Review on Upbit by Viet Pham

Name: Upbit
Item: Upbit
Rating: 3

February 04, 2020

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 when being hacked nearly $ 50 million worth of ETH, greatly affecting users.
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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