UPbit

UPbit Overview

UPbit, founded in 2017 by Song Chi-Hyung, one of South Koreas wealthiest individuals, has emerged as a top cryptocurrency exchange in terms of 24-hour trading volume. Partnering with the American crypto platform Bittrex during its successful launch, UPbit quickly became a major player in the crypto market. The platform's allure stems from its commitment to security and reliability, making it a favored choice for crypto traders.

UPbit's expansion into Southern Asia, starting with Singapore and later Indonesia in late 2018, showcased its ambition to become a global presence. Notably, UPbit achieved a significant milestone as the world's first crypto exchange to receive Information Security Management System (ISMS) certifications from the Korea Internet and Security Agency, bolstering its reputation as a safe and trustworthy platform.

Pros and Cons

Pros

Low Transaction Fees: UPbit charges industry-standard fees of 0.25% for both makers and takers, making it a cost-effective choice for traders.

Available in Mobile App: UPbit provides a mobile app for iOS and Android devices, allowing users to access the platform on-the-go with enhanced security features.

Sturdy Security: UPbit offers reliable security features, including 24/7 monitoring, 2-step verification, and additional fund password for withdrawals. Despite a past security breach, the platform has taken measures to enhance wallet security and restore user trust.

High Liquidity: UPbit boasts high liquidity, ensuring quick and efficient transactions at market prices.

More than 200 Assets Supported: UPbit supports over 200 cryptocurrencies, providing users with a wide range of options for trading and investment.

Beginners Are Welcome: UPbit offers a user-friendly interface, helpful customer support, and market data to assist beginners in making informed trading decisions.

Helpful Customer Support: UPbit's customer support is praised for its efficiency and availability through various channels.

Cons

No Leverage Trading: UPbit lacks margin trading options, limiting potential gains for experienced traders seeking leveraged positions.

Limited Fiat Currency Support: The platform only supports the South Korean Won as a fiat currency, excluding users who want to trade using other fiat currencies like EUR or USD.

Mixed Reputation: UPbit has received negative reviews, with some users reporting issues with the verification process and security concerns following a significant hack in 2019.

Restricted Access: UPbit is available only to residents of South Korea due to regulatory restrictions, making it inaccessible to users from other countries.

Regulation

Regulations play a crucial role for UPbit in the cryptocurrency trading industry, ensuring transparency, accountability, and investor protection. They aim to create a secure and trustworthy environment for users, as well as to prevent fraudulent activities and maintain market integrity.

UPbit is regulated by the Securities and Exchange Commission (SEC) , the Badan Pengawas Perdagangan Berjangka Komoditi Kementerian Perdagangan (BAPPEBTI), and holds an exceeded license by the Repository of Korea's Corporate Filings, which means this license has not been renewed and is therefore the same as being unregulated.

Regulated by the Securities and Exchange Commission (SEC) - Digital Currency License (License No.: Unreleased)

Regulated by Badan Pengawas Perdagangan Berjangka Komoditi Kementerian Perdagangan (BAPPEBTI) - Digital Currency License (License No.: Unreleased)

Exceeded license by the Repository of Korea's Corporate Filings - Company Registration (License No.: 119-86-54968).

Security

24/7 Monitoring: UPbit employs continuous monitoring to detect and respond to any potential security threats or suspicious activities on the platform.

2-Step Verification: Users can enable 2-step verification for an added layer of security during the login process.

Additional Fund Password: UPbit offers an additional password requirement for withdrawals, enhancing the protection of user funds.

Cold Wallet Storage: To minimize the risk of hacking, UPbit stores a significant portion of user funds in cold wallets, which are offline and less susceptible to cyberattacks.

Information Security Management System (ISMS) Certification: UPbit is the world's first crypto exchange to receive ISMS certifications from the Korea Internet and Security Agency, underscoring its commitment to information security.

It should be noted that in 2019, UPbit experienced a significant security breach in which hackers managed to move approximately $50 million worth of Ethereum (342,000 ETH) from the exchange to an anonymous wallet. Following the breach, UPbit took swift action to improve its security measures. It updated its wallet's security protocols, introduced new addresses, and transferred assets to more secure cold wallets. Additionally, the exchange offered full refunds to affected users to restore confidence in the platform's security. While the breach was a notable setback, UPbit's efforts to improve security measures have been lauded by users and experts in the crypto community.

