Crypto Exchanges
Upbit Cryptocurrency Exchange Review: A Step-by-Step Guide for Beginners
Upbit supports 178 cryptocurrencies including the leading token of the crypto market. Due to its dynamic features and support for such a wide range of cryptocurrencies, Upbit is ranked 39 out of 307 cryptocurrency exchanges.
Upbit is a South Korea-based cryptocurrency exchange founded by South Korea’s financial giant, Song Chi-Hyung in 2017. It has marked its name among the leading crypto exchanges in terms of its 24-hour trading volume.  The uniqueness of this exchange lies in its sudden and robust growth in the earlier two months of its launch.
Upbit offers a secure and reliable trading platform for a wide range of cryptocurrencies. Its interface is quite simple and user-friendly. Upbit.com is considered to be the first of its kind to get ISMS (Information Security Management System) certification from KISA (Korea Internet and Security Agency). Due to such a fascinating counter face, Upbit has become the favourite choice of traders and investors.
Features of Upbit Exchange
Although Upbit is not an enormous exchange but, its affiliation with tech giants has enabled the exchange to possess focused and unique features.
- Upbit offers wide and diversified trading options and supports 150+ cryptocurrencies
- No depositing fee is charged upon depositing funds and is a cost-effective trading platform for traders and investors
- Upbit has an ideal and comprehensive platform for services and products.
- Upbit has a simple and easy trading view, unique wallets, and various crypto coins
- Because of its connection with Kakao, Upbit can tap into a huge user base, which could help it become a top crypto exchange.
- Upbit’s trading platform has a feature for users to track analytics, see market trends, and make smarter trades.
Upbit Supported Cryptocurrencies
Upbit supports 178 cryptocurrencies including the leading token of the crypto market. Due to its dynamic features and support for such a wide range of cryptocurrencies, Upbit is ranked 39 out of 307 cryptocurrency exchanges. Â It also supports the market’s leading coins i.e., Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Tether (USDT), Solana (SOL), Ripple (XRP) and many more.
Upbit supports 290 other trading pairs along with KRW only. Upbit doesn’t restrict the crypto customers to limited digital assets and trading pairs and hence has attracted the attention of traders and investors. Â
Fee Structure
For trading, Upbit charges a reasonable amount of fee i.e., 0.25% take free and 0.25% maker fee. Moreover, Upbit has its own fee calculator available for the customers to estimate the exchange’s fee upon the trading volume.
UPbit doesn’t charge fees upon depositing funds. Upon withdrawal, a bit amount can be charged as fee based on which cryptocurrency you withdraw or moving it to a bank account.
Pros and Cons
Pros
- Supports 150+ cryptocurrencies
- Backed by South Korea’s tech giants
- Advanced technology is used for trading
- High-level cybersecurity
Cons
- Difficult to use for non-native customers
- Supports trading pair with only KRW
- Doesn’t offer margin trading
Customer Support Service of Upbit
The exchange offers customer support through email, a phone number, and KakaoTalk, a popular messaging app. Customer support is well-regarded, with many agents available and a helpful FAQ section. Upbit offers 24/7 customer support services.
Upbit in a Nutshell
Upbit is a famous South Korean crypto exchange with many assets, strong security, and low fees. But there’s a big concern: it got hacked in 2019, losing $50 million. Also, it doesn’t have leverage trading, works with only one currency, the South Korean Won, and doesn’t serve US residents.
Cryptocurrency trading is risky, and you could lose your money. Before trading, think about your financial situation and risk tolerance. Get professional advice and be cautious about security when using cryptocurrency exchanges.
