Upbit Review 2024

Autor

Revisor

Last update: 6 months ago

Our veredict

Upbit presents itself as a compelling option for both novice and seasoned cryptocurrency traders. Its main strength lies in the breadth of its offerings, boasting a diverse range of cryptocurrencies available for trading, which is particularly beneficial for users looking to explore less mainstream options. Additionally, the platform is known for its robust security measures, featuring multiple layers of security and regular audits, which provide a sense of reliability and trustworthiness to its users.

However, it’s not without its drawbacks; the platform’s interface, while comprehensive, might be slightly intimidating for beginners, and the fee structure could be perceived as complex compared to other exchanges. Overall, Upbit’s extensive market access and strong security posture make it a solid choice, albeit one that could improve in user-friendliness and fee transparency.

Pros

Cons

4,4

Threenvest Score

Fees

0,20%/0,25%

U.S Legal

With the confidence of Threenvest

Security methods: Upbit employs rigorous security protocols, including regular security audits and multi-factor authentication, which significantly minimize the risk of breaches and unauthorized access.

Reputation and Reviews: Since its inception in 2017, Upbit has maintained a strong reputation within the crypto community, especially in South Korea. Its partnerships and transparent practices contribute to its positive image among users.

Trading volume and liquidity: Upbit boasts one of the highest trading volumes among South Korean exchanges, providing users with high liquidity which is crucial for executing trades efficiently and at desirable prices.

Customer service: Upbit offers comprehensive customer support with various channels for communication, ensuring that users’ issues and queries are addressed promptly and effectively.

Transparency: The platform is known for its transparent operational practices, such as providing clear information on fees and the regular publication of audit reports, which helps in building trust with its clientele.

Best Crypto Exchanges

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To better understand our editorial guidelines and the investment methodology that supports our ratings, you can explore the information in our editorial policy.

About Upbit

Introduction

Upbit is a prominent cryptocurrency exchange that has made significant strides in the digital asset space since its inception. Known for its extensive range of crypto offerings and robust security protocols, Upbit has become a go-to platform for many traders worldwide.

What is Upbit?

Upbit is a cryptocurrency exchange that enables users to buy, sell, and trade a wide variety of digital assets. It is particularly noted for its user-centric approach and integration of advanced trading features, catering to both novice and experienced traders.

Background and History

Upbit was launched in 2017 in South Korea, quickly rising to prominence due to its user-friendly interface and extensive partnerships with leading fintech firms. The platform was developed by Dunamu Inc., leveraging its technology to ensure a secure and efficient trading environment. Its rapid growth is attributed to its expansive cryptocurrency offerings and integration with Kakao Stock, a popular stock trading app in South Korea.

Founders

The founder of Upbit is Song Chi-Hyung, a notable figure in the South Korean tech industry. Under his leadership, Upbit has not only dominated the South Korean market but also expanded globally, emphasizing its commitment to providing accessible and secure trading options.

Fun Facts and Interesting Tidbits

Upbit was the first South Korean exchange to offer more than 100 cryptocurrencies.
The platform is part of the first wave of exchanges to provide real-time crypto trading updates via KakaoTalk, a popular messaging app in South Korea.
In an unusual security test, Upbit once simulated a hack to test employee readiness and system robustness, significantly strengthening its defense mechanisms as a result.

These elements underscore Upbit’s dynamic approach to cryptocurrency trading, blending technological innovation with user-centric features to cater to a global audience.

Why Choose Upbit?

Choosing Upbit as your cryptocurrency exchange offers several distinct advantages. First and foremost, the platform’s expansive range of available cryptocurrencies is a major draw. This variety not only gives traders the flexibility to explore a wide array of digital assets, including lesser-known altcoins, but it also enhances trading opportunities by facilitating diverse portfolio strategies. The ability to trade in numerous fiat currencies further supports this by making the platform accessible to a global audience, easing the process for those looking to invest using their local currencies.

