UPbit is a South Korean based cryptocurrency exchange launched in October 2017, and by the first quarter of 2018, it had already become one of the most popular exchanges by trading volume. It is the brainchild of one of the wealthiest businessmen in the country. The site started as an online news aggregator in 2012, and following the crossing over to cryptocurrency trading, it has maintained an average of $137.88 million in daily trading volumes. Here is an unbiased Upbit review to help you decide if you should trade in it.
Upbit cryptocurrency exchange is backed by South Korea’s biggest messaging app, KakaoTalk, KakaoPay, and its developer is affiliated with Daum, the second most popular search engine in South Korea. There are many exchanges in the South Korean market that serve traders of different experiences and in this UPbit review, we take a more in-depth look into how the platform operates and by the end, you will see if it is the right fit for you.
Trading Options
The exchange’s website language is predominantly in Korean, and this might put off international traders, but you could always use Google Translator. However, the exchange is geo-specific, and it might take you a while before you figure out the workings of the site.
UPbit is available via a desktop and smartphone mobile apps that are easy to use and beginner friendly. The exchange does not offer leveraged digital assets trading, but users will find the newsfeed and high-quality analysis invaluable in executing trades on the platform. To create an account on UPbit, you must be at least 19 years old. However, it might take two to three business days for your ID to be verified.
UPbit only accepts the South Korean won as the only fiat currency for making deposits. It has a partnership with US-based firm Bittrex, where users can make deposits using cryptocurrencies. Traders have access to over 200 cryptocurrency pairs and for all trading pairs except those associated with KRW, the trades are offered by Bittrex.
Deposits, Fees, and Withdrawals
Users are not charged for making deposits whether via fiat or cryptocurrencies. However, the fees charged for withdrawals vary depending on the type of coin used. For the trading fees, UPbit charges 0.25% commission on all trades, which is within the range of most South Korean exchanges. For users trading with KRW, UPbit charges a 0.05% commission. The transaction fees also depend on the cryptocurrency traded, but for the KRW market, UPbit charges KRW 1000.
Security
UPbit has implemented some of the most sophisticated security protocols, and there have been no security breaches reported thus far. However, users are required to authenticate their accounts by providing a picture of their government-issued ID or passport, as well as verify their phone number. It is also necessary to enable 2-factor verification to safeguard your account. BitGo provides UPbit with wallet security, which is renowned for its multi-signature wallets.
Conclusion
UPbit offers 24/7 customer support via KakaoTalk, telephone, email, besides having a dedicated FAQ page on their website. It is one of the biggest exchanges in the world according to data from CoinMarketCap. However, the platform being predominantly in Korean, it takes a lot of hassle translating the pages. It is an excellent exchange to trade, and we hope that this UPbit review has provided you with insight into trading on the UPbit exchange platform. Click here to read more accurate and unbiased exchange reviews.