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Ha Noi
1 Level
84 Review
15 Karma

Review on Upbit by toan van

Revainrating 3 out of 5

Judging by Upbit, should we continue using it after the $ 50 million hack in ETH

Upbit is a well-known Korean exchange founded in 2017, which is known for its investment of Kakao (Korea's largest messaging app), right from the moment it was launched. Its eyes have been trusted and loved by many Korean users. It and Bithumb have dominated the Korean market for a long time.
It was hacked tens of millions of dollars in 2019, the value of ETH, which affected its credibility was greatly reduced, although the exchange used its hedge fund to compensate customers who were influence but this is still the most serious one in the cryptocurrency world.



Pros
  • Large trading volume and high liquidity, especially in the KRW area
  • Support to trade multiple coins and tokens with basic pairs like BTC, ETH, USDT, KRW
  • Optimizing and allowing traders to use the app on phones
Cons
  • This cryptocurrency exchange currently supports only the following regions: Korea; Singapore; Indonesia
  • High transaction fees, difficult to create accounts and KYC if users are outside Korea and some areas it is supported. It only supports some Fiat such as KRW, SGD, IDR.
  • It was hacked for about $ 50 million ETH, which is a major security hole that makes many customers feel insecure

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