Additionally, Upbit’s commitment to security is exemplary. The implementation of advanced security measures and regular audits ensures that the assets of its users are protected against potential threats. This focus on security is crucial, given the often-volatile nature of the cryptocurrency market, and provides users with peace of mind when trading.

Lastly, the high liquidity of Upbit is a significant advantage. It ensures that users can execute trades quickly and at prices that are close to the market rate, which is vital for both new traders and experienced investors. The combination of these features—broad market access, stringent security, and strong liquidity—makes Upbit a compelling choice for anyone looking to engage in cryptocurrency trading. Whether you’re just starting out or are looking to expand your trading activities, Upbit provides a robust, secure, and user-friendly platform to meet your needs.

Where it falls short

Firstly, the fee structure on Upbit can be quite complex, potentially causing confusion among new traders. The fees vary depending on the type of trade and the volume, which might not always be clear or predictable. Simplifying this fee structure could enhance user experience, making it easier for newcomers to understand exactly what they will be charged when they perform transactions. A more transparent fee breakdown, possibly with a calculator tool, would help users manage their trading expenses more efficiently.

Secondly, while Upbit is a leader in the South Korean market, its accessibility and services are more limited internationally. Expanding its global footprint could involve enhancing multilingual support and tailoring services to meet the regulatory and financial needs of users in different countries. By improving its international service offerings, Upbit could tap into new markets and cater to a broader audience, thus driving further growth and enhancing its competitive edge in the global crypto exchange landscape.

Features	Explanation
Minimum Trade	Upbit allows users to trade with relatively small amounts, making it accessible for beginners.
Trading and Transaction Fees	The fees are competitive but the structure can be complex and confusing for new users.
Number of Cryptocurrencies	Upbit offers a wide array of over 150 cryptocurrencies, catering to diverse trading preferences.
Crypto-to-Crypto Trading Pairs	Provides an extensive range of trading pairs, supporting various crypto-to-crypto transactions.
Website Transparency	Generally transparent about trading conditions and security policies, though some information like fee structures could be simplified for better clarity.
Credit/Debit Card	Lacking a dedicated exchange card, Upbit misses an opportunity to integrate cryptocurrency spending into everyday transactions for its users.
Storage Offering	Offers secure storage solutions, though it’s primarily an exchange, not a dedicated wallet service.
Staking and Rewards	Offers competitive staking options and rewards, providing users with opportunities to earn from their holdings.
Mobile App and Desktop	Both platforms are user-friendly and offer full functionality, facilitating trading on-the-go and from desktop setups.
Customer Service	Available and responsive, though some users report delays during peak times, which could be improved.
Deposit and Withdraw	Efficient processes with some limits on international transactions, reflecting the need for broader accessibility.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert reviewing Upbit, I’d recommend this exchange for users interested in a wide variety of cryptocurrencies and robust trading options. Its comprehensive security measures and high liquidity make it a reliable choice, especially for traders who prioritize a secure trading environment. However, newcomers should take time to familiarize themselves with its interface and fee structure to fully leverage Upbit’s offerings effectively.

Fees

Upbit’s commission structure is designed to accommodate a range of trading volumes and styles, which makes it appealing for both high-volume traders and casual participants. The exchange typically employs a tiered fee system, where the trading fees decrease as the user’s monthly trade volume increases. This structure incentivizes frequent trading and larger transactions. However, it’s important for users to note that fees may vary depending on the market conditions and the specific cryptocurrencies being traded. Overall, Upbit’s fees are competitive within the industry but require users to stay informed about the specific details applicable to their trading activities.

Pros

Cons

Tiered Fee System

Upbit uses a tiered fee system based on the user’s 30-day trading volume. Fees decrease as the user’s trading volume increases, making it an attractive proposition for high-volume traders. For instance, typical maker and taker fees start from around 0.25% and can go as low as 0.05%, depending on the trade volume. This structure not only incentivizes increased trading but also rewards users for their loyalty and higher trading frequency.

