UPbit Review 2021: Best Crypto Exchange Platform?

Amongst the zillion platforms, if you are looking for a portal with a primary trading interface and numerous crypto assets, then UPbit might be on your list. But what makes it different? Today in this UPbit review, we will see why it is among the top ten crypto exchanges on CoinMarketCap (based on trading volume).

Summary (TL;DR)

  • UPbit is a South Korean crypto exchange open for trade-in Indonesia, Thailand, Singapore, and almost all the countries.
  • Kakao and Bittrex support UPbit, making it trustworthy and globally reputable.
  • It also has a mobile application for iOS and Android devices to enable trade on the go.
  • Deposit/ withdrawal takes place only through bank transfers.
  • Furthermore, UPbit charges trading fees ranging from 0.05%- 0.25%.
  • UPbit has a robust security system. In addition, it has an extensive verification procedure. 
  • The customer support consists of frequently asked questions and direct communication through email, phone, and KakaoTalk.

What is UPbit?

UPbit is a cryptocurrency exchange with 297 crypto assets at disposal in almost 289 markets. It is the largest platform in the market, with a record of up to 11 billion dollars worth of trading volume in 24-hours. Moreover, it extends analysis tools and a sophisticated news channel.

Bittrex (one of the biggest crypto platforms) and Kakao Corp (Korea’s Fintech giant) support UPbit. Hence, This is a game-changer for the portal and makes it trustworthy and secure. 

UPbit exchange review
UPbit exchange review

*The number of assets and markets vary upon the country. UPbit supports the least amount of them in Thailand – 31 coins and 40 cryptomarkets.  

UPbit Review: Trading Platform

The exchange UPbit provides a crypto trading platform allowing fiat-to-crypto and crypto-to-crypto trading with Limit Order, Market Order, and Stop-Limit order types. It extends over 200+ digital assets, trading pairs, and markets in Korean and English language bases. 

UPbit exchange
UPbit exchange

UPbit Mobile App

The UPbit mobile application extends a functional trading interface for iOS and Android devices. The mobile application provides features like:

  1. Real-time price check on the lock screen
  2. Fast and stable trading 
  3. 24*7market monitoring 
  4. Custom notifications
  5. Various altcoin analysis

The interface is user-friendly. Furthermore, it displays an order book, candle charts, buy-sell boxes, trading pairs, and analysis tools.

UPbit Mobile App

It is globally accessible (except in the US) but has a complex verification and trade process. For this purpose, We have broken down the steps below for assistance. 

How to use UPbit?

UPbit is an ideal platform for traders wishing to trade in numerous crypto assets, markets without any complexity. Furthermore, it is globally available but invites complexity with limited fiat support. It supports SGD, BTC, USDT, THB, KRW, and IDR for the purchase/ sale of digital assets. 

Traders can fund their accounts only via bank transfer for the purchase of over 250 crypto assets. However, there are many limitations while depositing and withdrawing, depending upon the verification level. 

Creating an UPbit Account

The UPbit sign-up procedure is simple and quick.

  1. Click SIGN UP on the top right corner of the official website.
  2. Enter an email address, password, captcha to sign up. 
  3. Finally, Follow up with the verification link on the email to finish the UPbit signup procedure. 

However, UPbit Sign up is complex for countries not essentially supported by the exchange. You must have KakaoPay and KakaoTalk to register and verify your account.

sign up on UPbit
sign up on UPbit

Also, read Best Free Crypto Trading Bots.

How to deposit/ withdraw funds on UPbit?

  1. Go to wallet at UPbit, select desired fiat currency, and click deposit. 
  2. Consequently, the screen displays a virtual account generation agreement followed by an account number (8 digits of your mobile number).
  3. Finally, make the transfer to the account from your bank account registered in UPbit. 
  4. Additionally, Upload a PNG, JPG, or PDF file of your transfer receipt.
  5. In the end, Request deposit confirmation (deposits take place in 1-2 business days).

There is no deposit limit. However, the withdrawal limit is 50,000 SDG per transaction/ 100,000 SDG per day. Furthermore, the limit renews daily at 6:30 a.m. Singapore time. 

UPbit review: deposit funds
UPbit review: deposit funds

What happens when deposite fails?

If your fiat deposit request declines, it has many reasons, and you need to request again. 

  1. Wrong account number
  2. Some Missing information
  3. Lack of deposit record
  4. Deposit without bankbook

Further, you have to submit a request and apply for a refund of rejected funds. 

Traders can transfer funds from one UPbit account to another UPbit account without any fee. It is known as Lightning Transfer. However, this does not use blockchain, and there is no transaction history. 

Above all, traders can withdraw/ deposit only after the account verification (level-4).

Also, read An Overview of Bitcoin Lightening Network.

How to verify an account on UPbit?

Verification is essential for trading on UPbit. A trader cannot even deposit/ withdraw without account verification. In particular, there are four levels to it. These levels determine the limit of deposit/ withdrawal. 

UPbit Account Verification
UPbit Account Verification

The number of documents required per level increases. Below are some tips to ensure verification without error. 

UPbit Image Upload for Verification

  1. Images must be HD-quality, clear, with information visible.
  2. UPbit only accepts passport and government-issued ID as ID proof.
  3. The user’s face should be clear without a backlight.
  4. Most importantly, do not wear glasses, hats, or face masks in the photograph. Also, if your ID has a picture with spectacles, upload one with spectacles; otherwise, avoid wearing them. 

*Users globally are recommended to use the passport for faster verification. 

