Thoughts on YoBit?

[crim3s]

Has anyone ever had a bad experience with yobit?

Would you recommend using its online wallet?

[DaMut]

had a bad experience on yobit ?
of course,a lot of people had a lot of problem doing a trade on yobit.it's because they are doing a shady activity in their website.
for example,
when you trying to send a coin but your coin never arrive to your account and you write a ticket for them,
they will ignore you not even reply to your ticket.
other than that they will never make an announcement for a maintenance wallets or something like that.
if you're not meticulous enough and send it to the maintenance wallet,i am 100% sure that your coins will be gone forever.
even though you will use the same address.

i don't really recommend an online wallet,
because you will see a lot of phising email lately,and if you are not lucky enough they will get your information and rob it all

[TryNinja]

Hell no. Yobit is the shadiest exchange you can think off that is operating at a "high" level. I don't even recommend you using them as an exchange, imagine using it as a web wallet.

- Support for tons of scam and dead coins.
- Nonexistent support.
- Shady "investbox" that looks like a ponzi scheme.
- Tons of reports about having funds stolen/deposits never arriving.
- Allowing the trade of IOU tokens that don't even exist yet.

If there is an exchange you must avoid, it's Yobit.

[mk4]

Doesn't matter if it's YoBit, Bittrex, Bitfinex, Poloniex, or whatever, it's not a good idea to store your bitcoins on exchanges. Download your own wallet. Exchanges gets problems and vulnerabilities frequently. Big exchanges have been hacked in the past, you don't want to be a part of those stolen bitcoin don't you?

Some sources:
https://en.wikipedia.org/wiki/Bitfinex_hack
https://www.wired.com/2014/03/bitcoin-exchange/

https://electrum.org/ | Electrum is the wallet that I usually suggest to people. I suggest that you use it too.

[HabBear]

Doesn't matter if it's YoBit, Bittrex, Bitfinex, Poloniex, or whatever, it's not a good idea to store your bitcoins on exchanges.

I disagree with this statement. It's absolutely not a good idea if the exchange isn't paying you interest. But if the exchange is paying you interest, compensating you for the risk you're taking in allowing the exchange to "hold your private keys" it makes the use of exchanges more acceptable.

Exchanges are no different from fiat based banks. When you put your money in a bank you don't own that money, it's not sitting in a safe for you, you own a promise from the bank to pay you back. Nearly everyone in the world is perfectly comfortable leaving their hard earned savings in a bank...but when it comes to a bitcoin exchange everyone reverses their opinion.

I'm surprised more exchanges don't pay interest for our risk. It's because we haven't demanded that they do. If we all took our bitcoin off exchanges the exchanges would start paying interest.

YoBit is ok. I think the interest they pay is too high, which is an indicator that it's not sustainable.

[Mike Mayor]

Many people have problems with Bitcoin. The way they lay their site out is also dodgy. They shadey but trading there works well and I trade there often. They have both support basically bit everything does work just no support. They shadey because they have the dice gambling buttons purposely places just under the troll box in case you accidentally gamble. I hate that about them. They have no confirmatioma either. I'd you click buy or sell that's it, it doesn't ask you to even confirm so be very very careful trading there.

Doesn't matter if it's YoBit, Bittrex, Bitfinex, Poloniex, or whatever, it's not a good idea to store your bitcoins on exchanges.

I disagree with this statement. It's absolutely not a good idea if the exchange isn't paying you interest. But if the exchange is paying you interest, compensating you for the risk you're taking in allowing the exchange to "hold your private keys" it makes the use of exchanges more acceptable.

Exchanges are no different from fiat based banks. When you put your money in a bank you don't own that money, it's not sitting in a safe for you, you own a promise from the bank to pay you back. Nearly everyone in the world is perfectly comfortable leaving their hard earned savings in a bank...but when it comes to a bitcoin exchange everyone reverses their opinion.

I'm surprised more exchanges don't pay interest for our risk. It's because we haven't demanded that they do. If we all took our bitcoin off exchanges the exchanges would start paying interest.

YoBit is ok. I think the interest they pay is too high, which is an indicator that it's not sustainable.

Yobit don't pay interest anymore so I don't know what you on about. It is sustainable since it stopped. Also you now have to gamble 5x each day to gain interest on doge or ltc waves or eth. That's how they make their money back.

[Crypto-watch-Talk]

Heard Bittrex is better and easier for a beginners that just wants to test the market without all the ID verification etc. I could be wrong though

[Kyraishi]

Has anyone ever had a bad experience with yobit?

Would you recommend using its online wallet?

Not worth the risk at all. They have notoriously poor customer support. Their wallets are always in maintenance mode and the maintenance never seems to end, so basically at any given time, your money could be essentially frozen in yobit with no way out.

Anyways, everything that yobit offers can be done with a better exchange like bittrex.

Unless you want to trade shitcoins, then don't use yobit. And even if you trade shitcoins i wouldn't recommend storing the coins on yobit itself. Store it in your actual wallet.

[xuan87]

Not really a bad experience but the reputation of this exchanger is not good, the customer service is not really active, but to be honest I never had a problem with this site, I have used this site for more than a year and it is okay, yobit got a lot of alt coin to trade, so if you like to trade various coins then yobit is the right place but if you trade more famous coin I suggest go to bittrex

[mk4]

Doesn't matter if it's YoBit, Bittrex, Bitfinex, Poloniex, or whatever, it's not a good idea to store your bitcoins on exchanges.

