UPbit

UPbit Overview

　　UPbit, founded in 2017 by Song Chi-Hyung, one of South Koreas wealthiest individuals, has emerged as a top cryptocurrency exchange in terms of 24-hour trading volume. Partnering with the American crypto platform Bittrex during its successful launch, UPbit quickly became a major player in the crypto market. The platform's allure stems from its commitment to security and reliability, making it a favored choice for crypto traders.

　　UPbit's expansion into Southern Asia, starting with Singapore and later Indonesia in late 2018, showcased its ambition to become a global presence. Notably, UPbit achieved a significant milestone as the world's first crypto exchange to receive Information Security Management System (ISMS) certifications from the Korea Internet and Security Agency, bolstering its reputation as a safe and trustworthy platform.

Pros and Cons

　　Pros

• 　　Low Transaction Fees: UPbit charges industry-standard fees of 0.25% for both makers and takers, making it a cost-effective choice for traders.

• 　　Available in Mobile App: UPbit provides a mobile app for iOS and Android devices, allowing users to access the platform on-the-go with enhanced security features.

• 　　Sturdy Security: UPbit offers reliable security features, including 24/7 monitoring, 2-step verification, and additional fund password for withdrawals. Despite a past security breach, the platform has taken measures to enhance wallet security and restore user trust.

• 　　High Liquidity: UPbit boasts high liquidity, ensuring quick and efficient transactions at market prices.

• 　　More than 200 Assets Supported: UPbit supports over 200 cryptocurrencies, providing users with a wide range of options for trading and investment.

• 　　Beginners Are Welcome: UPbit offers a user-friendly interface, helpful customer support, and market data to assist beginners in making informed trading decisions.

• 　　Helpful Customer Support: UPbit's customer support is praised for its efficiency and availability through various channels.

　　Cons

• 　　No Leverage Trading: UPbit lacks margin trading options, limiting potential gains for experienced traders seeking leveraged positions.

• 　　Limited Fiat Currency Support: The platform only supports the South Korean Won as a fiat currency, excluding users who want to trade using other fiat currencies like EUR or USD.

• 　　Mixed Reputation: UPbit has received negative reviews, with some users reporting issues with the verification process and security concerns following a significant hack in 2019.

• 　　Restricted Access: UPbit is available only to residents of South Korea due to regulatory restrictions, making it inaccessible to users from other countries.

Regulation

　　Regulations play a crucial role for UPbit in the cryptocurrency trading industry, ensuring transparency, accountability, and investor protection. They aim to create a secure and trustworthy environment for users, as well as to prevent fraudulent activities and maintain market integrity.

　　UPbit is regulated by the Securities and Exchange Commission (SEC) , the Badan Pengawas Perdagangan Berjangka Komoditi Kementerian Perdagangan (BAPPEBTI), and holds an exceeded license by the Repository of Korea's Corporate Filings, which means this license has not been renewed and is therefore the same as being unregulated.

　　Regulated by the Securities and Exchange Commission (SEC) - Digital Currency License (License No.: Unreleased)



　　Regulated by Badan Pengawas Perdagangan Berjangka Komoditi Kementerian Perdagangan (BAPPEBTI) - Digital Currency License (License No.: Unreleased)



　　Exceeded license by the Repository of Korea's Corporate Filings - Company Registration (License No.: 119-86-54968).



Security

• 　　24/7 Monitoring: UPbit employs continuous monitoring to detect and respond to any potential security threats or suspicious activities on the platform.

• 　　2-Step Verification: Users can enable 2-step verification for an added layer of security during the login process.

• 　　Additional Fund Password: UPbit offers an additional password requirement for withdrawals, enhancing the protection of user funds.

• 　　Cold Wallet Storage: To minimize the risk of hacking, UPbit stores a significant portion of user funds in cold wallets, which are offline and less susceptible to cyberattacks.

• 　　Information Security Management System (ISMS) Certification: UPbit is the world's first crypto exchange to receive ISMS certifications from the Korea Internet and Security Agency, underscoring its commitment to information security.

　　It should be noted that in 2019, UPbit experienced a significant security breach in which hackers managed to move approximately $50 million worth of Ethereum (342,000 ETH) from the exchange to an anonymous wallet. Following the breach, UPbit took swift action to improve its security measures. It updated its wallet's security protocols, introduced new addresses, and transferred assets to more secure cold wallets. Additionally, the exchange offered full refunds to affected users to restore confidence in the platform's security. While the breach was a notable setback, UPbit's efforts to improve security measures have been lauded by users and experts in the crypto community.

Cryptocurrencies Available

　　Upbit offers a wide selection of cryptocurrencies, with over 16 different currencies available for trading.

　　The following is a list that contains a few examples of cryptocurrencies available on UPbit:

• 　　SGD

• 　　BTC

• 　　ETH

• 　　ETC

• 　　BCH

• 　　SNT

• 　　STORJ

• 　　LTC

• 　　XRP

• 　　WAVES

• 　　BAT

• 　　DNT

• 　　CVC

• 　　RLC

• 　　ADA

• 　　TRX

Fees

　　UPbit applies varying transaction fees depending on the type of market and order. For Limit and Market orders in SGD markets, the fees for both makers and takers are set at 0.25%. However, for BTC and USDT markets, the fees are reduced to 0.2% for both maker and taker orders. The company incentivizes higher trading volumes by offering lower fees for BTC and USDT markets.

　　Additionally, UPbit enforces minimum order requirements to ensure efficient trading. For SGD markets, the minimum order is set at 0.5 SGD, while for BTC and USDT markets, it is 0.0005 BTC and 0.0005 USDT, respectively. These minimum order values aim to streamline trading activities and maintain liquidity on the platform.

