Upbit Exchange Review: Features & Pros & Cons For 2024

So today, I will discuss the Upbit Exchange, another famous cryptocurrency exchange known for its good security and user-friendly interface. Upbit (South Korea): This popular South Korean exchange offers a variety of altcoins to trade.

The exchange is increasingly popular among professional traders, who can use real-time market data, price charts, and analytical tools. Further reinforcing its standing as a reputable and dependable exchange for digital asset trading, Upbit’s dedication to following financial regulations and maintaining transparency in its operations boosts its reputation.

Introduction

Upbit Singapore is a South Korea-based cryptocurrency exchange that went live in October 2017. It is the largest exchange in its country of origin. In addition, Upbit Singapore has obtained a significant payment institution license from the Monetary Authority of Singapore (MAS). This development will produce better products in this series.

From what we can see now, Upbit justifies its lack of features as a simple means of buying and selling cryptocurrencies.

It also does not include different products, as many other crypto exchanges do not tailor their offerings to diverse assets. So, you will not find earn products, copy trading services, crypto card trading bots, or loans elsewhere at exchanges.

Upbit Key Points

How To Use Upbit Exchange – Step By Step Guide

Here is a guide on how to use Upbit Exchange step by step:

Make an Account:

You can create your profile at the Upbit.com webpage by entering your email address and setting a strong password. Check your email to confirm you are not a robot.

Ensure Your Account Is Safe:

To strengthen the security of your Upbit account, turn on two-factor authentication (2FA). This will make it difficult for intruders to drain cash from your account.

Credit Money:

Choose any cryptocurrency that you want to transfer and then create a wallet number before depositing funds into it in the Upbit account

Begin Trading:

Trading on Upbit can begin once you have money in your account.

How To Deposit FIAT At Upbit Exchange – Step By Step Guide

The following are the steps to follow in case you wish to deposit fiat currency on Upbit Exchange:

Account Verification:

Make sure your Upbit account is thoroughly verified. Under Settings> Security, you must verify your identity, residential address, and bank account.

Access the Disbursement Tab:

Log into your Upbit Account

Click on the “Disbursement” tab in the top navigation bar.

Select Fiat Currency:

Choose a fiat currency (e.g., USD, KRW) you want to deposit.

Provide Receiver Details:

The instructions should be followed carefully, and accurate information about the recipient channel (e.g., bank details) should be entered.

Double-check all these details to avoid delay reasons.

Check Transaction Status:

See the ‘Deposit/withdrawal waiting’ status of transactions on the Investment History page.

Well, I am done! You’ve successfully deposited fiat money into your Upbit account. Do you have any other questions, or do I need to clarify more?

How To Deposit Cryptocurrency Into Your Upbit Account

Follow these steps to deposit cryptocurrency into your Upbit account.

Sign in to your Upbit account using the details you provided.

Press “Account” at the right corner of the page.

Find “Deposit”.

Choose Cryptocurrency:

Look for the cryptocurrency you want on account of those listed there.

Generate a New Address:

Click on “Generate a new one”.

Note down the wallet address. This is where you will be sending your money.

Transfer from Your Wallet:

Go to your wallet that has funds in this selected cryptocurrency.

Determine how many coins you are going to deposit.

Use the earlier obtained upbeat wallet address.

Confirm the Transaction:

Before transferring, make sure that you confirm again, as this will avoid instances of wrong address entries.

Initiate transfer out of your wallet and into upbeat address

And voila! You’ve just deposited some cryptocurrency into your Upbit account. Please let me know if I can do anything else for you!

How To Withdraw FIAT At Upbit?

Account Verification:

To ascertain the authenticity of your Upbit account, ensure that you perform identity verification (Level 2), residential address verification (Level 3), and bank account verification (Level 4) on the Settings menu.

Access the Disbursement Tab:

To access Disbursement Tabs, Sign in / log in Upbit Account. Go to ‘Disbursement’ among others in the top navigation bar.

Select Fiat Currency:

On the withdrawal tab, direct your cursor to any fiat currency, such as USD or KRW, that holds funds.

Provide Receiver Details:

Follow instructions and provide correct information about the recipient channel, such as bank details. Recheck your information twice to avoid delays.

Check Transaction Status:

It would be best to keep checking the ‘Deposit/withdrawal waiting’ section under the ‘Investment History’ page to see how far the transaction has gone.

Congratulations! You have successfully withdrawn fiat money from your Upbit account. Please feel free to ask if there’s anything else you want to know or if we can help in any other way!

