UPbit Review: What Investors Need To Know

Upbit is a South Korean cryptocurrency exchange established by Song Chi-Hyung, one of South Korea’s richest men. Bittrex, an American cryptocurrency exchange site, was extremely helpful to Upbit when it was first launched. In this UPbit review, let’s find out through the article below.

What Is Upbit?

The digital currency trading platform known as Upbit was founded in South Korea and has since expanded its operations into a few additional Asian countries. It is possible to describe Upbit as the most significant cryptocurrency exchange in terms of volume across all South Asian crypto exchanges. The user base in South Korea is the platform’s primary focus, but a global version of the website that has been translated and is available to users in other supported locations has also been developed.

Upbit review is an exchange that has a partnership with the cryptocurrency powerhouse Bittrex in the United States. Because of this, Upbit review is in a position to provide an exceptional selection of assets (more than 100).

The trade is limited to a single payment method and only accepts the regional fiat currency as payment. The ease of use of the site is adequate, despite the fact that the trading fees are not competitive. The exchange may charge different fees for each coin or currency, but there is no fee associated with deposits. People who live in countries other than South Korea are strongly encouraged to explore for alternatives to Upbit due to the cumbersome trading system it employs.

How Does Upbit Work?

To start with Upbit review is a cryptocurrency exchange that allows users to either acquire cryptocurrency with fiat currency or sell their existing cryptocurrencies for other cryptocurrencies or fiat currency. The revenue of the exchange is derived from the fees and other charges that are associated with the trading services offered by the platform. Because Upbit is not a DEX (decentralized exchange), the corporation retains full control over the platform; furthermore, it appears to make excellent use of the authority it possesses.

Through a straightforward process, registered users have the ability to either exchange the assets they possess or utilize fiat currency to acquire additional assets. After making the appropriate payments, the monies will be available for withdrawal into the wallet.

UPbit Review: Features

Upbit is not among the most eccentric or extensive exchanges; yet, because to its history and ties to large technology businesses, its list of features is specific and exclusive. Upbit’s features include a trading interface that is uncluttered and straightforward, a directory of private wallets, and a selection of several cryptocurrencies to trade.

Users of Upbit’s trading platform have access to a tool that enables them to monitor a variety of metrics and statistics, obtain the most recent information available on market movements, and make better educated decisions regarding their trading activities.

Products and Services 

Upbit review gives you access to a wide variety of products, including a “hot wallet” (also known as a digital wallet) that can be used to store digital assets; however, the safety of this wallet may be a cause for concern. Upbit’s connection with the ecosystem of apps produced by Kakao Corp. is one of the elements that sets it apart from other cryptocurrency exchanges in addition to its standard capabilities, which are shared by all of these platforms.

KakaoTalk is a messaging service that has millions of active users, and KakaoPay is the second-largest payment system in South Korea. Both services are owned by the same company. This makes the leading conversation into a mammoth undertaking. Additionally, the company offers a public API service that can be tapped into to obtain up-to-the-minute data and do research on the bitcoin market. 

Exchange Platform

Users of this platform now have access to a user-friendly exchange service as a result of the assessment of the platform’s exchange. The most appealing features of the cryptocurrency exchange platform are the ability to do Crypto Trading with only a few simple steps, the capability to exchange fiat currency for crypto assets, and the presence of a large user base. The platform can be used by accessing it through a desktop version of the website, or through the mobile experience brought about by an application, which is available for users of both iOS and Android. Trading views can be adjusted, and individuals can view order books, currency charts, and other types of data in a range of sizes. The default layout is highly effective and presents the information in an organized manner that is easy to read.

Fees & Charges

On its platform, Upbit extracts fees from users who are either “makers” or “takers.” It is possible that the flat fee rate of 0.25% for trading volume is not the lowest in the industry. To this day, it does not appear to have any effect on the platform’s normal flow of incoming and leaving deals. A consistent maker on the platform does not have an advantage due to the fact that the charge is the same for both takers and makers. This is because consistent makers are able to obtain lower rates on other exchanges. Users don’t have to pay anything to make deposits on Upbit; however, there is a fee associated with withdrawing funds. The fees associated with withdrawing each cryptocurrency are distinct from one another. The exchange does not levy any hidden or additional costs on top of these prices; they are the only fees that are imposed.

