Upbit is the world's leading cryptocurrency exchange, founded in October 2017. This cryptocurrency exchange is based in South Korea, and has become a well-known exchange platform among cryptocurrency users and customers. By 2018, the crypto exchange had become the largest digital asset exchange due to the growing trading volume.
The cryptocurrency exchange has a partnership with Bittrex, an American cryptocurrency exchange. The Bittrex exchange helped the Upbit exchange in its development. Upbit's parent company is Dunamu, and Upbit's CEO is Chi-Hyun Sung.
The Upbit exchange has more than one language, including the international language-English for its users. Users who are not residents of the South Korean region can trade on this exchange platform using English.
In addition, the exchange also has a security firewall system on the website, which provides round-the-clock monitoring and security service for customers and users.
Users can conduct their own research to come to a conclusion about the security of the exchange. Such information can be accessed on their websites, as well as on online platforms.
Upbit is pretty transparent when it comes to team information. The exchange has links to Dunamu, which is also owned by Upbit founder Chi-Hyun Sung, and is also run by Seoul-based Two Wood Co., Ltd.
Although cryptocurrency users prefer to trade via the desktop app to make trading easier, the trade option is also available as a mobile app for users if they do not want to trade with the desktop app. It can be downloaded via the App Store and Google Play. The app offers real-time monitoring with customizable notifications, trends, and market data, including altcoin analysis and more.
Upbit only supports the fiat currency in the local Korean currency-the South Korean Won (KRW). This makes it an entry-level exchange, although its reach is limited to KRW users.
The South Korean exchange provides very limited sources of deposits and payments. The exchange does not allow access to credit / debit card payments. If you trade on the Upbit exchange platform, you are not allowed to use your credit cards during deposits.
Deposits can be made via bank transfers, although the account to which the money is transferred must be connected to a South Korean bank.
The crypto exchange currently supports 189 crypto assets, including the world's leading digital cryptocurrency, BTC. In addition, the platform also supports 256 markets.
Since the exchange supports South Korea's local currency KRW, users of the KRW fiat currency are charged a fee. The fee for deposits in fiat currency is 0.25%. Below are the Upbit exchange fees:
- Taker fee: 0.25%
- The fee of the Creator: 0,025%
- Withdrawal fee: 0.0005 BTC
These are the fees on the Upbit exchange platform, called taker fee, maker fee, and withdrawal fee.
The exchange is backed by South Korea's largest technology company, Dunamu, so there is no chance of hacking, making it safe to trade. Thus, users and customers can use this exchange platform to purchase cryptocurrencies.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.