Yobit.net Review - Is This Crypto Exchange A Top Pick? (2024)

Yobit.net is a Panama-based cryptocurrency exchange created by European developers where users can buy, sell, trade, farm, invest, and earn with hundreds of different crypto assets.

Yobit.net also supports an incredibly unique digital sneaker-buying service called YoStep, which was inspired by the Move2Earrn campaign that rewards people for various activities.

Unlike most crypto exchanges and platforms, Yobit.net doesn’t require users to submit any KYC verification, meaning they can hold onto their anonymity.

If you want to learn all about Yobit.net’s services and whether or not they’re right for you, stick around for this in-depth Yobit.net review.

Yobit.net Exchange and Crypto Trading Platform

The Yobit exchange supports more markets than Yobit traders will probably know what to do with, boasting nearly 9,000 active trading pairs.

What’s particularly impressive about all these markets is the variety of the pairs, which include countless DOGE pairs and fiat money pairs like the Russian ruble.

The Yobit trading interface is both impressive and frustrating at the same time.

While it has a well-designed terminal full of all the essential panels like markets, trading history, balances, buy and sell orders, and order entries, its chart isn’t very practical.

All the other panels are standard, but the price chart is a very long rectangle that users can’t adjust, making it very difficult to use for active trading.

The Yobit exchange also only supports market and limit orders, but that isn’t always a dealbreaker.

Overall, the Yobit.net exchange is certainly respectable, especially with the number of markets, just bear in mind it won’t be a chart-focused place to trade.

Yobit.net Trading Fees

Yobit trading fees are relatively low, with its maker and taker fee sitting at 0.20%.

Yobit doesn’t have any deposit fees other than a 1% fiat currency fee on RUR and USD when paid through Capitalist, but there are various withdrawal fees.

If you withdraw funds through Perfect Money, Payeer, Qiwi Wallet, or Advcash, you can expect a 1%, 5%, 65, and 7% fee, respectively.

The crypto withdrawal fee is 0.0005 for all coins, which is somewhat confusing when applying it across the board.

There are also some negative reviews that suggest Yobit charges a tax payment fee when you withdraw funds, an upgrade channel fee, and potentially an entire account fee under certain circ*mstances, but the truth around those claims and lost funds is unclear.

More positive reviews suggest the Yobit exchange is in the top 10 crypto exchanges by trading volume, which is not at all true according to coinmarketcap (#204), so take everything with a grain of salt.

Yobit.net Farming

The YoFarm section of the Yobit.net platform is where Yobit users can provide liquidity for various trading pairs to earn a yield.

Currently, YoFarm supports 19 pairs, including some popular ones like BTC/USDT, making it a decent place to farm crypto.

However, Yobit’s selection is still much smaller than more robust alternatives like SushiSwap or 1inch.

Yields for providing liquidity will vary wildly from 7.74% for TONCOIN/BTC to as high as 798.54% for USDT/RUBLIX.

All the yields are impressively and concerningly high, so investors should proceed with caution.

Nevertheless, YoFarm remains a great option for crypto farmers to consider.

Yobit.net InvestBox

The Yobit InvestBox is a place where users can invest their coins in a variety of investment plans to earn a return.

“Investment plans” simply refers to different assets, but there are over 60 options to choose from.

The asset options almost entirely consist of obscure altcoins, but there are some more popular options like DOGE, USD, and RUR.

Yields for investment programs start as low as a single basis point (0.1%) but can stretch as high as 5%, and investors can withdraw their money at any time.

YoStep

YoStep is a service that allows users to buy digital sneaker tokens and Samar YO (the platform’s utility token) for performing simple actions on the Yobit platform each day.

Yobit users are rewarded for purchasing these digital sneakers twice a day and rolling the YoStep dice game for a minimum of 10 rounds.

The number of sneakers is limited, though Yobit supports several levels of sneaker upgrades. Sneakers do, however, require repairs each month, which is an unfortunate additional expense.

The purpose of the YoStep service is somewhat unclear, but price appreciation of the YoStep token and free coins through referrals are the most obvious advantages.

After someone purchases any digital sneakers, the funds are used to pay referrals and support the YoStep/USDT DeFi pool and YoStep/USDT trading pair.

Given the sneaker tokens aren’t actually attached to exercise, the YoStep service is regrettably Ponzi-esque.

This doesn’t mean you are guaranteed to lose money, but the service functions as a kind of multi-level marketing scheme where token holders earn money from new token buyers.

The YoStep service isn’t necessarily a complete scam, as it can be worthwhile if you are interested in NFT collectibles (like digital sneakers), but it seems ill-advised to recommend it beyond that purpose.

How Yobit.net Compares to Competitors

Given Yobit.net’s DeFi nature and adherence to anonymity, comparing it to another high-level DeFi platform like 1inch seems appropriate.

While 1inch has a seemingly endless list of supported markets and assets, it isn’t quite as extensive as Yobit’s. 1inch also doesn’t include many of the trading tools Yobit has, like order books.

However, the charts on 1inch are more practical, the platform has a more user-friendly and aesthetic design, and the cryptocurrency trading fees are roughly comparable.

When it comes to farming and earning, 1inch is the clear winner with a much more developed ecosystem.

Yields can be higher on Yobit.net, but there are more options on 1inch, and the design is undeniably much better.

1inch doesn’t have any digital sneakers, but it is a much better platform overall that most users would probably prefer to use.

The key reasons to choose Yobit, other than the digital sneakers, would be for extremely niche crypto trading pairs or a preference to pay fees that are predictable rather than flexible.

Conclusion: Yobit.net Review

After carefully walking through all of its services for this Yobit.net review, we believe Yobit.net is a good platform for experienced crypto traders seeking uncommon trading pairs.

Aside from that, Yobit is also a decent platform for very specific crypto farming pairs/investments and, of course, for digital sneaker tokens.

As a trading platform, Yobit.net simply can’t compare to advanced exchanges like Binance, FTX, BingX, or even Coinbase, which have real price charts and support more order types.

That being said, Yobit.net has an incredibly extensive and diverse selection of trading pairs, so if that is your primary focus, it could be worth checking out.

As for Yobit.net’s farming and investing services, they are far from the best out there, but they do carry less common options that may excite particular users.

Furthermore, Yobit.net’s digital sneaker service is very unique, albeit a, so NFT enthusiasts may find value in giving it a go.

In summary, the exhaustive list of markets, uncommon investment opportunities, and digital sneakers are the key selling points of Yobit.net.

Still, Yobit.net probably won’t be worth choosing over top-tier competitors unless something about the platform really stands out to you, given your individual needs.

We hope you enjoyed this Yobit.net review.