Upbit Digital Asset Exchange Review

With the help of Bittrex, UPbit was founded and launched in 2017 by Song Chi-Hyung who is also the Chairman of Dunamu – a fintech company incorporated in Seoul, Korea. The exchange is said to have grown quickly to become one of South Korea’s largest crypto exchanges within months of launching, processing billions of dollars in volume. One of the exchange’s main backers is the popular South Korean chatting app Kakao. Sirgoo Lee is the  current CEO of Dunamu, he is also Co-CEO of Kakao. 

It has recently been reported that UPbit has become the first Korean Exchange to register with authorities after the recent crack down by regulators on crypto exchanges within the country. The exchange has a banking relationship with K-bank, an online-first South Korean bank that provides on and off ramp solutions for people looking to move between the local fiat currency and digital currencies available on the UPbit platform. UPbit’s local competitors include the likes of Bithumb, Korbit, and Coinone.

Positives 

  • Platform supports 100+ crypto assets.
  • UPbit supports different order types including limit, market, stop-limit, and pre-orders.
  • According to UPbit they maintain 24/7 real-time security monitoring.
  • UPbit has multi-sig cold wallet, 2FA and fund password and also claims to have ISO 27001, ISO 27017, ISO 27018 certification and top-tier security systems but the latter claim is questionable (more on that later).
  • Simple interface for smooth platform navigation. 
  • Provides tools that enable users to have 24/7 market monitoring and also offers real-time custom notifications.
  • The exchange has a good presence in South East Asia including operations in Singapore, Thailand and Indonesia. 
  • Exchange available on PC web and mobile apps (both iOS and Android).

Negatives

  • In 2018, the offices of UPbit were raided by authorities as part of a fraud investigation. Later the same year, apparently three UPbit officials were indicted. The charge: making fake orders. To date the exchange has officially released statements denying the allegations.
  • In 2019, UPbit was reportedly hacked for around $48.5 million USD worth of Ethereum at the time. This is why doubts have been cast over their claims of having world-class security despite having recognised security certifications. 
  • UPbit doesn’t offer partnership or investment programs and the platform only focuses on exchanges and trades.
  • KYC processes are considered to be a bit more stringent than on other platforms. 
  • The exchange is not available to users in some regions including the USA.
  • The exchange supports only a limited number of fiat currencies. 

Wallet 

Using the UPbit wallet, users can send digital currencies, request, receive, or store digital currencies. Network fees (miner or gas fees) may be charged. Network, trading and transfer fees are calculated at UPbit’s discretion and the user is able to see how much they will be charged for a transaction prior to executing the transaction. 

API

UPbit provides Open API Services that make it possible for users to execute numerous activities including accessing balances, order functions e.g. order queries, placing orders and withdrawal functions through connection modules which are offered by Dunamu and that connect web services produced by users, mobile applications or other application programs to the UPbit system.

Fees

Deposit & Withdrawal Limits

Withdrawal Fees

Image credits: Upbit

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