For Documents

  1. Upload original documents.
  2. Bank statement and Proof of Address must be as recent as three months. 

UPbit Review: Corporate Account

Furthermore, Upbit enables large organizations to register on their platform for crypto trading as a corporate. For this purpose, the crew contacts and helps in registering a corporate account. Also, UPbit briefs the organization about the platform, features, fees, limits, and a lot more for a smooth experience. The company needs to reach out through email at [email protected]

UPbit Fees and Limits

The UPbit fee structure is transparent. 

  1. There is no deposit fee.
  2. It imposes the same fee from the maker and taker – ranging from 0.05%- 0.25%. Moreover, It varies depending on the country; It is the lowest in South Korea. 
  3. Withdrawal fees depend upon the digital asset used. Here is a list of withdrawal fees on UPbit. 

There are limits on withdrawal/ deposits depending upon verification levels. 

Thailand and Singapore have four verification levels. Indonesia has three, and South Korea has five verification levels. For more information, refer to the image below:

Limits based on Verification level
Limits based on the Verification level

At UPbit, the transaction fees are applicable, varying upon order type, and it includes GST.

*Additionally, the actual fee is available on the order screen. 

Transaction Fees
Transaction Fees

Also, there is a minimum order limit. Again this varies upon the country. Below are UPbit fees applied on the global website. 

  • BTC Markets – 0.0005 BTC
  • USDT Markets – 0.0005 USDT
  • SGD Markets – 0.5 SGD

Also, read Phemex Review: Zero Fees and No KYC.

UPbit Review: Security

Firstly, it has an extensive verification procedure. Secondly, it offers fund password options. It is a second password required while withdrawing funds, and the verification procedure includes setting a fund password. Thirdly, it also provides 2FA for additional security. However, users need to download a separate app and scan the UPbit QR code for a 2FA setup. Moreover, UPbit uses a firewall system and monitors security 24*7 in real-time.

*UPbit never asks for your fund password, neither via email nor by phone.

However, In 2019, hackers stole $283 million worth of cryptocurrencies in 11 hacks. But the parent company of the UPbit reimbursed the customer’s money.

How to adopt safety measures on UPbit?  

  1. Verification Procedure: A detailed verification procedure is above.
  2. Fund Password: Users need to complete verification for the fund password which helps them prevent unauthorised withdrawals.
  3. 2- Factor Authentication: UPbit recommends Google Authenticator for 2FA. Firstly, select Security Page on settings. Secondly, scan the QR code with the app and finally enter the code generated. 

UPbit Review: Customer Support

The platform’s primary customer support form is a comprehensive Frequently Asked Questions and trade guide available on the UPbit exchange. It has many questions answered and the information regarding UPbit fees, limits, minimum order, markets, crypto assets supported, etc. Apart from this, It provides communication via email and telephone numbers. 

Additionally, traders can connect to the team via the KakaoTalk application. Furthermore, the team is active on Twitter, Facebook, Instagram.

UPbit Review: Pros and Cons

Like any other exchange, UPbit has its advantages and disadvantages. We need a balanced platform where cons do not outweigh pros. Below are the pros and Cons of UPbit to decide if it is worth trading.

Pros

  1. UPbit supports over 200+ crypto assets and 150+ trading pairs in 200+ markets.
  2. It extends a mobile application for iOS and Android along with the UPbit exchange website for trading.
  3. It has a robust security system backed by Korea’s largest Fintech Company – Kakao.
  4. The purchase/ sale of digital assets is easy and smooth.
  5. One of the largest US crypto exchanges, Bittrex, supports UPbit.
  6. It offers many safety measures such as fund passwords, 2FA, and verification.
  7. Furthermore, it extends responsive and prompt customer support.
  8. It has low trading fees. Moreover, there is no deposit fee and low withdrawal fees.

Cons

  1. Upbit caters to South Korean traders. Hence, it might be globally available but not ideal for traders all around the world.
  2. It supports only six fiat currencies.
  3. It is not available for US traders due to regulatory issues.
  4. The exchange does not offer many trading options- only fiat-to-crypto and crypto-to-crypto trade.
  5. An elaborated and extensive verification system, making it difficult for traders globally to use the exchange.

UPbit Review: Conclusion

UPbit is a reliable exchange available globally, apt for South Korean traders. It is one of the largest platforms with many digital assets, markets, and trading pairs. Backed by the largest corporations – Bittrex and Kakao; it is a safe and robust trading platform. Additionally, It has numerous safety measures to keep user funds and data secured. The registration process and verification might seem a hassle to users but avoids the possibilities of hacks. In addition, the fee structure is competitive, especially for South Korea.

Frequently Asked Questions

Where is UPbit Exchange based?

UPbit launched in October 2017, based in South Korea. It operates in Singapore, Thailand, Indonesia, and South Korea.

Does UPbit support a crypto corporate account?

Companies willing to get registered for a corporate account can contact the UPbit team via email. The platform helps in setting up a corporate account along with a brief on the features. 

What order types does UPbit support?

UPbit supports four different types of orders: Limit order, Market order, Stop-limit order, and Pre-order.

What do we do if we did not receive a verification email on UPbit?

Traders might not receive a verification email in some cases. They can look into the matter via:
Ensure submission of the correct email address
Check into spam or junk mail folder

Is UPbit a safe exchange?

Upbit has many measures to ensure safety standards: 2FA, fund transfers, extensive verification procedure, and 24*7 real-time monitoring measures make up the security pillars of the exchange. However, the platform had been under accusation of wash trading. As per reports, the officials of UPbit created fake orders worth $133.7 million on the trading portal.

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