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Upbit Cryptocurrency Exchange Review

7.4

CURRENCY VERITY

7.0/10

REPUTATION

7.5/10

CUSTOMER FEEDBACK

8.0/10

DESIGN

7.0/10

Pros

  • multi-factor authentication
  • 24/7 transaction
  • Account security

Cons

  • No Trading Pairs
  • Few Currency Supported

Upbit Cryptocurrency is a South Korean crypto exchange launched in October 2017. There is a large number of South Korean exchanges, as the country has been one of crypto’s strongholds since early on. In addition to this exchange, the list also includes (but is not limited to): BithumbCoinoneKorbit and Gopax.

There is plenty of information on the exchange’s website on the company running the exchange. This is always nice to see for prospective customers as it makes it less likely that the exchange will just run off with your money.

What Is Upbit Cryptocurrency

Upbit is a global leading crypto assets exchange which was founded in October 2017. This crypto exchange is based in South Korea and became a famous exchange platform among the users and customers of cryptocurrency. The crypto exchange has become the largest cryptocurrency exchange of digital assets by the year 2018 due to its increasing trading volume.

The Cryptocurrency exchange has a partnership with Bittrex which is an American crypto exchange. Bittrex exchange helped the Upbit exchange in its development. The parent company of Upbit is Dunamu and the CEO of the Upbit exchange is Chi-Hyung Song.

ExchangeDetails
Exchange NameUpbit Cryptocurrency
Exchange TypeCryptocurrency
Customer Support1588-5682
Support2F, 14 Teheran-ro 4-gil, Gangnam-gu, Seoul
 Websitehttps://upbit.com/
Support24/7
 TelegramN/A
 Alexa Rank7958
 Top CountryIndia

How To Sign Up & Start Trading

You Sign Up For A User Account By Providing Basic Information.

On Every Exchange You Will Get Option For Sign Up Or Create Account . Just Fill Some Basic Details Like Name , Email , Password , Security Question Etc For Registration . It Is First Step To Start Trading On Any Exchange

You Then Receive An E-mail In Your Mailbox To Activate Your Account.

Before You Can Login, You Must Active Your Account With The Code Sent To Your Email Address.Then You Will See A Message That Your Financial Account Is Activated And Ready To Go. This Means That You Can Log In And Start Trading In Cryptocurrency.

Identity Verification

For Successful Verification You Will Need Identity Documents. For Example, You Can Use A Driver’s License Or Passport, Where The Name Is Duplicated In Latin Letters.Confirmation Of Identity On Exchange Is An Optional Step. The Procedure Must Be Completed Only If You Want To Remove The Restrictions Of Btc On Deposit Or Withdrawal Of Funds Per Day.

Upbit Cryptocurrency Hosting Details

Given URL:https://www.zb.com/en/
Domain:zb.com
Hosting:AS45102 Alibaba (US) Technology Co., Ltd.
Registrar:GoDaddy.com, LLC
Server IP:47.56.169.163
Name Servers:PDNS1.REGISTRAR-SERVERS.COM , PDNS2.REGISTRAR-SERVERS.COM
Creation Date1995-07-18 04:00:00
Expiration Date2027-07-17 04:00:00
Updation Date2018-03-22 06:33:51

Enable 2-Factor Authentication (2FA)

When you log certain the primary time, a pop-up will show up and ask you to enable the 2FA, which can help in increasing your account security. If you’re new 2FA, you’ll got to download the Google Authenticator  app then scan the QR (or enter the key key) so as to urge a 1-minute changing code.

After completing these three steps, you’re through with fixing your account.

Upbit Trading fees

Upbit Cryptocurrency exchange offers a flat trading fee of 0.25%. Upbit does accordingly not distinguish between takers and makers. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model.

0.25% is in line with the historical industry averages with respect to trading fees. The global industry average has for a long time been somewhere in the area of 0.25%. When comparing with its South Korean counterparts however (BithumbCoinoneKorbitCoinrail and Gopax), Upbit’s fees are however on the high end. The average taker fee among these exchanges is 0.139% and the average maker fee is 0.11%.

 Transaction fee discount event!

General orderReservation order
MakerTaker
KRW Market0.139% → 0.05%0.139%
BTC Market0.25%0.25%
USDT Market0.25%0.25%

Upbit Withdrawal fees

Upbit Cryptocurrency charges a withdrawal fee amounting to 0.0009 BTC when you withdraw BTC. This fee is a bit above both the global industry average and the domestic South Korean industry average, and thus does not constitute a competitive advantage against other crypto exchanges (neither the domestic nor the international ones).

Deposit Methods

Upbit offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course bad news to you if you would prefer to use your credit card for any reason.

Obtained international standards and major domestic security certifications

Information Security Management System (ISMS)

A system that is certified by the government for a comprehensive information security management system such as management and operation of important information assets held by the company.

International

Security standard certification for information security management system established by the International Organization for Standardization (ISO) and International Electrotechnical Commission (IEC).

Upbit Supported Currencies

Upbit Cryptocurrency being the South Korean exchange is currently supporting just a single fiat currency Won which is the South Korean fiat currency. All the deposits can be done in this fiat currency with the help of the South Korean bank account.

Upbit Customer Support

The Upbit Cryptocurrency exchange also provides the customers’ support. The customer support is given through the means of email and a telephone number. Customers can also get help through the famous messaging app KakaoTalk. Apart from this, there is also available a proper section labeled as “support” on the website of Upbit for the users and customers’ support.


editor