Market Type	Maker Fee	Taker Fee
SGD Markets	0.25%	0.25%
BTC Markets	0.20%	0.20%
USDT Markets	0.20%	0.20%

Payment Methods

　　Deposits and withdrawals can be initiated directly from cryptocurrency wallets. Users can transfer their digital assets from wallets in South Korea, Singapore, Thailand, or Indonesia to their UPbit accounts. The company accommodates various currencies, making it convenient for users from these countries to engage in seamless transactions. Daily withdrawal limits are reset at 06:30 AM every day, providing users with a fresh allocation for their daily trading activities by method of Bank Transfer, Naver, or Kakaopay. This streamlined process ensures ease of access and smooth trading experiences for users across the region.



　　UPbit imposes various deposit and withdrawal limits based on the user's verification level. For Level 1, the deposit and withdrawal limits are set to 0 for both digital assets and SGD. As users progress to higher verification levels, the limits increase. Level 2 allows unlimited digital asset deposits and a daily withdrawal limit of 5,000 SGD. Level 3 provides unlimited digital asset deposits and a daily withdrawal limit of 100,000 SGD, while Level 4 offers unlimited digital asset deposits and withdrawals, with a daily withdrawal limit of 100,000 SGD and a per transaction limit of 50,000 SGD.

Verification Level	Digital Asset Deposit Limit	SGD Deposit Limit	Digital Asset Withdrawal (Daily)	SGD Withdrawal (per Transaction)	SGD Withdrawal (Daily)
Level 1	0	0	0	0	0
Level 2	Unlimited	0	5,000	0	0
Level 3	Unlimited	0	100,000	0	0
Level 4	Unlimited	Unlimited	100,000	50,000	100,000

　　Additionally, if the user is using Lightning Transfer, then the withdrawal fee will vary based on the cryptocurrency being withdrawn. This information can all be accessed via the link: https://sg.upbit.com/service_center/guide

Currency	Network	Minimum Withdrawal Amount	Deposit Fee	Withdrawal Fee
BTC	Bitcoin	0.001	Free	0.0005
ETH	Ethereum	0.02	Free	0.01
ETC	Ethereum Classic	0.02	Free	0.01
SNT	Ethereum	183.8	Free	183.8

Competing Exchange

Key Information	UPbit	Coinbase
Exchange Name	UPbit	Coinbase
Founded Year	2017	2012
Cryptocurrencies	200+	200+
Regulatory Agencies	SEC, BAPPEBTI	NMLS, FCA, NYSDFS
Trading Fees	2%-2.5%	0% - 3.99%
Payment Method	Bank Transfer, Kakaopay, Naver	Bank Transfer, Credit/Debit Card, Cryptocurrency

　　UPbit:

• 　　Founded in 2017, UPbit is a South Korean cryptocurrency exchange offering over 200 cryptocurrencies for trading.

• 　　It is regulated by the Securities and Exchange Commission (SEC) and Badan Pengawas Perdagangan Berjangka Komoditi Kementerian Perdagangan (BAPPEBTI) in Indonesia.

• 　　UPbit's trading fees vary depending on the market type, with fees ranging from 0.25% to 0.2% for both makers and takers.

• 　　Payment methods on UPbit include bank transfers, Kakaopay, and Naver.

　　Coinbase:

• 　　Founded in 2012, Coinbase is a US-based cryptocurrency exchange and one of the oldest in the industry, also offering over 200 cryptocurrencies.

• 　　It is regulated by multiple agencies, including the National Mortgage Licensing System (NMLS), Financial Conduct Authority (FCA) in the UK, and New York State Department of Financial Services (NYSDFS) in the US.

• 　　Coinbase offers a user-friendly platform with competitive trading fees ranging from 0% to 3.99% depending on the transaction method.

• 　　The exchange supports various payment methods, including bank transfers, credit/debit cards, and cryptocurrency deposits.

FAQs

　　 Q: What regulations does UPbit comply with？A: UPbit adheres to regulations set by multiple regulatory agencies, including the Securities and Exchange Commission (SEC) and the Badan Pengawas Perdagangan Berjangka Komoditi Kementerian Perdagangan (BAPPEBTI) in Indonesia. The exchange's commitment to regulatory compliance ensures a secure and transparent trading environment for its users.

　　Q: What is UPbit's security record like？A: UPbit places a strong emphasis on security, employing measures such as 24/7 monitoring, two-step verification, and cold wallet storage for most cryptocurrencies. While UPbit has faced security breaches in the past, the company responded promptly, enhancing its security protocols and offering full refunds to affected users.

　　Q: How many cryptocurrencies are available for trading on UPbit？A: UPbit offers over 200 cryptocurrencies for trading, providing users with a diverse range of options to choose from.

　　Q: Are there any restrictions on UPbit's accessibility？A: Yes, UPbit is currently only available to residents of South Korea due to regulatory requirements. Users from other countries may need to consider alternative cryptocurrency exchanges.

User Review

　　User 1:

　　Upbit's my crypto go-to. Security's top-notch, my assets sleep well. Regulation？ Seems decent, I trust 'em. Interface is sleek and user-friendly, smooth sailing for trades. Liquidity's solid, no worries there. They've got a massive crypto lineup, keeps me exploring. Customer support's been awesome, quick solutions. Fees are reasonable, but privacy could use a boost.

　　User 2:

　　Upbit's where it's at for me. Security's tight, no doubts about my coins. Regulation seems on point, gives me confidence. Interface is slick, trades are hassle-free. Liquidity's great, big plus for quick moves. Their crypto variety？ Impressive! Customer support's responsive, had a glitch sorted pronto. Trading fees？ Fair. Deposit and withdrawal speeds are solid. Stability's never let me down.