Why do people use bad exchanges like YoBIt? - page 2.

cydrix

full member

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Quote from: squatz1 on March 13, 2018, 01:21:16 AM

What's the reason for using a low-quality exchange like yobit? There are so many other exchanges that allow for no verification (like binance) that I don't think there's a real straightforward reason to use yobit. I don't see them even having any good qualities.

Could someone explain?

Because sometimes exotic tokens are listed there and bounty hunters have no choice but to trade there with cautious and I've heard some news that they are increasing their volumes just so they can scam users secretly. For my review about yobit it seems like it doesn't have the characteristics of a user-friendly platform that guides users efficiently.

poli_btc

newbie

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It seems to me that for more experienced traders this exchange is attractive because they can easily manipulate the course on it. And newcomers get on this exchange, as it is given a lot of free coins.

tiggytomb

legendary

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Quote from: squatz1 on March 13, 2018, 01:21:16 AM

What's the reason for using a low-quality exchange like yobit? There are so many other exchanges that allow for no verification (like binance) that I don't think there's a real straightforward reason to use yobit. I don't see them even having any good qualities.

Could someone explain?

I used to use Yobit as it pretty much added anything that came out, it was/is a good place to stock up on coins that are yet to hit the larger higher volume exchanges, this is one of their uses, I wouldn't like to leave too many coins on there for too long though just in case.

BlackPanda

legendary

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Usually exchanges definitely have different supprt to coin, so for me for someone who wants to use yobit then they must have seen that the coin that they are trading it only exists on some exchange or just there on exchanges yobit. So it is a necessity and when we get bad service then it is a risk that we should accept as well as possible.

hridoyb

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Bitgesell (BGL) Decentralized Cryptocurrency!

Quote from: squatz1 on March 13, 2018, 01:21:16 AM

What's the reason for using a low-quality exchange like yobit? There are so many other exchanges that allow for no verification (like binance) that I don't think there's a real straightforward reason to use yobit. I don't see them even having any good qualities.

Could someone explain?

Yobit is a another great exchanger but sometimes its long time to maintaince.You can see there are lot of exchanger in online plaetform becase some coin listen on low quality exchanger so I think if you sell your token like this exchanger just sell your token on btc paired and move to another strong exchanger like as bittrex and binance.

liseff3

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The need for an 'exchange account' can be distinguished from the value of quality and other added value provided by exchange accounts so that consumers have a reason why choosing a particular product better.
Each user, definitely has its own reasons for using it:
1. Maybe they feel comfortable, because to this day they have not found any significant problems. 2. Still existence assumption for what to use a difficult product, if which is easy has the same function. 3. Maybe the transaction cost is lower because the transaction fee's often used as the main reason

Shenzou

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Quote from: squatz1 on March 13, 2018, 01:21:16 AM

What's the reason for using a low-quality exchange like yobit? There are so many other exchanges that allow for no verification (like binance) that I don't think there's a real straightforward reason to use yobit. I don't see them even having any good qualities.

Could someone explain?

Probably one of the reason why people use these kind of exchanges is because maybe they have invested their money into some ICO that only listed their coins on that exchange, or maybe they heard someone who told them that they will get bonuses or they have lower transaction and exchange fees and they believed them because that is why new comers do they are easy targets to scammers and people who want to convince them in doing things that are in their favor.

PayneCharity

newbie

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Quote from: squatz1 on March 13, 2018, 01:21:16 AM

What's the reason for using a low-quality exchange like yobit? There are so many other exchanges that allow for no verification (like binance) that I don't think there's a real straightforward reason to use yobit. I don't see them even having any good qualities.

Could someone explain?

Maybe they were introduced by friends or advertised on Google. Sometimes the ICO projects are successful, and they want to put their coin to be listed on the Yobit exchange, so it is mandatory for everyone to trade on Yobit.

exchange.blue

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Who said that its bad? It lacks support, but its liquid enough to trade decent size (except shitcoins). There are 200 exchanges on the https://coinmarketcap.com/exchanges/volume/24-hour/ list, I can say say with confidence that Yobit is far more liquid then most of the ones mentioned on the list.

Their withdrawal timing is quick enough , unlike many others exchanges where your withdrawal needs to be approved by a one man army. The fact that it lacks any kind of support and displays tons of shitcoins with disabled wallets is a big downside, but other than that I'd say that its not a bad exchange, I've seen far worse.

Don't get involved with trading shitcoins and you'll be fine.

Koadharber

hero member

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Quote from: KesoNie on May 21, 2018, 07:38:27 AM

Quote from: ajeef on May 20, 2018, 04:41:08 PM

Some of them have no idea that others exchanges exist, some of them only find specific coin they want to buy on this exchange, some of them are paid to buy ther so they can create volume and so on...

Yes exactly, some of them didn't know exactly the brief description of the exchanges that they used so they made also a mistake to used bad exchanges. Well some of them would like to try this kind of Exchanges because they are looking for a good Exchanges that so happen they get a bad one which they couldn't get a good profit. So we should conduct a massive Research for that Exchange that were going to used.

