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+--- Thread: Unbiased Review of YoBit.net (/thread-58700.html)
Unbiased Review of YoBit.net - Nayana Patil - 05-17-2021
What is YoBit Exchange?
YoBit is a cryptocurrency exchange that was launched in 2014 by a group of independent European developers and is incorporated in Panama. According to the Coin market cap, YoBit is one of the top ten exchanges in terms of traffic, liquidity, and trading volume.
YoBit offers more than 500 tradeable cryptocurrencies in over 8500 crypto-to-crypto and fiat-to-crypto markets. It is one of the few cryptocurrency exchanges that is not yet regulated. The website is available in three languages: English, Russian, and Chinese.
YoBit Exchange Features
- Anonymity: There is no completion of KYC / AML procedures, which enables traders and investors to remain anonymous.
- Execution Speed: YoBit focuses on the efficiency of platforms, ensuring execution speed to reduce slippage.
- Full transparency: The trade history of the network is made accessible on the YoBit website. The specifics include transaction time, exchanged crypto-currency pairing, and type of transaction. A flat 0.2 percent is paid by YoBit.
- Competitively low fees: YoBit charges a flat fee of 0.2% for both makers and takers
- Crypto Coverage: YoBit supports the listing of cryptocurrencies and altcoins from their early existence. This provides investors and traders access to coins/tokens at the early post-launch phase.
- Exchange Storage: Most newly launched coins/tokens are yet to have compatible wallets. YoBit allows investors and traders to hold coins on the exchange
- Customer Support: Customer support is available in Arabic, Chinese, English, German, and Russian 24/7 and also via Telegram.
The YoBit cryptocurrency trading platform does not charge different fees between takers and makers. Their fee model is called a “flat fee model”, which charges 0.20% for both makers and takers These fees are quite competitive as the global industry average is around 0.25%.
For Deposits, there are no fees charged by YoBit Exchange. There are likely to be transfer fees incurred by the different payment methods. For withdrawals, fees vary depending upon asset class withdrawn and withdrawal method. YoBit charges you 0.0005 BTC when you withdraw BTC. At YoBit, you can deposit through wire transfer, cryptocurrencies, and credit cards.