What is Upbit?
Though it was only launched in October 2017, Upbit was already the largest South Korean cryptocurrency exchange by average trading volumes daily by January 2018.
Without undermining the level of achievement represented by Upbit's early traction, the Exchange does have some real support. Song Chi-Hyung, the founder of Upbit, is one of South Korea's wealthiest men. Chi-company Hyung's Dunamu, the holding company for Upbit, began as an online news aggregator in 2012 but swiftly went into Fintech, where it has seen significant success.
|· It supports over a hundred cryptocurrencies
· The biggest companies in South Korea help it
· Top technology is used for trading on this platform
· Cybersecurity is at an extremely high level
|· Non-South Koreans find it difficult to trade on this platform.
· Only the South Korean Won is accepted as a fiat currency.
· Margin trading is not available.
10 points summary
|Platforms||KaKao Pay, KaKao Corp.|
|Instruments||Bitcoin, Litecoin, Ethereum, Ripple, Tether, and other digital assets are available on Upbit.|
|EUR/USD Spread||As per Market|
|Demo Account||Not available|
|Minimum Deposit||Any amount|
|Base currencies||Over a 100 cryptocurrencies|
|Education||Traders are educated through articles about cryptography, press
announcements, breaking news, and a FAQ section
|Customer Support||24/7 support through KaKaoTalk (Upbit Korea)|
Upbit is a popular exchange amongst numerous traders for its simplicity in use and thus has received very positive feedback from innumerable users. Of late, they were in the headlines due to their initiative, which boosted their popularity.
According to news.bitcoin.com, Upbit, one of the world's largest cryptocurrency exchanges, has compensated six people a total of 1 million won ($929) for exposing fraudulent cryptocurrency-related scams.
Is Upbit safe or a scam?
Apart from factual identification verification, Upbit offers security features that prohibit third-party fund withdrawals and unauthorised logins. A fund password, a code provided by the user and asked at the time of each money withdrawal, is one of these alternatives. Because adding this code requires further identity verification, hackers will be unable to do so in the event of a hack.
Two-factor authentication is another security precaution that is relatively standard (although some platforms still do not enable it). Aside from the login and password, it adds another layer of security. The login and password can be obtained remotely; however, passing 2-factor authentication necessitates access to the user's mobile device, which cannot be gained through hacking. To activate 2FA, the user must first download a specific authentication app and scan the Upbit QR code. The programme generates temporary short passwords for the Upbit account as soon as the code is scanned (every code expires in 30 seconds). No one can access the account or execute specific actions on the user's behalf without this code. The only way to obtain this code is for the user to open the app on their smartphone.
|· It comes with several authentication filters for security checking
· Resources for education
|· The customer care rep doesn’t respond on time, so people have to wait to clear their withdrawals
· Funding options and trading instruments are limited
· No clients for the US
Is Upbit a legit company?
Without undermining the level of achievement represented by Upbit's early traction, the Exchange does have some real support.
Upbit has a reputation for being a secure and compliant exchange. The Blockchain Transparency Institute's newest market surveillance study, which monitors cryptocurrency exchange volumes, was recently ranked alongside industry giants like Kraken and Coinbase as one of the cleanest platforms.
How are you protected?
Aside from the previously mentioned security measures, such as 2-factor authentication, fund passwords, and tight identity verification, modern technologies protect the accounts and servers. The multi-signature methods of the BitGo wallet, for example, cover the users' money, making it one of the most secure cryptocurrency wallets to date. One can only imagine KaKao Corp.'s difficulties with ensuring the security of user data. Hundreds of millions of individuals use its messenger. KaKao's partners are primarily regarded as extremely helpful to Upbit in protecting the money, user data, and platform. There were no recorded instances of the platform being successfully hacked. North Korean hackers attempted to access Upbit customers' accounts via phishing emails, but their efforts were unsuccessful.
