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Upbit Review

13

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Poor

Revainrating 2.5 out of 5  
Rating 
2.7
Crypto Exchanges

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Description of Upbit

What Is Upbit? Currently, Upbit is South Korea’s largest cryptocurrency exchange by trading volume. The platform allows customers to trade the South Korean Won (KRW) with a wide selection of cryptocurrencies and Bitcoin pairs. The company recorded exponential growth within three months of its launch, thanks to the help of its American partner, the cryptocurrency exchange Bittrex. One unique feature of the exchange is the option to trade currencies via the Kakao Stock platform, which is built on Kakaotalk messenger. This makes it easy for Korean users to trade digital assets as simple as they use the messaging app. At the peak of December 2017’s cryptocurrency frenzy, the average trading volume on the platform reached $4.5 billion a day, with a one-day record of $11 billion. Who Are the Founders of Upbit? Song Chi-Hyung is the CEO of Dunamu and the founder of Upbit. He is one of South Korea’s wealthiest men. Through his holding company Dunamu, Upbit was able to secure funding from internet giant Kakao Corp. and partnered with U.S.-based Bittrex in October 2017. Song obtained his Bachelor’s degree in computer science and economics before landing his first tech job at an IT firm in the late 1990s. When Did Upbit Launch? The online trading platform launched on October 24, 2017. Where Is Upbit Located? The company has its headquarters in Seoul, South Korea. However, it began expanding into Southeast Asia in late 2018, starting with a branch in Singapore on October 30. Subsequent locations include Indonesia and Thailand. Upbit Restricted Countries The exchange is not available to customers residing in the U.S. Countries in the Active Sanctions Programs, as well as those in FAFT’s high-risk jurisdictions are not allowed to access its services. What Coins Are Supported on Upbit? There are currently over 170 coins and 288 trading pairs available on the exchange. How Much Are Upbit Fees? While the exchange does not charge any fees on deposits, withdrawal fees generally vary depending on the cryptocurrencies being withdrawn. Its trading fees are also in line with the 0.25% fee for both takers and makers by most South Korean exchanges. Is It Possible To Use Leverage or Margin Trading on Upbit? As of October 2022, the platform had not supported margin trading.
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Reviews

Global ratings 13
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Type of review

Revainrating 4 out of 5

An exchange that gives priority to Far Eastern countries

Upbit is a crypto par exchange project created with blockchain technology. Upbit is an exchange focused on the Far East. Many stock exchanges are having difficulty in accessing far eastern countries. Upbit was created to eliminate this obstacle. It offers the opportunity to trade by integrating the Far Eastern countries with the stock markets in Europe and America. Upbit is very poor in language. Only four languages are available. There is no live support or I could not find it, but you can…

Pros
  • Can be used on both desktop web browsers and mobile devices
  • Opening the funds of Far Eastern countries to the other world
Cons
  • You cannot benefit from all the opportunities of the exchange without identity approval
  • They have really low level security procedures and they don't tell you what security procedures they have
  • Insufficient altcoin list

Revainrating 1 out of 5

Competitively competitive exchanges, but need to be improved.

Launched in 2017, Upbit is one of Korea’s main cryptocurrency exchanges, and KaPao’s chat programs behind the Upbit platform are, of course, related to the bittrex trade - the U.S. change. Korea, a leading alternative to Korea, with a different cryptocurrency and a trading price of less than 0.05%, supports Fiat trading, has a very good support team, and you can use trading on both devices. practical, of course, has a full market and trade environment Property is limited depending on the degree

Pros
  • Optimize and allow merchants to use the app on phones
Cons
  • There is no active trader in this exchange.

Revainrating 3 out of 5

Upbit is a one amongst other scammed exchange.

Upbit was one of the biggest messaging application that also provided a C2C cryptocurrency exchange for the Korean's. Recently, there was an occurrence of failed transactions and invalid connection from virtually all it users and this was an indication that the platform has been hacked by some crypto hackers. However, because of failed transactions and other recorded responses from it customers it went on to a brief suspension of services but yet it is still down till date. Altsbit lost over $7

Pros
  • None for this review.
Cons
  • Failed transactions and transfer.
  • Inactivity of service team operators.
  • Error logging.

Revainrating 3 out of 5

UPBIT is now not available to exchange.