Trading Commissions

Trading commissions on Upbit are competitive, generally starting at 0.25% for both makers and takers, which is comparable to many other major platforms. However, for certain pairs, particularly those involving less common cryptocurrencies or lower liquidity, fees might be slightly higher. It’s crucial for traders to check the specific fees associated with each trading pair.

Hidden Fees

While Upbit is largely transparent about its trading fees, users need to be cautious about potential hidden costs. For example, withdrawal fees can vary significantly depending on the cryptocurrency, with some coins having higher than average withdrawal costs. Additionally, currency conversion fees might apply if users deposit or withdraw in currencies other than those directly supported by the platform.

Fee Comparison with Industry Standards

Compared to other major exchanges, Upbit’s fees are within a competitive range. Some platforms offer lower base rates but include additional costs for services like withdrawal and currency conversion. Upbit maintains a balance by offering moderate base fees and a tiered structure that benefits active traders.

Strategic Considerations for Traders

Traders should consider their frequency and volume when choosing Upbit. The tiered system means that those with higher volumes can benefit significantly from lower fees, making Upbit more suitable for serious traders than for those who trade infrequently or in small amounts. Additionally, staying aware of the specific fees for less common cryptocurrencies is crucial, as these can vary and impact the cost-effectiveness of trades. In conclusion, Upbit’s commission structure is designed to accommodate a broad spectrum of traders, from those who trade sporadically with small amounts to frequent traders dealing in large volumes. The key to optimizing trading costs on Upbit is understanding and leveraging the tiered fee system, while also keeping an eye out for any additional costs associated with specific transactions. By navigating this carefully, traders can maximize their trading efficiency and cost-effectiveness on Upbit.

Product selection

Upbit offers a comprehensive array of services and products designed to cater to the varied needs of its user base. From basic spot trading to advanced financial products, Upbit provides tools and options that suit both beginners and experienced traders. Key offerings include leveraged tokens, a secure and user-friendly mobile app, and proprietary cryptocurrencies. Additionally, Upbit supports innovative financial services such as staking, loans, and liquid swaps, enhancing user engagement and investment opportunities. This diverse portfolio of services ensures that users can find nearly everything they need for cryptocurrency trading and investment on a single platform.

Pros

Cons

Read more about product selection in Upbit

Upbit has established itself as a comprehensive platform offering a wide range of services and products tailored to meet the diverse needs of the cryptocurrency community. This extensive coverage not only enhances the trading experience but also provides numerous avenues for earning and investment. Here is a detailed exploration of what Upbit has to offer:

Spot Trading

Upbit provides a robust spot trading platform where users can trade a vast array of cryptocurrencies against fiat currencies and other crypto assets. This is ideal for beginners and experienced traders alike, offering a straightforward way to buy and sell digital currencies.

Leveraged Tokens

For those looking to amplify their trading outcomes, Upbit offers leveraged tokens that provide multiplied exposure to the price movements of cryptocurrencies without the need to manage a leveraged position manually.

Staking and Rewards

Users can participate in staking their crypto assets directly through Upbit, earning rewards in return. This service not only enhances the passive earning potential but also supports the overall blockchain ecosystem by promoting network security and validation processes.

Financial Products

Upbit extends beyond typical exchange services by offering structured financial products including loans. These products are designed to help users leverage their cryptocurrency holdings for additional financial benefits without liquidating their positions.

Debit Card

Upbit offers a crypto-linked debit card that allows users to spend their cryptocurrencies at various merchants or withdraw cash, bridging the gap between crypto and traditional finance.

Futures and Derivatives

Traders looking for options to hedge or speculate can take advantage of Upbit’s futures and other derivative products. This includes options and swaps, providing a complete toolkit for advanced trading strategies.

Launchpad

Upbit’s Launchpad is a platform for new coin offerings, where users can participate in initial exchange offerings (IEOs). This is a great way for users to get early access to new and potentially lucrative cryptocurrency projects.