Upbit's KYC requirement eliminates a considerable proportion of malicious activity. The Exchange is watched in real time 24 hours a day, seven days a week, and if the security team notices any suspicious activity related to a specific account, they are free to halt withdrawals temporarily. Of course, such a strategy can lead to a high level of security and incorrect suspicions, which might enrage consumers. Because of the security procedures used by traditional banks to provide protection, many of us are aware of this. Such scenarios are common on centralised platforms that deal with money.
The average daily turnover is $ 600 million, but at the height of cryptocurrency popularity in 2018, it was 4.5 billion, with an all-time high of 11 billion. The Upbit exchange was ranked top in the daily trading volume ranking in January 2018. However, the Upbit exchange has some flaws, such as the lack of leveraged trading, the use of only one interface language, and frequent issues with registering and withdrawing funds.
However, it remains among the leaders due to one of the lowest commissions, indexes, and outstanding security, especially when considering that the Upbit trading platform has risen to first place in its country in less than a year and is not even the last in the world.
Upbit does not yet offer leverage trading, margin trading, or futures trading.
What is the risk level?
As one might expect from a cryptocurrency exchange supported by one of South Korea's actual internet and Fintech behemoths, KaKao, Upbit traders are protected by high levels of cyber protection. BitGo, widely regarded as the global standard in multi-signature wallets and preferred by many of the world's largest cryptocurrency exchanges, protects wallets. Account security is provided in collaboration with KaKao Pay, a mobile payments app operated by partner KaKao Corp., the market leader in South Korea, trailing only Samsung Pay. Upbit's cybersecurity standards are unrivalled in the industry.
Because of its simplicity, Upbit is quite an accessible platform for Exchange and, thus, is accepted by several traders worldwide. Furthermore, the process is easy, and therefore one will find no problems in registering and trading with Upbit.
How to open an Upbit account?
Here is a guide on how to open an account in Upbit:
Upbit is a website where you can sign up for a free account:
- Before you begin, keep in mind that this trading platform is just for South Koreans. On the other hand, foreigners are welcome to join as long as they meet the exact four requirements as Koreans (using regular KaKaoTalk, log in to your account through KaKaoTalk, KaKaoPay certificate, & verification of actual through Korean carrier).
- Because it is a Korean platform, you can change the language settings in your browser to suit your needs. First, click on the ‘Translator' symbol in the Chrome browser as indicated in the figure below, then go to Options> Change Languages and select your language. You may also click the box that says "Always translate Korean" so you don't have to manually hit "Translate" every time you open a new page.
- You must have a KaKao account to subscribe to or register for Upbit. If you don't already have one, go to "STEP 2" and go as per the instructions. Then, log in with your registered email address and password if you already have one.
- Click the "Upbeat subscription" button after checking all of the relevant "Agreement" boxes.
Upbit requires a KaKao account:
- Please follow the instructions below to establish a KaKao account if you don't already have one.
- Click the "Sign Up" button to acquire one.
- Examine the terms on which you want to agree. You can choose to check all or just the ones that are required. After that, go ahead and click Next.
- Fill up your username, password, and email address. Then, to advance to the next page, press the ‘Next button.
- Look for the verification code in your email and input it in the area given. When you're finished, click the 'Next button.
- To finish the transaction, click the "Confirm" button. Because we used Upbit's "Log-in to KaKao account" link, finishing your KaKao account creation will take you to the next step in the Upbit subscription process. To complete your Upbit registration, go to "Step 1."
This platform, like many others, does not charge any fees for depositing. Instead, it charges both takers and creators the exact cost (those taking the posted orders and those creating and placing those orders building on the exchange liquidity). Trading fees for Upbit users are 0.139 per cent, which is average or even lower than average compared to other cryptocurrency exchanges. Users of Upbit Global (a Singapore exchange) pay 0.25 per cent (both takers and makers), which is slightly higher than the typical trading fee (it is fair both for the market, limit, and orders for stop-limit). The buyer is responsible for paying a transaction fee.