Upbit is cryptocurrency that is managed by the south Korean exchange. It is one of the biggest functioning cryptocurrency for carrying out exchange before it was hacked and almost all it funds were lost to a hacking group. However, it is still on the watch of investigating if the stolen funds can be recovered as any point in time. Before it was bridged there was a disturbance in the network flow within the platform and many other inrelevent activity began to pop up unnecessarily on the…

Pros
  • None.
Cons
  • Inactive.
  • Lost it main asset(Ethereum).
  • No service and maintenance date provided.
  • No active trader on this exchange.

Revainrating 3 out of 5

I'M VERY SCEPTICAL ABOUT THIS EXCHANGE

Upbit is a south Korea exchange that was established in 2017. Upbit claims to be a trusted exchange but based on my verdicts I don't think that's true because the exchange was hacked in the year 2019 ,this incidence lead to the lost of $53million Worth's of cryptos, security of funds is the foremost and essential criteria any trader will look at before using an exchange and in respect to that I'm going to down rate the exchange's security. I tried registering on the exchange but the website…

Pros
  • Wide range of coins to trade
  • High liquidity
  • It has numerous trading peers for Bitcoin
Cons
  • Security is not assured and so safety is a major concern to many traders.
  • High trading fee for makers and takers
  • Lacks some advanced trading features like margin trade
  • They have lost huge amount ,this was over $50million.

Revainrating 2 out of 5

UpBit is not what Other Traders say (Exchange with Little Representation)

It has been a little bit misunderstood that the development and support of Up it is beneficial for the cryptocurrency market. But the truth is that this small platform has anything to offer because there are little content and information about the things it provides. If users lookup for it through the public opinion they'll see some mistaken reviews. They contrast to is said first, and this has been a factor that has confused some traders of keeping outside the network. Personally, this…

Pros
  • The network has support and availability for different devices including mobile phones.
  • It works under certain parameters to offer trading services up to more than a hundred of tokens.
Cons
  • Platform little used by the community and the team. It is an exchange with a low promotion that does not compete with other representative networks.
  • It has not addition for trading with fiat. No deposits in the debit card are admitted.
  • The team must update certain areas of the platform to fulfil it with reliable content and has immediate access to the dashboard of trading.
  • There is little information about this service that is not so easy to confirm.
  • It is highly limited for global services. It is a small exchange with lots of countries restricted.

Revainrating 4 out of 5

Upbit one of the exchangers from South Korea...

Upbit, one of the exchangers originating from South Korea, was established in 2017 and has branches in Indonesia and Singapore. More than 150 cryptocurrency assets are traded in this large market. Upbit exchange can be accessed via the website or through mobile applications that support the Android platform or ios, for the cost of trading on the upbit exchange is quite cheap and also supports direct exchange into local currencies so that it can make withdrawals directly to a bank account. As…

Pros
  • Support lightning transfer where upbit users can transfer assets crypto quickly without cost between upbit users
  • Design of the upbit exchange so user friendly
  • Always update about new listing coin and new event
Cons
  • Often doing maintenance sometimes becomes an obstacle when trading or deposit and withdrawl processes

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…

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

Revainrating 4 out of 5

Upbit is a big exchange with various interesting events

Upbit is one of the major exchanges from Korea, upbit very often holds events with very large prizes, even though it has been conceded but does not make the market stability faltering, with relatively inexpensive exchange fees and withdrawal fees, upbit is suitable for personal trading of assets, but the asset coins/tokens that can be traded in upbit are still very few in my opinion, seeing that upbit is one of the big exchanges.

Pros
  • relatively low trade costs
Cons
  • coins/tokens traded are still small

Revainrating 3 out of 5

Korea's largest exchange and security holes

Upbit, launched in 2017, is one of the major Korean cryptocurrency exchanges, behind the Upbit platform, the KaKao chat applications ,also have a connection with bittrex exchange - the US exchange. It is Korea's leading exchange, supports a variety of cryptocurrencies and pairs trading with Korean fiat currency, the transaction fee is as low as 0.05%, has a good support team, and has You can use the exchange on multiple platforms. However, the exchange has encountered an extremely serious hack

Pros
  • Large exchanges, relatively low transaction fees, supporting the transaction of many coins
Cons
  • Difficult to deal with if you are not a Korean, identity verification process is quite long and difficult
  • The safety and security of the Upbit trading platform is being suspected as they have lost $ 50 million in ETH

Revainrating 3 out of 5

Highly competitive exchange, but needs improvement.

