Upbit Exchange Review
Upbit is a centralized exchange that occupies #5 on Guru InvestingExchange Tracker. Upbit has trading volume US$2,697,121,119 in the last 24 hours and US$961,718,935,615 in the last 7 days.
Upbit currently has 190 cryptocurrencies, 1 paper currencies and 296 markets (cryptocurrency trading pairs). Most popular trading pair on Upbit: IQ/KRW.
You can read the full expert review of Upbit here: Upbit Review.
Compare Upbit next to other exchanges here: Exchange comparison tool.
Upbit is a centralized cryptocurrency exchange (CEX). Based in South Korea, it offers spot markets for individual and corporate traders. Platform KYC compliant and complies with anti-money laundering (AML) regulations.
Upbit’s cryptocurrency exchange services are available in 40 markets, including South Korea, Singapore, Indonesia and Thailand. Some or all services may vary by region. Upbit’s spot market is not available to US customers.
Markets
There are three key markets for Upbit spot traders:
- Fiat markets: Supports purchases and sales of digital assets through fiat currencies such as SGD and KRW;
- Bitcoin Markets (BTC);
- Tether (USDT) Markets.
More than 170 coins and tokens are listed on the exchange. Some assets may not be available to traders in regions where local regulations apply. In total, clients can access more than 280 Upbit trading pairs. The exchange supports trading of cryptocurrencies and cryptocurrencies.
Minimum cryptocurrency price changes, or Upbit ticks, vary across the three markets. In the BTC and USDT markets, the tick size remains the same regardless of the asset price and is 0.00000001 BTC and 0.001 USDT respectively. Fiat tick size ranges are separated by the price of the digital asset used in trading.
Upbit uses a producer-receiver model to calculate exchange fees. The minimum required order amount depends on the selected market:
- Fiat markets — 0.5 Singapore dollars
- BTC Markets — 0.0005 BTC
- USDT Markets — 0.0005 US dollars
Clients’ 30-day Upbit volume is not taken into account when calculating commissions. You can place limit, stop-limit or market orders. Upbit cryptocurrency exchange may offer discounts on order prices. Commission data is calculated daily and, if necessary, adjusted based on the price of the Upbit cryptocurrency.
For limit and market orders, the maker/taker fee is 0.25% on all markets. However, Upbit’s cryptocurrency fees may be reduced to 0.2% on the BTC and USDT markets. The fee for stop limit orders is 0.2% for the BTC and USDT markets and 0.25% for the fiat currency markets.
The platform supports deposits and withdrawals of more than 40 fiat and crypto assets. Upbit does not charge any fees for deposits. The withdrawal limit and fees depend on the client’s verification level, as well as the selected digital currency. Lightning-fast transfers between Upbit accounts are free.
About company
Cryptocurrency exchange Upbit was founded in South Korea in October 2017 and is operated by parent company Dunamu. Upbit’s headquarters are located in Seoul. Song Chi-Hyun considered the founder of the company.
Within three months of its launch in January 2018, Upbit was considered the largest cryptocurrency exchange in South Korea. It was reported that Upbit’s average 24-hour trading volume was over 4.9 trillion won.or approximately $4.7 billion.
In November 2018, the Upbit crypto exchange became the first such platform in the country to receive approvalSouth Korea Internet and Security Agency (KISA). Key criteria were annual income and security infrastructure.
The company began its global expansion in 2018, opening its operations in Singapore. In January 2019, the exchange entered the Indonesian market, and two years later it became available in Thailand.
In September 2021, the Upbit cryptocurrency exchange was estimated at $8.7 billion.. Parent company Dunamu is considered one of the largest tech unicorns in South Korea.
In 2022, following changes in South Korean digital asset regulations, the Upbit cryptocurrency exchange published a token listing procedure. This details the steps the platform takes to list and delist new assets on the Upbit spot market.
Song Chi Hyun is the founder and chairman of Upbit and Dunamu. He holds a bachelor’s degree in computer science and economics from Seoul National University. Until 2017, he served as acting CEO of Dunamu. Song was named to Fortune’s Ledger 40 Under 40 list in 2018.
Lee Sirgu is the CEO of Dunamu. He studied East Asian history at Seoul National University and later received his law degree from Lewis and Clark Law School. Previously, Lee served as legal counsel at IBM Korea and former CEO of companies such as NHN USA and Kakao Corporation.
Upbit related pages
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A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
