What is Upbit

What is Upbit

Lia Jonon
Lia Jonon
The cryptocurrency exchange Upbit was born in South Korea in 2017. Initially, it was planned to create a platform for internal use. But the popularity of the exchange rapidly went beyond not only the country, but also the Asian region.

How it works

Before the advent of Upbit, the market of electronic money in South Korea was dominated by Bithamb. But the young platform quickly bypassed the competitor. This was facilitated by the creation of convenient applications available in iOS and Android, serious investments from the Kakao Talk messenger and the American cryptocurrency platform Bitrex.
Weak language support in Upbit significantly limits the possibilities of users. Google's translator helps out to some extent.
To begin trading, you need to switch to Exchange. The segment for the purchase and sale of cryptocurrency in Upbit is under the schedule of market movement. Here are the commissions and the minimum number of coins to start trading.
The interface in the Exchange section displays:
  • current ads;
  • cryptocurrency trading chart;
  • order book;
  • the value of pairs and their current balance sheet;
  • forms of purchase and sale;
  • depth of daily sales traffic;
  • current and daily trading volumes.


The daily volume reaches 5 billion dollars. The main feature of the exchange is the presence in it of 4 autonomous versions designed for different countries of the Asian region:
  • South Korea.
  • Singapore.
  • Indonesia.
  • Thailand.
The Upbit functions in all versions don’t differ from each other. The differences are due only to local features in the use of services. Exchanges operate independently. Each of them is regulated by financial commissions, has licenses and is subject to cryptocurrency laws adopted in the country.
Certificate of registration
Certificate of registration
Internationally, the Singapore platform is more popular. It is more loyal to international legislation on the regulation of cryptocurrencies.

Products and services in Upbit

The presence of a small number of products is one of the distinctive features of the exchange. There is no margin trading on Upbit. On the one hand, this limits the possibilities of bidders, on the other hand, it reduces the risks of losing a lot of money.
The service distributes coins to the best participants of different pairs. So, users should be attentive not to miss the promotions.
The referral program does not work on the exchange. Clients’ support is available, but only in the local language and English. The Trends section offers customers useful data about:
  • coins, that have achieved success in a certain time;
  • successful cryptocurrencies in the current period;
  • the rating of coins by volume;
  • capitalization in the Coin Market Cap aggregator.

Overview: pros and cons

A lot of cryptocurrency pairsMandatory verification
Low commissionsLimited products and services
Mobile App AvailabilityWeak support for fiat funds
Ability to trade fiat moneyOnly Korean and English are available
LiquidityFocus on a specific region
iOs and Android support
CryptocurrencyTrading pair
Bitcoin CashBCH/KRW
Big TorrentBTT/KRW

 List of currencies for different purposes

Available cryptocurrencies
For tradeTo make a depositFor withdrawal
EthereumStellarBitcoin Cash

 What to do before the registration

To register on Upbit, you need to create an account in the Kakao messenger. The procedure is simple. All you need to sign up is an email address and a strong password.
Registration process
Registration process
If you have an account, access to the platform can be obtained through personal data.

Methods of deposit and withdrawal of funds

There are no restrictions on deposits on electronic money. There are no commissions for this either. To replenish the balance, you need:
  • at the bottom right, click on "Account", then on "Deposit";
  • select cryptocurrency from the list;
  • in the menu that appears, click on "Generate a new address";
  • write down the address where the funds are deposited;
  • go to the wallet from which the balance is replenished;
  • specify the number of coins.
After the transaction is processed, the funds will be credited to the balance.To withdraw funds on Upbit, you need to:
  • Click on "Account", then on "Withdrawal";
  • Select an asset;
  • Indicate the number of coins to be withdrawn, register the receiving address;
  • Enter the authentication code.
You need to wait for the notification.
Attention: all transactions are irreversible, so carefully monitor the accuracy of the details.

What happens when a deposit fails

In this case, a lot depends on the person who has drained the deposit. If this was done by an analyst, you need to withdraw the balance and try to make a chartback. If you have lost borrowed money, do not delay with the repayment of the loan. In case of draining your own funds, do not play for a while. Try to understand your mistakes. When you start again, withdraw funds often and be more careful.

Creating an account

Before you sign up, you need to choose from two Upbit versions:
  • South Korean.
  • Singaporean (global).
On the latter English is available.
Upbit Features
Upbit Features
To register, follow a few steps:
  1. At the top right, click on the Sign-Up button.
  2. Specify an email address.
  3. Create a password.
  4. Confirm password.
  5. Enter a captcha.
  6. Confirm age.
  7. Register.
After a while, you will receive an email with a link. It may end up in your Spam folder. Check out there if you haven't received it.

