UpBit exchange was founded in October 2017 and swiftly became popular among Crypto traders in South Korea. By January 2018, the South Korean exchange had grown to become the largest virtual currency exchange in the country by daily trading volume (according to www.coinmarketcap.com/exchanges/upbit). Not many businesses have been so successful in such a short time.
Various factors have enhanced the growth of this exchange among them the owner. The company’s founder Song Chi-Hyung is an ultra-rich entrepreneur. With an estimated worth of $300 million according to Forbes, he is among the richest individuals in the Asian country. Dunamu, his ambitious start-up is affiliated with Kakao. The South Korean technical giant has grown to become the most popular messager in the country.
About Upbit
Upbit exchange supports over 100 Cryptocurrencies by market cap. Since its launch last year, the exchange has continued to add new coins every now and then. A more accurate number on the listed coins on this exchange can be found on Upbit Reddit or Twitter.
Although Upbit also supports the local currency, the South Korean won (KRW). It is the only fiat currency accepted on this exchange. This limits participation by the international audience, as they may not have access to the Korean currency. The Korean exchange collaborates in many areas with Bittrex. Apart from those transactions that include KRW, the two exchanges share all the other trading pairs. Bittrex is one of the popular American Crypto exchange.
Although Upbit is a large exchange, it has the right to delist any coin from its platform. For instance, some months back, it delisted MTL although it was responsible for over 20 percent of the coin’s global trading volume. This has forced investors in this Crypto to look for other places to access it.
Sign up
Upbit exchange is only available in the Korean language and there is no English translation. Nevertheless, Google translation can serve the purpose and enable non-Koreans to navigate the site. To sign up on Upbit, you need to have a Kakao account. This is the only account that is used on this exchange.
To use Upbit, you must go through ID verification to comply with the local laws. This means you cannot withdraw/depot or purchase or sell any Cryptocurrency on this exchange without meeting this mandatory requirement. In short, you cannot create and use this account unless you are a South Korean citizen or planning to become one.
Upbit has taken a different expansion strategy from most of the exchanges. Many exchanges have been trying to reach the global audience for growth. They have been making their platforms as much accessible in more regions as possible. Upbit, however, has taken a different approach that involves concentrating on the local market. This strategy appears to be going well with the exchange if the current trading volume is anything to go by.
Trading On Upbit
Upbit users cannot trade with leverage. This means serious investors cannot use margin trading which may significantly boost their gains. Nevertheless, the website contains all the important information that you may need when purchasing or selling the various altcoins available.
On the right side of the screen is a list of all the trading pairs available on the exchange. At the center is a candlestick chart and prices from the other exchanges. Advanced traders have access to different indicators that enhance their decision-making when trading.
While buying or selling any coins on this exchange, it is advisable to look closely at the chart appearing at the bottom of the page. This is where you will place an order. One important benefit of Upbit is that you can use the web version or even the mobile app version available on both the Play Store and App Store.
Upbit Fees
It is important to mention that Upbit only supports orders from 500 won ($0.45). This exchange is known for providing competitive fees compared to the other Cryptocurrency exchanges. There no deposit fee on this exchange. The withdrawal fees on this exchange depend on the amount involved. Moreover, apart from using virtual currencies, you can withdrawal from your account in the local currency to your bank account.
Upbit charges a flat rate of 0.25 percent for trading. Although these charges may not be the lowest internationally, they are the average charges in South Korea.
Security And fairness
As aforementioned, Upbit has a close working relationship with Kakao. Given that Kakao is real internet and fintech giant in the country, the exchange has access to high-level cybersecurity. Furthermore, the giant company knows that if anything wrong happens on Upbit, its reputation and brand would greatly suffer hence the need to ensure the exchange is as much secure as possible.
Upbit relies on BitGo to secure its wallets. BitGo is recognized in this industry and is preferred by other leading altcoin exchanges globally. The exchange partners with Kakao Pay for its accounts security. Kakao Pay is only second to Samsung Pay in the South Korean mobile payments app market. In July, the exchange was among those that passed the KBA-led inspection.
Pros
• Users benefit from the high-level cybersecurity on this exchange.
• The trading platform uses top technology making it easy for the uses to purchase and sell different coins.
• The exchange supports over 100 Cryptocurrencies giving the users more trading options.
Cons
• Upbit uses the Korean language on its exchange platform and website. However, an international audience may use Google translation when using this website.
• The exchange does not support other fiat currencies apart from the South Korean Won.
• Traders have no access to margin trading on this website.
Support
Customer support on this exchange is provided through KakaoTalk, email, or telephone. The exchange has supportive agents.
Final Thought
Upbit rise to become the world’s largest Cryptocurrency exchange is not by chance. Kakao Corp.’s backing has played a significant role in boosting user confidence in this exchange. By closely working with Bittrex, the exchange has been able to stand among the global elite.