Deposit and Withdrawal Methods

The sole method of depositing funds that is supported on the Upbit platform is wire transfer. The South Korean Won is the available option for use as the deposit currency for fiat currencies. It is possible that the absence of other ways of payment and a variety of fiat currencies will discourage overseas investors. On the other hand, making a withdrawal from the platform is simple and each one has its own charge associated with it. In order to complete a withdrawal, you must first select the asset that will be removed from your account, then input the address of your wallet (if you are not using Upbit’s hot wallet), and then confirm the transaction based on the fees associated with withdrawing the asset.

Accepted Payment Methods

The only method of payment that is recognized by Upbit is a wire transfer carried out by the regional banks located in the areas where the exchange is offered. Users who are residing outside the country or who are going outside the country may perceive this limitation as a detriment because it prevents them from using certain features. If you just use wire transfers to fund your account, you won’t be able to maintain your anonymity on the platform, and you won’t have the option to begin trading right immediately.

Supported Currencies and Countries

The translation of the website into other languages is made possible with the assistance of Google Translate; however, the Republic of South Korea is the primary focus of the exchange. The countries that are now supported are displayed on the website; at the time that this article was written, they include Singapore, Thailand, South Korea, and Indonesia. The United States of America is not included on the list of nations that Upbit supports.

The list of fiat currencies that can be used is as short as it can possibly be. The Won is the only fiat currency used in this country. When it comes to digital currencies, the quantity of available assets might cover a broad spectrum. Through its complex network, which includes both its own exchange and a relationship with Bittrex, another large cryptocurrency exchange, over one hundred different assets are supported.

Security and Privacy

According to the Upbit review, which is well-known for having partnerships with a number of the most prominent digital and financial technology businesses in the world, Upbit appears to maintain a high level of security with the help of safety measures such as two-factor authentication (2FA). BitGo, the industry leader and current world standard for multi-signature wallets, is utilized by the wallets that are a part of the ecosystem.

UPbit Review: Pros and Cons

Pros

• Upbit provides users with access to hundreds of different coins and assets.   
• It is the perfect digital solution because to the ecosystem of features, goods, and services that it offers. 
• Kakao’s users could potentially become Upbit clients, expanding the company’s user base. This has the potential to propel the already dominant platform to to greater heights. 

Cons

• It is not available in the majority of countries around the world, and the process of trading it from elsewhere takes skill.
• The platform will not charge you any fees for making deposits.
• When compared to the costs charged by most platforms throughout the world, particularly DEXs, the fees charged by Upbit are very high.
• On the Upbit platform, there is only support for a single type of payment mechanism.
• The platform does not provide access to some of the most cutting-edge trading tools and trading methods, such as margin trading.

Is Upbit Regulated?

A centralized cryptocurrency exchange is what Upbit is. While the corporation itself is responsible for the governance and regulation of the platform, the platform is still subject to the laws and policies that are applicable only in the particular geographic region.

However, one thing to keep in mind is that in order to register on the exchange, you need to have a phone network in South Korea in addition to a few other things that are region-specific. This can act as a regulatory wall for users who are located outside of the country.

Conclusion

Users who are located in the Republic of South Korea or one of the three other countries that are supported can trade cryptocurrency using Upbit, which, according to the reviews left by those users, is one of the greatest platforms and exchanges to utilize for doing so. There is a dearth of cutting-edge instruments that are now available in the sector; yet, a non-competitive yet flat charge adds to the simplicity of the situation. The platform’s strongest assets are a user-friendly design, an unprecedented volume of daily deals, and a wide variety of additional products and services.

On the other hand, users who do not dwell in the places that are supported are strongly discouraged from attempting to use the platform and are instead urged to look for an alternative to the exchange.

Join us to keep track of news: https://linktr.ee/coincu

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.