|Top Country||South Korea|
Upbit - upbit.com REVIEW, TRADING VOLUME AND PAIRS
In our Upbit overview, we will tell you about a small trading platform of Asian origin, which offers the opportunity to work with several hundred cryptocurrency pairs. Learn about the features, advantages, and disadvantages of the crypto-platform below.
General information about upbit.com
This South Korean exchange with the upbit.com domain name saw the light in October 2017 and was registered in Seoul. The platform is quite popular in its region, as famous developers, who founded the famous Asian messenger Kakao Talk, worked on its creation. There is a rumor that Bittrex representatives helped to promote the project, and Bithumb was an example of development.
The daily turnover of the platform is about $200 million - they say that it is explained by the local prevalence. However, in South Korea, the exchange is in demand and operates under the full control of the regulators.
Benefits and drawbacks
• Registration on Upbit is very simple and fast: you just need to enter your password and e-mail address. But to start trading, you will have to pass the verification procedure.
• The site is available in three language versions.
• Traders are offered to work with a great number of trading pairs (more than 300).
• The exchange has a user-friendly design and a wide range of tools for traders. It is possible to customize the design of the site and the table.
• One can trade fiat money here among which only the Korean national currency is available.
• Personal accounts of customers have a high degree of protection: filtering by IP address, SMS-confirmation, transaction passwords.
• Transaction fees for Korean won are much lower than those of competitors (0.05%). For transactions with another currency, the fee is 0.2%.
• The minimum order is $1.
• One can work with the exchange not only through a web resource but also through applications for iOS and Android.
There is almost no feedback outside of Korea due to the lack of an English-language version; international distribution is not yet possible. There are not so many significant disadvantages to the website They include the lack of margin trading, mandatory verification, and limited operation with fiat money.
Although the exchange has been on the market for two years now, it is basically a regional platform for cryptocurrency trading. The crypto-platform strictly follows the rules dictated by the regulator and somewhat limits its customers with this. On the other hand, it is safer to work with legal websites, and this is another advantage of this Korean exchange.