Thoughts on YoBit? | Bitcointalksearch.org

Darwin02

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Quote from: crim3s on September 09, 2017, 09:49:11 AM

Has anyone ever had a bad experience with yobit?

Would you recommend using its online wallet?

Using an exchange as a wallet is not good idea. in my experience in yobit last year its fine i can even use my phone last year to visit the site but not right now the website are too slow and i cannot even use my phone to visit the website or trade there .you need to have a good interenet connection if you want to trade in yobit thats the reasons why i leave that exchange that my bad experience in yobit.

ApocalypseNow

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Quote from: crim3s on September 09, 2017, 09:49:11 AM

Has anyone ever had a bad experience with yobit?

Would you recommend using its online wallet?

Their wallets are fine but don't make deposits if it's under maintenance because your transaction will not be successfull. The only problem with Yobit is it is full of shitcoins.

nkarm1

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About your question on using it as a wallet, I won't even recommend it for anyone to use yobit as wallet. Why would you use it as a wallet? If you really can't avoid using online wallets, instead of using trading sites use legit wallets for storing coins and never store it in a trading site especially yobit. Never use wallets with many accusations of scams and missing deposits. Also they have been hacked for several times and if that happened to you, you can't get something back from them.
About trading, yobit is not that bad. Especially with altcoins. I can really make money out of those new coins, but always be careful because most of them rise for just a short period of time. Grin

. And never leave your coins there for a long time. It's really vulnerable with "Alleged hackers".

passwordnow

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Quote from: crim3s on September 09, 2017, 09:49:11 AM

Has anyone ever had a bad experience with yobit?

When I'm trying to contact their support, no one has responded me EVER.

Quote from: crim3s on September 09, 2017, 09:49:11 AM

Would you recommend using its online wallet?

A big no, they can even delay your withdrawal. Why choose them as an online wallet if there are some better online wallets that you can choose.

alyssa85

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Quote from: HabBear on September 09, 2017, 12:31:25 PM

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.

The only exchanges that provide interest are the ones that have margin trading - where you are essentially lending coins to a margin trader who is borrowing them to trade.

I think you need a licence and a certain amount of reserves for margin trading as it is super risky to enable (because your trader can abscond without paying).

Pursuer

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Quote from: richardsNY on September 10, 2017, 01:09:47 PM

Quote from: Qartersa on September 10, 2017, 11:15:54 AM

Though I think it is still an exchange that is necessary. There are plenty of dead and scam coins, yes. But there are still those coins that are not scams and dead ones. There are those coins that are well traded but has not yet come into the exchanges like bittrex or poloniex. I would say it depends on what coins you are trading.

Aside from Yobit offering whatever coins to trade with, this exchange has one major benefit, which at the same time may turn out to be a major negative aspect potentially -- it doesn't require verification. It's great for people looking to enjoy some level of privacy in this case, but the negative aspect is that the government could at any time shut it down due to it not being registered/licensed -- we all know how things ended with btc-e. I wouldn't want to risk my precious coins, and I don't see any reason for others to expose themselves to this risk in the same way.

if the "it doesn't require verification" the only reason for someone to choose Yobit they I should tell them that there are a lot of other options out there that do not ask for verifications and are not half shady as Yobit is!
cryptopia is an example with same large number of coins. but only USDT market instead of the fiats.
c-cex is another which also has the same fiat options as Yobit and despite the server issues they usually have I prefer it over Yobit.
even sites like bittrex doesn't require verification for small amounts of withdrawal daily.
there are more that I don't remember right now or probably don't even use, but you can easily find them all yourself.

Ctn

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The first thing is why do you want use the online wallet. My recommendation would be to use offline wallet or at least the wallet for which which you are holding the private keys. Yobit is merely an exchanger but though they are having wallet but that's not the primary role of yobit so why worry about it. Just use trusted wallets from the offline services or would be better to use hardware wallet if you are having big amounts of money to be stored in the form of coins.

About yobit as exchanger, it has been fraudster to many users by stealing the money and such cases have been reported on the forum as well. So do check before you invest on the exchanger.

richardsNY

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Quote from: Qartersa on September 10, 2017, 11:15:54 AM

Though I think it is still an exchange that is necessary. There are plenty of dead and scam coins, yes. But there are still those coins that are not scams and dead ones. There are those coins that are well traded but has not yet come into the exchanges like bittrex or poloniex. I would say it depends on what coins you are trading.

Aside from Yobit offering whatever coins to trade with, this exchange has one major benefit, which at the same time may turn out to be a major negative aspect potentially -- it doesn't require verification. It's great for people looking to enjoy some level of privacy in this case, but the negative aspect is that the government could at any time shut it down due to it not being registered/licensed -- we all know how things ended with btc-e. I wouldn't want to risk my precious coins, and I don't see any reason for others to expose themselves to this risk in the same way.

Qartersa

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Quote from: TryNinja on September 09, 2017, 10:44:13 AM

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.

I partly agree with this. Though I think it is still an exchange that is necessary. There are plenty of dead and scam coins, yes. But there are still those coins that are not scams and dead ones. There are those coins that are well traded but has not yet come into the exchanges like bittrex or poloniex. I would say it depends on what coins you are trading.

BrewMaster

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Quote from: crim3s on September 09, 2017, 09:49:11 AM

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.

BitHodler

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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.

Zocadas

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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.

1Referee

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Quote from: cpfreeplz on September 09, 2017, 10:09:22 PM

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.

swogerino

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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.

sulendra12

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Quote from: crim3s on September 09, 2017, 09:49:11 AM

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.

Quote from: crim3s on September 09, 2017, 09:49:11 AM

Would you recommend using its online wallet?

No.

mobnepal

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Quote from: crim3s on September 09, 2017, 09:49:11 AM

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.

magneto

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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.

cpfreeplz

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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.

PX-Z

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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***

mk4

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Quote from: HabBear on September 09, 2017, 12:31:25 PM

Quote from: mk4 on September 09, 2017, 12:03:27 PM

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.

Topic: Thoughts on YoBit? (Read 754 times)