YoBit (YoBit.net) is an online cryptocurrency exchange that was created on August 25th, 2014 by an undisclosed entity.
YoBit operates as an online cryptocurrency platform where investors can participate in online investing, dice games and exchange their digital currencies.
Regrettably, YoBit does not disclose any information of value regarding their operation such as ownership information, formation date, FAQs or contact methods.
This discovery then prompted us to conduct a WHOIS domain search on YoBit.net where we were just as unsuccessful in finding out pertinent information. According to the report, YoBit was a privately registered domain that was created on August 25th, 2014 by an undisclosed entity out of Moscow.
The only way of establishing communication with YoBit would be through their support page where they feature a submission ticket form, which according to relevant community feedback, is beyond ineffective and has resulted in many ticket inquiries going unresolved.
A live chat box is featured at YoBit although it can only be used to communicate with other members.
YoBit renders an overwhelming site template for those who are new to the cryptocurrency exchange world. Failing to disclose vital operational and ownership information, we were not at all impressed with their platform to say the least.
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YoBit fails to provide any other methods of communication besides their highly discredited ticket system.
As a search engine result of “YoBit scam” will suggest, the community consensus regarding YoBit.net is that their platform is a ruthless cryptocurrency scam.
According to SimilarWeb, YoBit.net had a global rank of 2,258 with a Russia rank of 334 as of February 2018. Ranked 22nd in the Finance Investing category, YoBit receives over 31% of their traffic from users who live within Russia while over 36% of their sites traffic is referral based.
Despite YoBit reflecting a powerful site rank, research will reveal that their operation has participated in some unethical and down-right illegal practices according to consumer feedback.
Found at CryptoCompare, we have found an endless mound of investor complaints filed against YoBit. Theft of cryptocurrency funds is the most abundantly reported complaint while other victims have reported that their ticket inquiries never become resolved.
If the hundreds of investor complaints can be believed, which we find nearly indisputable, then it goes without question that YoBit is not a legitimate nor credible cryptocurrency exchange for investors.
Given the recent outcry of investor complaints filed against YoBit we have no other option than to classify this operation as one that cannot be trusted. Operating with anonymity while having endured innumerable investor complaints that are growing everyday, our recommendation as a whole would be to avoid YoBit.net.
If you have any first-hand experience or knowledge pertaining to YoBit we ask that you please leave a comment below to aid our growing community.