The desire for reliable crypto exchange stays to grow each day. Also, it’s becoming hard to choose which crypto exchanges are secure with the number of platforms today. Therefore, this article will dive into the Upbit exchange review as Upbit is one of the crypto exchanges that skyrocketed to fame in just a short time.
As a result, Upbit exchange has become one of the most trusted platforms in South Korea despite only launching in 2017. Upbit managed to enter the crypto space in South Korea and other parts of the world by creating a large number of transactions daily. Notably, Upbit gives its users the smooth trading life they deserve.
If you are excited to learn more about Upbit exchange, sit back, relax, and proceed reading this Upbit exchange review.
Table of contents
|Available on mobile||Yes|
|Number of supported coins/tokens||154|
|Number of supported trading pairs||467|
|Supported fiat currencies||KRW|
|HQ Location||South Korea|
|Company Owner||Dunamu Co., Ltd.|
Upbit is a South Korean crypto exchange launched in October 2017 by Song Chi-Hyung of South Korea’s largest app developer Kakao Corporation. Also, it was built with the help of its partnership with the American crypto exchange Bittrex. In 2018, Upbit expanded its business across Southeast Asia with offices particularly in Singapore, Indonesia, and Thailand. Additionally, Upbit is a single-account exchange without leveraged trading options.
During its launch, only the citizens of South Korea can use the services of Upbit. Eventually, the exchange catered to a larger audience by this expansion. Upbit listed 154 cryptos with more than 467 trading pairs as of writing. It’s also known for being the only South Korean exchange with hundreds of altcoins on its list during its launch. In fact, Upbit once became the number one crypto exchange in the world within two months after its launch in terms of the 24-hour trading volume.
However, during its launch, foreign traders had a problem navigating the platform as the exchange was not ready in other languages besides Korean. Luckily, Google’s translation is available on their website. Now, their website even offers Bahasa and Thai translation alongside the Korean and English initial options.
Apart from this, the registration also offers an easy way with a KakaoTalk account, making it harder for non-South Koreans to register as they need to fill in details manually. Moreover, the exchange only supported Korean won fiat currency before, which further restricts the accessibility of the platform for others.
Dominating the World of Crypto Trading
Upbit’s exclusivity is its biggest con. Thus, they solved this issue by forming a global branch that caters to foreign traders called Upbit Global. With constant increases locally and globally, Upbit remains one of the top exchanges in Asia.
Discover more about these platforms below:
Upbit Global is based in Singapore and holds a total of 45 digital assets and 46 markets. Also, the exchange has a maker and a taker fee of 0.2%, making it lower than most exchanges with a 0.25% average fee.
When it comes to the Indonesian version of Upbit, the exchange supports 166 digital assets and 193 markets. In addition, you can trade using the Indonesian rupiah (IDR) and other major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
Started in January 2021, Upbit Thailand is the latest addition to the Upbit platforms. As of today, the platform holds 14 digital assets and markets. In addition, Upbit Thailand has a 0% maker fee and a taker fee of 0.1% compared to its crypto exchange counterparts.
Upbit Exchange User Interface
Before, the website and the Upbit exchange platform were only available in Korean. So, of course, it limits the attraction for an international audience. However, it now offers an English version, with other languages like Bahasa and Thai accordingly.
Meanwhile, the more significant barrier for global users is to register and trade with the exchange. The same process is used for South Koreans, and it’s pretty geo-specific. In addition, KakaoTalk and Kakao Pay accounts are required for login as name verification by a South Korean mobile carrier. So basically, opening up an account with Upbit would require an inordinate effort if you don’t live in South Korea.
However, the desktop and mobile apps of the Upbit platform closely resemble the KakaoStock platforms. It is somehow a version of the same platform adapted to cryptocurrencies trading. In other words, the technology is built to a very high level in design, usability, and functionality.
Upbit can be taken from both App Store and Google Play. However, the users need to do ID verification due to the terms of Korean laws. In addition, the process requires giving high-resolution photos of the user with the set of original documentation. Also, residents of the US can’t trade on this exchange due to the complex regulatory rules of this country.
When the registration is complete, it’s better to set security measures to guard the account. In other words, skipping this step can result in the removal of the assets. Crypto platforms of all kinds are often getting hacked, users’ credentials get stolen and used to steal their coins. Clearly, Upbit believes to have excellent security means.
Besides, Upbit presents strict identity verification, security options that prevent withdrawals of funds by a third party, and illegal logins. One of these choices is a fund password. For example, a user sets a code and requests it at the moment of each withdrawal of money. Adding this code is difficult without extra verification of the identity. So the hackers cannot merge this code in the case of hacking.
Another security measure is relatively standard. It is 2-factor authentication. But passing 2-factor authentication requires access to the user’s mobile device, which cannot be obtained via hacking. To set up 2FA, the user needs to download a particular app for authentication and scan the Upbit QR-code with it.