How To Withdraw Cryptocurrency At Upbit?

Account Verification:

To ascertain the authenticity of your Upbit account, ensure that you perform identity verification (Level 2), residential address verification (Level 3), and bank account verification (Level 4) on the Settings menu.

Access the Disbursement Tab:

To access Disbursement Tabs, Sign in / log in Upbit Account. Go to ‘Disbursement’ among others in the top navigation bar.

Select Fiat Currency:

On the withdrawal tab, direct your cursor to any fiat currency that holds funds, such as USD or KRW.

Provide Receiver Details:

Provide correct info about the recipient channel, such as bank details following instructions

Avoid delays by rechecking your information twice.

Check Transaction Status:

It would be best to keep checking the ‘Deposit/withdrawal waiting’ section under the ‘Investment History’ page to see how far the transaction has gone.

Congratulations! You have successfully withdrawn fiat money from your Upbit account. Please feel free to ask if there’s anything else you want to know or if we can help in any other way!

Exchange Fees

The availability of SGD, BTC, and USDT markets determines Upbit’s fee structure. In SGD markets, it operates based on Singapore dollars; in BTC markets, bitcoin is the reference currency, while in USDT markets, Tether is used.

Daily data is calculated based on UTC, making comparing prices across global exchanges easy. This data includes the change rate of the close price on the day compared to the price at 0:00 UTC, cumulative volume for the last 24 hours, and open/high/low/close price during the UTC from 0 to 24 hours.

Upbit offers various orders, with maker and taker options available for limit and stop-limit transactions, each with its fees.

GST is also included in this fee, but actual costs may differ due to event discounts or order types. The minimum order amount depends on the market used; the minimum is 0.5 SGD or 0.0005 BTC/USDT.

Upbit offers three types of orders: limit, market, and stop-limit. Whenever a trader prioritizes price when making any transaction, a limit order is helpful, while using market order allows them to trade faster than otherwise would be possible.

Stop-limit orders are mainly used for stop loss or take profit and are only available in some markets. The tick size for SGD markets varies based on digital asset price, while BTC and USDT market tick sizes are fixed.

However, Upbit’s fees are reasonable, but traders should carefully consider factors like tick sizes from one asset class to another, tick sizes within an asset class, and minimums between assets before making any trade if they want to know how much they will pay as commissions.

Upbit Withdrawal Fees

For cryptocurrency exchange users, withdrawal attracts hidden charges, which can be annoying sometimes when not expected by users since withdrawal fees vary among exchanges, such as Upbit withdrawal fees depending on the supported asset. Here are some withdrawal fees for the most popular digital assets on Upbit:

Note that these withdrawal fees apply per transaction and may be adjusted in line with blockchain conditions. There is no withdrawal fee when transferring crypto assets between Upbit accounts through Lightning Transfer. Depositing funds to your Upbit account is also free of charge.

How to Secure Your Upbit Exchange?

The Upbit team has taken several measures to ensure that security comes top while dealing with its users:

User Verification: This includes identity verification and other necessary security checks.

Fund Passwords: To enhance account security, a user has to create fund passwords, which are used to withdraw money and for other sensitive transactions.

Two-Factor Authentication (2FA): Another layer of security on user accounts is added through two-factor authentication (2FA) support support.

Cold Wallet Storage: Most of Upbit’s holdings are kept in cold wallets or offline storage, minimizing the risk of online attacks.

24/7 Monitoring: The exchange uses all its might to detect and counter any suspicious attempts they can materialize.

Some Popular Cryptocurrency Available On Upbit

Exchange Features Upbit

A good number of Cryptocurrencies

Upbit offers a wide variety of cryptocurrencies for exchange. Famous coins such as Bitcoin (BTC), E, and Ethereum (ETH) can be traded.

Easier user interface

This platform is relatively easy to use, even for learners, as it has been designed with their needs in mind.

Securing the system

Security for Upbit comes first; therefore, it uses features like two-factor authentication (2FA), fund password, and cold wallet storage.

Large trading volumes

As one of the biggest global exchanges, it ensures excellent liquidity and smooth trading sessions.

Mobile App

Upbit offers you a mobile app for easy trading on the move for easy trading on the move.

KRW Trading Pairs

As a South Korean exchange, this company also includes shares valued in Korean Won(KRW).

Staking and Airdrops

Staking can be done by users while taking advantage of certain coins that offer them free tokens.

My Customer Support Experience

While generally frictionless, I fall back to dealing with their customer support from time to time after successfully using Upbit Exchange. Upbit has a very accessible support service. This platform promises to support you 24/7 and serve users who do business with you in different time zones.