Upbit is one of the fastest growing exchanges in recent years, being one of the highest positions due to its transaction volume, capitalization and number of listed assets. Some of the most significant characteristics are: Its application is simply complete since it has a complete market and trading environment The withdrawal of assets is limited, depending on the degree of verification. It has security features similar to those of other exchanges, such as Authentication of two factors,

Pros
  • Application available for android and IOS.
  • Fees for highly competitive trading.
  • Retirement transactions have low fees.
  • They have a really complete support area.
Cons
  • It does not have leverage.
  • It does not have much information in various media.
  • Fiat limited.
  • Identity verification is necessary to begin using it.
  • Some countries are limited.
  • It is not possible to deposit in the account with credit cards.
  • Especially aimed at the Asian public.

Revainrating 4 out of 5

Upbit cryptocurency Exchange Review

Upbit exchange is one of the biggest exchange and its trading volume is also very high from when its listed on coinmarketcap. Traders can trade quickly because of high liquidity. Upbit exchange supports more than 200 cryptocurrency trading pairs and also Upbit exchange accepts fiat currency deposits in KRW from south korean banks. User can't purchase cryptocoins with fiat currency by credit cards through Upbit exchange. Upbit provides multiple trading pairs but most of them are with KRW pairs…

Pros
  • Upbit exchange has great trading volume from its listing on coinmarketcap.
  • Upbit offers very less trading fees which is 0.25% from both maker and takers of trade.
  • Upbit supports KRW fiat currency and accepts fiat currency deposit of South Korean Won.
  • Upbit exchange does not charge on deposits of cryptocurrency or fiat currency.
  • In Upbit exchange, there are more than 200 cryptocurrency trading pairs with high liquidity.
Cons
  • Upbit exchange provides only KRW trading pairs or provides very few BTC pairs.
  • Upbit Cryptocurrency Exchange does not gives leverage trading functions.
  • Upbit sets lowest trading order size so, user can trade coins under 0.005 BTC.
  • We cant purchase cryptocurrencies by credit cards in upbit exchange.

Revainrating 5 out of 5

Large trading volumes. The exchange has a high level of liquidity for traded…

Large trading volumes. The exchange has a high level of liquidity for traded pairs. Competitive commissions. Upbit does not charge a fee for the replenishment of the trading account, and the Commission for the withdrawal is minimal. At the same time, the exchange receives 0.05% for transactions, which is the average for the market. Bank transfers in Korea are possible. Upbit offers to replenish trading accounts in Korean won. A large number of currency pairs are available on the exchange. More

Pros
  • The offered upbit trading terminal is professional, as it allows to carry out technical analysis and track the price. By default, the graph is established by the Japanese candlesticks. There is a set of tools for price forecasting. And among them you can find both classic indicators like moving averages, and graphical like Andrews ' pitchfork and so on. The only caveat-in the "Tools" all this is translated into Russian through a browser translator. The quality of the result is not very high. In the" Indicators " section, the translation is already much better. There is a full set of classical algorithms like Bollinger bands, ADX, oscillators, ATR, volume indicators and so on. Among the types of the chart, upbit has the opportunity to choose bars, volume and transparent candlesticks. The look of the platform can also be transformed. There are theme settings for this. A unique set of tools that completely changes the idea of conducting online trading. Users Upbit offers the possibility of special conditions for the purchase of futures. You can hedge risks using 15 types of contracts. Copperlark Trader trading platform allows you to work with algorithms. You can quickly open positions by pressing one button. This is very convenient when you need to make a lightning decision. The depth of market offers to view all pending orders and tracking the desired value of the asset. The transaction feed works in real time. This feature allows you to track the emergence of interesting opportunities to enter the market. Traders are given the opportunity to completely change the appearance of the platform to create the most convenient working part. You can edit tables.
Cons
  • First of all, we can note the absence of not only Russian, but also English. Sometimes the exchange may be of interest to users from the former USSR if it has at least an English version. Here you will have to use a browser translator. The second disappointment is the possibility of replenishment only in Korean won. Accordingly, we will have to somehow open accounts in local banks. Another disadvantage is that the minimum order size is 1000 KRW. This can be an obstacle for those who are going to only try to work in the direction of cryptotrading.