Upbit is a cryptocurrency exchange with a 0.25% fee on trading fiat markets and a 0.2% commission in USDT/BTC markets. Overall, there are over 200 tradable coins and tokens available.
You can stake your assets with an annual reward rate of up to 17% on this exchange, led by Sirgoo Lee, the CEO.
Upbit: Company Information + Regulation
Upbit's journey in the cryptocurrency space has been marked by impressive growth. Launched in 2017 by Dunamu Inc., a South Korean fintech powerhouse with Song Chi-hyung,one of the country’s wealthiest entrepreneurs, as its chairman, this exchange quickly rose to prominence, becoming one of the world's largest exchanges by trading volume and the largest in South Korea.
The platform boasts deep connections to Kakao Corp., the parent company of KakaoTalk and Kakao Pay.
Upbit also benefits from a strategic partnership with the U.S.-based exchange Bittrex, which helped it scale its asset listings and international credibility.
Besides, Upbit Singapore, Upbit Indonesia, and Upbit Thailand operate as individual legal entities regulated in their corresponding jurisdictions.
Upbit Summary of Features
Discussing the main specifics gives us a general view of the company. Here's a table containing its key features as one of the most reliable crypto exchanges:
Exchange | Upbit |
Launch Date | 2017 |
Levels | 4 Levels Based On Verification |
Trading Fees | 0.25% For Fiat Markets 0.2% For Crypto Markets |
Restricted Countries | Us, Iran, Cuba, Sudan, North Korea, Syria |
Supported Coins | More Than 200 |
Futures Trading | Not Available |
Minimum Deposit | Varies By Method |
Deposit Methods | Crypto, Bank Transfers |
Withdrawal Methods | Crypto, Bank Transfers |
Maximum Leverage | 1x |
Minimum Trade amount | 0.5 KRW For Fiat 0.0005 USDT/BTC For Crypto |
Security Factors | Cold Storage, Two-Factor Authentication, Fund Password, 24/7 Monitoring |
Services | Staking |
Customer Support Ways | Phone Call, Live Chat, Lounge |
Customer Support Hours | 24/7 |
Fiat Deposit | Yes |
Affiliate Program | No |
Orders Execution | Not Stated |
Native Token | None |
Upbit Pros and Cons Overview
When considering this company as your cryptocurrency exchange of choice, it's crucial to weigh its advantages and disadvantages. Benefits and drawbacks of Upbit:
Cons | Pros |
Mostly Focused On Asian Clients | Strong Backing |
No Margin Or Futures Trading | High-Quality Platform |
- | Robust Security |
- | Two-Factor Authentication |
- | No Record Of Fraud Or Scam |
Upbit User Levels: Features & Comparison
Like many other competitors, the exchange has designed different user levels based on verification. These levels differ in deposit and withdrawal limits:
Verification Level | Deposit Limit | Withdrawal Limit | |||||
Digital Asset | Fiat | Digital Asset (Daily) | Fiat (per Transaction) | Fiat (Daily) | |||
Level 1 | 0 | 0 | 0 | 0 | 0 | ||
Level 2 | Unlimited | 0 | 5,000 | 0 | 0 | ||
Level 3 | Unlimited | 0 | 100,000 | 0 | 0 | ||
Level 4 | Unlimited | Unlimited | 100,000 | 50,000 | 100,000 | ||
Fees and Commissions on Upbit
Understanding the exchange's fee structure is crucial for traders considering this platform. Here's a table with specifics of Upbit's fees and commissions:
Market | Fees (Maker & Taker) |
Fiat | 0.25% |
BTC | 0.2% |
USDT | 0.2% |
Note that these commissions might change based on event discounts, etc. The actual fee is displayed on the "Order" screen.
Tradable Coins and Assets Listed on Upbit Exchange
The platform offers an extensive range of digital assets in different categories, such as gaming. Also, it lists some of the rare ones. Coins and Tokens on Upbit:
- Bitcoin [BTC]
- Ethereum [ETH]
- Aptos [APT]
- Cronos [CRO]
- Polygon [MATIC]
- Axie Infinity Shards [AXS]
- Decentraland [MANA]
- Polymath [POLY]
- Humanscape [HUM]
- And more
Futures and Margin Trading on Upbit: Does it Offer Such Services?
Despite its rapid growth and position among the top 5-6 exchanges worldwide, Upbit does not currently offer futures market or margin trading options. Therefore, traders seeking increased profits via leverage will need to look elsewhere. Alternatives like Binance, BitMEX, or Kraken offer these advanced trading options.
Getting Started on Upbit: Step-by-Step Tutorial
Based on our investigation, the exchange's global website accepts registrations only through its app. In this Upbit exchange review, we open an account via the Singapore site. Here's a step-by-step guide to registration on Upbit.
#1 Visit the Website
Navigate to the official website at the genuine URL, then click on the "Sign Up" or "Register" button to begin.
#2 Submit Details
Enter your email address and create a strong password. Complete the captcha and agree to Upbit's terms of service and privacy policy.
