July 13, 2024
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Upbit Crypto Exchange Review: Pros and Cons

Upbit Crypto Exchange Review: Pros and Cons

Upbit has quickly become a big name in the digital asset exchange world. It started in October 2017 and soon became the top crypto exchange in South Korea. This is thanks to its strong features and support from big names like Kakao Corp.

This review will look at what makes Upbit great and what might not be so good. It will give traders a clear view of what the platform offers.

By December 2017, Upbit was trading over $4.5 billion a day. Sometimes, it even hit $11 billion in one day. The platform lists more than 100 different cryptocurrencies for trading.

It also has competitive fees of 0.25% for buying and selling. This is in line with many exchanges in South Korea. Upbit uses BitGo for wallet security, keeping it safe and reliable.

Key Takeaways

  • Upbit became the leading cryptocurrency exchange in South Korea by early 2018, just a few months after its launch in October 2017.
  • The exchange reached a peak average trading volume of $4.5 billion daily in December 2017.
  • It offers over 100 cryptocurrency coins and tokens for trading with fees set at 0.25% for both takers and makers.
  • Backed by Kakao Corp and secured by BitGo, Upbit enjoys significant credibility and high-security standards.
  • Responsive customer support is available via email, telephone, and KakaoTalk.

Introduction to Upbit Crypto Exchange

Upbit started in 2017 and quickly changed the game in South Korea’s crypto market. Song Chi-Hyung, one of South Korea’s wealthiest, had a big vision for it. Upbit’s rise shows its fresh take on digital finance.

History and Founding

Dunamu Inc. launched Upbit with Song Chi-Hyung’s support. Before that, Dunamu focused on news aggregation. Switching to fintech, Upbit quickly made a mark. It grew fast, becoming a major player in just two months.

Market Position

Now, Upbit is a top name in crypto. It’s ranked 63rd globally, with a daily trading volume of $323,555,840. This is thanks to its support for over 200 cryptocurrencies.

Upbit also focuses on security with 24/7 monitoring and strong verification steps. It was the first to get ISMS certification from the Korea Internet and Security Agency. This shows its strong Upbit security features.

With support from a top South Korean businessman, Upbit combines tech and strategy. It’s seen as a trusted and innovative platform in crypto.

Upbit’s Partnership with Kakao Corp.

The team-up between Upbit and Kakao Corp. has changed the game for Upbit users. It brought better security and new tech to the table. This partnership uses the latest tech and helps Upbit reach more people through Kakao Corp’s big network.

Impact on User Experience

Working with Kakao Corp has made using Upbit better for everyone. Now, users get to enjoy features like KakaoTalk and Kakao Pay for easy and safe login. Kakao Pay is known for being very secure, second only to Samsung Pay. This makes Upbit safer and easier to use, similar to KakaoStock.

Technological Integration

This partnership has pushed Upbit to the top in the crypto market. Upbit gets to use Kakao’s top-notch tech for better security and smoother transactions. This team-up makes Upbit more trusted and user-friendly. It supports over 200 cryptocurrencies across 220+ markets with low fees of 0.25% for all users.

Upbit User Interface

The Upbit user interface is easy to use, thanks to Kakao’s tech expertise. It works well on both desktop and mobile, letting users trade easily no matter their device. Google’s translation helps non-Korean speakers use the platform too.

Desktop Experience

The Upbit desktop is known for its clean design. It looks good and is easy to use, thanks to Kakao’s design. Users can check their investments, track different cryptocurrencies, and trade easily.

It’s mainly for South Korean users but Google’s translation helps everyone. The desktop has detailed charts, live market data, and access to over 500 digital assets. This makes it great for both new and experienced traders.

Mobile App Features

The Upbit mobile app is perfect for trading on the move. It works on Android and iOS and feels just like the desktop version. You get real-time updates, strong security, and easy deposits and withdrawals.

Some users have had trouble with customer service and finding their way around. But most people like the app for trading. It has a simple design that keeps users in the loop and helps them make smart trades, even from anywhere.