Trading Market

Upbit, a prominent cryptocurrency exchange, offers a broad selection of trading assets, encompassing over 150 digital assets, including major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), as well as an extensive array of altcoins and emerging tokens.

Within the cryptocurrency markets, Upbit provides BTC Markets, allowing users to engage in trading various digital assets against the foundational cryptocurrency, Bitcoin (BTC). This strategic feature enhances portfolio versatility by facilitating smooth conversions between altcoins and BTC. Additionally, Upbit presents USDT Markets, where users actively trade against Tether (USDT). USDT, tethered to the stability of the US Dollar, introduces a secure base currency for various digital assets, fostering stability within the trading environment.

Shifting focus to fiat currencies, Upbit allows users to conduct transactions using the South Korean Won (KRW), serving as the primary fiat currency for trading on the platform. Furthermore, the exchange supports the Singapore Dollar (SGD), providing users with expanded options for trading with an additional fiat currency. This dual-currency support not only enables direct conversions between traditional money and cryptocurrencies but also offers users flexibility in executing their trading activities seamlessly.

Cryptocurrencies Available

Upbit offers a wide selection of cryptocurrencies, with over 16 different currencies available for trading.

The following is a list that contains a few examples of cryptocurrencies available on UPbit:

• SGD

• BTC

• ETH

• ETC

• BCH

• SNT

• STORJ

• LTC

• XRP

• WAVES

• BAT

• DNT

• CVC

• RLC

• ADA

• TRX

Services

In addition to its core trading platform, Upbit offers a variety of other services to its users. These services include:

• Upbit Wallet: A secure and convenient way to store, send, and receive your digital assets.

• Upbit NFT: A platform for creating, buying, and selling non-fungible tokens (NFTs).

• Upbit Staking: A service that allows you to earn rewards by staking your digital assets.

• Upbit Margin Trading: A service that allows you to borrow funds to trade with.

• Upbit Lending: A service that allows you to lend your digital assets to other users and earn interest.

• Upbit API: A set of tools that allows developers to build applications on the Upbit platform.

Upbit is constantly evolving and adding new services to its platform. Be sure to check back regularly for new features and services.

Upbit APP

The UPbit app is designed for seamless cryptocurrency trading, offering real-time market data and trends for over 547 altcoins. It provides a user-friendly interface for buying and selling with confidence, backed by a stable, institution-grade trading system. Users can analyze various altcoins, execute trades, and stay updated on market trends.

To download the UPbit app, visit the respective app store on your mobile device (iOS or Android), search for “UPbit,” and follow the installation instructions. Once installed, users can log in, access live market data, and engage in fast, stable cryptocurrency trading.

How to Open an Account？

Here's a step-by-step guide on how to open an account on UPbit based on the instructions you provided:

• Visit UPbit Website:

• Go to the UPbit website and locate the “Sign Up” button. This is usually found in the top right corner of the homepage.

2. Fill in Information:

Click on “Sign Up” and you'll be directed to a registration page. Input your email address, create a password, and solve the captcha provided. Note that your password must be between 8 and 20 characters long, and it should include at least 1 uppercase letter and 1 number.

3. Submit Registration:

After entering the required information, click on the “Sign Up” button.

4. Check Your Email:

UPbit will send a verification email to the address you provided during registration. If you don't see the email in your inbox, check your spam or junk mail folder.

5. Verify Your Email:

Open the verification email from UPbit. Click on the verification link within the email to complete the registration process.

6. Complete Verification Within 30 Minutes:

It's important to verify your email within 30 minutes of receiving the email.

Once you've completed these steps, your UPbit account should be successfully registered and verified, allowing you to access and use the platform.



How to Buy Cryptos？

To buy Bitcoin on Upbit, follow these simplified steps:

• Sign-up on Upbit:

• Visit the Upbit website and click “Sign Up.”

• Choose your language preference and click “Login to Kakao account.”

• Use or create a Kakao account, log in, and complete the registration by agreeing to terms.



• Create a Kakao account for Upbit:

• Click “Sign Up,” agree to terms, and provide email, password, and nickname.

