The South Korean platform came to life in 2017, Upbit is a unique cryptocurrency exchange launched with some unusual features, rising to the top list of exchanges that have high trading volumes. This exchange within a short time brought trades worth billions.
It has a strategic partnership with a South Korean company known as Kakao Corp, this help to position Upbit as one of the biggest platform in the world, Bittrex another platform that is a giant in the crypto industry also partnered with Upbit, this partnership has opened doors to the exchange’s potential, making it a market leader within few months of inception.
The cryptocurrency exchange provides users a platform to either buy cryptocurrency, use fiat deposits, or trade existing crypto assets. The revenue of the platform comes from the fees charged to users during trade, it is a centralized exchange. Funds can also be withdrawn after paying the charges.
The company regulates Upbit as a centralized exchange, it is also subjected to the laws and policies that apply to the geographic region. This makes registration on the exchange require a South Korean phone number and other items that are specific to the region.
What is Upbit
The South Korean exchange is registered, the Platform primarily caters to its South Korean user base and also has a translated global version made available for other regions supported by the website.
The exchange supports only the fiat currency of South Korea and a single payment method. The interface and offerings of the business are satisfactory and its trading fees are not competitive. The fees charged by the exchange depend on the type of the coin but to deposit is free. Foreigners are advised due to the tedious mechanism of trading Upbit to look for other large exchanges.
Features of Upbit
Backed by massive tech companies; Upbit is not quirky and expansive but its features are precise and exclusive, It is a simple and clean trading view, a list of exclusive wallets, diverse and different digital currencies, and others.
Users are allowed to view various analytics and statistic, trending and updated information on the markets for them to make an informed decision before trading.
Offerings of Upbit
A review of Upbit sees that the products and service of Upbit includes a hot wallet (digital) to store digital assets. Aside from the traditional features of cryptocurrency exchange, through Kakao Corp, Upbit has compatibility with the ecosystem of apps. The Kakoa app stands out for its messaging services and Kakaopay which is the largest payment system in South Korea.
Security
Upbit is a safer security exchange, it has a secure firewall system that provides its users with 24/7 monitoring and protection. Upbit also uses 2-step verification as an additional layer of its security, there is also an additional fund password for the withdrawal of funds and finally, a level 4 verification for SGD deposits or withdrawals.
The security features of Upbit are so reliable, instead of using a hot wallet, all assets are transferred to more secure cold wallets, cold wallets keep your private keys offline meaning that a hacker cannot access your wallet even if your account is compromised. So when choosing a cold wallet, make sure the provider is reliable.
Trading fees
Upbit trading fee is low, helping its users to maximize profit. Upbit provides the same fee for both its makers and takers 0.25%. This number is considered to be the industry standard.
When it comes to withdrawal, Upbit fees for different coins vary, the withdrawal fee for BTC is 0.0005 BTC, ETH – 0.01 ETH, and LTC – 0.01 LTC. There are other fees for other coins.
