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UPbit exchange review A long way to go internationally

UPbit exchange review: A long way to go internationally

  • 3 June 2021
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UPbit exchange review shows this is the largest cryptocurrency exchange company in South Korea with average daily trading of $ 22.80 billion since 2017.

UPbit Fast Traction is something that anyone can see and this exchange is very successful. Also, this exchange has very serious support. UPbit founder Sung Chi Hyung is one of South Korea’s richest men. Chi Hyung Dunamu, a UPbit holding company, started as an online news collector in 2012 but quickly moved to Fintech, where it was a real success.

Through Dunamu, UPbit partnered with Kakao Corp. A publicly listed internet giant that owns shares in many products, including South Korea’s most popular online music streaming service, as well as apps such as the popular Kakaotalk instant messaging service. The alliance between Dunamu and Kakao ended up in delivering KakaoStock, a mobile stock trading app that uses 50 million Kakao instant messaging databases.

The exchange also works with US-based Bittrex, one of the world’s largest exchanges. At the spik of a crypto bullish trend in December 2017, the average Upbit trading volume reached $ 4.5 billion, with a one-day record of $ 11 billion. They have also developed Kakao pay which is the second most popular mobile payment app in the area, Therefore, the growing user demand has made Upbit unbeatable and they started expanding worldwide.

Upbit exchange review platform

Until now, according to the UPbit exchange review, the Upbit website and exchange platform are only available in the Korean language, which of course limits the appeal of international audiences.

However, Google’s translation is very good, which means that the exchange site and operating system can be easily searched in English and possibly in other languages. The most important obstacle for international users is that registering and trading regulations are the same way that applies to South Korea and is quite geographically specific.

KakaoTalk and Kakao Pay accounts are required to log in and verify by the South Korean mobile number. Basically, if you do not live in South Korea, opening an account with UPbit requires a lot of effort.

The desktop and mobile versions of the exchange platform are very similar to KakaoStock operating systems and are essentially versions of the same platform that are compatible with trading cryptocurrencies. This means that this technology built at a very high level in terms of design, usability, and performance.

The exchange does not provide cryptocurrency trading leverage but provides traders with high-quality analytics and news feed.

UPbit-exchange-review-A-long-way-to-go-internationally

Upbit

Upbit exchange review markets

The only Fiat currency that UPbit currently supports is the South Korean Won that can be deposited merely through South Korean banks. As a result of its partnership with Bittrex, UPbit exchange review markets offer a wide range of coins and cryptocurrencies, with over 100 items listed. Almost all of the top 100 cryptocurrencies are available on this platform.

 Upbit exchange review costs

UPbit does not charge any fees for deposits, but withdrawal fees vary depending on the cryptocurrencies withdrawn or the bank account in Won.

According to Upbit exchange review costs, transaction costs are roughly the same as most South Korean exchanges and are set at 0.25% for recipients and builders. It is not the cheapest exchange to trade internationally, however, for local people the costs are appropriate.

 Upbit Security and fairness

As the Internet giant corporations, Fintech and Kokoa facilitate the monetary platforms, Upbit is performing well in the field of crypto exchanges. The Upbit wallet funded by BitGo, that widely recognized as the global standard in multi-signature wallets and supported by many leading cryptocurrency exchanges internationally.

Regarding account security, Kakao Pay, owned by Kakao Corp, guarantees the capitals that make it difficult for rivals to compete with Upbit cybersecurity standards.

 Upbit exchange review support

The exchange supports customers via email, phone number as well as KakaoTalk, Kakao’s popular messaging app. The level of support generally has a good reputation, with many representatives available to answer questions or problems, as well as a wide range of frequently asked questions.

Advantages and Disadvantages

Advantages

Disadvantages

  • Non-Korean trading is difficult on this platform
  • They only accept South Korean fiat as investment
  • Marginal transactions are not provided.

Upbit trade view

Different exchanges have different business perspectives. So that we cannot come to an end with an idea that this is the best one. You have to decide which business view is right for you. What these views usually have in common is that they all show the order book, or at least part of the order book, a selected cryptocurrency price chart, and the order date. They usually have sales boxes as well. Before choosing an exchange, try to take a look at the trading view so that you can get much information.

Upbit trade view

Trade view

Upbit deposit methods

Upbit offers wire transfer as a deposit method, but you cannot deposit via credit card. This is bad news for users if they prefer to use credit cards to deposit funds.

Upbit security

On November 27, 2019, a hacker managed to access the Upbit hot wallet and transferred 342,000 ETH to his address. The value of the stolen ETH at the time was $ 53.5 million. The exchange nevertheless compensated all users who have lost Ethereum assets.