• Verify your email with the code received.

• Click “Confirm” to complete Kakao account creation.

• Security Certification:

• Pass security certification on Upbit.

• Fund your Upbit account:

• Login to Upbit and deposit funds into your account.

• Start trading on Upbit:

• With a funded account, you're ready to start trading Bitcoin on Upbit.

Fees

UPbit applies varying transaction fees depending on the type of market and order. For Limit and Market orders in SGD markets, the fees for both makers and takers are set at 0.25%. However, for BTC and USDT markets, the fees are reduced to 0.2% for both maker and taker orders. The company incentivizes higher trading volumes by offering lower fees for BTC and USDT markets.Additionally, UPbit enforces minimum order requirements to ensure efficient trading. For SGD markets, the minimum order is set at 0.5 SGD, while for BTC and USDT markets, it is 0.0005 BTC and 0.0005 USDT, respectively. These minimum order values aim to streamline trading activities and maintain liquidity on the platform.

Market Type	Maker Fee	Taker Fee
SGD Markets	0.25%	0.25%
BTC Markets	0.20%	0.20%
USDT Markets	0.20%	0.20%

Payment Methods

Deposits and withdrawals can be initiated directly from cryptocurrency wallets. Users can transfer their digital assets from wallets in South Korea, Singapore, Thailand, or Indonesia to their UPbit accounts. The company accommodates various currencies, making it convenient for users from these countries to engage in seamless transactions. Daily withdrawal limits are reset at 06:30 AM every day, providing users with a fresh allocation for their daily trading activities by method of Bank Transfer, Naver, or Kakaopay. This streamlined process ensures ease of access and smooth trading experiences for users across the region.



UPbit imposes various deposit and withdrawal limits based on the user's verification level. For Level 1, the deposit and withdrawal limits are set to 0 for both digital assets and SGD. As users progress to higher verification levels, the limits increase. Level 2 allows unlimited digital asset deposits and a daily withdrawal limit of 5,000 SGD. Level 3 provides unlimited digital asset deposits and a daily withdrawal limit of 100,000 SGD, while Level 4 offers unlimited digital asset deposits and withdrawals, with a daily withdrawal limit of 100,000 SGD and a per transaction limit of 50,000 SGD.

Verification Level	Digital Asset Deposit Limit	SGD Deposit Limit	Digital Asset Withdrawal (Daily)	SGD Withdrawal (per Transaction)	SGD Withdrawal (Daily)
Level 1	0	0	0	0	0
Level 2	Unlimited	0	5,000	0	0
Level 3	Unlimited	0	100,000	0	0
Level 4	Unlimited	Unlimited	100,000	50,000	100,000

Additionally, if the user is using Lightning Transfer, then the withdrawal fee will vary based on the cryptocurrency being withdrawn. This information can all be accessed via the link: https://sg.upbit.com/service_center/guide

Currency	Network	Minimum Withdrawal Amount	Deposit Fee	Withdrawal Fee
BTC	Bitcoin	0.001	Free	0.0005
ETH	Ethereum	0.02	Free	0.01
ETC	Ethereum Classic	0.02	Free	0.01
SNT	Ethereum	183.8	Free	183.8

Customer support

Upbit provides robust customer support through various channels.

For direct assistance, customers can contact the company via phone at 1588-5682 or 1533-1111.

The official website, https://sg.upbit.com/home, and its global counterpart, https://upbit.com/home, offer comprehensive information and resources.

Additionally, users can stay informed and engage with Upbit through their Twitter account at https://x.com/Official_Upbit and Facebook at https://www.facebook.com/upbit.exchange. For specific queries, the customer service email address is upbit_sg@upbit.com.

These diverse contact options showcase Upbit's commitment to ensuring accessible and responsive support for its users.



Is UPbit a Good Exchange for You？

Upbit is the best exchange for experienced traders seeking a powerful and versatile platform with a wide range of features and advanced trading tools. Upbit's robust liquidity, margin trading options, and comprehensive market data analysis tools cater specifically to the needs of experienced traders who demand sophisticated functionalities and in-depth market insights.

Upbit is a versatile platform that can be suitable for a wide range of users, from beginners to experienced traders and institutional investors.

