionality, it has no rivals. Despite the project being quite new, it keeps attracting many traders from different countries, who picked it due to its unique options.

The resource offers a lot of opportunities for trading and earning money: many digital coins, even those, that are not yet on the market, support of fiat money, creation of crypto wallets, various analytical data (history of transactions, orders, information about virtual currencies, etc.), low commission for transactions. The security issue is of supreme importance here: a two-factor authentication, file system encryption, the use of cold and hot wallets, and SSL protocol. Today, it’s crucial for the resource to interest potential users with the convenience and comfort of work. So, the official site of the exchange is presented in different languages, support is provided in the native language of the trader. Once you come to the main page of the Yobit.net exchange, you will immediately see a large amount of information. Feel free to get down to trading immediately, and communicate with users and support managers.

Many trader reviews about trading on Yobit are available online. These are positive experiences (low fees, convenient and fast withdrawal of funds, many options for work, support of fiat money, etc.). As for negative comments, they are mostly about problems with withdrawal and replenishment, and the lack of communication with the managers of support, which prompts traders to conclude that the Yobit is a scam. Those negative comments indicate that the service should be improved, and there aren’t enough employees on the forums who would handle issues. However, it’s quite possible that some feedback is not relevant to the website, but anyway, it affects the company’s reputation. It seems that the exchange management plans to deal with this issue.

Between 2016 and 2017, the exchange faced numerous user complaints and frequent hacker attacks. Some money was also lost during transfers from certain electronic payment systems, although similar issues were reported on other platforms at the time. However, today, the site operates smoothly, demonstrating its reliability. While there have been unconfirmed allegations of pyramid schemes associated with the project, the absence of significant user outflows suggests otherwise. In fact, the exchange continues to operate normally with a large user base, receiving recommendations from traders worldwide. Given its popularity, functionality, and positive user testimonials, it’s difficult to classify it as a scam.

Conclusion

Yobit.net is a cryptocurrency exchange, offering a modern trader a lot of opportunities to work with virtual money. We can even say it’s a powerful environment that allows you to earn money on trading and quickly withdraw earnings, invest in new digital coins, win them for free, etc. Such a strong and highly functional resource likely stands unrivaled among other crypto exchanges. It consistently attracts many traders from diverse linguistic backgrounds, fostering a dynamic and international trading community.

On the thematic websites and forums, there are various comments regarding this cryptocurrency exchange. While some of them are negative, others are positive. Today, we hope that by increasing the audience and offering many unique opportunities, the platform will not lose its position due to possible quality issues. We are working to minimize negative feedback. The editorial team of the “Is this a scam?” project will not consider the exchange as fraudulent. We expect honest feedback from traders regarding the platform, which will not only warn users about potential problems but also influence the rating on our website.