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by Nate Urbas

Cryptocurrency Trader,

Bitcoin Miner, Holder. ๐Ÿš€๐ŸŒ‘

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Site Rank: 13

YoBit is an exchange based in Russian that was founded in 2015. There is a lot of worries about this exchange voiced by the cryptocurrency community and many believe that it will not stay in operation. Even though the exchange is still running, there are reports online that the founder has been arrested.

The exchange supports both USD and RUB in terms of fiat currencies. There is support for over 400 cryptocurrencies. Users can choose to have the website in a number of different languages. There are a number of different payment methods to fund the account. Users can enable two-factor authentication to add an extra layer of security. There is a chat feature available for traders on the exchange.

In terms of fees, there are no deposit and trading fees but there are hefty fees on withdrawals. Some fees on withdrawals go up to 8%. Funds are reported to be kept in a mixture of hot storage and cold storage. In terms of security, SSL is used on the website and data is encrypted. Along with the concerns of the exchange continuing operation, users have also voiced complaints about the quality of customer support stating that it is at a very low level. YoBit is a global exchange and is not restricted from any countries. Given the concerns over the founder the continued operation of the exchange, it would be prudent for investors to consider one of the many different exchange options.

Pros & Cons
  • Supports both RUB and USD
  • Over 400 cryptocurrencies supported
  • SSL is used and data is encrypted
  • Some funds are held in cold storage
  • Users can enable two-factor authentication
  • Global exchange
  • Serious concerns raised over the continued operation of the exchange
  • Reports of the founder being arrested
  • Difficult to verify security claims
  • High withdrawal fees