Yobit Review 2024

Our veredict

YoBit, established in 2014 and based in Panama, is a cryptocurrency exchange that appeals primarily to traders who prioritize privacy and a vast selection of altcoins. The platform supports over 8,000 trading pairs and numerous cryptocurrencies, making it a favored destination for those looking to trade lesser-known coins. YoBit stands out for not requiring KYC verification, allowing users to trade anonymously. This feature, combined with its availability of fiat deposits and withdrawals, makes it accessible to a wide range of traders​.
However, YoBit is not without its drawbacks. The exchange has faced allegations of being linked to financial fraud and lacks transparency regarding its founders and operational details, which might be a concern for some users. Moreover, while the platform boasts robust security measures, including cold storage and DDOS protection, its customer service has received mixed reviews, with reports of slow response times and account issues​​. For those who value anonymity and a wide range of trading options, YoBit is an attractive choice, but caution is advised due to its regulatory and reputational concerns.

Pros

Cons

2,5

Threenvest Score

Fees

0.20% per transaction

U.S Legal

No

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To better understand our editorial guidelines and the investment methodology that supports our ratings, you can explore the information in our editorial policy.

Why choose Yobit?

Choosing YoBit as your cryptocurrency exchange offers several compelling advantages. Firstly, the platform supports a vast array of cryptocurrencies and trading pairs, making it an excellent choice for traders looking to explore and invest in a diverse range of assets. This extensive selection is particularly appealing to altcoin enthusiasts who want access to coins that may not be available on other exchanges​.
Secondly, YoBit’s lack of KYC requirements allows users to trade anonymously, providing a high level of privacy that is rare among exchanges. This feature makes it a go-to platform for individuals who prioritize their anonymity and do not want to undergo lengthy verification processes​.
Additionally, YoBit offers several innovative features like YoFarm and YoDice, which provide users with opportunities to earn passive income and engage in fun, gamified experiences. These unique offerings set YoBit apart from many other exchanges and add value for users looking for more than just basic trading functionality​.
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EIP and Cryptocurrency Investor

As an expert in cryptocurrency exchanges, I recommend YoBit for its extensive selection of altcoins and anonymous trading options. With no KYC requirements, it offers a level of privacy not commonly found on other platforms. Additionally, features like YoFarm for passive income and various gamified elements make it a unique choice for both new and experienced traders. However, it’s essential to be cautious due to its mixed reputation and lack of transparency regarding its founders. For those who value privacy and a wide array of trading options, YoBit can be a suitable platform.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

 

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).


For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

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Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.