Proprietary Cryptocurrencies and Network

For those deeply invested in the crypto space, Upbit supports trading and services related to its own proprietary cryptocurrencies and possibly its own blockchain network, fostering a unique ecosystem within its platform.

Earn Opportunities and Yielding Pools

The platform offers various ‘Earn’ opportunities where users can deposit their cryptocurrencies to earn interest or participate in yield farming and liquidity pools, maximizing the earning potential from their holdings.

Wallet and API Support

Upbit provides a secure wallet for storing cryptocurrencies and offers API support for automated trading and enhanced functionality, catering to tech-savvy users and developers.

Research and Education

For those new to the market or looking to deepen their understanding, Upbit offers resources for research and educational content, helping users make informed decisions.

Trading View Integration

Upbit integrates with TradingView, offering comprehensive charting tools for detailed technical analysis, crucial for making educated trading decisions.

Additional Features

Upbit also includes features like referral codes, bonus deals, tournaments, and demo accounts, enhancing user engagement and providing additional incentives for platform use. This extensive list of products and services makes Upbit a versatile and attractive platform for users ranging from casual traders to financial professionals, offering tools and resources to effectively engage with the world of cryptocurrency.

Account opening

Opening an account on Upbit is designed to be a straightforward and user-friendly process. To get started, prospective users need to visit the Upbit website or download the mobile app and click on the ‘Sign Up’ option. The initial step involves entering basic personal information such as email and password. Following this, account verification is required, which includes KYC (Know Your Customer) procedures to comply with regulatory standards. This process typically involves submitting identification documents and possibly a proof of address. Once verified, users can immediately begin funding their accounts and trading. The whole process is geared towards ensuring security and compliance while maintaining ease of use for new users.

Pros

Simple Signup Procedure: The registration is straightforward, involving just basic personal information initially.
Fast Verification Process: Upbit usually processes verifications quickly, enabling new users to start trading without significant delays.
User-Friendly Interface: Both the website and the mobile app are designed to guide new users smoothly through the account setup process.

Cons

Read more about account opening in Upbit

How to Sign Up on Upbit

Signing up for an account on Upbit is a straightforward process designed to be user-friendly, especially for those new to cryptocurrency trading:

Visit the Website or App: Start by navigating to Upbit’s official website or downloading its mobile application.
Create an Account: Click on the ‘Sign Up’ button. You’ll need to provide your email address and create a secure password.
Email Verification: Verify your email by clicking on the verification link sent to your registered email.
Provide Personal Information: Fill in your personal details as required by the platform.

Opening An Account

After signing up, you must complete the KYC (Know Your Customer) process:

Identity Verification: Upload government-issued ID documents such as a passport or driver’s license.
Additional Information: Depending on your region, you may need to submit additional information such as proof of address.
Await Approval: Verification times can vary, but Upbit generally processes them efficiently.

How to Buy Your First Cryptocurrency

Once your account is set up and verified, buying your first cryptocurrency is just a few clicks away:

Fund Your Account: Deposit fiat currency using one of the supported methods, such as bank transfer or credit card.
Navigate to Markets: Select the cryptocurrency you wish to purchase.
Place an Order: Choose between a market order (buy immediately at current prices) or a limit order (set the price at which you want to buy).

Account Types

Upbit may offer different types of accounts based on trading volume or investment size, which could include:

Basic Account: For new users with a limit on the maximum transaction amount.
Advanced Account: For more experienced traders, offering higher limits and additional features.

How to Use Upbit?

Navigating Upbit involves:

Exploring the User Interface: Familiarize yourself with the layout, where markets, your wallet, and trade orders can be accessed.
Utilizing Trading Tools: Use available tools for analysis, such as charts and historical data.

