Backed by one of the biggest tech giants, Upbit went live in 2017 out of South Korea. Being a unique cryptocurrency exchange, Upbit was launched with some unusual features and quickly rose to the top of the list of exchanges based on daily trading value.
|Supported Fiat Currencies||Won|
|Supported Countries||Mostly South Korea with Few Exceptions|
|Withdrawal Fees||Depends on Currency & Payment Methods|
|Customer Support||Phone, Email, KakaoTalk, FAQ & 24/7 Support|
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The South Korean exchange brought in trades worth billions in a short span of time. A strategic partnership with another South Korean company named Kakao Corp positioned the platform to become one of the biggest exchanges in the world. Bittrex, another giant among cryptocurrency exchanges, started a partnership that opened doors to the boundless potential of the exchange. The company had already become a market leader within a few months of its inception.
Read our Upbit review, for more information on this exchange platform.
What Is Upbit?
Upbit is a cryptocurrency exchange that was established in South Korea and is now registered with a few other Asian nations. Upbit can be regarded as the largest cryptocurrency exchange by volume across South Asian crypto markets. The platform primarily caters to the South Korean user base and a translated global version of the website has been made available for other supported regions.
Upbit is an exchange that has a tie-up with the US crypto giant, Bittrex. Through this, Upbit is able to offer an impressive number of assets (over 100).
The exchange only supports the local fiat currency and a single payment method. The platform is satisfactory to use although the trading fees are not competitive. Fees charged by the exchange vary for each coin or currency but deposits are free. Individuals from outside South Korea are advised to look for other exchanges as Upbit has a tedious mechanism of trading.
Upbit Platform Interface
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How Does Upbit Work?
Upbit serves as a cryptocurrency exchange where users can either buy cryptocurrency, use fiat deposits, or trade their existing crypto assets. The trading services provided by the platform come with fees and charges that form the revenue of the exchange. Because Upbit is not a DEX (decentralized exchange), the final control lies with the company and it seems to have been using that power very efficiently.
The registered users can trade their assets or use fiat currency to buy more assets through a simple process. The funds can be withdrawn to the wallet after paying the respective charges.
Features of Upbit
Upbit is not among the most quirky and expansive exchanges, but being back and tied by to massive tech companies, its list of features is precise and exclusive. A simple and clean trading view, a list of exclusive wallets, different and diverse crypto coins make up the features of Upbit.
Upbit also has a feature on its trading platform that allows users to monitor various analytics and statistics, get the latest information about market trends, and make more informed decisions for trading.
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Is Upbit Regulated?
Upbit is a centralized exchange. The regulations and governance of the platform are done by the company itself while it is subjected to the laws and policies that apply specifically to the geographic region.
However, one thing to consider is that registration on the exchange requires a South Korean phone network and other items that are region-specific. This can serve as a regulatory wall for users outside the nation.
Products and Services Offered by Upbit
Upbit review provides you with many products such as a hot wallet (digital wallet) that can be used to store digital assets, but the security of this wallet might be of concern. Apart from the traditional features of all crypto exchanges, one feature that makes Upbit a leader is its compatibility with the ecosystem of apps that comes from Kakao Corp.
KakaoTalk is messaging service with millions of active users, KakaoPay is the second-largest payment system in South Korea. This turns the leading exchange into a behemoth. The brand also has an open API service that can be used to get real-time information and study the cryptocurrency marketplace.
Upbit Review: Pros and Cons
|Upbit offers dozens of cryptocurrencies and assets to choose from.||Not available in most countries around the world and requires expertise to trade from elsewhere.|
|There is no deposit fee charged by the platform.||The Upbit trading fees are not low when compared to most platforms around the world (especially DEXs).|
|The ecosystem of features, products, and services makes it an ideal digital solution.||Only one payment method is supported on the Upbit platform.|
|Upbit has a potential user base that comes from Kakao’s customers. This can take the already leading platform to new heights.||The platform lacks some of the most advanced trading tools and trading systems like margin trading.|
Getting Started with Upbit Sign Up Process
The Upbit reviews provide easy an easy process where Individuals can sign up on the platform and complete the registration process if they are interested in Upbit trading with the crypto exchange and if they are a resident of its supported locations. Some of the requirements of the platform can act as a hurdle for international users. The requirements for use in South Korea include an account with KakaoPay and KakaoTalk as well as a South Korean mobile carrier. Before getting started, users should keep in mind that the exchange does not allow leveraged crypto trading. Users who sign up with the platform are not stopped by the minimum fee which is around $1.
Upbit Sign Up Process
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Upbit Exchange Platform
The exchange review of this platform brings an intuitive exchange platform to the table for its users. Do Crypto Trading with only a few simple steps, the ability to exchange fiat for crypto assets, and a huge user base are the most attractive functionalities of the crypto exchange platform. The platform can be used through the website via desktop or the mobile experience that is brought by an application, available for both iOS and Android users. Trading views can be customized and individuals can view varying sizes of order books, currency charts, etc. The default layout is very efficient and has a neat setup for viewing.
