Upbit is a well-known cryptocurrency exchange known for its wide range of features, affordable fees, and strong trading platform. This Upbit exchange review closely examines the platform’s features, trading fees, security, and user-friendliness to give experienced and new traders a thorough understanding of Upbit’s offerings.
Key Takeaways
- Upbit is a reputation crypto exchange that was established in South Korea in 2017.
- Security is a top priority for Upbit. The exchange has measures such as user verification, fund passwords, and two-factor authentication (2FA).
- Staking is a notable feature on Upbit, allowing users to participate in network validation and earn rewards with varying distribution schedules for different blockchain networks.
- Upbit’s fee structure varies based on markets, and it supports different payment methods, including bank and wire transfers.
Upbit Exchange Review: What is It?
Upbit is a well-established cryptocurrency exchange that launched in the South Korean scene on October 24, 2017. Through its parent company, Dunamu, and a strategic partnership with the American cryptocurrency exchange, Bittrex, the company grew significantly in the region.
Later, Upbit ventured into Southeast Asia towards the end of 2018 after launching in Singapore on October 30. Upbit’s headquarters is now in Singapore to solidify its regional presence.
Upbit has cemented its status as one of the largest cryptocurrency exchanges globally, consistently ranking high in trading volume. Furthermore, it enjoys popularity within its home base, South Korea.
(Register your new Upbit account via the link below to earn a 25% Discount on Trading Fees)
How Does Upbit Work?
Upbit Exchange is built on robust security measures, a user-friendly interface, and years of experience in operating stock trading systems at a significant scale.
The platform caters to novice and professional investors, offering a fast and convenient trading experience. Users can access Upbit on web browsers or mobile apps, making it accessible wherever they are. This flexibility particularly appeals to professional investors who require real-time portfolio access.
In terms of asset diversity, Upbit is known for its extensive offering. It supports over 150 digital assets across approximately 41 markets, providing users with a wide range of options for trading and investment.
Pros and Cons of Upbit
Upbit offers a range of positive attributes. However, users need to consider potential limitations. The sections below summarize this platform’s pros and cons.
Pros of Upbit
- Wide range of features
- Strong security features.
- Beginner-friendly interface.
- Competitive fees.
Cons of Upbit
- It is not available in the U.S. or several other countries.
- Limited fiat currency support.
- Customer support can be slow at times.
Key Features of Upbit
Upbit stands out for its user-centric approach and features designed to accommodate beginners and experienced traders. Let’s delve into the key elements that make Upbit a noteworthy platform in the crypto space.
Easy-to-use
Upbit distinguishes itself with an easy-to-use interface designed to cater to new and experienced users. The simplicity of the platform is evident in several ways:
- Simple Layout: The Upbit interface has a straightforward and uncomplicated layout. Essential features are prominently displayed, allowing users to navigate seamlessly and engage in trading without unnecessary complexity.
- Intuitive Order Form: The order form is designed for simplicity and clarity. Users can easily select the cryptocurrency they want to trade, enter the desired amount, and execute transactions with the click of a button.
- Clear and Concise Price Charts: Upbit provides users with clear and concise price charts. These charts facilitate easy technical analysis, enabling users, especially newcomers, to identify trends and trading opportunities effortlessly.
- Comprehensive FAQs: Upbit offers a variety of thoroughly answered Frequently Asked Questions (FAQs). These resources serve as valuable guides for new users, covering the basics of cryptocurrency trading and providing insights into navigating the platform under different circumstances.
User-friendly Mobile App
Upbit extends its accessibility with a user-friendly mobile app on both Google Play and the Apple App Store. The mobile app enhances the user experience in multiple ways:
- Fast and User-Friendly: The Upbit mobile app is designed for speed and ease of use. Users can navigate the app seamlessly, even in lock screen mode, ensuring a convenient and efficient experience.
- Real-Time Price Checks: The app provides real-time price checks, allowing users to stay informed about the latest market prices and make timely decisions.
- Financial Institution-Grade Security: Upbit’s mobile app utilizes a financial institution-grade security system, ensuring the safety of user data and funds.
- Trends and Market Data: The app offers insights into trends and market data, providing users with valuable information and analysis for various altcoins.
Staking
Staking is vital to Upbit’s ecosystem, allowing users to participate in network validation and earn rewards. Let’s explore the critical aspects of staking on this platform.
- Staking rewards on Upbit: The reward calculation on Upbit runs for 24 hours, starting at 9 a.m. in Korea time. Ethereum (ETH) and Cosmos (ATOM) provide daily payments, Cardano (ADA) distributes rewards every 1 Epoch (approximately five days), and Solana (SOL) offers payouts at 1 Epoch intervals (around 2-3 days).
- Staking fees on Upbit: While Upbit maintains node management and staking services, it deducts a 10% validator fee from the rewards upon distribution, with no additional charges incurred by users.