Trading view

The browser platform of the exchange has 4 zones:
  • Fretboard analysis.
Here are two options for price analysis. One is developed by Upbit itself, the other belongs to Trading View. You can choose from them in the upper right corner of the window. Information about a pair of services can be obtained using the switch trigger at the top.
  • Coin selection panel.
The table shows the pairs of cryptocurrencies, which are distributed on three basis. If you click on one of the tools, all widgets will show information about the selected pair.
  • Ordering menu.
In this form of transaction on Upbit, the user can create a pending order or make an exchange of cryptocurrencies at the market rate.
  • Order book.
All orders of the exchange's clients for the selected instrument are entered into the table. Using this widget, it is convenient to analyze current prices.

Upbit trading options

The exchange offers three trading options:
  • Make a transaction at the price set by the bidder. This option can be used if the trader already knows at what price to trade.
  • Stop order for a certain price. It differs from the limited analogue in that the operations on it are not shown in the order book until they are included in the settings. The order type can be changed based on the conditions created. Having reached a certain limit, the stop limit goes into a limit category. The user independently determines the boundaries of the stop and the price at which he will trade. To start trading, you need to choose one of the "Buy" or "Sell" options.
  • For new customers on Upbit there is a demo mode. Moreover, the user can fully trade virtual currency without registration in the messenger. This is a good opportunity to understand the advantages and disadvantages of the platform.

Commissions and fees

The transaction Upbit fee is 0.05%. This is an average value in comparison with popular cryptocurrency platforms. But there is one difference: the platform does not divide participants into makers and takers when assigning a commission. Its size is the same for both. Another two advantages of the exchange are the absence of additional payments for depositing and high commissions for withdrawal.

Overview: security and confidentiality

The exchange provides the following privacy security measures:
  1. SMS authorization when depositing and withdrawing assets.
  2. Create passwords for transactions.
  3. Automatic closure of the system in the absence of user activity on the page.
  4. The IP addresses to log on to.
  5. Use of the "Stop-loss" order, which limits the client's losses at some level.
Advantages of the exchange
Advantages of the exchange
Upbit users can contact with problems the support service of the site itself or the "Kakao Talk" messenger.Users' trust in Upbit is also maintained through licensing of all four versions in local and international organizations monitoring the functioning of the cryptocurrency.

Mobile application

A convenient Upbit mobile application has played a great role in the successful development of the exchange. Only the international version is available to users outside of South Korea. Then you can switch to any local platform. Upbit has few functions.  Nevertheless, for convenience they are distributed in 4 sections:
  1. Singapore (the name may be different, depending on the version). Pairs are sorted by base currency. Monitoring shows the price, its changes, the number of orders and the current candle.
  2. My trade. It reflects the current balance, active orders and data on past transactions.
  3. Purses. In this section, the user's wallets are available for replenishment and withdrawal of assets. Currencies are distributed in different wallets.
  4. Installation. This section provides opportunities to customize your profile, view settings, and use support.

Overview: customer support

On Upbit customer support is available, but it works only in local language and English. However, users note an intuitive interface that can be understood even without a language. In incomprehensible cases, a Google translator comes to the rescue.

Countries present on the platform

Accepted countries
Cabo VerdeSenegalSri Lanka
United Kingdom of Great BritainDemocratic Republic of the CongoBosnia and Herzegovina
LibyaLiberiaVatican City
Burkina FasoCosta RicaCote d'Ivoire
CyprusCzech RepublicDjibouti
DominicaAntigua and BarbudaDominican Republic
EcuadorEl SalvadorEquatorial Guinea
Hong KongHungaryIndia
Marshall IslandsMauritaniaMauritius
NauruNetherlandsNew Zealand
PanamaPapua New GuineaParaguay
Sao Tome and PrincipeSaint Vincent and the GrenadinesRepublic of the Congo
RussiaRwandaSaint Kitts and Nevis
TaiwanSamoaSaint Lucia
San MarinoPortugalSeychelles
South AfricaSolomon IslandsSlovenia
SwitzerlandSwedenSouth Korea
TogoTongaTrinidad and Tobago
VanuatuUnited Arab EmiratesUruguay
Access to the platform from the USAPayment MethodsContacts
Making a depositWithdrawal
YesBank card, cryptocurrency transferBank card, cryptocurrency transferhttps://upbit.com
Information about the company
Country HeadquartersSouth Korea
Exchange typeExchange
Trading is allowedYes

 Frequently Asked Questions

  • How did Upbit manage to break into the number of the most popular cryptocurrency exchanges in a short time?
The success of the platform is associated with serious investments from the well-known in South Korea messenger Kakao Talk, the American exchange Bitrex, as well as convenient applications for phones.
  • How can I deposit and withdraw funds?
Two methods of replenishment and withdrawal of funds are available on the platform: through bank cards and cryptocurrency transfers.
  • What is KYC and why is it needed on the stock exchange?
The abbreviation stands for "Know Your Customer". The program is designed to prevent the illegal use of earned funds by customers.
  • Why are only two languages available on the exchange?
The platform was created for internal use. But the capabilities of the Upbit exchange exceeded all the expectations of the developers. Now they are actively working on the introduction of more languages.
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