Lack of research and lack of awareness is the common reason why some people get derailed and ending up on using up these kind of exchangers where reputation is too bad and they would find out later on when they do already experience problems yet they would tend to search up those times and finding out about the exchange but well its too late now you are already hooked up with the problem.

Marnihughes82

member

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Actually I also do not like using yobit. But sometimes there are many coin that no floor exchange but at yobit has, so also have to use

Callmeandy

jr. member

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i think it because they are ready to put 100$ on one coin, and wait for x10-x20, when someone pumps it.

holtzmann

newbie

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There are no good or bad exchanges, because each of such services has their pros and cons. Some people could like for example Coinbase, and other could say that 'they're terrible' due to personal experience and other reasons. As for me, I'm quite satisfied with Cex services, but I'm pretty sure there will be also those, who will say 'whaaat?'.
Many men, many minds. You can't please everyone. Go for one that completely suits your puposes.

sisjow

newbie

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Quote from: squatz1 on March 13, 2018, 01:21:16 AM

What's the reason for using a low-quality exchange like yobit? There are so many other exchanges that allow for no verification (like binance) that I don't think there's a real straightforward reason to use yobit. I don't see them even having any good qualities.

Could someone explain?

perhaps some people use yobit because for trade the coin which only available on yobit. or the other reason is perhaps people want to use the exchange which has easy registration like yobit.

MasterNodes.Cash

newbie

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You can sometimes pick up undervalued gems on these exchanges. Not all coins launch on Binance right off the bat, they build up their listings which is the right way to do it. If you immediately list on all the best exchanges, you won't have subsequent pumps before new exchange listing. So even good projects occasionally list on crappy exchanges to keep the community engaged. That's why smart investors and traders stalk these exchanges...to pick up good coins before they pump on better exchanges.

ss890

sr. member

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Quote from: squatz1 on March 13, 2018, 01:21:16 AM

What's the reason for using a low-quality exchange like yobit? There are so many other exchanges that allow for no verification (like binance) that I don't think there's a real straightforward reason to use yobit. I don't see them even having any good qualities.

Could someone explain?

Sometimes low volume on such exchanger call for the lower rates than the other heavy loaded exchangers. People use this point or fact to do margin type of trading. They usually try to do artificial dump and pump also on such sites as they have less volume then it can literally drive the price crazy if someone got some serious bucks in his pockets. Also there is another reason of using yobit in that they use the investment box to earn the %. Now they give the interest on coin holding and thus you can grow your coins in number over the time. May be these are some reasons why people use it.

KesoNie

copper member

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Quote from: ajeef on May 20, 2018, 04:41:08 PM

Some of them have no idea that others exchanges exist, some of them only find specific coin they want to buy on this exchange, some of them are paid to buy ther so they can create volume and so on...

Yes exactly, some of them didn't know exactly the brief description of the exchanges that they used so they made also a mistake to used bad exchanges. Well some of them would like to try this kind of Exchanges because they are looking for a good Exchanges that so happen they get a bad one which they couldn't get a good profit. So we should conduct a massive Research for that Exchange that were going to used.

george888055

sr. member

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Merit: 250

There are many coins available in the market which can not make their way to big exchanges because of their hard approval process and cost of listing.

1Referee

legendary

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Quote from: iram1011 on May 21, 2018, 03:59:39 AM

YoBit isn't particularly classified as a bad exchange. I don't know what makes you think that it is bad. Is it the UI? Is it the slow transfer time? YoBit experiences such high volumes so obviously there is something good about it and hence a lot of people stick to it. A lot of people find UI of trading websites confusing and usually prefer to stick to one.

- Shady behavior (quite often doesn't show you the estimated withdrawal fee, where you only find out when you actually withdraw funds).
- Non responsive support (worse than most other exchanges).
- Too often wallet maintenance.
- Shady extra gimmick features with little to no proper explanation.

There is nothing good about it, they just attract noobs because of the crap (crap that other exchanges don't want to list) they keep listing.

Quote from: iram1011 on May 21, 2018, 03:59:39 AM

Not every coin is listed on every exchange out there. For instance, if someone wants to trade Byteball, that person wouldn't be able to trade it through Binance, and Bittrex is the only reputed exchange where it is listed.
Hence, people would move to Bittrex. In the same way, there are so many coins which are only listed on YoBit and not elsewhere, and hence people have no choice but to use YoBit.

Exactly. It is however a different story when you ask yourself whether or not it's worth diving into Yobit (with all its negative aspects) just for that one coin. Is it really worth the potential risk and headache? I personally find not, but looking at how noobs flow into that exchange, they do find it worth, but I very much doubt that they understand the risks. If there was an understanding of risk, we wouldn't be flooded with Yobit complaints.

moshk555

member

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Merit: 10

They use them because of some reason
1. Because of Low Fees
2. These types of exchange support most of the crap hard forks and people like to get free coins that is why they invest in these exchanges.
3. These types of exchange add all the new coins which are not easily be added on other good exchanges so for trading new coins people join these exchanges.

Topic: Why do people use bad exchanges like YoBIt? - page 2. (Read 1476 times)