Launched in 2017 in South Korea, Upbit is a top cryptocurrency exchange with world-class blockchain technology, regulatory expertise, and operational know-how. They allow clients to buy and sell over 150 digital assets, including Bitcoin, Ethereum, Litecoin, Tether, Ripple, and more.
Upbit Review, Pros & Cons
- A sophisticated trading platform
- Educational resources
- A wide variety of trading tools
- Multiple Cryptocurrencies
- Unregulated exchange
- No MetaTrader trading platform
- Limited funding options
- Limited trading instruments
- No USA clients
- No live chat support
In this detailed Upbit review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Upbit is a South Korean cryptocurrency exchange that offers over 150 digital assets for trading online via a sophisticated trading platform. Traders can fund their trading accounts in the South Korean Won using wire transfers. A range of trading and learning tools, as well as a client support team is in place to assist traders.
Upbit ensures the security of clients’ funds by storing them in multi-signature wallets powered by BitGo. There is no regulatory information on the exchange’s website at the moment. Many experts and professionals would not trade with an unregulated broker as they cannot offer the same protection to investors that a regulated brokerage firm can. Please see our trading broker reviews for alternative regulated brokers.
The Exchange seems to be designed exclusively for South Korean clients as its website is in the Korean language, and the only accepted fiat currency is the South Korean Won.
Some Upbit features and products mentioned within this Upbit review may not be available to traders from certain countries because of legal restrictions.
The Exchange provides traders with the Upbit trading platform, which is available as a desktop application for Windows and Mac computers and a mobile trading app that is designed for Android and iOS devices and can be downloaded from the respective app stores. The platform offers fast and stable trading with 24/7 market monitoring and real-time custom notifications. It has powerful charts and tools, including a dual wallet security system powered by BitGo.
Upbit Trading Tools
Traders benefit from some useful trading tools, including real-time trends and market data. The Exchange also offers charts and analysis reports on various altcoins.
The Exchange provides traders with a good selection of educational resources that are aimed at improving their trading prowess whilst keeping them updated on the latest happenings in the financial markets. These include crypto articles, press releases, news, and an FAQ section that tries to respond to the customers as quickly as possible.
Upbit offers over 150 digital assets, including Bitcoin, Ethereum, Litecoin, Tether, Ripple, and more.
Upbit Accounts & Fees
The Exchange offers one crypto trading account option.
As broker fees can vary and change, there may be additional fees that are not listed in this Upbit review. It is imperative to ensure that you check and understand all of the latest information before you open an Upbit broker account for online trading.
The Exchange’s customer support team is available to respond to clients’ inquiries promptly and politely. They can be reached through telephone, email, and KakaoTalk, which is a popular messaging app owned by Kakao.
Upbit Deposit & Withdrawal
Traders are allowed to deposit and withdraw funds using bank wire transfers only.
Upbit Account Opening
To open a trading account with Upbit, you will need to create a Kakao account first by clicking on the Login/Sign Up button at the bottom of the website, and providing your email address to get a verification code.
Next, you will be redirected to an account sign up page, fill out the form properly, checking the numerous dialogue boxes, and then submit.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the broker’s terms, conditions, and policies. Only proceed if you fully understand and agree to them.
With its headquarters in Seoul, South Korea, Upbit is a cryptocurrency exchange that allows traders to buy and sell a wide variety of digital currencies through the provided trading platforms. They provide some trading tools and educational resources. However, there is no regulatory information on their website at the moment.
The trading of virtual currencies involves significant risk. Price fluctuations can occur which may increase or decrease the value of your assets at any given moment. Any currency whether virtual or not may be subject to large swings in value and may even become worthless. You should not risk an amount you cannot afford to lose.