Registration and KYC

The registration process involves standard KYC procedures that help prevent fraud and ensure the security of the platform and its users. This process includes:

Identity Verification: Ensuring all users are accurately identified to prevent illegal activities.
Document Submission: Users must submit clear, valid documents to pass verification checks.

This step-by-step guide aims to make the account opening and initial trading process as seamless as possible for new users, aligning with Upbit’s goal to provide a secure and user-friendly trading environment. Remember, how to deposit money will be explained in the following section.

Security

Upbit’s security framework is designed with the utmost attention to safeguarding user assets and maintaining a secure trading environment. The platform incorporates several layers of security to prevent unauthorized access and protect sensitive information. This includes two-factor authentication (2FA) for all accounts, SSL encryption technology to secure data transfers, and rigorous internal controls and protocols. Additionally, Upbit uses cold storage solutions to keep a significant portion of digital assets offline, thus reducing the risk of hacks and other cyber threats. The platform regularly undergoes security audits by third-party firms to ensure compliance with industry-best practices and to reinforce its security measures. Overall, Upbit’s proactive approach to security instills confidence in its users, making it a reliable choice for safely conducting cryptocurrency transactions.

Pros

Robust Protection Measures: Implements multi-layer security including two-factor authentication (2FA) and SSL encryption to safeguard user accounts and data.
Cold Storage of Assets: A significant portion of digital assets is stored in cold storage, minimizing exposure to potential cyber threats.
Regular Security Audits: Conducts frequent security audits with third-party firms to ensure adherence to security standards and identify areas for improvement.

Cons

Is Upbit Legit?

Upbit is widely recognized as a legitimate cryptocurrency exchange with a robust operational framework. It adheres to regulatory requirements and has established itself as a trusted platform in the crypto community, particularly in South Korea.

Regulation and Licensing

Upbit operates under the regulatory oversight of the South Korean government and complies with local financial regulations. This includes mandatory KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures to prevent illicit activities.

Is Upbit Safe?

Upbit employs a comprehensive array of security measures to ensure the safety of user assets and data:

Multi-Factor Authentication (2FA): Adds an extra layer of security during login and withdrawal processes.
SSL Encryption: Protects data in transit, preventing interception by unauthorized parties.
Cold Storage: A large percentage of digital assets are stored offline, away from potential online vulnerabilities.
Regular Security Audits: Upbit undergoes periodic audits by third-party security firms to assess and enhance its security measures.

Security Methods

Beyond the foundational security practices, Upbit has implemented several innovative security protocols, including:

Real-time Monitoring Systems: These systems continuously scan for suspicious activity to prevent fraud and unauthorized access.
Employee Security Training: Regular training ensures that all employees are aware of and competent in the latest cybersecurity practices and protocols.

Security History

While Upbit has generally maintained a secure trading environment, it has experienced incidents in the past. Most notably, in 2019, Upbit reported a significant theft of Ethereum from its hot wallet. However, the exchange responded promptly, covering all lost funds with corporate assets, and has since taken additional measures to enhance security.

Conclusion on Security

Overall, Upbit’s dedication to maintaining high security standards makes it a secure choice for trading cryptocurrencies. The platform’s rigorous adherence to regulatory guidelines and its proactive security measures provide a reliable environment for its users. However, as with any online platform, users should practice good personal security hygiene and stay informed about best practices to protect their accounts and assets further.

Customer service

Upbit’s customer service and support framework is designed to address and resolve user inquiries and issues efficiently. The exchange offers multiple contact methods, including email support, a comprehensive FAQ section, and a live chat feature, allowing users to choose the most convenient option for their needs. The customer service team is known for its responsiveness and expertise, providing clear and helpful guidance to ensure users can navigate any challenges they face. This commitment to strong customer support is reflected in generally positive user feedback across various platforms, where many appreciate the timely and effective assistance they receive. However, like many large platforms, Upbit can experience delays during peak times or for complex issues, which might affect user satisfaction temporarily.

