In October of 2017, UPbit was established as a global leader in the trading of cryptocurrency assets. This cryptocurrency exchange can be found in South Korea, and it has quickly become one of the most popular exchange platforms among users and customers of cryptocurrencies.
Introduction Of UPbit
Chi-Hyung Song serves as the Chief Executive Officer of the UPbit exchange, which is owned and operated by Dunamu. A connection has been established between the cryptocurrency exchange and the American cryptocurrency exchange known as Bittrex. The development of the UPbit exchange was facilitated by the Bittrex exchange. As a result of the rising amount of transactions that take place there, the cryptocurrency exchange has developed to become the largest cryptocurrency exchange for digital assets by the year 2018.
Due to the fact that the UPbit website and trading platform are now only available in Korean, the company’s ability to attract customers from all over the world will be severely hindered. The Google translation, on the other hand, is rather good, which suggests that both the website and the trading platform may be accessed reasonably effectively in English and, most likely, in other languages as well. The fact that international consumers must utilize the same procedure as South Koreans in order to register and trade with the exchange, which is extremely geo-specific, is the most significant obstacle that they must overcome. A South Korean telecom operator requires users to have a KakaoTalk account in addition to a Kakao Pay account in order to log in and verify their identity. To put it simply, if you do not currently reside in South Korea, it will be impossible for you to create an account with UPbit.
The desktop and mobile app versions of the exchange platform are quite similar to the KakaoStock platforms. In essence, they are a variant of the same technology that has been adapted to facilitate bitcoin trading. This suggests that the technology possesses an exceptionally high level of quality in terms of design, usability, and functionality. The exchange does not offer leveraged trading for cryptocurrencies; nevertheless, it does give traders with a resource that is both analytical and newsfeed-based of the highest quality.
UPbit is a cryptocurrency exchange that allows consumers to purchase cryptocurrency, make deposits using fiat cash, or trade their existing crypto assets for other cryptocurrencies. The trading services offered by the platform come with associated costs and charges, both of which add to the income generated by the exchange. Because UPbit is not a DEX (decentralized exchange), the company has full control of its operations, which it appears to have utilized well.
Registered users have the ability to exchange their assets or spend fiat currency to obtain additional assets through a straightforward process. The monies can be withdrawn to the wallet once the costs linked with the transaction have been paid.
At the moment, the South Korean Won is the only fiat currency that UPbit accepts. Transactions involving the Won may be carried out both into and out of bank accounts located in South Korea. Because of its collaboration with Bittrex, UPbit now provides customers with access to more than one hundred different cryptocurrencies in the form of coins and tokens. There is access to almost all of the top 100 cryptocurrencies ranked by market capitalization, in addition to other cryptocurrencies not included in that list.
Fees and Charges
Takers and creators on the UPbit platform each have to pay a fee in order to use it. It is possible that the flat charge rate of 0.25% for trading volume is not the lowest in the industry. To this day, it does not appear to have any effect on the platform’s normal flow of incoming and leaving deals. A constant maker on the platform does not have an advantage due to the fact that the charge is the same for both takers and makers. This is because consistent makers are able to obtain lower rates on other exchanges. Users don’t have to pay anything to make deposits on UPbit; however, there is a fee associated with withdrawing funds. The fees associated with withdrawing each cryptocurrency are distinct from one another. The exchange does not levy any hidden or extra costs on top of these prices; they are the only fees that are imposed.
Security and Fairness
As might be anticipated from a cryptocurrency exchange that is backed by one of South Korea’s major internet and Fintech heavyweights in the form of Kakao, the cyber security standards that UPbit traders rely on to protect themselves are quite robust. The security for the wallets is provided by BitGo, which is generally recognized as the global standard for multi-signature wallets and is used by a substantial number of the world’s most famous cryptocurrency exchanges. BitGo is the global standard for multi-signature wallets. The partnership with Kakao Pay, a mobile payments app that is operated by the company that is also a participant in this venture, ensures the safety of customer accounts. In terms of market share, Kakao Pay is the second most popular mobile payment system in South Korea behind Samsung Pay. On the question of whether or not the UPbit’s cybersecurity criteria are superior, there is little space for disagreement.
Customers of the UPbit exchange can take advantage of the practicality of a mobile phone application that is provided as a service. Customers can trade using either a mobile application or a desktop software that is made available to them. Customers and users can get this mobile app by heading to either the Google Play Store or the App Store. Both stores are linked in the previous sentence. Users also have the option of trading using a mobile app, which is accessible to them in the event that they do not desire to trade using the desktop software. This option is available to they in the event that users do not wish to trade using the desktop app. Trading cryptocurrencies is typically done using a desktop application since customers find it to be more convenient.
Currencies and Countries
The translation of the website into other languages is made possible with the assistance of Google Translate; nonetheless, the Republic of South Korea is the primary focus of the exchange. The website provides a list of the countries that have provided help (Singapore, Thailand, South Korea, and Indonesia, at the time of writing of this article). The United States of America is not included on the list of nations that UPbit supports.
The list of fiat currencies that can be used is as short as it can possibly be. The Won is the only fiat currency used in this country. When it comes to digital currencies, the quantity of available assets might cover a broad spectrum. Over one hundred different assets are supported by means of an intricate network that includes both its own exchange and a collaboration with Bittrex, a prominent cryptocurrency exchange.
Pros and Cons
- Supported are well over a hundred different cryptocurrencies.
- Sponsored by one of the most successful technological businesses in South Korea
- The most advanced technology now employed by trading platforms.
- Superior levels of online protection
- Trading on this site might be challenging for those who are not from South Korea.
- Only the South Korean Won, a fiat money, is supported here.
- There is no provision for margin trading.
Is It Safe To Use UPbit?
The fact that the exchange is situated in one of the crypto capitals of the globe explains why it has such a large user base and why it has not been the subject of any allegations of fraud. The closely knit architecture focuses on a specific user base, which doubles as a barrier to protect against potentially harmful materials. UPbit operates as a controlled trading platform. While the corporation itself is responsible for the governance and regulation of the platform, the platform is still subject to the laws and rules that are applicable only in the particular geographic location. However, one thing to keep in mind is that in order to register on the exchange, you need to have a phone network in South Korea in addition to a few other things that are region-specific. Users located in other countries may experience difficulty complying with the regulations as a result of this.
It is not a coincidence that within a matter of months, UPbit has become the largest cryptocurrency exchange in the world and, according to the data provided by CoinMarketCap, the fifth largest in the world by daily turnover. UPbit’s meteoric rise has been driven entirely by the company’s dedication to innovation and customer service. The partnership with Bittrex, the major US exchange, that allowed well over cryptocurrencies to be supported, has also gone a long way toward quickly establishing the exchange among the global elite. The exchange has what is arguably the most serious backing in the world in the form of Kakao Corp., the South Korean internet giant.
Additionally, the partnership with Bittrex has allowed well over cryptocurrencies to be supported. When it comes to both technology and safety, UPbit has very few competitors, and its selection of currencies that can be traded is right up there with the best of them. The one significant negative is that UPbit is almost exclusively a South Korean exchange; as a result, opening an account and engaging in trading might be challenging for individuals of other nationalities.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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