For certain operations, the Exchange may offer discounts. To see the current charge, go to the Order Screen section of the Exchange tab.
Withdrawal fees are flat and vary depending on the coin. Upbit, for example, charges users 0.0005 BTC for BTC withdrawals and 0.01 ETH for ETH withdrawals. A Ripple withdrawal costs 1 XRP, a Litecoin withdrawal costs 0.01 LTC, and so on. Users with several Upbit accounts can utilise the Lightning Transfer to transfer coins from one account to another without incurring any charges. These transactions are rapid, but they aren't connected to the blockchain.
Because most Korean exchanges are somewhat pricey, Upbit comes out to be a relatively inexpensive option in the area. Flat fees for withdrawal allow you to save money by withdrawing large sums of money. However, users must be mindful of the various verification levels, some of which have daily withdrawal sum limitations.
Deposits and withdrawals:
To fund your Upbit account or to make a deposit, navigate to the "Disbursement" link at the top of the website.
Note: Deposits are allowed only in Korean currency or bank accounts. The good news is that you will not be charged a deposit fee regardless of your chosen payment method.
To initiate your deposit, provide the essential details under "KWR fee." Verify that all information is accurate and current. Your balance can be viewed in the 'Total Assets' section.
If you are at Level 4 Verification and have an accessible SGD balance, you may request a withdrawal.
Withdrawal requests can be made via the Wallet Menu > Select SGD > Select Withdrawal.
Please consider the following.
1) Accounts eligible for transfer: SGD can be withdrawn only to your Upbit account.
2) Withdrawal cost of 5 Singapore dollars per transaction
3) The minimum withdrawal amount is one Singapore dollar.
4) The maximum withdrawal amount is 50,000 Singapore dollars per transaction / 100,000 Singapore dollars per day.
5) Withdrawal processing time: The withdrawal request may take up to half an hour to forty-five minutes to complete.
Both the deposit and withdrawal options on Upbit are through wire transfer, credit card.
What is the minimum deposit amount?
Ans. No minimum deposit is needed in Upbit Exchange
How do I withdraw money from Upbit?
You may request a withdrawal if you have reached 4th level verification and have an available SGD balance.
Requests for withdrawals can be sent using the Wallet Menu. For example, go to Select SGD and then choose withdrawal.
The verification levels govern the Upbit exchange's deposit and withdrawal limitations. As a result, deposit/withdrawal limitations are determined by verification levels. For example, there is no deposit limit on digital assets at level 2, but there is a daily withdrawal restriction of 5000 SGD on digital assets. A digital asset's daily withdrawal limit is 100,000 SGD at levels 3 and 4.
How long does it take to withdraw from Upbit?
The withdrawal request may take up to 30 - 45 minutes to complete.
The fees for withdrawals are fixed and vary according to the cryptocurrency. Upbit, for example, charges consumers 0.0005 BTC and 0.01 ETH for BTC and ETH withdrawals, respectively.
Upbit has announced a special incentive for everyone whom Upbit's delisting of AdEx has harmed.
Anyone who holds tokens on Upbit and transfers them to the AdEx staking platform will be eligible for the incentive. Here's everything you need to know.
What is the value of the bonus?
5% of the amount you have wagered will be the bonus. However, because they enjoy giving back to the Upbit community, if the total number of ADX staked during the bonus period hits 5 million tokens, the bonus will be increased to 10%!
When does the bonus go into effect?
You must shift your tokens from June 18 to 30, 2021, to be eligible for the special incentive.
How do I claim my bonus?
You don't have to do anything for claiming your bonus if you switch ADX from Upbit to AdEx Staking. On July 1, Upbit will do an airdrop, and everyone qualified will get their bonus instantly.
Ethereum, Bitcoin, Tether, Litecoin, Ripple, and other digital assets are available on Upbit.