Furthermore, Upbit specifies minimum staking amounts and associated reward rates for various digital assets:
- Ethereum (ETH): Minimum staking amount 0.02 ETH, reward rate 3.7%
- Cosmos (ATOM): Minimum staking amount 0.05 ATOM; reward rate 21.9%
- Cardano (ADA): Minimum staking amount 1.1 ADA, reward rate 3.3%
- Solana (SOL): Minimum staking amount 0.01 SOL, reward rate 7.0%
Various Order Types
Upbit Singapore offers traders a range of order types to suit different trading strategies:
- Limit Order: Users can set prices and amounts with a limit order. Suppose the specified price differs from the current market price. In that case, the order remains unfilled, and users can monitor these unfilled orders on the Open Orders screen.
- Market Order: Market orders are executed at the most favorable available price at the time of execution. They are commonly used for swift trading.
- Stop-Limit: This order type automatically executes a limit order when the stop price is reached. It is primarily employed for stop-loss or take-profit strategies and is available in select markets.
P2P Trading
Upbit’s peer-to-peer (P2P) trading feature empowers users to trade cryptocurrencies with one another, bypassing the need for intermediaries. This feature grants users greater control over their trades and the ability to avoid centralized exchange fees.
To initiate P2P trading on Upbit, users must create a dedicated P2P trading account accessible through the P2P Trading tab on the Upbit website. Users can browse for suitable trades once the account is set up.
Browsing options include filtering by cryptocurrency, payment method, and location. When users find a trade of interest, they can initiate the trading process by clicking the Buy or Sell button.
During the trade, users negotiate the price and payment method directly with their counterparts. Upbit safeguards these transactions with key features:
- Escrow: Upbit acts as an escrow service during P2P trades, holding the funds of both parties until the trade is completed, thereby mitigating the risk of fraud.
- Corporating with Reputation System: Upbit incorporates a reputation system for P2P traders, allowing users to rate and review their counterparts. This feature aids in identifying trustworthy traders and avoiding potential scammers.
- Dispute Resolution Quickly: Upbit also provides a dispute resolution process for P2P trades, enabling users to address and resolve any issues that may arise during a transaction, further enhancing the security of P2P transactions
Upbit Fees
Fees on Upbit can vary based on factors such as event discounts or order types, and the precise fees applicable to your transactions will be displayed on the exchange.
Upbit offers a range of markets for trading digital assets, each with its own pricing reference:
- SGD Markets: In SGD markets, users can buy and sell digital assets using Singapore Dollars (SGD) as the pricing reference. Transactions within this market are priced and settled in SGD.
- BTC Markets: BTC markets allow users to trade digital assets using Bitcoin (BTC) as the pricing reference. In these markets, the value of digital assets is determined by their equivalent value in Bitcoin.
- USDT Markets: USDT markets enable users to buy and sell digital assets with Tether (USDT) as the pricing reference. The prices of digital assets in this market are denominated in USDT.
By offering multiple market options, Upbit allows users to choose the pricing reference that aligns with their trading preferences and strategies.
| Limit, Market | Stop-Limit | ||
| Maker | Taker | ||
| SGD Markets | 0.25% | 0.25% | |
| BTC Markets | 0.25% → 0.2% | 0.2% | |
| USDT Markets | 0.25% → 0.2% | 0.2% | |
Related Article: Best Zero Fee Crypto Exchanges to Buy Bitcoin & Cryptos
Upbit Deposit and Withdrawal Methods
To engage in fiat currency deposit and withdrawal transactions on Upbit, users must have achieved Level 4 verification, which involves the successful completion of Identity Verification (Level 2), Residential Address Verification (Level 3), and Bank Account Verification (Level 4) within the Settings > Security menu.
- Deposit Limit: Unlimited
- Details: SGD deposit and withdrawal transactions are facilitated exclusively through bank accounts. Users with Level 4 verification can seamlessly perform these transactions using their verified bank accounts.
- Withdrawal Limit: 50,000 SGD per transaction / 100,000 SGD per day
- Daily Reset: The daily withdrawal limit resets at 6:30 a.m. Singapore time.
Additionally, Upbit introduces a unique withdrawal method known as Lightning Transfer. This method allows users to transfer funds between Upbit accounts without a withdrawal fee.
Lightning Transfer operates independently of the blockchain, enabling quicker transactions. However, it’s important to note that the transaction history for Lightning Transfers is not recorded in the blockchain.
Upbit Security
Security is a paramount concern in cryptocurrency, and Upbit takes this matter seriously. The exchange’s commitment to providing financial-institution-grade security ensures that user funds and personal data are safeguarded against potential threats within the cryptocurrency space. Upbit achieves this by placing a strong emphasis on the following key security factors:
Upbit Verification
Upbit requires users to complete a robust identity verification process to enhance security. Users must submit an ID photo and accurate documentation during this verification process. The images and documents must adhere to specific requirements:
- Image Formats: Images must be in JPG, JPEG, PNG, or PDF format.