Click on the verification link received in your registered email to confirm it. Now, your account is created.
#3 Complete Verification
For authorization, you need to verify your identity at level 2, your residential address at level 3, and your bank account at level 4 of account verification. This is possible through the "Security" section in the "Settings".
Platforms and Applications Available on Upbit
This exchange offers a proprietary trading platform for its clients. This platform is accessible via mobile or browser. Key Features of Upbit's Platform:
- Fast, user-friendly interface with seamless navigation
- Real-time price updates for providing live information to clients
- 24/7 security monitoring for upgraded protection of funds and data
- Market data with various altcoin analyses and latest updates on trends
Mobile Apps Download Links:
Upbit Security: How Secure is it?
Cryptocurrency exchanges always try to offer several security measures to maximize safety and gain traders' trust; the discussed exchange is no different in this regard. Upbit Security:
- 24/7 Monitoring: Constant surveillance of platform activities to detect and prevent suspicious behavior;
- Two-Step Verification: Adds an extra layer of security to user accounts, requiring a second form of authentication beyond passwords.
- Fund Password: An additional password required for withdrawals, providing another security checkpoint
- Cold Wallet Storage: Secure cold wallets, significantly reducing the risk of online theft
Upbit Payment Options: Deposits & Withdrawals
This exchange, despite many competitors with several options, does not support various methods for payments. You can learn about the supported methods here:
- Bank Transfers: Done through bank accounts via fiat currencies
- Cryptocurrency Transactions: Through crypto wallets or other exchanges, support for hundreds of digital assets
Upbit Trust Scores and Evaluations: Can You Trust it?
The company's trust scores and evaluations on CoinGecko and Trustpilot present a mixed picture. In this section, the ratings on these reputable websites will be discussed:
- CoinGecko: 7 out of 10, evaluated by the website's team
- Trustpilot: 2 out of 5, based on +10 user reviews
It's important to note that while the score on Trustpilot is too low, the number of reviews is also at a low level.
Upbit Features
The exchange's additional features, besides regular trading services, are shown in the table below:
Feature | Availability |
Staking | Yes |
Yield Farming | No |
Social Trading | No |
Liquidity Pool | No |
Gift Card | No |
What methods are Available for Contacting Upbit Support?
This platform provides support through various channels. Some of them are available 24/7, while others are not. Upbit Customer Support:
- Support Center Phone Call: via 1588-5682, available from 9 AM to 6 PM (GMT+8), excluding weekends
- Call Center for Financial Accidents: 1533-1111, available 24/7
- Live Chat: accessible through the website
- Upbit Lounge: for 1:1 support, located at [Milim Tower 2F, 14 Teheran-ro 4-gil, Gangnam-gu, Seoul, South Korea], operates at the same time with support center
Copy Trading Services and Investment Options on Upbit
This exchange offers a staking service as an investment option suitable for earning passive income on its platform. Key Features and Stats:
- Earn up to 17% reward on a yearly basis
- Ethereum, Cosmos, Cardano, Solana, and Polygon available for staking
- 3 Trillion KRW of total staked assets in the exchange until June 2024
- 10% of the rewards go to the validators as fees
Unfortunately, Upbit does not offer any copy trading options at the moment.
Upbit Restricted Countries: Why & Which One
While Upbit is a dominant player in South Korea, it has some limitations for international users. These restrictions are due to international sanctions, regulatory standards, etc. Currently, the list of banned countries includes:
- Cuba
- Iran
- North Korea
- Sudan
- Syria
- United States
Note that the list might include other countries, too. Therefore, contact the company for certain information on the availability of services in your country.
Upbit Compared to Other Exchanges
This section will compare the platform's features and services against other exchanges:
Parameters | Upbit Exchange | |||
Number of Assets | 200+ | 800+ | 1300+ | 700+ |
Maximum Leverage | 1x | 125x | 100x | 100x |
Minimum Deposit | Varies By Method | $1 | N/A | $1 |
Spot Maker Fee | 0.25% for Fiat Markets 0.2% for Crypto Markets | 0.005% - 0.1% | 0.005% - 0.1% | -0.005% - 0.1% |
Spot Taker Fee | 0.25% for Fiat Markets 0.2% for Crypto Markets | 0.02% - 0.1% | 0.015% - 0.1% | 0.025% - 0.1% |
Mandatory KYC | Yes | No | Yes | Yes |
Futures Trading | No | Yes | Yes | Yes |
Mobile Application | Yes | Yes | Yes | Yes |
Fiat Payment | Yes | Yes | Yes | Yes |
Staking | Yes | Yes | No | Yes |
Copy Trading | No | Yes | Yes | No |
Writer's Opinion and Conclusion
Upbit is the 5th largest crypto exchange by volume in the world. This company surveillances 24/7 and uses fund password to maintain the security and safety of data and funds.
The exchange has received a 7 score out of 10 based on the CoinGecko's algorithms.