What is Upbit?
In 2017, Upbit, a cryptocurrency exchange supported by a leading tech giant, went live. Since its inception as an innovative cryptocurrency exchange, Upbit has gotten some unique features under its belt and swiftly climbed up the rankings globally. It might even be at the top when South Asian cryptocurrency markets are concerned.
Where is Upbit based?
Upbit is a South Korean cryptocurrency exchange, so naturally, its headquarters are based there. That said, it is now registered in some other Asian nations, such as Singapore and Indonesia. Therefore, the platform primarily serves its South Korean users; however, a translated international version of its site has been made accessible for users in other supported locations.
Who created Upbit?
Upbit was released on October 24, 2017, and it acquired a ton of aid through its partnership with the American cryptocurrency exchange Bittrex. Upbit has a parent company, Dunamu, with Sirgoo Lee as its CEO. Lee had once served as co-CEO of JOINS, Inc., and Kakao Corp. Nonetheless, Chi-hyung Song, founder, and chairman of Dunamu, helped found or create Upbit.
Who owns Upbit?
Naturally, Upbit is owned by its parent mentioned above company, Dunamu.
What is Upbit API?
The Upbit API enables its users to programmatically acquire quotes, make withdrawals and deposits, place orders, and monitor the state of their assets. Moreover, anyone can use it and develop creative programs or applications.
It is safe to assume that the cybersecurity standards on Upbit are by no means easy to beat.
How to buy cryptocurrency on Upbit?
If you want to start trading or buying cryptocurrencies on Upbit, you have to sign up for or create an account on the exchange and then get verified. Also, this South Korean exchange includes two subsidiaries, Indonesia and Singapore. If a user should be aware that, under international regulatory standards, residents from numerous countries are still not allowed to register.
1. Signing up
Signing up is as simple as it gets: go to its homepage, click the “sign up” button, and enter all the relevant details, such as your email address and password.
2. Getting verified
Getting properly verified on Upbit entails a few simple steps. First, submit any photo of yours with a proper, visible ID. The latter can include your passport or any other type of ID. Then, try ensuring that the images are in PDF, JPG, or PNG format and that your camera is adjusted to make all the information contained within the images visible.
Upbit has four verification levels you need to complete if you want to unlock every deposit and withdrawal option on the exchange. So, simply signing up will give you the level-one badge. And once you have completed residential address and identity verifications, you will move on to the second and third levels, respectively. Then, after you have linked your bank account, you will proceed to the fourth level, which is the highest.
3. How to deposit on Upbit?
To buy cryptocurrency on Upbit, you have first to make a deposit and to do. You have to connect your wallet. Simply go to the wallets section after signing up, select the wallet option you want after clicking the connect wallet button, follow the necessary procedures, and establish a connection.
You can either deposit funds through your bank account or through other means. To make a fiat deposit, for instance, go to the wallet page, select the fiat currency you want that is available, and then go to the deposit menu, where you will then have to go through a detailed deposit procedure. Follow the instructions given to you, and that’s it; you are done.
4. How to withdraw from Upbit?
Your withdrawal options are dependent on the verification levels you have completed. If you want a hassle-free withdrawal experience, achieve all four verification levels. Now, onto withdrawing. All you have to do is visit the wallet menu, select the currency you want to withdraw, and choose the withdrawal option. There will be some fees, and the entire process takes about 30 to 45 minutes to complete.
5. How to transfer from Coinbase to Upbit?
In the case of moving funds from Coinbase to Upbit, you have to first log in to your Coinbase account, connect your wallet, and withdraw your funds from the exchange, effectively moving them to your wallet. Then, log in to your Upbit account, connect your wallet, and deposit the funds that you have withdrawn from Coinbase through your wallet.
Transferring funds from one exchange to another is easy. All you need is a wallet compatible with both exchanges, and once you have that, it is a relatively straightforward procedure.
How to buy EarnX and Algorand on Upbit?
Once you have set up your account and deposited some funds, buying is easy. However, your options may be limited if you use Upbit Singapore, Indonesia, Global, or the original South Korean version. For now, it seems like the South Korean userbase of Upbit has the most options.
To buy either EarnX or Algorand, simply go to the trading section by clicking on the “Exchange” button. Once there, you will have a search bar on the right that you can use to see if the cryptocurrency you want to buy is supported. If it is, you will find all the trading pairs mentioned in the results.
Select the trading pair available, navigate to the “Buy and Sell” section on the same page, click on “Buy,” select the type of order you’d like to make, whether it is “Limit,” “Market,” or “Stop-Limit,” and there you go. That is how you can easily buy cryptocurrencies on Upbit.
What coins does Upbit support?
According to the data from CoinGecko, Upbit supports more than 180 cryptocurrencies, including several major ones like BTC, ETH, and more.
How to stake on Upbit?
Again, the staking option might only be available to South Korean users of Upbit. That should not surprise you since the feature only launched 2 years ago. So, if you happen to be a South Korean user, you can translate the staking section, you can visit the staking section. However, because it is a new feature, there might not be many staking options available. After that, click on the cryptocurrency you want and enter the amount you are willing to stake.
Pros and Cons of Upbit
Pros👍
Among the things that Upbit has going for is its vast cryptocurrency selection. The fact that it is supported by some of the biggest technological companies in South Korea, in turn, means its trading platform is backed by sophisticated technologies that ensure a high level of cybersecurity.
Cons👎
However, as with everything made by humans, the exchange isn’t perfect, and some downsides hold it back. For one, it can be difficult for non-South Koreans to access the full extent of what the platform has to offer. Second, it could benefit from additional fiat and trading opinions. And lastly, there is also a lack of support for many countries, such as the United States and others.
FAQs
Is Upbit legit?
Yes, Upbit is one of the leading cryptocurrency exchanges out there in terms of volume while operating in a mere handful of nations. The site even has a pop-up feature to further inform visitors about the security precautions they should take.
Is Upbit available in the US?
If you happen to be a citizen or resident of the United States, unfortunately, you cannot trade on this exchange. The legal rules that govern marketing investments from US-based investors tend to be strict, which is the sole reason why numerous exchanges exclude these investors. However, when they do include US investors, the firm that markets such investments have to adhere to several American rules concerning various SEC filings, registering marketing materials, and more. So, if you are an investor from the United States, there is no need to worry, for there are a plethora of exchanges that provide trading services similar to this one.
Is Upbit safe?
As one can expect from an exchange that is backed by Kakao, which is one of the real fintech and internet giants in South Korea, the levels of cyber security securing Upbit traders are quite significant. BitGo, widely regarded as the industry standard for multi-signature wallets and used by many of the top cryptocurrency exchanges globally, helps secure wallets. Furthermore, its partnership with Kakao Pay establishes account security on its platform. To give some context, Kakao Pay, owned by Kakao Corp., is a mobile payments application that is a leader within the South Korean landscape, right behind Samsung Pay.
