Upbit is known for its extensive trading options for cryptocurrency. It emphasizes security and compliance, offering a user-friendly platform while catering primarily to the South Korean market and expanding into Southeast Asia.
What is Upbit?
Upbit stands as South Korea's largest cryptocurrency exchange, boasting the highest trading volume and a vast customer base. With over 180 cryptocurrencies listed and 300 trading pairs available, Upbit provides a comprehensive ecosystem encompassing its exchange, NFT Marketplace/Drops platform, and Staking services.
User-Friendly Trading Experience
Upbit prioritizes a fast and secure trading experience through its user-friendly web platform and mobile apps. The platform places a strong emphasis on safety, transparency, and reliability, consistently earning security certifications such as ISMS-P and ISO/IEC since its 2017 launch.
Security Measures and Certification
With industry-leading security measures, including a 24/7 Artificial Intelligence FDS system and a dedicated AML team, Upbit places a premium on personal information and information security management. The exchange has acquired significant certifications to attest to its commitment to security.
Investor Protection Services
Upbit extends unparalleled investor protection services through its Upbit Care Centre, offering free counseling and education on cryptocurrencies.
Founders of Upbit
Song Chi-hyung, the founder and chairman of Dunamu, the operator of Upbit, holds a Bachelor's degree in computer science and economics from Seoul National University. His background includes work on mobile payment services and IT projects at Danal and Inomove.
Launch Date
Upbit commenced its services in October 2017 and secured the first virtual asset service provider (VASP) qualification in 2021.
Restricted Countries
Upbit limits its services to countries identified as high-risk by the FATF and UN.
Trading Fees
Upbit maintains a low trading fee of 0.05% for Korean Won (KRW) trading pairs, while BTC and USDT-based pairs for both makers and takers incur a fee of 0.25%.
Leverage and Margin Trading
Upbit does not support leveraged trading or offer margin trading on its platform.
What are the trading fees on Upbit?
This trading platform features a flat trading fee of 0.25%, treating both takers and makers equally. This fee structure may be appealing to investors who prefer executing trades by picking up existing orders from the order book.
The 0.25% fee aligns with historical industry averages. The global standard has hovered around 0.25% for an extended period. However, when compared to its South Korean counterparts such as Bithumb, Coinone, Korbit, and Coinrail, Upbit's fees are relatively high. The average taker fee on these exchanges is 0.139%, while the average maker fee is 0.11%.
Withdrawal fees on Upbit are typically fixed and vary depending on the cryptocurrency being withdrawn. For example, withdrawing BTC incurs a small BTC fee, and the same goes for ETH withdrawals. In a previous empirical study of BTC withdrawal fees across crypto exchanges, the average was approximately 0.00053 BTC per withdrawal. Upbit's BTC withdrawal fee of 0.0005 BTC per withdrawal is slightly below the global industry average.
Does Upbit offer leverage trading?
Upbit does not support leveraged trading or offer margin trading on its platform.
Does Upbit offer leverage trading?
Is there a research audit report for Upbit?
Is there a research audit report for Upbit?
Is Upbit safe?
While many major CEXes boast stronger firewalls than most governments, history has witnessed numerous instances where exchanges have fallen victim to hacks, resulting in the loss of customer funds. DEXes are generally safer option as you have control over your funds at all times as long as blockchain is up and running. Its all based off contract code so you can clearly look whats behind the scenes, and how their contracts work.
Does have customer support?
Almost all exchanges provide customer support, but the quality, speed and continuity of this service varies from time to time depending on the budget conditions of the companies. We recommend that you experience the support service provided by the stock exchange by asking a question to the support section on its website.