I disagree with this statement. It's absolutely not a good idea if the exchange isn't paying you interest. But if the exchange is paying you interest, compensating you for the risk you're taking in allowing the exchange to "hold your private keys" it makes the use of exchanges more acceptable.

Exchanges are no different from fiat based banks. When you put your money in a bank you don't own that money, it's not sitting in a safe for you, you own a promise from the bank to pay you back. Nearly everyone in the world is perfectly comfortable leaving their hard earned savings in a bank...but when it comes to a bitcoin exchange everyone reverses their opinion.

I'm surprised more exchanges don't pay interest for our risk. It's because we haven't demanded that they do. If we all took our bitcoin off exchanges the exchanges would start paying interest.

YoBit is ok. I think the interest they pay is too high, which is an indicator that it's not sustainable.

It's not a good idea either even if the exchange pays you interest, in my opinion. One of the sort of "features" of bitcoin is that you don't need to leave your funds in a third party.
"Exchanges are no different from fiat based banks. When you put your money in a bank you don't own that money, it's not sitting in a safe for you, you own a promise from the bank to pay you back." Yeah, banks. This simply defeats one of the main purposes of bitcoin. I personally would only leave funds on exchanges if I'm trading, not if I'm storing them.

To each their own, I guess.

[PX-Z]

If you are finding bitcoin wallets then that is a no, no. Don't use any exchange as a web wallet or any kind of wallet. That's not really safe to store your precious coins. Better use blockchain.info than this exchange but even its a web wallet hey have also some advantage tho there are a lot of disadvantages also.

Edited***

[cpfreeplz]

I've literally only heard of bad experiences so I never used them. They also seem to list pretty much anything which makes it seem like they don't care about quality coins, just anything that could get them any volume at all to earn a couple bucks.

[magneto]

Don't use it. They are most likely running ponzi schemes as well, with their YOVI coin and the new investbox thing. It is a very riskiy proposition to use them as a wallet service.

What are your needs anyways? If you are just here to trade big altcoins like Ethereum or Dash, then they are pretty much listed everywhere. It's not like yobit is the only exchange that allows Dash to BTC trading or ETH to BTC trading.

If it's only that, then use Bittrex. Even when you use bittrex, make sure you do not ever store more than 1 BTC or more in your account for a prolonged period of time.

[mobnepal]

Has anyone ever had a bad experience with yobit?

Would you recommend using its online wallet?

I have used them and luckily I haven't got any problem till now except few hours of waiting on one or two withdrawal. But I don't recommend you to use them for daily trading.

Yobit is exchange platform rather than online wallet and also withdrawal fee is really high so there is no point on using them as online wallet.

[sulendra12]

Has anyone ever had a bad experience with yobit?

Nope so far. Just withdraw my Bitcoin not long ago from Yobit and it delivered successfully, yet from other members in here Yobit has bad reputation because poor support, dead wallet and pump bot in the whole market. You should keep an eye with this.

Would you recommend using its online wallet?

No.

[swogerino]

I rarely have used Yobit and I don't know what to say if it is good or bad, for me it just worked normally. What you should avoid though is to not use an exchange as your online wallet, be that Yobit or the best exchange in the world. When you are using such website as your bitcoin wallet you are leaving your bitcoins in their care. I would not leave my bitcoin to anyone to take care of them for my behalf. Keep it in your desktop wallet , best for the time being is Electrum.

[1Referee]

They also seem to list pretty much anything which makes it seem like they don't care about quality coins, just anything that could get them any volume at all to earn a couple bucks.

Yobit doesn't even care about volumes. Anyone could get his shitcoin listed on Yobit by paying the 0.1BTC listing fee. After the coin being listed on their platform, it will be left there for years, even if it doesn't generate any volume. It's the large number of shitcoins that this exchange offers that attracts noobs, and they perfectly understand that, hence their motivation to keep everything as it is. If we look at Yobit from a financial perspective, and then mainly from the side of the operator, he has done a tremendous job into generating a decent chunk of wealth out of something that the majority of the serious people here don't care about. In that regard, people shouldn't expect this exchange to better its overall product.

[Zocadas]

Never use an exchanger as online wallet. Use one, that provides private keys or better, use one with cold storage. Only send money to exchangers, when you trade, exchange or lend.

[BitHodler]

People should do some actual research before signing up to an exchange ~ asking people here what they think about Yobit doesn't fit in that category.

If you look properly into Yobit as exchange, it directly becomes clearly visible that this is a hobby exchange being operated by just one person that is fully in charge of everything.

This directly connects the dots with each other in terms of why people aren't being helped out sooner, why in some cases deposits don't post and people don't get any response, and the list goes on.

The staff and chat mods are just puppets not being able to solve anything ~ everything gets forwarded to Mr Yobit himself. If you look around in this industry, you know that there are far better exchanges available.

Look into Bittrex ~ this is how an exchange should be operated.

[BrewMaster]

Has anyone ever had a bad experience with yobit?

Would you recommend using its online wallet?

anyone who has ever used Yobit has a bad experience with their service. it is the worst available exchange! their wallets are 90% dead or empty from funds. you can not deposit or withdraw majority of the altcoins listed there.
their system is very shady. they have so many shady parts too such as their gambling dice part! or the investment thing they added recently.
it is all shouting a big scam waiting to happen.
the owner's account here is tagged with red trust showing multiple scam accusations against them.