Cryptocurrency is taking the world by storm, and with its rising popularity comes a plethora of options when it comes to top-notch crypto exchanges. Even though it’s exciting to have options, it can also make choosing the right platform a daunting task. Fret not, as we bring you an in-depth Upbit review to see if this exchange is the best choice for you.
Upbit offers a range of features that make even the most inexperienced trader feel like a pro. From a user-friendly interface to advanced security measures, Upbit has everything you need to start your cryptocurrency journey. Plus, with its commitment to transparency, you can rest assured that your investments are safe and secure.
So, if you’re ready to jump on the crypto bandwagon, join us as we take a closer look at Upbit and everything it has to offer.
What Is Upbit?
Upbit is a Korea-based crypto exchange that was established in 2017. Upbit’s parent company is Dunamu, a leading fintech company in South Korea. Apart from Upbit, Dunamu operates several other companies, including two investment exchange platforms called Stockplus and U-Stockplus, and an equity management platform called Onboard.
Upbit is currently the largest crypto exchange by volume across South Asian markets and primarily caters to the South Korean user base. However, the exchange is available in several other Asian countries as well.
When talking about Upbit, it’s important to mention that it offers 39 digital assets for trading. However, the exchange only supports a local fiat currency and a single payment method, which could be a disadvantage for some users.
Despite its limitations, Upbit is still a reliable option for those looking to trade cryptocurrencies, especially if you’re based in South Korea. Now, let’s see how you can get started.
What Are Upbit Features?
Upbit is a feature-rich cryptocurrency exchange that provides users with a variety of tools and services.
Upbit offers a wide range of trading tools and charts, as well as real-time market data that helps users stay up-to-date on the latest trends and fluctuations in the cryptocurrency market. Additionally, Upbit also provides users with a mobile app that makes it easy to access their accounts and manage their trades on the go.
Upbit’s Open API provides users with the ability to develop applications and programs using the platform’s resources. With Upbit API, you can view your assets or orders, make and cancel orders, and manage withdrawals of digital assets through withdrawal address management. The Upbit Open API is available to anyone, making it an excellent tool for developers to create innovative applications. You can check the full list of features available with the Open API at the Upbit Developer Center.
Moreover, Upbit provides a range of security features to protect user funds, such as two-step verification, a security firewall system, and an additional fund password you must enter when withdrawing funds. Upbit also offers 24/7 monitoring to ensure the safety of users’ assets.
Overall, Upbit’s extensive range of features and security measures make it a popular choice for those looking to trade cryptocurrencies, particularly in the South Korean market.
What Are Upbit Fees?
One important aspect to consider when using an exchange platform is the fees. In this section, we’ll explore the different fees that Upbit charges for transactions, deposits, and withdrawals.
Upbit Trading Fees
Upbit’s fee structure depends on the market used for trading, with SGD, BTC, and USDT markets available. For SGD markets, trading is based on the Singapore dollar, while for BTC markets, Bitcoin is the base currency, and USDT markets are based on Tether. Daily data is calculated based on UTC, which makes it easy to compare prices across global exchanges. This data includes the change rate of the close price on the day compared to the price at 0:00 UTC, as well as cumulative volume for the last 24 hours, and open/high/low/close price during the UTC from 0 to 24 hours.
Upbit’s transaction fees vary depending on the type of order, with maker and taker orders available for limit and stop-limit transactions. The fee charged for transactions also includes GST, and the actual fee may vary depending on the event discount or order type. The minimum order amount varies based on the market being used, with a minimum of 0.5 SGD, 0.0005 BTC, or 0.0005 USDT.
Upbit offers three types of orders—limit orders, market orders, and stop-limit orders. Limit orders are useful when the price is a priority, while market orders are used for fast trading. Stop-limit orders are mainly used for stop loss or take profit and are only available in some markets. The tick size for SGD markets varies based on the digital asset price, while the tick size for BTC and USDT markets is fixed.
All things considered, Upbit’s fees are reasonable, but traders should carefully consider the different markets, order types, and tick sizes when making trades to ensure that they understand the applicable fees.
Upbit Withdrawal Fees
Withdrawing your funds from a cryptocurrency exchange can sometimes come with unexpected fees, which can be frustrating for users. Upbit has its own set of withdrawal fees for each supported asset. Here’s a table that summarizes the withdrawal fees for the most popular digital assets on Upbit:
You should also note that withdrawal fees are charged per transaction and may be adjusted according to blockchain conditions. And, if you use Lightning Transfer to transfer digital assets between Upbit accounts, there is no withdrawal fee. Deposit fees on Upbit are also free.
Upbit Customer Support
Upbit offers reliable customer support through its email and website. Users can submit their requests or inquiries on the website and expect a prompt response. Although there’s no phone or chat support, many Upbit users praise the quality of support through email and the website.
Additionally, the platform provides a comprehensive support center section that covers a wide range of topics, which can be helpful in resolving any common issues without having to contact support.
What Do Customers Say About Upbit?
Upbit crypto exchange has garnered a lot of attention from users around the world. Many people have shared their experiences using the platform, as evidenced by a variety of Upbit customer reviews available online.
Users have praised the platform’s ease of use, security features, and wide range of digital assets available to trade. Many also appreciate the helpful customer support team that is available to assist with any questions or issues.
However, some users have noted that the platform’s fees can be higher than other exchanges and that the withdrawal process can be time-consuming. Despite these minor drawbacks, many users continue to use Upbit and recommend it to others looking to trade cryptocurrencies.
If you’re considering using Upbit, it’s always a good idea to read reviews from other users to get a feel for the platform.
Summary of Upbit Review: Is Upbit Worth It?
After reviewing Upbit’s features, fees, security, customer support, and user reviews, it’s clear that Upbit is a reliable and secure cryptocurrency exchange worth considering for traders, especially those in South Korea.
The platform provides a wide range of assets to trade and has implemented a number of security measures to protect user funds. While the trading fees may not be the most competitive, the user-friendly interface and excellent customer support make Upbit a convenient choice for both novice and experienced traders. Overall, based on our Upbit exchange review, we can confidently recommend Upbit to anyone looking for a trustworthy and convenient cryptocurrency exchange.
Can you use Upbit in the US?
Upbit is not available in the US. The exchange is primarily focused on the South Korean market, but it’s also available in several other Asian countries. If you are located in the US, you need to find an alternative cryptocurrency exchange that operates within the country.
Is Upbit centralized?
Yes, Upbit is a centralized exchange. This means it is operated by a single entity, and all trades are executed through its platform. As a centralized exchange, Upbit is responsible for maintaining the security of the platform. This is in contrast to decentralized exchanges, where trades are executed through smart contracts on the blockchain, and users have complete control over their funds.
Does Upbit have its own token?
No, Upbit doesn’t have its own token. It’s a cryptocurrency exchange platform that allows users to trade a variety of cryptocurrencies, but it doesn’t have a token specific to the platform.
How much are Upbit withdrawal fees?
As previously mentioned in our Upbit review, this exchange charges withdrawal fees based on the specific cryptocurrency being withdrawn. It charges 0.0005 BTC per BTC withdrawal, 0.01 ETH for ETH withdrawal, etc. You can check the list of all the fees on the website’s support center section.