Beginners:

• Upbit's user-friendly interface and variety of educational resources make it a great choice for beginners who are new to cryptocurrency trading.

• The platform also offers a variety of features that can help beginners learn about cryptocurrency and blockchain technology, such as Upbit Learn and Upbit Staking.

Experienced Traders:

• Upbit's advanced trading features, such as margin trading and staking, make it a great choice for experienced traders who are looking for a powerful and flexible trading platform.

• The platform also offers a variety of market data analysis tools and API access, which can be helpful for traders who are looking to make more informed trading decisions.

Institutional Investors:

• Upbit's strong financial institution and compliance with regulations make it a great choice for institutional investors who are looking for a safe and secure platform to trade cryptocurrency.

• The platform also offers a variety of institutional-grade features, such as OTC trading and custody services.

Competing Exchange

Key Information	UPbit	Coinbase
Exchange Name	UPbit	Coinbase
Founded Year	2017	2012
Cryptocurrencies	200+	200+
Regulatory Agencies	SEC, BAPPEBTI	NMLS, FCA, NYSDFS
Trading Fees	2%-2.5%	0% - 3.99%
Payment Method	Bank Transfer, Kakaopay, Naver	Bank Transfer, Credit/Debit Card, Cryptocurrency

UPbit:

Founded in 2017, UPbit is a South Korean cryptocurrency exchange offering over 200 cryptocurrencies for trading.

It is regulated by the Securities and Exchange Commission (SEC) and Badan Pengawas Perdagangan Berjangka Komoditi Kementerian Perdagangan (BAPPEBTI) in Indonesia.

UPbit's trading fees vary depending on the market type, with fees ranging from 0.25% to 0.2% for both makers and takers.

Payment methods on UPbit include bank transfers, Kakaopay, and Naver.

Coinbase:

Founded in 2012, Coinbase is a US-based cryptocurrency exchange and one of the oldest in the industry, also offering over 200 cryptocurrencies.

It is regulated by multiple agencies, including the National Mortgage Licensing System (NMLS), Financial Conduct Authority (FCA) in the UK, and New York State Department of Financial Services (NYSDFS) in the US.

Coinbase offers a user-friendly platform with competitive trading fees ranging from 0% to 3.99% depending on the transaction method.

The exchange supports various payment methods, including bank transfers, credit/debit cards, and cryptocurrency deposits.

FAQs

Q: What regulations does UPbit comply with？

A: UPbit adheres to regulations set by multiple regulatory agencies, including the Securities and Exchange Commission (SEC) and the Badan Pengawas Perdagangan Berjangka Komoditi Kementerian Perdagangan (BAPPEBTI) in Indonesia. The exchange's commitment to regulatory compliance ensures a secure and transparent trading environment for its users.

Q: What is UPbit's security record like？

A: UPbit places a strong emphasis on security, employing measures such as 24/7 monitoring, two-step verification, and cold wallet storage for most cryptocurrencies. While UPbit has faced security breaches in the past, the company responded promptly, enhancing its security protocols and offering full refunds to affected users.

Q: How many cryptocurrencies are available for trading on UPbit？

A: UPbit offers over 200 cryptocurrencies for trading, providing users with a diverse range of options to choose from.

Q: Are there any restrictions on UPbit's accessibility？

A: Yes, UPbit is currently only available to residents of South Korea due to regulatory requirements. Users from other countries may need to consider alternative cryptocurrency exchanges.

User Review

User 1:

Upbit's my crypto go-to. Security's top-notch, my assets sleep well. Regulation？ Seems decent, I trust 'em. Interface is sleek and user-friendly, smooth sailing for trades. Liquidity's solid, no worries there. They've got a massive crypto lineup, keeps me exploring. Customer support's been awesome, quick solutions. Fees are reasonable, but privacy could use a boost.

User 2:

Upbit's where it's at for me. Security's tight, no doubts about my coins. Regulation seems on point, gives me confidence. Interface is slick, trades are hassle-free. Liquidity's great, big plus for quick moves. Their crypto variety？ Impressive! Customer support's responsive, had a glitch sorted pronto. Trading fees？ Fair. Deposit and withdrawal speeds are solid. Stability's never let me down.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.