Upbit Review
Upbit exchange is considered one of the best trading platforms for cryptocurrencies. In today’s review of the Upbit exchange, I am going to unveil all the things related to this exchange trading platform. Our review includes the following points:
- Upbit Exchange overview
- Upbit Trading options
- Supported currencies and Countries
- Payment methods of exchange
- Upbit Exchange Pros and cons
- Upbit Fees and Customer support
Let’s discuss these points about upbit review one by one.
Upbit Exchange Overview
Upbit is a global leading crypto assets exchange which was founded in October 2017. This crypto exchange is based in South Korea and became a famous exchange platform among the users and customers of cryptocurrency. The crypto exchange has become the largest cryptocurrency exchange of digital assets by the year 2018 due to its increasing trading volume.
The Cryptocurrency exchange has a partnership with Bittrex which is an American crypto exchange. Bittrex exchange helped the Upbit exchange in its development. The parent company of Upbit is Dunamu and the CEO of the Upbit exchange is Chi-Hyung Song.
The Upbit exchange has more than one language, including the international language English for its users. The users other than the South Korean country can trade on this exchange platform with the use of the English language.
Apart from this, on the exchange, the security firewall system is also available on the website which provides the 24/7 monitor and security service for the customers and users.
Upbit Trading Options
Upbit exchange is providing its users with the service of a mobile phone app. The users can trade through mobile app and desktop app. Customers and users can download this mobile app through the Google Play Store and App store.
Though crypto users prefer trading through the desktop app to make trading easier, the trading option is also available in the form of a mobile app for the users in case they do not want to trade with the desktop app.
Upbit Supported Currencies
Upbit being the South Korean exchange is currently supporting just a single fiat currency Won which is the South Korean fiat currency. All the deposits can be done in this fiat currency with the help of the South Korean bank account.
The crypto exchange is currently supporting 189 crypto assets including the world’s leading digital cryptocurrency BTC. Apart from this, the platform also has the support of 256 markets.
Upbit Payment methods
The South Korean Exchange provides very limited sources of deposits and payments. The exchange does not allow access to the credit/debit card payments. If you are trading on the Upbit exchange platform, then you are not allowed to use your credit cards during the deposits. Following are the ways which are used for deposits and payments offered by the Upbit exchange:
- Via Wire Transfer
- Bank Transfer
- Using the South Korean Fiat currency KRW
Upbit Exchange Fees
As the exchange is supporting the local currency of South Korea KRW, so the fee charge is applied to the users of KRW fiat currency. The charge fee imposed on the deposits of fiat currency is 0.25%. following are the fees for the Upbit exchange:
- Taker Fee: 0.25%
- Maker Fee: 0.025%
- Withdrawal Fee: 0.0005BTC
These are the fee charges on the Upbit exchange platform referred to as taker fee, maker fee, and withdrawal fee.
Upbit Supported Countries
Upbit exchange accepts the users from South Korea on its platform. Exchange is also accepting users form Singapore.
The countries which are in sanctions and warning list of FATF and OFAC are not allowed to register with the UPbit exchange. Some of these countries are Iran, Iraq, Somalia, Libya, Sudan, Zimbabwe etc.
Apart from these countries, on Upbit exchange, the residents and users of the USA are also not allowed to trade on this exchange platform. The exchange does not accept the users with US dollar currency.
Upbit Exchange Pros and Cons
This crypto exchange has significant positive and negative aspects which reveal its standard whether high or low. The main pros and cons of Upbit exchange are described below:
Pros
- Exchange supports more than 100 cryptocurrencies.
- Exchange gives users more trading options in the form of a mobile app and desktop app.
- It also provides the cybersecurity of 24/7 to ensure the safety of assets.
- Upbit trading platform is using high technology which helps the user with an easy purchase of digital assets.
- Crypto exchange also has the back of the South Korean technology company.
Cons
- Exchange only supports and accepts the users of South Korea.
- Users of the US with their US dollar currency are not permitted on this trading platform.
- Trading margins are not presented on the exchange.
- It only supports the local South Korean fiat currency Won.
Upbit Customer Support
The Upbit exchange also provides the customers’ support. The customer support is given through the means of email and a telephone number. Customers can also get help through the famous messaging app KakaoTalk. Apart from this, there is also available a proper section labeled as “support” on the website of Upbit for the users and customers’ support.
Users can get any kind of guideline through this support section provided by the Upbit exchange.
Is Upbit it Safe or Not?
No scams have been found yet in the Upbit exchange platform. The exchange is backed by the South Korean largest technological company, so there is no chance of hacking which makes it safe for trading. So users and customers can use this exchange platform for purchasing cryptocurrencies.
Conclusion
Upbit crypto exchange has got fame with its high standard facilities and services. It is associated with the top technological company of South Korea. The exchange is providing users the trading option of mobile and desktop apps. Though the trading platform is set for the South Korean users and does not allow the users with US dollar currency, it does not mean that it can be chosen for the trading. The exchange has well-provided users services and facilities, so traders should go for it.
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