Despite only launching ter October , by January UPbit wasgoed already the largest cryptocurrency exchange ter South Korea by media daily trading volumes. Without discounting the level of success represented by the rapid traction UPbit has achieved, the exchange does have some very serious backing. UPbit’s founder, Song Chi-Hyung, is one of South Korea’s richest boys. Chi-Hyung’s company Dunamu, which is the holding company behind UPbit, began out ter 2012 spil an online news aggregator but quickly moved into Fintech, where it has had auténtico success.
Through Dunamu, UPbit partnered with Kakao Corp., a publically listed internet giant that holds stakes ter numerous products including South Korea’s most popular online music streaming service spil well spil possessing apps such spil the hugely popular Kakaotalk instant messaging service. The alliance inbetween Dunamu and Kakao dares back to KakaoStock, a mobile stock trading app which leverages Kakao’s instant messaging almohadilla of 50 million. The exchange is also partnered with US-based exchange Bittrex, also one of the world’s largest. At the peak of December ’s cryptocurrency mania, Upbit’s media trading volume reached $Four.Five billion a day, with a one-day record of $11 billion. With Kakao also suggesting an increasingly popular online banking app and Kakao Pay, the country’s 2nd most popular mobile payments app, the ways te which UPbit might te future leverage the exchange’s backers means it is likely to remain a gezaghebbend force, at least ter South Korea. And spil the world’s thickest national cryptocurrency market, it’s not a bad one to predominate.
At least for the uur, Upbit’s webstek and exchange toneelpodium are only available te Korean, which will, of course, limit the attraction for an international audience. However, the Google translation is pretty good and means that the webpagina and exchange verhoging can be navigated through reasonably cosily ter English, and presumably other languages. The more significant barrier for international users is that to register and trade with the exchange the same process is applied spil to South Koreans and it’s pretty geo-specific. KakaoTalk and Kakao Pay accounts are required for login spil names verification by a South Korean mobile carrier. Basically, if you don’t live te South Korea, opening up an account with UPbit would require an inordinate effort.
The desktop and mobile app versions of the exchange toneelpodium closely resemble the KakaoStock platforms and are essentially a version of the same toneelpodium adapted to cryptocurrencies trading. This does mean that the technology is built to a very high level ter terms of vormgeving, usability, and functionality.
The exchange doesn’t opoffering leveraged cryptocurrencies trading but does opoffering traders a high-quality analysis and newsfeed resource.
The only Fiat currency that UPbit presently supports is the South Korean Won, ter which deposits can be made ter and out of from South Korean bankgebouw accounts. Spil a result of the partnership with Bittrex, UPbit offers a very broad range of cryptocurrency coins and token, with overheen 100 listed. Almost all of the top 100 cryptocurrencies by market cap are available, spil well spil some outside of that.
UPbit does not charge any fees on deposits and while withdrawal fees vary depending on the cryptocurrencies being withdrawn, or te Won to a canap account, they are not high. Trading fees are toughly ter line with most South Korean exchanges and are set at 0.25% for both takers and makers. It’s not the cheapest exchange to trade on internationally but South Korean exchanges generally aren’t and fees are te line with the locorregional setting.
Security and Fairness
Spil might be imagined for a cryptocurrency exchange backed by one of South Korea’s positivo internet and Fintech giants ter Kakao, cyber security levels protecting UPbit traders are significant. Wallets are secured by BitGo, widely recognized spil the general standard ter multi-signature wallets and favored by many of the leading cryptocurrency exchanges internationally. Account security is te partnership with Kakao Pay, the mobile payments app wielded by fucking partner Kakao Corp., and a leader on the South Korean market, 2nd only to Samsung Pay. It’s safe to say the Upbit’s cybersecurity standards are hard to ritme.
The exchange provides customer support through email, a telephone number and also KakaoTalk, the popular messaging app wielded by Kakao. Support levels have a generally good reputation with slew of agents on arm to react to inquiries or difficulties and an extensive FAQ section is also provided.
Pros and Cons
- Well overheen 100 cryptocurrencies supported
- Backed by one of South Korea’s thickest technology companies
- The top technology used for trading toneel
- High-level cybersecurity
- Difficult for non-South Koreans to trade on this podium
- South Korean Won the only Fiat currency supported
- Margin trading not suggested
It’s not by coincidence that UPbit has become the fattest cryptocurrency exchange ter the world and, according to CoinMarketCap gegevens, the fifth largest te the world by daily turnover within a matter of months. The exchange has arguably the most serious backing te the world te the form of Kakao Corp., the South Korean internet giant and the partnership with Bittrex, the major US exchange, that permitted well overheen cryptocurrencies to be supported, has also gone a long way to quickly establishing the exchange among the completo elite.
From a technology and security point of view, UPbit has few rivals and the range of tradable coins is also up there with the best. The one drawback is that UPbit is very much a South Korean exchange and setting up an account and trading is difficult for anyone of a different nationality.