I had one issue once with a delayed withdrawal, and it was what made me try out their support service. I submitted a ticket to their online help centre, explaining these problems and some screenshots. Submitting the ticket was pretty cut-and-dry, with prompts to advise what information they needed.

We replied almost immediately, bouncing back an automated email acknowledging the receipt of my request, which set the response time expectation. Someone from the support team followed it up a few hours later with an email.

They were respectful and professional, but they just wanted more information to fully appreciate the issue with Understand. I provided them with all the requested information, and the agent reassured me that they were looking into the matter.

The resolution took about a day, and during that time, I was getting regular updates on the progress of my ticket. The support team would keep updating me and sometimes even remind me how active they were in resolving what I raised with them, finally, after pulling out my moneyIrfoundas cash in mexternal walletet.

Generally speaking, I communicated well with Upbit customer service. Their quick response staff members were very professional and impressed me as they built some trust again on this site. Even more, it provides Multilingual support that aids an extensive demographic of people, ensuring effective communication despite language barriers.

Who are the Founders of Upbit?

Song Chi-hyung founded and chairs Dunamu, the operator of Upbit. He received his Bachelor’s degree in computer science and economics from Seoul National University.

Song Chi-hyung worked on developing mobile payment services and various IT-related projects at Danal and Inomove before founding Dunamu.

Trade On Go With Upbit Android & IOS Mobile App

Upbit is a popular cryptocurrency exchange that offers mobile apps for iOS and Android. These apps allow traders to fund their accounts and trade on the move.

Upbit Android App -This is an Upbit Android app found on the Google Play Store. After configuring it on your device, you can access such features as real-time pricing tracking, order placement, portfolio management, etc. Intuitive UI and safety to protect your capital.

Upbit iOS App: The Apple App Store now has an Upbit app available to download for iPads and iPhones. Much like its Android counterpart, we’re looking at basic stuff for trading, such as market analysis tools, charts, and accounts management. Users can create purchase orders to buy or sell cryptocurrency with the iOS device in the safest manner.

Earn Without Investment With Upbit Refer & Earn Program

The Refer & Earn program is provided by Upbit, one of the major cryptocurrency exchanges that allows users to receive rewards by referring their friends. Here is how it works:

Invite Friends: You can invite friends to join using your referral code or the link you have been given. When they sign up via your referral, they will also be linked to you.

Multiple Rewards:

• Trading Commissions: Receive trading commissions automatically when your referred friends trade on Upbit.
• Bybit Card Rewards: Earn rewards when your friends apply for a Bybit Debit Card.
• Copy Trading Rewards: Get additional rewards when your friends start copy trading.

Commission Tiers:

The more people you invite that are eligible, the higher the fee percentage you will receive as a commission:

• 1–4 qualified referees: 20% commission
• 5–99 qualified referees: 25% commission
• 100 or more qualified referees: 30% commission

Upbit Alternative Exchanges

Binance: Binance is another behemoth in the digital asset exchange space that offers a variety of spot, margin, and futures markets suitable for amateur or professional traders. It has extensive trading possibilities and increased liquidity, which are lovely things. However, it is also a bit too complicated for beginners, and in some jurisdictions, its regulation is rather strict.

Coinbase: As you can deposit more than one cryptocurrency, the platform is popular among many users thanks to its user-friendly interface. It is perfect for those who appreciate simplicity and hassle-free platforms that are easy to use – Coinbase. However, as biased as Coinbase is towards the US market, it is only logical that many reports come from there.

Kraken: Here are some high-yield Options for you to Choose From [Kraken]: This exchange has vast liquidity, low fees, and is highly reputable. Whether you are buying or selling lots of different pairs, Kraken will support you.

Final Verdict

Upbit is one of the biggest names in the crypto exchange market, especially in the Asian region. Its simple interface, high-level security features, and wide range of cryptos, MaterialApp concept, accommodate both beginners and pros.

Nonetheless, there are opportunities to do better by exploring other exchanges like Binance, Coinbase, Kraken, etc., which come with more extensive coin selections, advanced trading tools, and different fee structures.

The best exchange for you fits your specific trading requirements and wants. For anyone for whom security is a priority above all else or those looking for a simple exchange that makes it easy to buy Bitcoin, options require little more than an email address and an Internet connection.

Or hold thousands of cryptocurrencies, or have a primary interest in trading derivatives. So, with the help of these different options, you can find a platform closest to your trading objectives and enhance your cryptocurrency in general.