South Korea has always been one of the most welcoming countries when it comes to cryptocurrency innovation, establishing its standing as a cryptocurrency exchange hub. They were ahead of the game with numerous exchange sites springing up in the 2017 crypto bull run, allowing more Koreans to buy and invest in crypto.
Upbit is one of the exchange sites that grew and prospered in South Korea. Known as the best South Korea-based exchange alongside Bithumb, Upbit processes a large volume of local transactions daily. Know all about Upbit exchange including the services it offers and exchange rates you can expect after creating an account.
The basics of Upbit
Launched in October 2017, Upbit was created by Song Chi Hyung as a solution to Korea’s growing demand for crypto during the great bull run. It immediately rose to popularity with help from influential partners such as finance and investments company Dunamu and Kakao Corp., Korea’s largest tech provider.
Upbit also partnered with US-based exchange Bittrex to give its users access to the latter’s order books. However, the Korean exchange ended the partnership in 2019 to reorganize its own BTC, ETH and USDT markets.
Though originally based in South Korea, Upbit’s office is currently situated in Singapore. It branched out to other Southeast Asian countries namely Thailand and Indonesia, allowing more traders to use their services.
One of Upbit’s strongest suits is its wide range of markets and listed cryptocurrencies. With over 130 active markets and 180 cryptocurrencies, the exchange allows traders with diverse portfolios to trade with lesser-known coins. The exchange also boasts the record of being the first Korean exchange to add hundreds of altcoins to their list.
With over 1.2 million users and a daily trading volume of US$300 million, Upbit stands among the top exchanges not just in Korea but in Asia. Similar to other well-known crypto exchanges in the world, Upbit has had their fair share of problems with regulations and authorities. However, this did not deter them from successfully expanding their reach to other nations in the pacific.
Expanding throughout Asia
Upbit caters specifically to Korean crypto traders. When registering a new account, you need a KakaoPay account first which is exclusive only to Korea. Additionally, its main website is in Korean with no English version available, and it only accepts Korean won for fiat currency deposits.
For a time, Upbit’s services were only enjoyed by Koreans, causing international traders to find other more accessible options. But in an innovative move to expand, Upbit branched out to other countries and created Upbit Global, Upbit Indonesia and most recently, Upbit Thailand. Each branch has its own site and lists of digital assets and active markets, offering more crypto trading options to residents of Southeast Asia.
The number of coins and markets available differs depending on which site you’re visiting. Upbit KR has 183 coins and 296 active markets while the global site has 45 digital assets and 46 markets limited to Singaporean dollar (SGD), Bitcoin (BTC) and Tether (USDT).
Korea’s Upbit has 183 coins listed on its site with 296 active markets. Created exclusively for Korean traders, you can only trade using Korean Won (KRW), BTC and USDT on this platform. To deposit funds into your wallet, you’ll need an account at a South Korean bank.
Users can also stake their coins and earn passive profit from them. With staking, clients can entrust their digital assets to Upbit and receive compensation in return. The coins available for staking include Cosmos (ATOM), Luna (LUNA), Maro (MARO) and Tron (TRX).
Based in Singapore, Upbit Global is the branch for clients that prefer English, offering 45 digital assets and 46 markets. This platform allows users to trade in Singaporean dollar, BTC and USDT markets. In terms of trading fees, Upbit Global’s maker and taker fee of 0.2% is considerably lower compared to the global trading fee average of 0.25%. It also boasts a 0% maker fee in its USDT market, allowing traders to exchange their crypto and SGD with a stablecoin.
In contrast with the Singaporean branch, Upbit Indonesia offers a wider range of coins with 166 digital assets listed on the site. With over 180 active markets available, you won’t run out of trading pairs to choose from. You can use Indonesian rupiah (IDR), BTC or USDT in trading and deposit funds to your wallet through wire transfer. Unfortunately, depositing through credit cards isn’t available just yet.
The latest out of the three branches, Upbit Thailand only opened in January 2021. Thai users can now trade BTC, Ether (ETH), Ripple (XRP), Litecoin (LTC) and Tether (USDT) in the Thai baht market. As part of their launching promotion, Upbit Thailand is offering 0% maker fee for all order types and a taker fee discount of 0.1%. If you’re worried about regulation, then rest assured that Upbit Thailand is fully licensed by the Thai Securities and Exchange Commission and the Ministry of Finance.
Trading with Upbit
To start trading with Upbit, you need to create an account first. Make a deposit through wire transfer and place your preferred market orders. Upbit’s neat and streamlined user interface makes it easy for beginners and experienced traders alike to exchange cryptocurrencies.
Once you have funds in your account, you can place market orders such as limit, market and stop. Set your preferred price and amount before pressing the buy or sell button and posting the bid. You can also see the complete list of trades in the book, study the live price graph and check your trading history on the site.
Aside from trading on the browser, you can also trade on the go with their mobile app that has the same sleek and user-friendly interface. Available for both Android and iOS smartphones, you can download the Upbit app for free and start trading.
Begin your crypto career with Upbit
Upbit exchange offers straightforward services enjoyed by traders of all levels of experience. Not only does Upbit ensure all their clients receive top-notch service but it also broadens the reach of crypto to far-flung countries in the pacific. Start your crypto trading career today with Upbit and find out how far your assets can take you.
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