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YoBit exchange: Legit or Scam?

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YoBit exchange: Legit or Scam?

  • 18/09/2018
  • Admin

In 2015, a Russian based crypto currency exchange “YoBit” was introduced on the BitcoinTalk forum. Apart from bitcoins, this crypto exchange offers access to hundreds of other altcoins at a trading fee of 2.0% or less per transaction.

The YoBit platform is basically a crypto currency exchange which has listed popular currencies such as Bitcoin, Ethereum, Litecoin and hundreds of other rare altcoins. It enables user to buy and sell an extensive range of crypto currencies. Both US dollars and Russian rubbles are accepted here.

It is a global exchange as its services are available to users in countries all around the globe, including India.

Unlike Bittrex and Poloniex, YoBit is not so popular; but these not so popular exchanges give you the access to new coins that popular ones have not yet listed. And the great thing about getting coins on a less popular exchange is that when any of these coins get listed on popular exchanges like Bittrex and/or Poloniex, the holders of the coins can expect a huge price surge.

Is YoBit secure?

YoBit offers the option to enable two factor authentication and login verification email security feature which provides an extra layer of security for any fund that you deposit.

YoBit supports “freezing withdrawal” feature for users in case they feel to be under attack, this feature can be accessed from profile settings page.

However, you should not be concerned only about the security of your account; in addition you need to consider the security of the trading platform as well.

In March, 2017 Russian telecommunication reported YoBit to be taken under investigation due to allegation of fraudulent activity. Other than this its site was also listed for “pump and dump” scams in business insider 2017 investigation into crypto currency.

One of the drawbacks of YoBit is that it provides very less information online. For example, it offers a service called “investbox” which is somewhat similar to one of the leading programs that poloniex offers. But it lacks details due which users are not able to use it properly.

Other than this the best thing about YoBit exchange is how fast they list new coins. Because of this smart investors in their initial get ample amount of opportunity to get these new coins.

But as everyone says that bad things tag along with the good ones; so as any company can get their coins listed on YoBit for a small fee this paves way for some scam coins as well.

So users need to be extra cautious as having a coin listed on YoBit does not make it reliable.

Apart from this YoBit provide another service called YoBit dice which is a gambling feature where you can get any coin of your choice.

It also offers support to its users by ticketing system that can be accessed from dashboard. Also there site is available in English, Russian and Chinese language.

Conclusion

We can conclude by saying that YoBit is definitely not a scam and it can be safely used for trading crypto currency. However, it is still not as polished as other crptocurrency exchanges.

Hence, we will say that if you want to get certain cryptos which are available only on YoBit support Number, you can very well get them. But we will suggest users to have enough awareness about the risks involved in crypto investing.

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