What is YoBit?
YoBit is a cryptocurrency exchange currently registered in Panama, having previously been based in Russia. The platform supports multiple languages, including Russian, English, and Chinese.
Trading Pairs
As of July 20, 2019, YoBit boasts an extensive selection of 8,379 active trading pairs, potentially making it a leader in the global market for the number of supported pairs.
Accessibility for US-Investors
While YoBit does not explicitly prohibit US-investors, it is essential for individuals from the United States to form their own opinions on potential regulatory issues related to their citizenship or residency.
Trading Fees
YoBit employs a flat fee model, charging 0.20% for both makers and takers. This places its fees in a competitive range, as the global industry average is around 0.25%. Notably, Russian cryptocurrency exchanges tend to maintain flat trading fees ranging from 0.10% to 0.20%.
Withdrawal Fees
YoBit stands out with its minimal withdrawal fees. For instance, the withdrawal fee for Bitcoin (BTC) is 0.0005 BTC, which is considered one of the lowest withdrawal fees from a local (Russian) perspective.
Deposit Methods
YoBit offers flexibility in deposit methods, allowing users to fund their accounts through wire transfers and credit cards. This feature can be particularly advantageous for newer cryptocurrency investors.
Consideration for Deposit Fees
Potential users should be vigilant about the deposit fees associated with fiat currencies, whether through wire transfers or credit cards. While YoBit supports various deposit methods, understanding the fee structures is crucial for making informed decisions.
In conclusion, YoBit provides a comprehensive cryptocurrency trading platform with competitive fees, a wide range of trading pairs, and diverse deposit options. However, users, especially from the US, should conduct their own due diligence regarding regulatory considerations.
What are the trading fees on YoBit?
YoBit employs a flat fee model, charging 0.20% for both makers and takers. This places its fees in a competitive range, as the global industry average is around 0.25%. Notably, Russian cryptocurrency exchanges tend to maintain flat trading fees ranging from 0.10% to 0.20%.
Does YoBit offer leverage trading?
YoBit does not currently offer margin trading or leverage options.
Is YoBit safe?
While many major CEXes boast stronger firewalls than most governments, history has witnessed numerous instances where exchanges have fallen victim to hacks, resulting in the loss of customer funds. DEXes are generally safer option as you have control over your funds at all times as long as blockchain is up and running. Its all based off contract code so you can clearly look whats behind the scenes, and how their contracts work.
Does have customer support?
Almost all exchanges provide customer support, but the quality, speed and continuity of this service varies from time to time depending on the budget conditions of the companies. We recommend that you experience the support service provided by the stock exchange by asking a question to the support section on its website.
