A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Upbit consists of four parts: general information, fees, deposit methods and security.
Upbit is a South Korean cryptocurrency exchange launched in October 2017. There is a large number of South Korean cryptocurrency exchanges, as the country has been one of crypto’s strongholds since early on. In addition to this exchange, the list also includes (but is not limited to): Bithumb, Coinone, Korbit, Coinnest, Coinrail and Gopax.
There is thorough information on the exchange’s website on the company running the exchange. This is always nice to see for prospective customers as it makes it less likely that the exchange will just run off with your money.
Upbit is regularly among the top 10 exchanges every day in terms of trading volume. The liquidity is consequently fantastic here. At the day of writing this review, the 24-hour volume was USD 160 million.
This exchange also has a fantastic selection of trading pairs, offering trading in 158 different cryptocurrencies.
If you are a resident or citizen of the US, you can’t trade here. The reason so many exchanges exclude US-investors are the strict legal rules relating to marketing investments from US-investors. When doing so, the company marketing such investments must comply with numerous American rules regarding registration of marketing materials, various SEC-filings etc. You shouldn’t be too sad if you’re a US-investor though, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder to find out which alternatives you have.
Upbit Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Upbit:
Upbit Trading fees
This exchange offers a flat trading fee of 0.15%. Upbit does accordingly not distinguish between takers and makers. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model.
0.15% is lower than the global industry average with respect to trading fees. The global industry average is somewhere in the area of 0.25%. When comparing with its South Korean counterparts however (Bithumb, Coinone, Korbit, Coinnest, Coinrail and Gopax), Upbit’s fees are quite average – even slightly towards the high end. The average taker fee among the above exchanges and this one is namely 0.139% and the average maker fee is namely 0.11%
Upbit Withdrawal fees
Upbit charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This fee is below both the global industry average and the domestic South Korean industry average, and thus constitutes a competitive advantage against the other top crypto exchanges.
Upbit offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information.
- Exchanges handle of course a lot of cash or coin deposits and withdrawals.
Upbit’s security score when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/) is absolutely amazing – A+. It doesn’t get any higher than that! There are only a few other exchanges in the world that scores A+.
Liquidity is something very important for all exchanges, cryptocurrency exchanges but also regular stock market exchanges. The above exchange does indeed have great liquidity. However, the following 10 cryptocurrency exchanges are also regularly among the cryptocurrency exchanges with the absolutely best liquidity in the world: