Review on Upbit by Joseph Bello
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 took a very long time to load and eventually when it finally loaded I was asked me to upload my picture ,unlike other exchanges I have been using this was quite unusual . The exchange doesn't have some sophisticated features like leverage trading this reduce the level of rewards and benefits that users can get from the exchange. The trading fees are not helping matters at all they are so high.
The only thing i saw on exchange that was propitious to me was its high liquidity and trading pairs and because of this I'm giving it a three star rating but despite that I'm not very comfortable trading on the exchange because of the risk of my funds being hacked.
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.
