UpBit is an South Korean exchange platform that was founded in late 2015, interestingly it boomed among the Korean trades and in short period of one year became the biggest platform in home country on daily transaction value. Growth rates as such are not very common in that industry and such success stories are observed very few times in history.
What is Upbit?
For now it is a bit and for international trader to get registered on UpBit because platform only operates in Korean language and does not support English. Only way for international users to navigate on website is to translate it with different utilities like Google Translate. There is only one path to register to UpBit, users first need to have account on Kakao platform. After that they need to pass ID verification on UpBit since it is a part of local legislation. meaning users can not use any part of platform without passing this officially required step.
How to open an account on Upbit
Exchange platform can boast of with the very large range of supported tokens over 100 different cryptocurrencies. Most of those coins add up by enlisting new coming coin since the launching of the platform in 2015. The exact number of supported tokens may be found on the Reddit or users may follow any new enlistment or delisting of symbols on the official page of the platform on Twitter. Being major player on the market gives UpBit ability to delist some of the tokens, for example, a few months ago platform delisted one popular token MTL and trade on this platform accounted as 20% of global trade of MTL, so the users were forced to look for another place to trade MTL.
How to trade on Upbit
Users are strongly recommended to follow all fluctuations of altcoins on the charts located on the bottom of interface. It is very easy since users can do it buy or sell their tokens both from web platform or from their mobile phones using the app that is available on many OS markets like Appstore or Playstore. Unfortunately UpBit do not support leverage trading, meaning users wont benefit from trading in big scales although platform gives all the advantages for selling or buying.
What are the fees on Upbit?
Similar to other platforms UpBit makes money on charging fees on users trade, and the minimal transaction value start with 500 won equaling to 0.45 USD. It is considered as standard in the market so exchange platform keeps it in that level to be competitive. Depositing to platform is not surprisingly free on any charge. And withdrawals have fees depending on the currency and also rates differ for amount. The convenient part of withdrawal is that users may withdraw their funds in local money to local banks. Similar to most other platforms UpBits trade commission fee equals to 0.25%.
As mentioned before exchange does accept only Kakao users so consequently it has close working relations with Kakao. For the moment, Kakao is biggest fintech giant in country and has extensive cybersecurity department. So security of all UpBit users are guaranteed by Kakao and reputation of Kakao depends on being able to secure its partner.