Upbit is a popular centralized cryptocurrency exchange in South Korea that offers a variety of cryptocurrencies for trading. It was launched in 2017 with the help of Bittrex and quickly became the largest crypto exchange in the country in terms of daily transactions. Upbit is operated by Dunamu Inc., the developer of the Stockplus stock trading platform, and is affiliated with Kakao Corp., which runs South Korea's most popular mobile chat app, KakaoTalk.
Although Upbit is primarily aimed at the South Korean user base, a translated global version of the website is available for other supported regions. It offers an impressive number of assets, over 100, through its tie-up with Bittrex.
Upbit has a simple and clean trading view, a list of exclusive wallets, and different and diverse crypto coins that make up its features. It also allows users to monitor various analytics and statistics, get the latest information about market trends, and make more informed decisions for trading.
Upbit enforces two-step authentication (2FA) and uses hot wallet storage. Upbit suffered a hack attack on November 26, 2019, losing $49 million. Although Upbit is a centralized exchange, the regulations and governance of the platform are done by the company itself, subject to the laws and policies that apply to the geographic region.
One feature that makes Upbit a leader is its compatibility with the ecosystem of apps that comes from Kakao Corp. KakaoTalk, with millions of active users, and KakaoPay. Upbit also has an open API service that can be used to get real-time information and study the cryptocurrency marketplace.
The Upbit sign-up process is easy, but some of the platform's requirements can act as a hurdle for international users. Users should keep in mind that the exchange does not allow leveraged crypto trading. Upbit's trading platform is intuitive and efficient, with the ability to exchange fiat for crypto assets and a large user base. The exchange can be accessed through the website via desktop or the mobile experience brought by an application, available for both iOS and Android users. Trading views can be customized, and individuals can view varying sizes of order books, currency charts, etc.
Upbit charges fees from both takers and makers on the platform, with a flat fee rate for the trading volume of 0.25%, which might not be the lowest in the industry. Although deposits on Upbit are free of charge for users, withdrawals do come at a charge.