If you’re looking for an exchange to start your crypto trading career in Asia, you must already have heard about Upbit. This exchange is the largest crypto exchange in South Korea by trading volume and one of the most popular in the entire continent.
Trading cryptocurrencies requires first picking the right exchange with great features and reliable security, at the most basic level. To do this, you would need to have a good knowledge of the exchanges you are interested in. That’s where we come in!
In this Upbit review, we will highlight the major features, products, and services offered by the exchange to aid your decision-making if Upbit is the right exchange for you.
Upbit Overview
Founded in 2017, Upbit has climbed its way up the ladder to become the largest crypto exchange in South Korea by way of trading volume. The leading cryptocurrency exchange has a 24-hour trading volume of $1.8 billion at the time of writing. With this, Upbit has also become one of the most trusted crypto exchanges in the Asian continent.
With 192 cryptocurrencies and 304 markets, Upbit offers users a wide range of cryptocurrencies to select from. This comes with a great user interface and lightning-fast executions for both the web terminal and mobile app. Users enjoy good security and an excellent trading experience all around while using the exchange.
Upbit has developed a growing ecosystem since its inception. The exchange has other bodies operating in Asia. There is Upbit Singapore _which is now also the main Upbit headquarters, Upbit Thailand, and Upbit Indonesia. All of these exchanges operate independently and are regulated in their respective jurisdictions.
Upbit provides traders with a spot trading interface where they have access to a wide range of cryptocurrency pairs. Users can also trade in Korean Won (KRW) pairs and pay lower fees for trading. Unfortunately, the platform does not provide a futures trading interface, nor are users offered leverage for trades.
Additionally, Upbit is a highly regulated cryptocurrency platform that prides itself on security and user fund protection. The exchange is licensed as an MPI by the Monetary Authority of Singapore (MAS). This license has only been awarded to two exchanges other than Upbit. They have also obtained an ISMS-P certification administered by the Korean government which fully legalizes them to deal in the exchange of digital assets.
Furthermore, Upbit provides users with a 24-hour live chat with access to email and a direct call line for reporting issues and complaints. This helps them build trust among their community of users.
Upbit Pros and Cons
| 👍 Upbit Pros | 👎 Upbit Cons |
|---|---|
| ✅ Good interface | ❌ Not suitable for advanced traders |
| ✅ Beginner-friendly trading platform | ❌ Only offers spot trading |
| ✅ Offers staking rewards | ❌ Not many products for passive income |
| ✅ Fully licensed exchange | |
| ✅ A good range of crypto assets is available | |
| ✅ Supports trading in KRW pairs | |
| ✅ Offers investor protection services |
Upbit Signup and KYC
Upbit provides a hassle-free registration process for its potential users. To register on the exchange, all you have to do is follow these easy steps:
1. Download the Upbit mobile app and click on the signup icon. Upbit registration is only possible via the mobile app on Android and iOS devices.
2. You will be redirected to the signup page, where you will be asked to input your email address and create a strong password. After that, you will have to click the signup option.
3. Once done, an email verification link will be sent to your email inbox to verify that it is you. Get the message and click on the verification link.
4. With that, your account becomes active and you can begin enjoying a seamless trading network.
Please note that Upbit has some restricted countries to which it cannot render services. Its services do not apply to countries that have been tagged high-risk by the FATF and UN.
Upbit emphasizes strictly on KYC verification. Users cannot access trades, deposit, or make withdrawals without it. To verify your account on Upbit, you need to present the following documents:
- Images in PDF, JPG, or JPEG formats.
- Government-issued ID.
- Bank statements and proof of address.
Verification levels also determine the limit to which users can withdraw from Upbit.
Upbit Trading
Upbit offers a good trading environment for users to enjoy. To get started with your crypto trading career, Upbit provides an easy step-by-step education on cryptocurrency trading. This allows beginners to have a solid grip on the exchange market and how to utilize trades on Upbit.
However, Upbit does not provide advanced trading tools for professional traders to conduct good technical analysis to carry out trades effectively. Therefore, it is not a suitable platform for advanced traders.
Also, Upbit only supports a spot trading interface for users, making it a difficult place for futures traders to find a haven. For the spot traders though, it is a good place for beginners to trade and make a profit.
There are currently 304 trading pairs for users on Upbit, giving them a vast number of cryptocurrencies to choose from. Trades can be carried out using the KRW pairs and crypto pairs.
Additionally, users have access to basic tools like stop, limit, and market orders, depth tools, and mini charts, with an Express order tool. There is also a traditional trading chart and a TradingView chart where users have access to more tools for conducting technical analysis to carry out their trades.
Overall, the Upbit trading interface is easy to use and offers a highly productive operating engine for the lightning-fast execution of trades.
Upbit Fees
Upbit has trading fees and withdrawal fees for crypto assets. Here we will look at the different fees that users are charged when performing transactions on the platform.
Spot fees
Upbit charges fees in two ways for spot trading. As we have earlier mentioned, users can decide to either trade using the KRW pairs or cryptocurrency pairs. For KRW pairs, the exchange charges a relatively low fee of 0.05% for both makers and takers. However, for trades involving BTC and USDT pairs, the maker/taker fee is extremely high at 0.25%.
