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Hacked Cryptocurrency Exchange Youbit Re-Emerges Amid Insurance Controversy

Youbit obtained the insurance on Dec. 1 last year and stopped transactions of coins and won in the same month [on Dec. 19], saying that they saw the hacking damage.

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Youbit continues to change its name to ‘Coinbin’…while undergoing civil lawsuits with subscribers due to hacking.

YoBit is an online exchange trading platform designed to support the trading of cryptocurrencies. The YoBit platform facilitates the trading of as many as 497 cryptocurrencies and tokens (according to Coinmarketcap) and 8,575 active pairings.

As an online cryptocurrency trading platform, the platform delivers a simple to use exchange for those looking to gain access to just about every possible cryptocurrency/token pairing in existence today.

Founded in 2014, YoBit is incorporated in Panama and has been at the forefront of the cryptomarket since before the market frenzy of 2017. The more than 6-year track record makes YoBit one of the oldest exchanges in the cryptomarket.

YoBit’s founders are made up of a group of European developers and crypto enthusiasts.

The ‘no frills’ platform is known for its simple to use interfaces that has drawn in both novice and more seasoned investors and traders.

Unlike many cryptomarket exchanges, YoBit also facilitates the trading of fiat money- cryptocurrency pairings.

The exchange also continues to deliver traders and investors with anonymity. In contrast to many exchanges, traders and investors do not need to go through KYC and AML verification processes to gain access to the YoBit platform and the cryptomarket.

YoBit’s platform does not only give access to the broader cryptomarket but is also supported globally, with no geographical boundaries.

In spite of its global and long-standing presence, YoBit has yet to be hacked, with adequate security measures in place to protect assets.

YoBit Platform Attributes

Key attributes of the YoBit platform include:

  • Traditional trading features that include charts and candlesticks for the available currency pairings.
  • A user-friendly interface.
  • 24/7 – Customer support – 24 hours per day support is available on Telegram, with a ticketing support mechanism available on the “Support” interface.
  • Supports deposits in cryptocurrency and fiat money by way of AdvCash, a debit card, Payeer, and Perfect Money.
  • Supports the withdrawal of cryptocurrencies and fiat money by way of AdvCash, a debit card, Payeer, and Perfect Money.
  • Multi-lingual – Supports Chinese, English, and Russian. Tech chat support is available in Arabic, Chinese, English, German, and Russian.
  • An extensive Telegram network of more than 80,000 members.
  • Affiliate program – YoBit pays 20% of trade commissions for every trade that referrals make. There is an affiliate program page that can be located within your account name drop-down menu.
  • Fast and easy registration process.

YoBit stands out from its competitors because of the extensive coverage of cryptocurrency pairings, simple to use interface and anonymity.

Its global support is another key feature that removes geographical boundaries and delivers the cryptomarket to a global audienc

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  • Free Coins: Users are able to earn free coins via the “Free Coin” interface.
  • Adequate Security: YoBit provides the necessary security measures to protect crypto holdings on the exchange. A unique “Freeze Withdrawal” option is also available to prevent theft.
  • Global Platform: A truly global platform with an extensive user base delivers an efficient trading environment. YoBit has one of the biggest Telegram communities, with more than 80,000 in English chat.

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Cons

  • YoBit is regulated in Panama and there are no KYC requirements. This is a negative for those looking for a more regulated trading environment.
  • There is a lack of risk management tools to support the more technical trader/investor.
  • Public information about the YoBit team is limited.
  • Training manuals to assist users in navigation are limited, though the platform is simple to use.
  • There is a limited social media presence, with YoBit only available on Twitter and Telegram.
  • YoBit is not compatible with Android and IOS mobile devices

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