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YoBit

2.5
(2)

CryptoCurrency Exchange!

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YoBit review by User in Investment Management
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"Be very mindful and careful if you dare to use YoBit.net"

What do you like best?

At first I really liked the fact the it was super easy to get started working it while being in Russia, and that the fees were much lower than other more popular cryptocurrency exchanges had to offer. These were probably the only reasons why I started using YoBit in the first place. Also, I really like how easy and fast it is pass verification and that is even easier to trade. The interface is not that beautiful and stylish, but it is certainly self-explanatory and user-friendly.

What do you dislike?

It has a lot of cons actually. YoBit is completely unregulated and it heavily promotes pumps and dumps. Withdrawal times a re quite slow. But what I really dislike the most as of right now is the fact that YoBit has been under investigation from Russian Federation authorities. YoBit has been really sketchy lately and if I were you I would think twice before starting using this exchange. I am still using it only because I already have here some of my assets. But I am going to withdraw all of them whenever it feels like the situation with investigation is escalating or when I just feel like it. Besides, it is a real pain trying to connect with tech support. Sometimes they do not simply respond to you at all. Had to them numerous times over 3 weeks in order to get any kind of a response.

Recommendations to others considering the product

Far from being the best cryptocurrency exchange, but it is good enough for beginners or if you need to jump into the game really fast for whatever reason. Also, due to investigation process and other sketchy reviews about YoBit I would recommend to work only with smaller sums of money that you are not afraid to loose here, or if you are planning on investing in certain rare crypto coins that are not so easy to find.

What business problems are you solving with the product? What benefits have you realized?

It is a simple tool to exchange my cryptocurrency assets whenever needed. It was very fast to set up and start using, so it saved a lot of time at first when I needed to start trading as soon as possible. It helped me to get started working with my cryptocurrency and exchanging it much faster comparing to other exchange services.

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YoBit review by User
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content

"Works okay. Kind of slow to respond but overall okay."

What do you like best?

The ease of use it great. It's so easy to log in and start trading, oh and the choices of crypto currencies is astounding. I think they have one of the biggest selection of crypto for trading and for that I commend them. A lot of people say it's pretty shady, I actually think it looks a lot more legitimate than other crypto exchanges out there.

What do you dislike?

There is a lot of strange, one time tokens that nobody ever uses again. It's part of the trade off for accepting every crypto for trade. Also I've heard stories of people 'losing' funds. This happened once to me and tech support took about a week but I was definitely taken care of for that. I'm not sure if they get a bad rep from the one or two people who had a bad experience or they really are bad at support? Like I was I was taken care of and I came out okay.

Recommendations to others considering the product

Start off with a small amount to your wallet first, if it succeeds, do a larger amount

What business problems are you solving with the product? What benefits have you realized?

I use it transfer and exchange funds between different crypto currencies. It does a good job at that. They also have a low commission.

What Cryptocurrency Exchanges solution do you use?

Thanks for letting us know!

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