Information on the Market:
SGD Markets: SGD can be used to buy and sell digital assets (Singapore Dollar).
- SGD is used to determine the price of digital assets.
BTC Markets: You may use BTC to purchase and sell digital assets (Bitcoin).
- BTC is in charge of determining the value of digital assets.
USDT Markets: You can use USDT to buy and sell digital assets (Tether).
- USDT is in charge of determining the price of digital assets.
Upbit Trading Platforms:
Upbit's central Exchange includes all of the features that a top-tier exchange should have. It incorporates Trading view charts, giving it all of the features such as indicators and sketching tools. The colour scheme is the most noticeable difference. Upbit employs red and blue instead of the traditional red and green or black and white Japanese candlesticks. Red denotes an increase, whereas blue denotes a decline.
Even when there is much traffic, the Exchange works effectively and is quick. Upbit's technologies have been tried and tested to manage enormous spikes in volumes, having handled nearly $4 billion in volume at its peak in 2017.
Upbit's fiat gateways have made it very simple for users to purchase cryptocurrency. Users in Korea can simply link their bank accounts and send money via wire transfer. In addition, they can buy their favourite cryptocurrency directly from the Exchange because the bulk of trading pairs are in KRW. They also feature KaKaoPay integrations, commonly utilised in Korea, making loading their balance a breeze.
SGD services are temporarily unavailable on Upbit Singapore. In the case of Upbit Indonesia, you must first complete KYC and then link your bank account information. However, Upbit has made transferring funds directly to the exchange a painless and straightforward process.
Both iOS and Android users can use Upbit's mobile app. The software has been cut down to its fundamental essentials, and the interface is relatively minimal. The mobile app allows you to purchase and sell immediately from your phone. They also provide multi-chart views, which is a pleasant surprise. This is particularly useful when you're on the run.
Consumers may now acquire cryptocurrency with ease, thanks to Upbit. Users in Korea can simply link their bank accounts and send money via wire transfer. Furthermore, they can buy their favourite cryptocurrency directly from the Exchange because the bulk of trading pairs are in KRW. They also feature KaKaoPay integrations, commonly utilised in Korea, making loading their balance a breeze.
Upbit provides a few options for dealing with account and trade concerns. By selecting the contact icon on the homepage, you can send them an email. The average response time for these support tickets is one day. They also have a comprehensive FAQ section that answers most common queries, from account information to KYC and trading terminology. Finally, they provide 1:1 customer assistance via KaKaoTalk in Upbit Korea.
The Exchange offers a wide range of educational resources aimed at helping traders improve their trading skills while also keeping them informed about current events in the financial markets. Crypto articles, press announcements, news, and a FAQ section try to react to clients as swiftly as possible.
The Upbit Listing Methodology:
Only Bittrex, the Korean Exchange's Western partner, participates in the Upbit exchange's listing process. The Bittrex website is linked from the Upbit official website's listing request page. There is no mechanism to seek the listing of new currencies without Bittrex's assistance. According to the website, the Exchange cannot contact the team behind a crypto asset and demand listing costs. Any such acts are carried out by fraudsters imitating Upbit exchange representatives.
Upbit is an exchange for crypto that provides trading platforms for traders to purchase and sell a wide range of digital currencies. They offer several trading tools as well as educational materials. However, there is currently no regulatory information available on their website.
It's no coincidence that Upbit has risen to become the world's largest cryptocurrency exchange and, according to CoinMarketCap data, the fifth-largest by daily turnover in just a few months. The Exchange has arguably the world's most serious backing in the form of KaKao Corp., the South Korean internet giant, and the partnership with Bittrex, the major US exchange, which allowed for the support of well over a hundred cryptocurrencies, has also helped the Exchange quickly establish itself among the global elite.
Upbit has few competitors in terms of technology and security, and its assortment of tradable coins is among the best. The one disadvantage is that Upbit is primarily a South Korean exchange, making it difficult for people from other countries to get accounts and trade.