Star Rating Percentage
5-star 0%
4-star 8%
3-star 0%
2-star 8%
1-star 84%

Even with some complaints, the Upbit interface is strong and easy to use on both desktop and mobile. It’s clear they work hard to make trading smooth across devices. This makes it a top choice for crypto fans.

Trading on Upbit

Since its launch in October 2017, Upbit has become a top choice for cryptocurrency fans. It offers over 158 different cryptocurrencies for trading. This includes big names like Bitcoin and Ethereum, as well as new altcoins.

Available Cryptocurrencies

Upbit stands out with its wide range of cryptocurrencies. Users can trade 158 different cryptocurrencies, making it one of the broadest selections out there. This lets traders explore many investment options and diversify their portfolios.

Order Types

Upbit offers various order types for different trading strategies. Traders can use market, limit, and stop-limit orders for precise trades. This flexibility helps both new and seasoned traders tailor their strategies to their goals.

Real-Time Market Data

Real-time market data is key for smart trading on Upbit. It gives traders the info they need to make quick, informed decisions. On December 2, 2021, Upbit saw a 24-hour trading volume of USD 5.4 billion. This shows the platform’s growth and active user base.

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Account Setup and Verification Process

Setting up an Upbit account is easy and follows industry standards. It includes a detailed Upbit account setup phase. This ensures all users meet security requirements.

KYC and AML Compliance

Upbit strictly follows KYC and AML compliance rules. These rules are key to keeping the platform safe. They check user identities carefully to prevent fraud and ensure legal compliance.

When signing up, users must provide documents for identity checks. This makes sure their details are correct and true.

Levels of Verification

Upbit has a four-level verification system. Each level adds more features and raises transaction limits. The first level offers basic trading options.

Higher levels, reached by providing more documents, offer more financial freedom and advanced features.

Verification Level Requirements Benefits
Level 1 Email Verification Access to basic trading features
Level 2 Phone Verification Increased deposit and withdrawal limits
Level 3 ID Verification Higher transaction limits and more trading pair access
Level 4 Address Verification Full access to all platform features

This detailed verification system boosts security and builds trust in the platform. Each level checks the user’s information more deeply. This shows Upbit’s commitment to a secure trading space.

Upbit Trading Fees

It’s key to know the fees at any crypto exchange to trade well and save money. Upbit has a clear fee system. This makes it easier for traders to know and plan their costs.

Maker and Taker Fees

At Upbit, everyone pays a 0.25% fee for all trades, no matter the type. This keeps trading smooth and stable. Here’s a closer look at the fees:

Transaction Type Maker Fee Taker Fee
All Trades 0.25% 0.25%

Withdrawal Fees

Withdrawal fees vary by cryptocurrency at Upbit. For Bitcoin, it’s a flat 0.0005 BTC. The fees adjust with blockchain conditions, making them fair.

Asset Withdrawal Fee
Bitcoin (BTC) 0.0005 BTC
Ethereum (ETH) 0.01 ETH
Singapore Dollar (SGD) 5 SGD

Deposits at Upbit don’t cost anything, making transactions cheaper overall.

Comparative Analysis with Other Exchanges

Upbit’s 0.25% trading fee is competitive in South Korea. It offers good trading liquidity, even if it’s not the cheapest. Here’s how it stacks up against others:

Exchange Trading Fees (Maker/Taker) Withdrawal Fees
Upbit 0.25% / 0.25% Variable
Coinone 0.1% / 0.1% Variable
Bithumb 0.15% / 0.15% Variable
Korbit 0.08% / 0.08% Variable

Upbit might charge more in fees, but it offers over 500 digital assets. This is great for traders looking for variety. It’s especially useful for users in South Korea, Singapore, Thailand, and Indonesia.

Security Features of Upbit

Upbit has strong security features to keep users’ digital assets safe from cyber threats. It uses data encryption to protect data while it’s moving. This keeps user information safe and private.

Using multi-signature wallets is a big part of Upbit’s security. These wallets need more than one key to make a transaction. Working with BitGo, Upbit makes it hard for hackers to get into users’ funds.