As soon as you browse the code, the app starts making temporary short passwords for the Upbit account. Without this code, no one can enter the account or perform specific actions on behalf of the user. The only way to get the key is to open the app on the user’s device.
Upbit Exchange Features
Here are some of the significant features of Upbit Exchange:
- Quickly enter fiat money by popular payment systems.
- A huge number of currency and pairs
- High wallet security
- Possibility of easy deposit/withdrawal of funds
- Supports the Russian language
Notably, to work on Upbit, you need to configure two-factor authentication (2FA). It will enhance the protection of your account. Here are the other security features we noted:
- Account verification (optional)
- IP address protection
- SMS confirmation
- Login passwords and transactions
Like many exchanges, this platform doesn’t require any fees for making deposits. Instead, it collects the same fee from takers and makers. Indeed, a 0.139% trading fee for Upbit users is required, which is normal or even below average than other exchanges.
For example, Upbit Global charges users 0.25%, which is slightly above the average trading fee. In addition, the buyer pays a transaction fee. Sometimes, the exchange offers discounts for certain services. To see the exact current fee, one needs to move to the Order Screen in the Exchange tab.
Meanwhile, the withdrawal fees are flat and different for specific cryptos. In other words, withdrawal in BTC Upbit charges users with 0.0005 BTC, while the withdrawal of ETH costs 0.01 ETH. In addition, Ripple costs 1 XRP as a withdrawal fee, 0.01 LTC is charged for the Litecoin withdrawal, etc.
On another note, users with added Upbit accounts can withdraw the coins from one account to another for free via the Lightning Transfer. Such transactions are fast but are not affiliated with the blockchain.
Because most Korean exchanges are costly, Upbit turns out to be a rather cheap one in the area. In addition, flat withdrawal fees allow saving some money through withdrawing in big amounts.
However, potential users should be aware of some verification levels, some of which have limitations of the daily withdrawal sum.
Upbit Exchange Pros and Cons
Like every crypto exchange, there are pros and cons that every trader needs to be aware of. Therefore, on this Upbit exchange review, we gather pros and cons that you should know before granting this exchange.
- UPbit holds a large number of crypto assets and trading pairs in the market.
- It develops a mobile application for iOS and Android along with the UPbit exchange website for trading.
- It has a strong security system backed by Korea’s largest Fintech Company – Kakao.
- The acquisition/selling of digital assets is smooth and straightforward.
- One of the biggest US crypto exchanges, Bittrex, promotes UPbit.
- It gives many security measures such as fund passwords, 2FA, and confirmation.
- Moreover, it builds active and prompt customer support.
- It has low trading fees. Also, there is no deposit fee and low withdrawal fees.
- Upbit caters to South Korean traders. Hence, it might be available globally but not ideal for traders all around the world.
- It supports only six fiat currencies.
- It is not possible for US traders due to regulatory issues.
- The exchange does not offer various trading options- only fiat-to-crypto and crypto-to-crypto trade.
- An elaborated and inclusive verification system, making it difficult for traders globally to use the exchange.
Upbit Exchange Conclusion
UPbit is a secure exchange available globally, apt not just for South Korean traders but for international traders across the world. It is one of the largest platforms with numerous digital assets, markets, and trading pairs. Backed by giant firms – Bittrex and Kakao; it is a safe and robust trading platform.
Additionally, it has many safety measures to keep user funds and data secured. The registration process and verifying details might seem a hassle to users but it helps avoid the possibilities of hacks. Lastly, the fee structure is competitive, especially for South Korea.
Upbit Exchange Final Score
Finally, let’s proceed to the final score of the Upbit exchange review. The final score is based on the study and Coin Quora’s own view. However, this evaluation does not work as financial advice. In other words, traders and investors need to do their own study before putting money on crypto exchanges and trade.
- Services offered: 4/5
- Reputation 4/5
- Cryptocurrency support: 4.8/5
- Fees: 4.5/5
- Security: 4.5/5
Review Score: 4.36 / 5
In order to withdraw KRW and withdraw digital assets from the mobile app, you must complete Kakao Pay authentication. However, due to the Kakao Pay policy, Kakao Pay authentication abroad is restricted, so if you want to withdraw money overseas, please check the Kakao Pay overseas usage policy.
Withdrawal fees vary depending on the asset and the withdrawal method and include VAT. However, it has a fixed amount per general withdrawal, depending on the assets withdrawal.
Direct withdrawal is a digital asset withdrawal service that allows you to transfer money between Upbit accounts without any fees quickly.
There is no fee for depositing KRW and digital assets.
Kakao Pay authentication abroad is limited. If you are staying abroad after issuing a Kakao Pay certificate in Korea, you can perform limited individual authentication only through the authentication talk message.
Disclaimer: This material must not be used as the basis for making any investment decisions. This serves only as helpful material about the crypto exchange. Trading digital assets involve risk and can result in the loss of investment capital. Hence, always make sure to do in-depth research before engaging or investing in any crypto assets