UpBit exchange was established in October 2017 and swiftly became popular amongst crypto traders in South Korea. By January 2018, the South Korean exchange had grown to end up being the most extensive virtual currency exchange in the country by daily trading volume. Very few businesses have been so successful in such a brief time.
What is Upbit?
Upbit exchange supports over 100 cryptocurrencies by market cap. Because its launch in 2015, the exchange has continued to add brand-new coins from time to time. A more precise number on the noted coins on this exchange can be discovered on Upbit Reddit or Twitter. Although Upbit is a significant exchange, it has the right to delist any coin from its platform. Some months back, it delisted MTL although it was responsible for over 20 percent of the coin’s worldwide trading volume. This has forced investors in this crypto to try to find other places to access it.
How to open an account on Upbit
Upbit exchange is just readily available in the Korean language, and there is no English translation. Google translation can serve the purpose and allow non-Koreans to browse the site. To register on Upbit, you require to have a Kakao account. This is the only account that is used on this exchange. To use Upbit, you need to go through ID confirmation to abide by the regional laws. This means you can not withdraw/depot or acquire or offer any cryptocurrency on this exchange without a conference this mandatory requirement. In other words, you can not develop and utilize this account unless you are a South Korean person or planning to turn into one.
How to trade on Upbit
Upbit users cannot trade with leverage. This suggests significant investors can not utilize margin trading which might considerably boost their gains. Nevertheless, the site consists of all the essential details that you may need when purchasing or offering the different altcoins offered. While buying or offering any coins on this exchange, it is suggested to look carefully at the chart appearing at the bottom of the page. This is where you will put an order. A critical advantage of Upbit is that you can utilize the web variation or perhaps the mobile app version readily available on both the Play Store and App Store.
What are the fees on Upbit?
It is necessary to point out that Upbit only supports orders from 500 won ($ 0.45). This exchange is understood for providing competitive charges compared to the other cryptocurrency exchanges. There no deposit fee on this exchange. The withdrawal charges on this exchange depend upon the quantity included. Moreover, apart from using virtual currencies, you can get withdrawal from your account in the local money to your bank account. Upbit charges a flat rate of 0.25 percent for trading. These charges may not be the most affordable worldwide; they are the average charges in South Korea.
As aforementioned, Upbit has a close working relationship with Kakao. Considered that Kakao is real internet and fintech giant in the country, the exchange has access to high-level cybersecurity. The giant company understands that if anything wrong happens on Upbit, its track record and brand would significantly suffer for this reason the need to ensure the exchange is as much safe and secure as possible. BitGo is recognized in this industry and is preferred by other leading altcoin exchanges internationally. The exchange partners with Kakao Pay for its accounts security.