Upbit also has top cybersecurity measures. It watches over the system and checks it often to find and stop threats. This keeps trading safe and protects users from scams and attacks.

Keeping user data private is key for Upbit. It doesn’t share user info with others, keeping things confidential. Using Kakao Pay also makes managing user accounts more secure, building trust with users.

To show Upbit’s focus on security, here’s a quick look at some key features:

Security Feature Description
Data Encryption Protects user data during transit to ensure confidentiality.
Multi-Signature Wallets Requires multiple keys for transaction authorization, enhancing security.
Partnership with BitGo Leverages BitGo’s expertise for secure wallet management.
Advanced Monitoring Protocols Continuous system audits and threat detection to maintain security.
Kakao Pay Integration Enhances account management security through Kakao Pay integration.

These features not only keep user assets safe but also build trust in the trading environment. This makes Upbit a trusted choice for trading cryptocurrencies.

Upbit Customer Support

When you dive into the world of cryptocurrencies, the support you get can change everything. Upbit customer support is ready for you through many ways. This shows they really care about solving your problems fast and well.

Support Channels

Upbit knows everyone likes to communicate differently. So, they offer support in several ways:

  • Email Support
  • Telephone Assistance
  • KakaoTalk Integration

They also have a big FAQ section and lots of online help. This means you can often find answers without even reaching out. This makes the cryptocurrency exchange support on Upbit better for everyone, helping you get past any problems you might face.

User Feedback on Responsiveness

But, what users think about how fast Upbit responds to their needs is mixed. Many say they wait too long for help, which makes them unhappy. Here’s what the numbers show:

Rating Percentage
5-star rating 0%
4-star rating 8%
3-star rating 8%
2-star rating 0%
1-star rating 84%

Some users got upset because they lost money due to slow support. For example, one person lost 20% of their cryptocurrencies, worth over 5,000 USD. They blamed the slow help for their loss.

Even with these complaints, Upbit’s FAQ and online help can often fix simple problems right away. So, while Upbit customer support could get better, they’re already doing a lot right. They have many ways to help and teach users, which could lead to big improvements soon.

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Geographic Availability and Restrictions

Upbit’s reach is limited by strict rules, especially in South Korea. We’ll look at where Upbit is available and the areas where it’s not. This includes the impact on global cryptocurrency trading.

Supported Countries

Upbit mainly targets the Asian market. It has a big presence in South Korea, Indonesia, and Singapore. These regions show a growing interest in cryptocurrencies. Users in these countries get to enjoy trading without deposit fees and top-notch security.

The mobile app works on iOS and Android, making it easy for traders to trade anywhere. This has helped Upbit grow in these areas.

Country Features
South Korea Full access to Upbit’s trading platform, mobile app, and security services
Indonesia Supported trading and mobile accessibility
Singapore Complete access to Upbit services with regulatory compliance

Unsupported Countries

Upbit is available in many Asian markets but not everywhere. The US has restrictions due to tough rules on crypto exchanges. Other areas face similar issues because of US Treasury or FATF sanctions.

This limits Upbit’s growth in global cryptocurrency trading.

Country/Region Reason for Restriction
United States Compliance with local regulatory requirements
Sanctioned Nations Adherence to US Treasury and FATF jurisdictions

In summary, Upbit is available in many Asian countries but not all. It must balance global growth with following the rules. This shows the complex world of cryptocurrency trading.

Regulatory Compliance of Upbit

Upbit is focusing on regulatory compliance as rules get stricter in the crypto market. This exchange keeps up with new standards at home in South Korea and worldwide.

Regulatory Challenges in South Korea

South Korea’s AML policies and rules are tough for crypto exchanges like Upbit. Starting July 19, exchanges must check over 1,333 cryptocurrencies in six months. This big task aims to protect users by checking if tokens are reliable and follow the rules.

Also, a new law says exchanges must keep over 80% of user money in safe wallets and join insurance plans. Upbit follows these strict rules closely, showing it’s serious about South Korea’s AML policies.

