What is Upbit?
Founded in 2017, Upbit is a cryptocurrency exchange that offers a fiat-to-crypto and crypto-to-crypto trading platform featuring Limit Order, Market Order, and Stop-Limit order types. It covers more than 200 digital assets, trading pairs, and marketplaces in both Korean and English.
This exchange charges a fixed 0.25 percent trading fee. As a result, Upbit does not distinguish between takers and makers. This trading cost approach may be appealing to investors who prefer to pick up existing orders from the order book.
In terms of trading fees, 0.25 percent is in line with past industry averages. For a long period, the global industry average has been in the 0.25 percent range. However, when compared to its South Korean competitors (Bithumb, Coinone, Korbit, and Coinrail), Upbit's fees are on the higher side. The average taker charge is 0.139 percent, and the average maker fee is 0.11 percent on these exchanges.
For beginners, it has a thorough verification process. Upbit gives you the option of using a fund password. The verification step includes setting a fund password, which is a second password necessary for withdrawing funds. Finally, it includes two-factor authentication (two-factor authentication) for added protection. Users must, however, download a separate app and scan the UPbit QR code to set up 2FA. Furthermore, Upbit employs a firewall system and continuously checks security 24 hours a day, seven days a week.
In 2019, however, 11 attacks resulted in the theft of $283 million in cryptocurrencies. However, Upbit's parent business refunded the customer's money.
A thorough Frequently Asked Questions and trade guide is accessible on the Up bit exchange as the platform's principal customer support channel. Many queries are answered, as well as details on UPbit costs, restrictions, minimum orders, markets, and supported crypto assets. Aside from that, it offers email and phone numbers for communication. Traders can also communicate with the team using the KakaoTalk app. In addition, the squad is active on social media platforms such as Twitter, Facebook, and Instagram.