Pros

Multiple Contact Methods: Offers a variety of communication channels, including live chat and email, catering to different user preferences.
Responsive Support: Generally receives positive feedback for quick and helpful responses.
Detailed Support Resources: Provides a comprehensive FAQ section that helps users resolve common issues independently.

Cons

Read more about customer service in Upbit

Customer Support at Upbit

Upbit’s customer service is designed to assist users efficiently and effectively, covering various aspects crucial for maintaining a satisfactory user experience. Here are the details of the customer service and support framework:

Customer Support

Availability: Customer support is available 24/7, ensuring users can get assistance whenever needed.
Methods of Contact: Users can reach out through:
- Email: Direct email support for personalized assistance.
- Live Chat: Instant support for urgent queries.
- FAQ Section: Comprehensive and detailed, helping users to quickly find answers to common issues.
Response Time: Typically, Upbit aims to respond to queries within a few hours, though this may vary during peak periods.

Reputation and Customer Feedback

User Reviews: Upbit generally receives positive reviews for its customer service, with many users highlighting the helpfulness and efficiency of the support team.
Feedback Channels: Upbit actively collects user feedback through surveys and its platform, using this information to continuously improve its service.

What Users Need to Know

Accessibility: Customer support is designed to be accessible, with options tailored to both beginners and experienced traders.
Problem Resolution: The team is equipped to handle a wide range of issues, from account inquiries to technical support for trades.
Preparedness for Issues: Users experiencing difficulties with the platform can expect professional support geared towards resolving issues promptly and accurately.

By providing robust customer support, Upbit ensures that users feel supported and valued, contributing to a positive trading experience on the platform. This comprehensive approach is crucial for building trust and loyalty among its user base.

Is upbit Right for You?

Range of Cryptocurrencies and Trading Options: Upbit offers a vast selection of cryptocurrencies and various trading options including spot trading, futures, and derivatives. This makes it ideal for traders who are looking for diversity in their trading strategies and the opportunity to explore less common cryptocurrencies. If you value having a wide array of options in your trading pursuits, Upbit could be a great match.
Security Measures and Trust: Security is a paramount concern for Upbit, which implements robust measures including two-factor authentication, SSL encryption, and cold storage of assets. Moreover, regular security audits are conducted to ensure the safety of user assets. If security and a proven track record of responding effectively to issues are important to you, Upbit’s commitment to these areas might align well with your needs.
User Experience and Support: Upbit provides a platform that, while offering advanced features, is also accessible to beginners. Comprehensive customer support is available, including a detailed FAQ section, live chat, and email support. However, if you are not fluent in Korean, you might find some language barriers, as primary support is offered in Korean. Consider your comfort level with navigating such a platform and the language support that you might require.

By reflecting on these points in relation to your personal trading habits, security needs, and support preferences, you can determine if Upbit aligns well with your cryptocurrency trading and investment goals.

Upbit compared to other crypto exchanges

Threenvest score

4,4

Fees

0,20%/0,25%

US Legal

Security

High 4,9/5

On the exhange website

Threenvest score

4,9

Fees

0,00%/0,40%

US Legal

Yes

Security

High 4,9/5

bybit

Threenvest score

4,8

Fees

US Legal

Security

High 4,9/5

Available cryptocurrencies and countries available

Available Cryptocurrencies and Countries on Upbit

Upbit offers an extensive selection of cryptocurrencies, catering to a wide range of trading preferences. Some of the main cryptocurrencies available include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC), along with a variety of altcoins and lesser-known digital assets. This diverse offering ensures that traders can engage in a broad spectrum of crypto markets.

Countries Where Upbit Is Available

Upbit primarily operates in South Korea, where it is one of the leading cryptocurrency exchanges. Additionally, the platform has expanded its services to other regions, including parts of Southeast Asia. Traders from these countries can access a full range of services provided by Upbit, enjoying the benefits of its secure and comprehensive trading environment.

