Upbit is one of the largest and most influential cryptocurrency exchanges in South Korea. It provides advanced trading features and accessibility to many popular coins for Korean crypto enthusiasts.
Introduction to Upbit Exchange
Upbit was launched in October 2017 and is operated by Dunamu Inc, the same company behind Korea’s top social trading platform. It was one of the first exchanges to open in South Korea after the government regulated digital assets.
The exchange benefits from high liquidity and a wide selection of trading pairs, including fiat-to-crypto pairs between Korean won and major coins like Bitcoin and Ethereum. Upbit regularly has over $1 billion in daily trading volume.
Upbit has become Korea’s largest crypto exchange, frequently controlling over 50% of the Korean won trade volume. It currently offers over 200 cryptocurrencies for trading.
Key Features and Offerings
Upbit aims to make digital asset trading fast, easy and accessible to everyday Korean traders. Key features include:
- High liquidity for popular Korean trading pairs like XRP/KRW and EOS/KRW.
- Low 0.05% flat trading fees for takers and makers.
- Easy Korea won fiat onramps from Korean bank accounts.
- A clean, intuitive user interface with detailed charts and order books.
- High-level security including cold wallet storage and SSL encryption.
- OTC trading for large bloc transactions available through its Upbit Professional service.
- APIs for developers along with a sandbox demo trading environment.
Company Background and Regulation
Upbit is operated by Dunamu Inc, whose major shareholders include Kakao Corp, the company behind Korea’s largest messaging app KakaoTalk. This gives Upbit strong backing and name recognition.
As one of the first exchanges approved to offer fiat trading pairs by the Korean government, Upbit is considered a trusted and strictly regulated platform. It complies with know-your-customer (KYC) rules.
Trading Options and Supported Coins
Upbit provides trading for over 200 of the most popular cryptocurrencies. BTC, ETH, ETC, XRP, BCH, LTC, EOS and TRX all have direct Korean won trading pairs. Upbit focuses on higher market cap coins that have passed review and compliance checks.
In addition to spot trading, Upbit supports margin trading for certain pairs with 3x leverage. It also offers an Upbit Savings service that generates interest on deposited cryptocurrencies.
User Experience and Reviews
Reviews of Upbit highlight its simple interface, making it easy for beginners to get started. Users also appreciate the high liquidity and fast settlements on transfers and trades. Verification for Korean users is very streamlined.
However, UX suffers on Upbit’s mobile apps compared to the desktop experience. And selection of coins beyond top names is limited compared to larger global exchanges. Overall though, Upbit remains a go-to exchange for Korean traders.
Security Track Record
Upbit stores only 2% of assets online for liquidity, with the remainder in cold wallets for security. The exchange has not suffered any major hacks, losses or thefts to date, giving it a solid security reputation.
As Korea’s largest and longest-running exchange, Upbit has become the gateway into crypto for many Korean traders and investors. Its backing by Dunamu and integration with Korean payments systems makes it accessible and easy to use. For fiat-to-crypto trading with Korean won, Upbit should be a top choice.