Upbit Exchange Interface
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Upbit Fees & Charges
Upbit charges fees from both takers and makers on the platform. The flat fee rate for trading volume is 0.25% which might not be the lowest in the industry. It still does not seem to affect the incoming and outgoing flow of trades on the platform. The fact that the fee is the same for both takers and makers isn’t an advantage for a consistent maker on the platform as they can get lower rates on other exchanges. Deposits on Upbit are free of charge for users but the withdrawals do come at a charge. The withdrawal fees are different with respect to each crypto asset. Apart from these charges, there are no hidden or additional fees charged by the exchange.
Upbit Deposit and Withdrawal Methods
Wire transfer is the only supported deposit method on the Upbit platform. The fiat currency that is available for deposits is the South Korean Won. A lack of other payment methods and diverse fiat currencies might discourage international investors. On the other hand, withdrawal on the platform is easy and comes with its own fee. The process to withdraw is to select the asset for withdrawal, enter the wallet address (if not using Upbit’s hot wallet), and confirm the transaction based on the charges for withdrawing the asset.
Upbit Accepted Payment Methods
The only accepted payment method for Upbit is a wire transfer from the local banks of the regions where the exchange is available. This limitation can be considered as a drawback for users who are either located outside the nation or are traveling abroad. Solely relying on wire transfers also removes anonymity from the platform and the provision to start trading right away is done away with.
Upbit Supported Currencies and Countries
The main target of the exchange is the Republic of South Korea while the website can be translated into other languages with the help of Google translate. The website shows the list of supported nations (Singapore, Thailand, South Korea, and Indonesia, at the time of writing of this article). The United States is not on the list of supported countries for Upbit.
The list of supported fiat currencies is as short as it can be. This only fiat is the South Korean Won. When it comes to cryptocurrencies, the number of assets has a wide range. Over 100 assets are supported through an elaborate network with its own exchange and the partnership with Bittrex, another leading crypto exchange.
Is South Korea Upbit a Safe Exchange?
As the exchange is located in one of the crypto capitals of the world, the exchange has an enormous user base and has not met with any fraud claims. The tightly knit architecture focuses on a selected user base that also acts as a barrier to unsafe elements.
Upbit Mobile App
In order to stay compatible with the growing needs of a mobile trading system, Upbit has also released mobile applications for two of the leading operating systems for mobile devices. Upbit trading system has a just as easy-to-use platform for the mobile as for the individuals who choose to access it through computers.
Upbit Mobile App
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Upbit Review: Security and Privacy
As per the Upbit review, is known for having a tie-up with some of the largest digital and fin-tech companies in the world, Upbit appears to maintain a good standard of security with safety measures such as two-step authentication (2FA). The wallets associated with the ecosystem use the leading world standard for multi-signature wallets, BitGo.
Upbit Review: Customer Support
The company has been able to stay vigilant with the complaints of the users and maintains a responsive and helpful reputation. The support team of the company can be reached via phone, email, or using Kakao’s messaging application – KakaoTalk.
The customer support of the brand is active 24*7 as tie-ups with overseas exchanges bring in market fluctuations round the clock and users often trade day and night. It also has a faq section where user can get their answers.
Upbit Customer Support
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Upbit Reviews: Conclusion
As per the user reviews, Upbit is among the best platforms and exchanges to use for trading crypto assets for users who are residents of the Republic of South Korea or the three other supported nations. A non-competitive yet flat fee adds to the simplicity while there is a lack of cutting-edge tools available in the industry. An easy interface, an unprecedented volume of daily trades, and various additional features and services are the best properties of the platform.
On the other hand, individuals who do not reside in the supported locations are advised to find an alternative to the exchange instead of trying to use the platform.
Is Upbit Exchange Legit?
Yes, Upbit is among the leading crypto exchanges in the world by volume, all the while operating in very few nations. The website has a pop-up feature that further informs visitors about the safety precautions to take.
Is Upbit Supported in the US?
No, due to SEC regulations, Upbit is not authorized to operate in the United States, but its partner, Bittrex, is among the leading cryptocurrency exchanges that are available in the US.
Where Is Upbit Exchange Located?
Upbit was launched in South Korea and has since expanded its operations to four countries in total. According to the platform’s website, the company is now registered in Singapore for operating in countries other than its home country.
How to Use Upbit?
The individuals who want to use Upbit can sign up on the platform through its website or mobile app. Once logged in, the users can navigate a logical and simple platform for trading.
What Do We Do if We Did Not Receive a Verification Email on Upbit?
In case an individual does not receive any verification email, the first step would be to make sure that the entered email address is correct or look into the junk/spam folder. If these step does not solve the issue, the support team of the exchange can be contacted through one of the mediums listed above or via the company website.
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