Compliance in Other Countries

Upbit doesn’t just follow rules in South Korea. It works hard to meet international exchange rules too. It has a plan for cryptocurrencies traded for over two years in other countries with good rules. This makes sure Upbit’s list of coins meets global standards.

Internationally, Upbit follows strict AML and KYC rules well. It got a payment institution license in Singapore, showing it’s serious about global rules. This makes trading on Upbit safe and legal for its users.

Upbit’s strong focus on following the rules builds trust with its users. In South Korea, it has 6.5 million active crypto traders. By mid-2024, South Korea will likely have 6 million crypto investors. So, Upbit must keep up with its strict rules to stay relevant in this growing market.

Regulatory Metrics Details
Total Cryptocurrencies Reviewed 1,333 over six months
Trading Volume of South Korea’s Won (Q1 2023) $456 billion
Upbit’s Daily Trading Volume $3.69 billion
Cold Wallet Deposit Storage Requirement 80%
Active Crypto Traders in South Korea 6.5 million
Projected Crypto Investors by Mid-2024 6 million
Increase in Hacking Attempts (H1 2023 vs. H1 2022) 117%

Unique Features of Upbit’s Trading Platform

As an innovative cryptocurrency exchange, Upbit stands out with its unique features. Its Upbit API is a key tool for developers. It lets them build apps that work well with Upbit, making it easier to monitor and trade assets in real-time.

Upbit takes security seriously, even after a 2019 hack of almost $50M in Ethereum. The exchange encourages users to use 2-factor authentication and update deposit addresses often. This keeps the platform secure.

The platform is great for both new and experienced traders. It has a full-featured mobile app for iPhone and Android. Users can trade digital assets on the go with this app.

Getting verified on Upbit is important, with four levels of KYC verification. Each level has different account limits. This follows global standards for fighting money laundering and knowing your customer.

Upbit uses a simple fee model for trading. The fees are the same for all, no matter the volume or if you’re a maker or taker. For BTC and USDT, the fee is 0.2%. For SGD, it’s 0.25% for both makers and takers. This makes it easy for traders to understand costs.

For extra security, Upbit offers a custody wallet for digital assets. This keeps users’ funds safe while they trade.

Here’s a quick look at Upbit’s main features and fees:

Feature Details
Available Digital Assets Over 100 cryptocurrencies, including top 100 by market cap
Trading Pairs 41 digital assets, 42 markets
Trading Fees BTC: 0.2%, USDT: 0.2%, SGD: 0.25% (both makers and takers)
Mobile App Full-featured for iPhone and Android
KYC Verification Four levels with varied account limits
Security Measures 2-factor authentication, custody wallets, compliance with global standards
API Integration Extensive Upbit API for real-time monitoring and trading

Upbit offers unique features for spot traders. It has strong security, easy-to-use interfaces, and deep API integration in an innovative cryptocurrency exchange. These features are perfect for tech-savvy traders. They ensure smooth and secure digital asset transactions.

Pros of Using Upbit

Upbit stands out with its wide range of cryptocurrencies, strong support, and top-notch security. These features make it a top choice for trading.

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Variety of Supported Cryptocurrencies

Upbit offers over 100 digital currencies for trading, making it a go-to platform. It has a daily trading volume of $3.69 billion, second only to Binance. This variety lets users explore different crypto assets and improve their investment plans.

Strong Backing by Major Companies

Upbit is backed by South Korea’s tech giant, Kakao Corp. This support boosts trust and technology, making trading smooth. With Kakao Corp. on board, Upbit strengthens its place in the South Asian crypto market.

Advanced Security Measures

Security is a top priority at Upbit, with leading standards in place. Despite facing over 159,000 hacking attempts in the first half of 2023, it remains secure. It keeps 70% of assets in cold wallets and has a BB security rating from CER.

Upbit uses two-step verification, a strong firewall, and 24/7 monitoring for added security. Its wallets are also protected by BitGo, ensuring top-level protection for user assets.

