Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: mlawson71 on July 07, 2019, 04:26:24 PM
-
Like most exchanges, Korean UpBit offers a single trading account type with no leveraged trading option and charges some fees for its services. Over 120 cryptocurrencies are listed on the platform, and besides, it supports the local currency, South Korean Won (KRW).
Keep in mind that this exchange is intended only for Koreans and that ID verification is obligatory.
UpBit Advantages
Large trading volume
As of the date of its listing on CoinMarket Cap, UpBit immediately positioned itself on No 1. This means that it has deep liquidity on many of the pairs traded.
Competitive fees
UpBit charges both market takers and market makers with 0.25% per trade, which is in line with the offers by other exchanges. As a comparison, Korbit, another major South Korean exchange charges 0.20% per trade.
Besides, UpBit does not charge deposits and fees on withdrawals are not high.
Korean bank transfers accepted
UpBit accepts fiat currency deposits in South Korean Won (KRW). That being said, only Korean bank accounts can be registered with this exchange.
No fees on deposits
Unlike other exchanges, this one does not charge fees on deposits (regardless of the methods of payment). Most services accepting fiat currencies charge pretty solid fees.
Many coins available
There are more than 200 pairs available for trade at UpBit, which is possible due to its partnership with Bittrex. Actually, all pairs, except those with KRW, are provided through Bittrex. Currently, the most heavily traded pairs are ADA/KRW SNT/KRW and BTC/KRW
UpBit Disadvantages
Koreans only
While most similar venues strive to be global, UpBit is intended for South Koreans only. As it is mentioned in the beginning, only Koreans are allowed on this exchange.
No Leverage
Although this is not a major flaw, some crypto investors might need some margin to gear up their trading.
Minimum order size set
Yet another small disadvantage of this exchange is that it requires a certain minimum order size. Not being able to place small orsers makes crypto-trading even more risky.
Conclusion
Korean cryptocurrency exchange UpBit was launched in October 2017 by the biggest local messaging app developer, KakaoTalk. (https://www.forexbrokerz.com/brokers/upbit-review) The same company also offers Korea’s second most popular search engine, Daum, and also offers Kakao Pay, the second largest mobile payment system in South Korea. To launch Upbit, Kakao Corp teamed up with American exchange Bittrex.
By the time of writing this, UpBit is not only a major Korean cryptocurrency exchange (like Bithumb, Coinone, and Korbit), but the largest by trading volume. It is operated by Seoul-based Two Wood Co., Ltd.
-
UPbit is worldwide. Even in my country it has been very well known and introduced by the CEO himself. And our community is very enthusiastic about welcoming this exchange platform. And I think UPbit has opened minds to the people in my country about the short-term and long-term investment in the world of cryptocurrency