- Valid ID Types: Accepted forms of valid ID include passports and government-issued IDs. These IDs must be currently valid. Expired documents will not be accepted.
- Document Originality: Documents uploaded must be original and not copies.
- Recent Bank Statements and Proof of Address: Bank statements and proof of address documents should have been issued within the most recent three months.
The Fund Password
Upbit implements an additional layer of security known as the fund password. Users must use this password to withdraw funds from their Upbit trading accounts. It also confirms a user’s identity when updating their information on Upbit. The fund password enhances overall account security and protection.
2FA (Two-Factor Authentication):
Upbit employs Two-Factor Authentication (2FA) as an additional security layer. When 2FA is enabled on an account, users are required to provide both their password (the first “factor”) and a unique 2FA code (the second “factor”) when signing in. This added layer of authentication significantly enhances account security by requiring dual forms of verification for access.
Customer Support of Upbit
Upbit, a leading name in the blockchain industry, takes pride in offering exceptional Customer Support services to its users. With a dedicated team of experts, Upbit ensures that your queries and concerns are addressed promptly and efficiently. Whether you’re a seasoned trader or just starting out, their support team will guide you through every step of your crypto journey.
You can reach out via live chat, email, or through Upbit’s comprehensive knowledge base. This crypto exchange is committed to delivering the best experience for its users.
Supported Currencies and Countries
Supported Crypto Assets on Upbit
Upbit’s support for over 150 digital assets showcases its commitment to providing diverse cryptocurrency options for traders and investors. These assets span various categories, including gaming cryptocurrencies, popular coins, and rare coins. Here are a few examples from each category:
- Gaming Cryptocurrencies: Axie Infinity Shards (AXS) and Decentraland (MANA)
- Popular Coins: Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Polkadot (DOT), Stellar (XLM), and Ripple (XRP)
- Rare Coins: Humanscape (HUM), Standard Tokenization Protocol (STPT), Polymath (POLY), and Moss Coin (MOC)
This extensive selection of digital assets allows Upbit users to diversify their portfolios, explore various blockchain projects, and engage in multiple trading opportunities.
Supported Countries on Upbit
Upbit, in adherence to international regulatory standards, imposes certain restrictions on residents of specific countries, including the United States, who are prohibited from registering with Upbit Singapore Pte. Ltd. These restrictions are put in place to ensure compliance with global regulatory requirements and to address potential legal and compliance concerns.
You can click this link for more details on Upbit-supported countries.
Payment Method on Upbit
This trading platform provides users with various payment methods for depositing funds into their accounts. Here is a breakdown of the supported payment methods on Upbit:
- Bank Transfer: Users can deposit funds into their Upbit accounts via bank transfer. However, withdrawals may not be supported through this method.
- Wire Transfer: Users can deposit and withdraw funds from various accounts through wire transfers.
Upbit does not currently support direct deposits or withdrawals using credit or debit cards or e-payment platforms like PayPal.
Step by Step to Create an Account on Upbit?
In this section, we present a step-by-step guide on how to create an account on Upbit. Follow the steps below to ensure a smooth and hassle-free account setup.
- Download and install the Upbit mobile app for iOS or Android and click the Sign-Up button.
- Input your email address, create a strong password, and complete the captcha. Ensure your password is between 8 and 20 characters long and includes at least one uppercase letter and one number.
- After entering the required information, click the Sign-Up button to initiate the account creation process.
- Upbit will send a verification email to the provided email address. Check your email inbox for the verification message. Check your spam or junk mail folder if the email is not in your inbox.
- Open the verification email sent by Upbit. Click on the verification link within the email to complete the registration process.
- Ensure you complete the email verification step within 30 minutes to avoid any potential issues.
- The verification link confirms your email address’s authenticity and finalizes the registration process.
Conclusion
Upbit stands out as a reliable and secure cryptocurrency exchange, offering a wide range of features to cater to the diverse needs of its user base. Its commitment to security, user-friendly interface, and extensive support for digital assets contribute to its popularity in the ever-evolving crypto landscape.
FAQs
Is Upbit a Korean exchange?
Yes, Upbit is a Korean exchange. Now the platform later moved its headquarters to Singapore. However, it remains one of the most popular South Korean exchanges.
What are the fees for Upbit?
The fees for Upbit depend on the market you choose to trade in. For SGD markets, Upbit charges a maker-and-taker fee of 0.25%. BTC markets charge 0.25% to 0.2%, while USDT markets charge 0.25% to 0.2%.
What is the payment method for Upbit?
The payment methods for Upbit include bank and wire transfers for fiat currency deposits. Upbit also supports crypto transfers for deposits and withdrawals.
Is Upbit Safe?
Yes, Upbit is a safe. This platform strongly emphasizes security measures to protect user funds and personal information. With financial institution-grade security practices in place, Upbit uses identity verification and two-factor authentication (2FA) to ensure the integrity of user accounts.