Cons of Using Upbit

Upbit has made big steps in the crypto exchange world. It offers high trading volumes and many trading pairs. But, there are some downsides that users should think about.

Limited Fiat Currency Support

One big issue with Upbit is its limited support for fiat currency. It only accepts the South Korean Won (KRW). This makes it hard for traders from other countries to trade. They have to convert their money to KRW first, which can be costly or slow.

Challenges for Non-Korean Users

Setting up an account on Upbit is hard for people not living in South Korea. The process is made for South Korean residents. This can be frustrating for traders from other countries. They might find it hard to use the platform because of language and service issues.

Absence of Margin Trading

Upbit doesn’t offer trading with leverage, which is a big miss for advanced traders. Many other exchanges let traders increase their trading amounts. Without this option, Upbit might not be the best choice for traders wanting more control over their investments.

In short, Upbit has some big downsides like limited fiat currency support, issues for non-Korean users, and no margin trading. These should be considered by anyone thinking about using Upbit. It’s important to see if Upbit meets your trading needs or if you should look at other exchanges.


What is the history of Upbit?

Upbit started in 2017 by Song Chi-Hyung’s Dunamu Inc. It moved from news to fintech innovation. With Dunamu, Kakao Corp., and Bittrex support, Upbit quickly became a big name in cryptocurrency exchanges.

How does Upbit’s partnership with Kakao Corp. impact user experience?

The partnership with Kakao Corp. greatly improves user experience. It uses Kakao’s large user base and KakaoTalk and Kakao Pay for easy login. This makes the platform smooth and advanced for users.

What are the key features of Upbit’s user interface?

Upbit’s interface combines desktop and mobile solutions, inspired by Kakao’s style. It offers a smooth trading experience with tools for both new and experienced traders.

What cryptocurrencies are available for trading on Upbit?

Upbit trades over 100 cryptocurrencies, thanks to its Bittrex partnership. This gives traders many digital assets to choose from.

What is the account setup and verification process on Upbit?

Upbit requires a strict KYC and AML process with different verification levels. This makes trading safe for users. It’s as secure as financial institutions, building trust and safety.

How are trading fees structured on Upbit?

Upbit has a 0.25% fee for both makers and takers. The fees are like those of local exchanges and include different withdrawal fees based on the assets traded.

What security features does Upbit offer?

Upbit uses strong security, like multi-signature wallets from BitGo and Kakao Pay for account safety. These steps protect user assets well.

How can users contact Upbit’s customer support?

Users can reach Upbit’s support by email, phone, or KakaoTalk. They also have a detailed FAQ for common questions, offering quick and helpful support.

Which countries are supported by Upbit?

Upbit mainly supports South Korea and other Asian areas. But, it doesn’t work in places under US Treasury or FATF restrictions due to laws.

What regulatory challenges does Upbit face?

Upbit deals with tough AML and KYC rules in South Korea and worldwide. The exchange uses special AML solutions and follows strict laws, like getting a Singapore payment license.

What are some unique features of Upbit’s trading platform?

Upbit has an Open API for developers to make apps with its help. It supports watching assets in real-time, trading, and secure transactions, appealing to tech-savvy users.

What are the pros of using Upbit?

Upbit has many cryptocurrencies, strong support from Kakao Corp., and top security. These features make it a safe and strong platform for many users.

What are the cons of using Upbit?

Upbit has some downsides like not supporting fiat currencies, a hard account setup for non-Korean users, and no margin trading. These might make it less appealing to users needing more trading options.
About Author

Noah Burton

Noah Burton is a prolific author specializing in cryptocurrency publications. With a portfolio of 18 different cryptocurrencies, Noah combines his in-depth knowledge of the digital currency landscape with practical investment experience. As a seasoned forex market investor, he brings a unique perspective to his writings, offering insights that bridge traditional financial markets and the evolving world of cryptocurrencies. Noah's work is a valuable resource for both novice and experienced investors, providing comprehensive analyses, strategies, and updates on the latest trends in the financial sector.