Upbit exchange
2017
Not available
https://upbit.com/
201-500
Cryptocurrencies, Wire transfer
yes
yes
no
no
no
no
no
no
no
Deposits and withdrawals are available in 40 cryptocurrencies plus Korean Won.
N/A / 5 SGD
N/A
0.2% / 0.2 %
Using Lightning Transfer that can be used when withdrawing between Upbit accounts, is free.
Ethereum: 0.01 ETH
Tether: 4 USDT
Binance Coin: 0 BNB
Cardano: 0.5 ADA
Solana: 0 SOL
Ripple: 1 XRP
Polkadot: 0 DOT
Dogecoin: 0 DOGE
Shiba Inu: 0 SHIB
Stellar: 0.01 XLM
Litecoin: 0.01 LTC
Upbit requires identity verification from all users.
KYC is required before you can deposit, trade, or withdraw.
required
no
yes
no
no
no
0x
yes
yes
no
no
no
no
no
no
no
no
No earning products are currently being offered.
no
no
no
no
Singapore, Thailand, South Korea, and Indonesia, but also most other countries.
Join the biggest exchange in South Korea - More than 80% of all crypto transactions in South Korea are made through UpBit.
Upbit exchange review
Upbit exchange is one of the largest cryptocurrency exchanges, headquartered in South Korea. In fact, it's the first licensed digital assets exchange in there. It launched in 2017 and quickly became an industry leader, boasting over 200 cryptocurrencies available for trading. The platform has intuitive user interface and is known for its high liquidity and competitive trading fees.
Upbit exchange bonuses
Upbit doesn't currently offer any specific bonuses to new users. But that's not something you should consider as a major factor when choosing a new crypto exchange anyway.
Upbit exchange safety and regulation
How about Upbit safety and licenses?
Is Upbit exchange safe to use?
Upbit exchange prioritizes user security and employs various security measures, including two-factor authentication and cold storage for funds.
Additionally, Upbit regularly undergoes security audits and employs a team of experts to detect and prevent hacking attempts.
Upbit has received an AAA rating from CERtified (cryptocurrency exchange ranking and certification platform) - they have given them 100% server security rating and 91% user security rating.
Upbit exchange licenses
Upbit exchange is licensed by the Korean Financial Services Commission and complies with the country's strict anti-money laundering laws. However, some users have criticized the exchange for a lack of transparency regarding its licensing and regulation in other countries.
Upbit exchange account security options
Users have the option to enable additional security features such as email notifications for logins and withdrawals, SMS verification, and IP whitelisting.
Deposits and withdrawals on Upbit exchange platform
Which payment options does Upbit offer?
The main payment option is obviously cryptocurrency, but from KYC level 4, people from South Korea can also make fiat deposits and withdrawals using Singapore Dollar (SGD).
Does Upbit exchange have a withdrawal limit?
Upbit exchange has withdrawal limits based on user verification levels.
Users who have verified their identity can withdraw up to 5000 SGD/day (1 SGD is worth about 0.74 USD).
Level 3 & 4 users can withdraw up to 100 000 a day.
How to deposit money into Upbit exchange?
To make a deposit, log in to Upbit platform, click Wallets button in the top-left menu, and then simply choose the currency you want to deposit.
How to withdraw from Upbit exchange?
Withdrawals work exactly the same way. Just choose withdrawal in the middle column of the Wallets page.
Upbit exchange fees
What about Upbit fees, are they high, are they low?
Deposit fees
Upbit exchange does not charge deposit fees.
Withdrawal fees
Withdrawal fees vary depending on the cryptocurrency being withdrawn.
For BTC the withdrawal fee is 0.0005 BTC while for USDT the withdrawal fee is 4 USDT.
Please note that the fees can be adjusted based on current blockchain conditions.
Trading fees
Upbit exchange charges a trading fee of 0.25% (same for Maker or Taker) on SGD markets, 0.2% for BTC and USDT markets.
Trading on Upbit exchange platform
Upbit exchange offers a variety of trading tools and features, including price charts, order books, and trading history. The platform DOES NOT support margin trading.
Minimum trade size depends on the market :
- 0.5 SGD on SGD markets
- 0.0005 on BTC markets
- 0.0005 on USDT markets
How high leverage does Upbit exchange offer?
Upbit does not offer margin trading.
Upbit exchange KYC
Upbit has four KYC levels. And KYC is required.
- level is the sign-up level and doesn't really give you anything
- identity verification level. Gives access to crypto deposits (unlimited) and withdrawals (5000 SGD/day)
- residential address verification level. Increases withdrawal limits to 100 000 SGD/day
- Bank account verification levels. Gives access to SGD fiat deposits and withdrawals
Do you have to verify your account on Upbit exchange?
Yes. Verification (level 2) is required for deposits/withdrawals and everything else. Level 3 and 4 are optional.
How to verify your Upbit exchange account?
Users are required to submit personal identification to verify their account. You can do that under MY page and then clicking on the verification button. This usually involves submitting government-issued identification (level 2) and proof of address (level 3).
Why and when should you verify your Upbit exchange account?
Considering you can't even deposit without verifying your identity, you should do it right after signing up.
Verifying your Upbit exchange account can also provide access to additional features and increased withdrawal limits.
Upbit exchange app
Upbit exchange offers a mobile app for both iOS and Android devices. The app provides access to all of the features offered by the web platform, including trading tools and real-time market data.
Upbit exchange earn
Upbit exchange does not seem to be offering any staking or earning features at the time of writing.
Upbit Customer support
Upbit provides customer support via email and a ticketing system. However, some users have reported slow response times or lackluster support.
Pros and cons of using Upbit exchange
Pros | Cons |
|---|---|
Licensed | Limited crypto selection |
Competitive fees | Mainly focused on traders from Asia |
Good security | Interface could be better |
Fiat payments | Only SGD is accepted for fiat payments |
Is Upbit exchange simple to use?
Upbit exchange features a user-friendly interface and intuitive navigation, making it simple for beginners to use. It doesn't have many extra features either, making it very good platform for beginners.
However, some features and buttons are on different places than on many other exchanges, so it might take a second to get used to it.
Which countries does Upbit exchange accept people from?
Upbit exchange accepts users from a variety of countries, but restrictions apply in some regions.
Can people from USA, Canada, and Japan use Upbit exchange?
Upbit exchange does not currently accept users from the USA, Canada, or Japan.
What do traders think about Upbit exchange based on other reviews and comments?
Based on Upbit reviews we have seen on other sites, traders generally have positive feedback of the exchange.
However, people have said they'd like to see a bit better crypto selection and more fiat payment options (currently only Singapore Dollar is accepted).
Final Thoughts
Upbit exchange is a solid choice for anyone seeking a safe and reliable cryptocurrency exchange. Based on its simplicity, it could be considered a good exchange for beginners. The platform has strong security measures and competitive trading fees.
However, users should be aware of regional restrictions and the withdrawal limits.
Overall, Upbit exchange is a top-tier option for trading cryptocurrency in Asia.
Top 3 Alternatives to Upbit
If this exchange is not for you, find alternative exchanges for beginners below:
I became interested in cryptocurrencies only a bit more than two years ago. Since then I have been in investing in cryptos using different exchanges. And I also launched Cryptolorium.com when I started trading, just to share my crypto journey and my results.