Upbit Security and fairness

Upbit security

In addition to the common security measures such as 2-factor authentication, cash register password, and accurate authentication, accounts and servers are protected by advanced technologies. For example, users’ assets are protected by the BitGo wallet’s multi-signature algorithms, which is considered one of the most secure cryptocurrency wallets to date. One can only imagine an experience in maintaining the security of Kakao user data. Its messenger is used by tens of millions of people. Kakao’s partners widely believed to help Upbit protect its operating system, money, and user data. It is not known that this platform has a successful hacking attempt. North Korean hackers tried to gain control of Upbit users’ accounts via phishing emails.

Is Upbit safe?

The fact that Upbit requires KYC (Know your Customer- A process by which a platform verifies their user’s identities) eliminates a significant amount of malicious activity.

Transactions will actually monitor 24 hours a day, 7 days a week, and if the security team finds suspicious activity related to a particular account, they can temporarily block withdrawals of the account. Such a method can lead not only to an advanced level of security but also to false suspicions that anger users. This is something many of us know thanks to the security methods that traditional banks use to provide security. Such conditions are common for centralized operating systems that run on money.

There are complaints on the Internet that the support team does not respond to for a long time and people with blocked withdrawals are waiting and can’t do anything. Of course, some of these angry people accuse Upbit of scams here and there. This is what happens to any cryptocurrency operating system with unparalleled customer service like a cloud miner center. People who are waiting for their problems to solve believe that they have been deceived.

What is worrying about Upbit?

What is most worrying is the alleged involvement of company executives in the laundry business. According to prosecutors, company officials received about 150 billion won (or $ 133.7 million) in counterfeit orders from the Upbit exchange. This means that not only can the goals of the company’s officials be unfair, but it also overshadows the volume of Upbit transactions. It may turn out that this volume increases with fake orders. The case does not appear to have eroded public confidence, but such an allegation raises concerns and may make potential users think before joining the exchange.

This fraudulent allegation, coupled with allegations of malpractice, makes us think that using Upbit is not very safe, move it to the beginning of the sentence. However, this exchange continues to work and people on social media sincerely support this project.

Is Upbit safe

Is Upbit safe

User credibility and customer service

The exchange offers customer support via email, phone, and also through KakaoTalk, a Kakao-owned app. Upbit customer support resources have a good reputation for having many representatives answer questions or problems. An extensive section of FAQs is also provided. Their goal is to respond to customers as soon as possible.

Upbit exchange review had relatively likely feedback on Reddit as they talk about innovations bringing for the exchange.

Create an account

Accounts require email verification and authentication. Only South Koreans can create an account and trading is supported. ID verification time varies, but verification usually takes a few days.

Payments made by credit card or money transfer. Mobile accounts are available to everyone who uses this service. For added security, these programs developed specially by a leading South Korean company that specializes in this area.

No commission will charge when setting up the account. But the withdrawal fee will charge when applying certain types of currency that vary depending on the currency. There is no charge for deposits.

Compare Binance vs Upbit

In the following, you can compare Binance with Upbit. Which exchange is better to use? You can compare exchange features, fees, trading features, security, and social media presence.

Binance established in 2017 in China. On the other hand, Upbit founded in 2017 in South Korea.

When choosing a stock exchange to trade, you should consider how long it has been active in the market. Older exchanges usually have a good reputation and are more reliable.

You should also pay attention to the location of the exchange. Some countries have strict financial regulations, which make it difficult to ask for help in court if necessary. Binance and Upbit are both centralized exchanges.

Binance has a mobile application. Both iOS and Android devices can use the Binance application. Upbit also provides a mobile app available for iOS and Android. The features of both exchanges seem to be at the same level. However, Binance has got much more publicity due to its vast supporting languages.

Binance can support 16 languages including English, Portuguese, German, French, Spanish, Italian, Korean, Russian, Traditional Chinese, Simplified Chinese, Dutch, Vietnamese, Turkish, Indonesian, Polish, and Ukrainian. Upbit has 3 languages ​​available, including Korean, Indonesian and Malay.

Conclusion

In the conclusion of the Upbit exchange review, we should say, If Upbit becomes available to everyone internationally, it can become one of the largest and most reputable exchanges. According to CoinMarketCap, it is the fifth-largest in the world with a daily turnover of how much. Arguably the most serious backing in the stock market in the form of Kokoa, the South Korean Internet giant, and its partnership with Bittrex, How they become the largest US exchange when they only work with Korean currency, that will allow well over cryptocurrencies to support, has also gone a long way to quickly establishing the exchange among the global elite.

In terms of technology and security, UPbit has few competitors and a wide range of coins offering to users.

However, the worst thing is that UPbit is highly traded in South Korea. It is difficult to create an account and trade for any person of a different nationality. To sum up, Upbit has the functionality of becoming internationally recognized. Although a long way to the point it will need to obtain.

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