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UpBit Review - is it scam or safe?

UpBit Review - is upbit.com scam or good cryptocurrency exchange?

RATING: 1.5 / 2 REVIEWS ForexBrokerz UpBit
UpBit is not regulated. We cannot guarantee your money is safe.

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Trading Accounts & Conditions

 

Account type Min. order size Trading fee Withdrawal Fee*
Standard 500 KRW /0.0005 BTC 0.25% 0.01 - 1,000 KRW

 

*Depending on the amount being withdrawn. If you transfer Bitcoin out of the exchange, the fee is 0.00000001 BTC.

 

Like most exchanges, Korean UpBit offers a single trading account type with no leveraged trading option and charges some fees for its services. Over 120 cryptocurrencies are listed on the platform, and besides, it supports the local currency, South Korean Won (KRW).

 

Keep in mind that this exchange is intended only for Koreans and that ID verification is obligatory.

 

UpBit Advantages

 

Large trading volume

As of the date of its listing on CoinMarket Cap, UpBit immediately positioned itself on No 1. This means that it has deep liquidity on many of the pairs traded.

 

Competitive fees

UpBit charges both market takers and market makers with 0.25% per trade, which is in line with the offers by other exchanges. As a comparison, Korbit, another major South Korean exchange charges 0.20% per trade.

 

Besides, UpBit does not charge deposits and fees on withdrawals are not high.

 

Korean bank transfers accepted

UpBit accepts fiat currency deposits in South Korean Won (KRW). That being said, only Korean bank accounts can be registered with this exchange. If you’d rather use uyour credit card to buy some coins, check out the link below

 

>>Get Bitcoin with a credit card<<

 

No fees on deposits

Unlike other exchanges, this one does not charge fees on deposits (regardless of the methods of payment). Most services accepting fiat currencies charge pretty solid fees.

 

Many coins available

There are more than 200 pairs available for trade at UpBit, which is possible due to its partnership with Bittrex. Actually, all pairs, except those with KRW, are provided through Bittrex. Currently, the most heavily traded pairs are ADA/KRW SNT/KRW and BTC/KRW

 

UpBit Disadvantages

 

 Hacked in November, 2019

 

After a major security breach, 342,000 Ether (ETH) were stolen by hackers from the exchange in November, 2019.The digital assets were transferred from the hot wallet of the exchange to an unknown address.

  

 Koreans only

While most similar venues strive to be global, UpBit is intended for South Koreans only. As we already said in the beginning, only Koreans are allowed on this exchange.

 

No Leverage

Although this is not a major flaw, some crypto investors might need some margin to gear up their trading. In this case, they might check out what another Korean exchange, Coinone, has to offer, or try out trading in Bitcoin with a forex broker.

 

>>Bitcoin forex brokers<<

 

Minimum order size set

Yet another small disadvantage of this exchange is that it requires a certain minimum order size. Not being able to place small orsers makes crypto-trading even more risky. Here are the details:

 

KRW Market

BTC Market

ETH Market

USDT Market

500 KRW

0.0005 BTC

0.0005 ETH

0.0005 USD

 

Conclusion

 

Korean cryptocurrency exchange UpBit was launched in October 2017 by the biggest local messaging app developer, KakaoTalk. The same company also offers Korea’s second most popular search engine, Daum, and also offers Kakao Pay, the second largest mobile payment system in South Korea. To launch Upbit, Kakao Corp teamed up with American exchange Bittrex.

 

By the time of writing this, UpBit is not only a major Korean cryptocurrency exchange (like Bithumb, Coinone, and Korbit), but the largest by trading volume. It is operated by Seoul-based Two Wood Co., Ltd.

 

South Korea has become a critical area for the crypto industry, as local exchanges generate very high trading volumes on a daily basis (Actually higher than those in China and Japan). However, the local authorities are considering a cryptocurrency trading ban, similarly to China.

 

That being said, Bitcoin trading is not regulated in Korea, so if you are looking for a safer alternative, you may try out trading cryptos with a licensed forex broker instead.

 

>>Reliable forex brokers, offering Bitcoin<<

 

Here is our summary of this exchange:

 

Pros

Cons

Competitive fees

Only Koreans accepted as clients

Many coins available

Hacked in 2019

Korean Bank Transfers accepted

Minimum order size set

No fees on deposits

No Leverage

Large trading volume

 

 

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Traders` reviews for UpBit

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Very disappointed in Upbit Singapore

Cryptofusion has invested very large in UPBIT - then in April 2019 UPBIT Singapore began refusing withdrawals - we are unable to get our money back. Allegedly UPBIT South Korea was hacked by North Koreans who got to 1 of our accounts, but we have clarified the matter. Upbit Singapore stopped all communication - we went to visit them in November 2019 and after many challenges saw their CEO who forced us to redo all the compliance and verification procedures - which at this stage we have done x3 times. The CEO, Mr. Song made promises but does not deliver - Where is the money? The keep on accepting new investment and allow Trading but do not payout. Very poor show

Johan 11/24/2019
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