Upbit Cryptocurrency Exchange Review : Pros & Cons

About Upbit

Upbit is South Korea’s largest cryptocurrency exchange by trading volume. The platform allows customers to trade the South Korean Won (KRW) with a wide selection of cryptocurrencies and Bitcoin pairs. The company recorded exponential growth within three months of its launch, thanks to the help of its American partner, the cryptocurrency exchange Bittrex. One unique feature of the exchange is the option to trade currencies via the Kakao Stock platform, which is built on Kakaotalk messenger.

This makes it easy for Korean users to trade digital assets as simple as they use the messaging app. At the peak of December 2017’s cryptocurrency frenzy, the average trading volume on the platform reached $4.5 billion a day, with a one-day record of $11 billion.

Information Table

How To Register At Upbit Exchange ?

To register on Upbit, click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your Upbit Cryptocurrency Account ?

There is no mandatory verification at Upbit, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of 3,000,000 TWD 30 Days. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Upbit, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Upbit Crypto Exchange?

There are two main options for topping up your balance on Kraken. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Upbit Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Upbit Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

Upbit Fees

While the exchange does not charge any fees on deposits, withdrawal fees generally vary depending on the cryptocurrencies being withdrawn. Its trading fees are also in line with the 0.25% fee for both takers and makers by most South Korean exchanges.

Features Of Upbit Crypto Exchange

Available At Android & IOS Store

Upbit Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading .

Wide range of trading pairs

Upbit offers a wide range of trading pairs, including major cryptocurrencies like Bitcoin, Ethereum, and Litecoin, as well as many lesser-known digital assets.

User-friendly interface

The platform has a user-friendly interface, making it easy for both new and experienced traders to navigate and use the platform.

Strong security measures

Upbit implements strong security measures to protect user assets, including multi-signature technology and regular software updates.

Mobile app

Upbit has a mobile app for Android and iOS, allowing users to trade on the go.

Customer support

The platform offers 24/7 customer support through a variety of channels, including email and live chat.

Deposit and withdrawal options

Upbit offers a range of deposit and withdrawal options, including bank transfers and cryptocurrency transfers.

Low fees

The platform has competitive fees, making it an attractive option for traders looking to minimize costs.

Real-time market data

Upbit provides real-time market data, helping traders make informed trading decisions.

Upbit Conclusion

Upbit is a well-established cryptocurrency exchange that has been operating since 2017. It has a user-friendly interface, a wide range of trading pairs, and strong security measures in place to protect users’ assets. However, as with any exchange or platform, it is important to stay informed and conduct thorough research before using it for any financial transactions.

In conclusion, Upbit has become a popular choice among cryptocurrency traders due to its user-friendly platform, wide range of trading pairs, and strong security measures. However, users should always exercise caution and stay informed about the latest developments in the cryptocurrency industry.