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
- Products and services in Upbit
- Overview: pros and cons
- Popular cryptocurrencies and pairs on the exchange
- List of currencies for different purposes
- What to do before the registration
- Methods of deposit and withdrawal of funds
- What happens when a deposit fails
- Creating an account
- Trading view
- Upbit trading options
- Commissions and fees
- Overview: security and confidentiality
- Mobile application
- Overview: customer support
- Countries present on the platform
- Frequently Asked Questions
How it worksBefore 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:
Weak language support in Upbit significantly limits the possibilities of users. Google's translator helps out to some extent.
- 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.
FeaturesThe 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.
Products and services in UpbitThe 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:
The service distributes coins to the best participants of different pairs. So, users should be attentive not to miss the promotions.
- 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 pairs
|Limited products and services
|Mobile App Availability
|Weak support for fiat funds
|Ability to trade fiat money
|Only Korean and English are available
|Focus on a specific region
|iOs and Android support
Popular cryptocurrencies and pairs on the exchange
List of currencies for different purposes
|To make a deposit
What to do before the registrationTo 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 fundsThere 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.
- 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.
Attention: all transactions are irreversible, so carefully monitor the accuracy of the details.
What happens when a deposit failsIn 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 accountBefore you sign up, you need to choose from two Upbit versions:
- South Korean.
- Singaporean (global).
- At the top right, click on the Sign-Up button.
- Specify an email address.
- Create a password.
- Confirm password.
- Enter a captcha.
- Confirm age.
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 viewThe browser platform of the exchange has 4 zones:
- Fretboard analysis.
- Coin selection panel.
- Ordering menu.
- Order book.
Upbit trading optionsThe 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 feesThe 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 confidentialityThe exchange provides the following privacy security measures:
- SMS authorization when depositing and withdrawing assets.
- Create passwords for transactions.
- Automatic closure of the system in the absence of user activity on the page.
- The IP addresses to log on to.
- Use of the "Stop-loss" order, which limits the client's losses at some level.
Mobile applicationA 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:
- 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.
- My trade. It reflects the current balance, active orders and data on past transactions.
- Purses. In this section, the user's wallets are available for replenishment and withdrawal of assets. Currencies are distributed in different wallets.
- Installation. This section provides opportunities to customize your profile, view settings, and use support.
Overview: customer supportOn 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
|United Kingdom of Great Britain
|Democratic Republic of the Congo
|Bosnia and Herzegovina
|Antigua and Barbuda
|Papua New Guinea
|Sao Tome and Principe
|Saint Vincent and the Grenadines
|Republic of the Congo
|Saint Kitts and Nevis
|Trinidad and Tobago
|United Arab Emirates
|Access to the platform from the USA
|Making a deposit
|Bank card, cryptocurrency transfer
|Bank card, cryptocurrency transfer
|Information about the company
|Trading is allowed
Frequently Asked Questions
- How did Upbit manage to break into the number of the most popular cryptocurrency exchanges in a short time?
- How can I deposit and withdraw funds?
- What is KYC and why is it needed on the stock exchange?
- Why are only two languages available on the exchange?