What is Upbit

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.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.

Features

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.

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 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

Advantages	Disadvantages
A lot of cryptocurrency pairs	Mandatory verification
Low commissions	Limited products and services
Mobile App Availability	Weak support for fiat funds
Ability to trade fiat money	Only Korean and English are available
Liquidity	Focus on a specific region
Security
iOs and Android support

 Popular cryptocurrencies and pairs on the exchange

Cryptocurrency	Trading pair
Bitcoin	BTC/KRW
Ripple	XRP/KRW
Bitcoin Cash	BCH/KRW
EOS	EOS/KRW
Carry	CRE/KRW
Ethereum	ETH/KRW
Cardano	ADA/KRW
Stellar	XLM/KRW
Tron	TRX/KRW
Big Torrent	BTT/KRW
Solve	SOLVE/BTC

 List of currencies for different purposes

Available cryptocurrencies
For trade	To make a deposit	For withdrawal
Bitcoin	Bitcoin	EOS
Ethereum	Stellar	Bitcoin Cash
Cardano	Litecoin	Stellar
Tron	Ethereum	Tron
EOS	Cardano	BitTorrent

 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.

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.

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.

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.

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.

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
Australia			Cameroon		Chad
Zambia			Canada		Denmark
France			Greece		Haiti
Iceland			Comoros		Mexico
Nepal			Belize		Romania
Cabo Verde			Senegal		Sri Lanka
United Kingdom of Great Britain			Democratic Republic of the Congo		Bosnia and Herzegovina
Libya			Liberia		Vatican City
Malta			Estonia		Benin
Andorra		Eritrea		Argentina
Angola		Armenia		Austria
Azerbaijan		Bahamas		Bahrain
Barbados		Belarus		Belgium
Bhutan		Yemen		Botswana
Brazil		Brunei		Bulgaria
Burkina Faso		Costa Rica		Cote d'Ivoire
Cambodia		Chile		Croatia
Cyprus		Czech Republic		Djibouti
Dominica		Antigua and Barbuda		Dominican Republic
Ecuador		El Salvador		Equatorial Guinea
Eswatini		Ethiopia		Finland
Gabon		Gambia		Georgia
Germany		Grenada		Guatemala
Guinea-Bissau		Guyana		Honduras
Hong Kong		Hungary		India
Indonesia		Ireland		Israel
Italy		Jamaica		Japan
Jordan		Kenya		Kiribati
Kosovo		Kuwait		Kyrgyzstan
Laos		Latvia		Lesotho
Liechtenstein		Lithuania		Luxembourg
Madagascar		Malawi		Malaysia
Maldives		Mali		Malta
Marshall Islands		Mauritania		Mauritius
Micronesia		Moldova		Monaco
Mongolia		Montenegro		Namibia
Nauru		Netherlands		New Zealand
Niger		Nigeria		Norway
Oman		Palau		Palestine
Panama	Papua New Guinea			Paraguay
Peru	Philippines			Poland
Sao Tome and Principe	Saint Vincent and the Grenadines			Republic of the Congo
Russia	Rwanda			Saint Kitts and Nevis
Taiwan	Samoa			Saint Lucia
San Marino	Portugal			Seychelles
Slovakia	Singapore			Serbia
South Africa	Solomon Islands			Slovenia
Switzerland	Sweden			South Korea
Tajikistan	Spain			Suriname
Tanzania	Thailand			Timor-Leste
Togo	Tonga			Trinidad and Tobago
Turkey	Turkmenistan			Tuvalu
Uzbekistan	Ukraine			Uganda
Vanuatu	United Arab Emirates			Uruguay

 

Access to the platform from the USA	Payment Methods		Contacts
	Making a deposit	Withdrawal
Yes	Bank card, cryptocurrency transfer	Bank card, cryptocurrency transfer	https://upbit.com

 

Information about the company
Criteria	Data
Country Headquarters	South Korea
Founded	2017
Exchange type	Exchange
Trading is allowed	Yes

 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.