Withdrawal fees (Crypto)
Deposits on Upbit are free. However, withdrawal prices differ based on the asset being removed and the network on which it is found. Withdrawals done in KRW attract a fee of a thousand KRW. Withdrawals done in BTC attract a fee of 0.0009, which is higher than the industry standard of 0.0006.
Withdrawal fees (fiat)
The only fiat currency that Upbit currently supports is the South Korean Won. Users with a verified Upbit account can make a fiat withdrawal.
On Upbit, the withdrawal fees for fiat currency can vary. For instance, on Upbit Singapore the withdrawal fee for the Singapore Dollar (SGD) is 5 SGD per transaction. The minimum withdrawal amount for SGD is 1 SGD.
Upbit Products and Services
Upbit fails to provide users with a good variety of products to select from for passive earning. Here are a few available products that you can find on the exchange.
Staking
Staking on Upbit allows users to participate in network validation and earn rewards. Here are some key aspects of staking on Upbit:
- Staking Rewards: The reward calculation on Upbit runs for 24 hours, starting at 9 a.m. Korea time. This means that the rewards you earn from staking are calculated daily.
- Participation: By staking your digital assets on Upbit, you’re participating in the network validation process. This is a critical aspect of maintaining the security and integrity of the blockchain network.
- Earning Potential: Staking allows you to earn passive income on your digital assets. The amount you earn depends on the specific staking terms of the digital asset you’re staking.
The Annual Percentage Yield (APY) when staking on Upbit can vary depending on the specific digital asset being staked. Staking ETH for instance brings an APY reward of 3.4%, while staking an asset like ATOM draws an APY of 16.3%. You can get more information on staking rewards on Upbit here.
NFT Marketplace
Upbit’s NFT marketplace is a platform where users can freely trade NFTs. It consists of two sections: Drops and Marketplace.
- Drops are where NFTs are put up for auction.
- Marketplace is where users can trade NFTs purchased at Drops or acquired through a promotional NFT giveaway event at Upbit.
A part of the transaction fee is allotted to the creator of the NFT. This marketplace provides a platform for creators to monetize their work and for collectors to acquire unique digital assets.
Upbit Mobile App
The Upbit mobile app is the official trading application from Upbit, a globally recognized digital asset exchange. Here are some key features of the app:
- Wide Variety of Digital Assets: The app supports trading in over 150 digital assets across more than 300 markets.
- User-Friendly Interface: The app is designed to be fast and stable, with a user-friendly interface that allows for easy trading. It also allows users to check real-time prices on the lock screen and provides 24/7 market monitoring with real-time custom notifications.
- Reviews: The app has received mixed reviews from users. Some users appreciate its simple user interface, while others have raised concerns about certain limitations and requirements.
Note that to register on Upbit, users must download the Upbit mobile app. It is the only provision for Signup functions by the exchange. Upbit mobile app is available for Android and iOS devices.
Upbit Security
Upbit places a high priority on security to protect its users’ assets and data. Here are some of the key security features of Upbit:
- Two-Factor Authentication (2FA): Upbit uses 2FA, which adds a layer of security to the login process.
- Fund Password: Upbit has an additional fund password that users must enter when withdrawing funds.
- Cold Storage: Upbit uses cold storage, which means that a significant portion of the digital assets are stored offline.
Upbit has also been awarded certifications by ISMS and ISO. These certifications attest to Upbit’s commitment to maintaining high standards of security.
- ISMS Certification: This certification indicates that Upbit has a robust information security management system in place. It demonstrates that Upbit has established, implemented, maintained, and continually improved its security systems.
- ISO 27001 Certification: This is a globally recognized certification for information security management systems. It shows that Upbit has implemented security measures to protect user data and information.
- ISO 27017 Certification: This certification is specific to cloud security. It indicates that Upbit has implemented security controls for cloud services to protect user data.
- ISO 27018 Certification: This certification is specific to cloud privacy. It demonstrates that Upbit has measures in place to protect Personally Identifiable Information (PII) , the idea of using strong, unique passwords, enabling two-factor authentication, and being wary of phishing attempts.
Upbit Customer Support
Upbit provides a comprehensive customer support system to assist its users. Here are some key features of their customer support:
- 24/7 availability
- Reachability via email, Kakao talks, or phone.
- Supports both Korean and English for mixed users.
- FAQ Section.
Conclusion
Upbit is a globally recognized crypto exchange that provides a rich trading interface and a user-friendly community to interact with. The exchange offers a spot trading interface, staking platform, and NFT marketplace, all as a part of the economy.
However, the exchange is not a suitable one for more advanced traders and futures traders due to the basic tools available on the spot trading interface and the absence of a futures trading option. It also charges high fees for trading as well as above-average withdrawal fees.
It is a fully licensed platform that offers good potential and security to upcoming traders and investors from around the globe.
FAQs
Is Upbit legit?
Upbit is a fully licensed platform that operates in Southeast Asia. The exchange is legitimate for all users in the regions where it has received regulation.
What are Upbit fees?
Upbit fees are 0.25% maker/taker.
Is Upbit available in the US?
No, Upbit is unavailable to US citizens.
Where is Upbit located?
Upbit is located in South Korea and has other exchange services in Singapore, Thailand, Indonesia, and many others.
