A crypto exchange guide must provide reviews of all of the crypto exchanges out there, so that you can find the right one for you. This review of YoBit consists of four parts: general info, fees, deposit methods and security.
YoBit is a crypto exchange that is currently registered in Panama (previously Russia). It has an extremely impressive selection of altcoin trading pairs. If you can’t find the altcoin here, chances are you can’t find it at all…
The platform is available in Russian, English and Chinese.
On 20 July 2019, the exchange reported that it supported 8,379 active trading pairs. This is a very large number of trading pairs, maybe even world-leading.
YoBit does not explicitly state that US-investors are prohibited from trading. Accordingly, we do believe that US-investors can trade here. Any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
YoBit Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. We think YoBit’s trading view contains a lot of helpful information, but that it is still quite intuitive. Have a look for yourself here:
YoBit Trading fees
This Russian cryptocurrency trading platform doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. They charge 0.20% (regardless if you are a maker or a taker). These fees are quite competitive as the global industry average is around 0.25%. It can also be noted that all Russian cryptocurrency exchanges that we present in our Cryptocurrency Exchange List have flat trading fees between 0.10% and 0.20%, so no exception from the rest of the group here.
YoBit Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Let’s say you have reached your investment goals and you are looking to buy house with bitcoin. In order to buy that house, you need to withdraw the funds. And when doing so, the exchange can make up for its low trading fees by charging you high withdrawal fees when you’re halfway out the door.
Not this exchange. YoBit charges you 0.0005 BTC when you withdraw BTC. From a local (Russian) perspective, this is actually the lowest withdrawal fee that we know of. Very good, YoBit!
At YoBit, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors.
One should generally look out for the different deposit fees charged by exchanges for deposit of fiat currencies via wire transfer or credit cards, and whereas it might be indifferent to you whether you should deposit via wire transfer or credit card, it might be very different fees. Some exchanges charge a deposit fee of up to a staggering 11% for credit card deposits.
So keep an eye open for the different fiat currency deposit fees.