Notable Cryptocurrencies Not Available

While Upbit supports a wide array of digital assets, certain cryptocurrencies like Cardano (ADA) and Polkadot (DOT) may not be consistently available, depending on regulatory changes and platform updates. Traders looking to deal in these or other specific cryptos should verify their availability directly on the platform.

Countries Restricted from Using Upbit

Important markets such as the United States and some European countries are not supported by Upbit due to regulatory and compliance reasons. Traders in these regions would need to look for alternative exchanges that comply with their local regulations and can offer service in these areas. This overview gives a snapshot of the accessibility and limitations of Upbit, helping potential users determine if it meets their trading needs based on geographic and cryptocurrency preferences.

Main cryptocurrencies available

Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Litecoin (LTC)
Bitcoin Cash (BCH)
EOS (EOS)
Cardano (ADA)
Solana (SOL)
Polkadot (DOT)
Chainlink (LINK)
Stellar (XLM)
Ethereum Classic (ETC)
Tron (TRX)
Monero (XMR)
Dash (DASH)
Tezos (XTZ)
Cosmos (ATOM)
NEO (NEO)
IOTA (MIOTA)
VeChain (VET)

Main countries where you can open an account

South Korea
Indonesia
Singapore
Malaysia
Thailand
Vietnam
Philippines

FAQs

1. How do I open an account on Upbit?

To open an account on Upbit, visit the official website or download the mobile app, click on the ‘Sign Up’ button, and follow the prompts to enter your personal information. You will need to complete the KYC process by submitting the required identification documents to verify your account.

2. What cryptocurrencies can I trade on Upbit?

Upbit offers a wide selection of cryptocurrencies, including major ones like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), along with various altcoins. The platform continuously updates its offerings based on market developments and regulatory compliance.

3. Are there any countries restricted from using Upbit?

Yes, Upbit restricts users from certain countries including the United States, Canada, and China due to local regulations. It’s important to check the latest information directly on the platform or through customer support for any updates.

4. What are the fees for trading on Upbit?

Upbit employs a tiered fee structure based on your trading volume. Fees start from a base rate and decrease as your trading activity increases. Detailed fee schedules are available on the Upbit website.

5. How secure is Upbit?

Upbit takes the security of its users very seriously, implementing multiple layers of security measures including two-factor authentication, SSL encryption, and cold storage for the majority of user assets. Regular security audits are conducted to ensure compliance with best practices.

6. How can I withdraw my funds from Upbit?

To withdraw funds, access the ‘Wallet’ section of your account, select ‘Withdraw’, choose the type of currency, enter the withdrawal details, and confirm the transaction after completing any required security verification steps.

7. Does Upbit support mobile trading?

Yes, Upbit offers a comprehensive mobile app that allows you to manage your account, execute trades, and check real-time market data from anywhere. The app is available for both iOS and Android devices and is designed to provide a seamless trading experience on the go.

Final opinion on Upbit

Upbit stands out in the bustling world of cryptocurrency exchanges with its extensive selection of trading options and robust security measures, positioning it as a preferred choice for traders across Asia and beyond. At Threenvest, we recognize the importance of a diverse asset portfolio and Upbit’s offering of over 150 cryptocurrencies ensures that both novice and experienced traders have ample opportunities to diversify their investments. The platform’s integration of advanced security protocols and regular audits by third-party firms underscores its commitment to safeguarding user assets, making it a reliable platform in the eyes of its users.

However, it’s important to consider that Upbit’s service availability and fee structure may pose challenges for some international users, especially those from countries with stringent financial regulations like the USA and Canada, where the platform is not available. Compared to other major exchanges that boast broader global access and more straightforward fee schedules, Upbit’s regional focus and complex fee tiers might limit its appeal to a wider audience. Nonetheless, for Threenvest users looking for a secure and comprehensive trading environment with a strong market presence in Asia, Upbit presents a compelling choice that balances depth in market offerings with high standards of security.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.