UpBit | Business24-7

Updated: 7 March 2023

Published: 2 March 2023

Page Summary

Upbit is a cryptocurrency exchange founded in 2017 where traders can trade over 100 different cryptocurrencies and 180 cryptocurrency pairs. Users can deposit cryptocurrencies at Upbit or deposit by wire transfer in South Korean Won. Upbit only offers spot trading and does not offer leveraged trading or staking services. At the time of writing Upbit is the 26th largest cryptocurrency exchange by trading volume. Users can trade without going through a KYC process but have to if they want to trade over 1 million won ($850).

About Upbit

Upbit is managed by Upbit Singapore Pte. Ltd. registered at 1 Harbourfront Avenue #16-02, Keppel Bay Tower, S098632, Singapore. Dunamu is the parent company of Upbit, of which Sirgoo Lee is the CEO. Dunamu has a partnership with the American cryptocurrency exchange Bittrex.

How does Upbit work?

Upbit is a cryptocurrency exchange where users can trade cryptocurrency or buy cryptocurrency with Korean won. Upbit is not a decentralized exchange and doesn’t offer peer-to-peer trading.

Upbit Features

Upbit offers spot cryptocurrency trading on 100+ cryptos and doesn’t offer leveraged trading, staking services, NFT trading, or any type of advanced cryptocurrency trading. Upbit does have a crypto trading app available for both Android and iOS devices.

Is Upbit Regulated?

No, Upbit is a centralized cryptocurrency exchange but isn’t regulated by any financial watchdog like the CySEC, ASIC, or SCA.

Upbit Products and Services

Upbit offers spot trading on cryptocurrency markets and a hot wallet to store your crypto. Users can trade over 100 different cryptocurrencies and 180 cryptocurrency pairs on Upbit. The Upbit wallet is compatible with KakaoTalk. Upbit users can send crypto to other people using Kakaotalk via their app. Upbit has an API service available that you can use to get real-time cryptocurrency price data.

Pros

Offers over 100 cryptos to trade
Doesn’t charge deposit fees
Offers a hot wallet to store crypto
Users can send crypto to others via KakaoTalk

Cons

Not available in most countries
High trading fees
Only Korean Won and crypto deposits accepted
Lacks tools for experienced traders

How to Open an Upbit Account

You open an Upbit account by going to their website, clicking on ‘sign up’, entering your email, accepting the terms of use and privacy policy, and clicking ‘sign up’ again. Note that you will have to enter a valid South Korean phone number and that Upbit will send a verification message to this phone number. For this reason, Upbit is not practical for traders and investors outside of South Korea. Users don’t need to go through a KYC process to start trading at Upbit, but if they want to trade over 1 million Korean won ($850) this is required.

Upbit Trading Platform

The Upbit trading platform features real-time cryptocurrency price charts, the order book, and current trade sentiments. Users can customize the trading interface according to their liking and use tools to conduct technical analysis like indicators. The trading platform is user-friendly and well-suited for both beginner and experienced traders.

Upbit Fees

Upbit charges users a flat fee per trade of 0,25%. This is a high trading fee compared to other cryptocurrency exchanges. Deposits and withdrawals on Upbit are free. There are no hidden or other fees charged by Upbit.

Upbit Deposits and Withdrawals

Users can deposit cryptocurrency or Korean won into their Upbit trading account. It is only possible to deposit Korean won by bank wire transfer. There are no fees to deposit or withdraw funds apart from miners’ fees. To deposit cryptocurrency, users have to follow a 3-step process. They need to select the desired cryptocurrency, copy the deposit address and then transfer the funds from their wallet to their exchange wallet. Withdrawing funds works the same but then from exchange wallet to external wallet.

Upbit Safety and Security

Upbit is a safe and secure cryptocurrency exchange that has never been hacked. Users can set up two-factor authentication to protect their account better. Upbit stores clients’ funds on BitGo multi-signature wallets.

Upbit App

Upbit has a cryptocurrency trading app available for both iOS and Android devices. This app has the same features as the desktop trading platform.

Upbit Customer Support

The Upbit customer support is available 24/7 by email, phone, and via KakoTalk. The customer service is available in both Korean and English. They also have a FAQ section on their website where users can get answers to their questions

UAE Investors

As UAE trader or investor you can only trade with Upbit if you have a valid South Korean phone number. UpBit focuses mainly on South Korean users and we don’t recommend signing up with them as trader or investor from the United Arab Emirates. A good alternative cryptocurrency exchange is Binance.

FAQ

Is trading crypto at Upbit legal?

Yes, it is legal to trade crypto at Upbit but it is an unregulated cryptocurrency exchange.

What if I cannot receive the verification message with my UAE phone number?

Then you have to use a South Korean phone number instead. For this reason, we don’t recommend traders and investors from UAE to sign up with Upbit.

Does Upbit offer a demo trading account?

No, Upbit doesn’t offer a demo trading account.

Disclaimer

Stefan Grasic

Stefan Grasic (Dipl.-Jur) is the owner of Business24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active stock, CFD, crypto and general investment researcher, advising blockchain companies such as Blockbird, GoCrypto, Hive Terminal at their start up level. Stefan began trading in 2010 as a college student. Money was tight,…

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