RESEARCH & ANALYSIS
FOR THE CRYPTO ECONOMY.

Upbit

Upbit Exchange Review

Centralized

Upbit Overview

  • Upbit is a cryptocurrency exchange based in South Korea that was launched in October 2017 with the help of Bittrex – one of their partners. An Upbit exchange review shows that they serve the crypto space via no less than 303 active markets and provide access to a 180 cryptocurrencies and/or digital assets (crypto assets). Upbit was allegedly the first Korea exchange to list hundreds of altcoins.

    Their website is available in more than one language, including English. For example, a pop-up message makes it clear that Upbit can be used in English and allows for easy navigation to the English version of their website. An Upbit exchange review also reveals that they make use of a firewall system and monitor security 24/7 in real-time. This while they seem to be on the ball in terms of customer service. This is according to them the result of years of experience in operating a stock trading system on a massive scale.

    Upbit also seems to offer a user-friendly app that can be downloaded via the App store and Google Play. The app offers real-time monitoring with custom notifications, trends and market data, including altcoin analysis and more.

    Upbit don’t seem to be without controversy as their main office was raided on May 10, 2018 as part of a probe into fraud. This while an Upbit exchange review reveals that executives of Upbit, three senior staff members, were indicted or formally charged on December 21, 2018 on charges of fraud. They were allegedly involved in making fake orders – something this crypto-asset exchange / digital asset exchange denies.

    Users can conduct their own research in order to come to a conclusion on the security of the exchange. Such information can be accessed on their website as well as on online platforms. UpBit is quite transparent when it comes to information regarding the team. The exchange has links to the company Dunamu, which is also owned by UpBit’s founder Song Chi-Hyung. One exchange review also reveals that it is also operated by Two Wood Co., Ltd., a Seoul-based company. The fact that the exchange is based in South Korea could appeal to a lot of users, due to South Korea’s reputation as a cryptocurrency exchange hub. The country is home to a significant amount of exchange platforms, with many of such exchanges ranking amongst the top performing platforms.

    UpBit only supports fiat currency in the local Korean currency of South Korean Won (KRW). This makes it an entry-level exchange, though its reach is limited to users of KRW. Deposits can be made through bank transfers, though the account that is transferring the money should be connected to a South Korean bank. The exchange does not charge fees for deposits and offers a flat trading fee of 0.15%. This is lower than the global industry average of 0.25%, which could, in turn, enable higher liquidity due to the appeal of the low fees. Withdrawal fees average to around 0.0005 BTC, which is slightly below the industry average.

    Upbit Exchange Review, Trading Fees, Deposit and Markets

    • 24h Trading Volume

      17542.564 BTC

      • Upbit Total Trading Pairs

        331

        • Upbit Margin Trading

          No

          • Upbit Deposit fees

            Free

            • Upbit Fiat Deposit

              None

              • Accepted Payment Method

                None

                • Upbit Native token

                  No

                  • Native token smart contract

                    N/A

                    • Upbit Trading Markets
                      • Upbit Stablecoins trading

                        Upbit Withdrawals

                        • Daily Withdrawal Limit

                          depends on security level

                          • Upbit Withdraw fees

                            N/A

                            • Upbit Withdraw fees discount

                              N/A

                              • Proof of Reserves

                                N/A

                                Upbit Exchange Rating Analysis

                                Last edit 17.07.2019

                                • Upbit is a Singapore based cryptocurrency exchange with a well-constructed site, a decent number of crypto supported, a large volume and according to one news outlet, insured crypto. The team, however, appears difficult to locate online and are relatively anonymous other than the CEO, who is experienced. However, their support entirely ignored our support queries, and the team has been under investigation for fraud allegations, so do take this into consideration.

                                  Upbit Exchange Additional Information