UPbit
About the Exchange
Securing a prominent standing among South Korean cryptocurrency exchanges, Upbit Korea surpasses its competitors in the volume of trading and the number of active users. The platform is highly regarded for its convenient web interface and feature-rich mobile applications.
Commencing in October 2017, Upbit reached a noteworthy milestone by qualifying as a Virtual Asset Service Provider (VASP) in 2021. This accreditation underscores Upbit's dedication to regulations and positions it as a reputable player in the digital asset sector.
Tools
Established in 2017, Upbit is focused on user privacy and data protection. It has undergone certifications such as ISMS-P and ISO/IEC. With all the licenses obtained, Upbit maintains the highest level of safeguarding user information.
At the forefront of ensuring a safe trading space, Upbit employs an advanced AI tool called FDS (Fraud Detection System) to meticulously monitor transactions. Coupled with a proficient team of experts, this system serves as a robust defense mechanism against potential threats, such as money laundering actions.
The exchange enables robust security through its Customer Service Center, providing free support and educational resources. It helps users improve their awareness of the importance of safeguarding their private keys and learn the steps to protect their personal accounts.
Upbit extends its presence globally through independent entities such as Upbit Singapore, Upbit Indonesia, and Upbit Thai, governed by local regulators. Upbit Korea provides BTC and USDT liquidity to Upbit Thai and Upbit Indonesia. Upbit Singapore operates under the Payment Services Act and has a licensing exemption for DPT (dealing in digital payment tokens) services.
Coins Supported
180 crypt assets and over 300 pairs are all at the user's disposal. The Upbit ecosystem not only includes an exchange but also the NFT Marketplace and the staking program.
Founders
Upbit's creator and chairman of Dunamu, Song Chi-Hyung, graduated from Seoul National University. He has a degree in computer science and economics. Before releasing Dunamu, he was working in a mobile payments company.
Countries with Limited Access
Upbit strictly adheres to regulations in the crypto sector. There are some restrictions for countries that are considered high-risk by FATF and the UN. Upbit services don’t extend to those countries.
Fees
Trading pairs with KRW are charged 0.05%, which is pretty low compared with competitors; flat commissions of 0.25 % are applied for BTC and USDT pairs.
Is Margin Available?
There’s no margin trading tool, so users should take into consideration when selecting a cryptocurrency platform.
The exchange is one of the most common platforms in South Korea, standing out from its competitors due to its significant volumes of trades, high liquidity, quick transaction processing, and large customer base, which has formed as a result of all the benefits mentioned above. Since it was founded, it has demonstrated its strong adherence to security measures. The platform obtained important security certifications and implemented innovative technologies for transaction monitoring.
CEO Founder Upbit