UpBit is a cryptocurrecny exchange platform that is base in South Korea. They were founded in October 2017, becoming one of the newest fast growing exchanges. Their platform is integrated into the most popular chat application in the state called Kakao Talk. Over 90% of cell phone users have the app. Their exchange offers more than 120 digital currencies for trading. They have a partnership with Bittrex, which is helping them grow. The application helps them become the fastest growing cryptocurrency exchange. In 24 hours their trading volume is over 45.000 BTC, having almost double of Bithum that is the largest exchange in South Korea. That fast growth is causing some issues with the platform we can see users complain about missing transactions. But still, there isn’t any platform that can handle such a rapid growth.
To register on UpBit you need to have a smartphone application called KakaoTalk, made in Korea. The app is used for communication, like Messenger. So if you want to register to Kakao first thing you should do is to download the app. After providing your phone number they will send you a 4-digit verification code. This code will be sent in a minute if you don’t live in South Korea. After you input the code, you need to come up with a username, and you will be logged in the application. But you have to create a separate account. In the application go to 3 dots page and click on the account icon, there you have an option to create a Kakao Account. After you provide a valid email address, you need to confirm the code they will send you. When you provide some basic information after setting the password, your account will be created. Then you need to go to UpBit and log in.
When you are registered to UpBit, you have a level 0 account. You can’t withdraw or deposit at this level. If you want to level up, you need to go through 4 steps. The first step is to authenticate your email. They will send you a mail with the button at the bottom of the mail to verify it’s yours. Next step is to verify your basic information through your mobile. For this step, you need to have 1 out of 3 providers: Sk telecom, kt, LG U. Next step is to verify your account for KRW (Korean fiat) deposits and withdrawal. There aren’t many users outside Asia that got to this part, because of telecommunication providers you need to have. The fourth step is to secure transactions through cacao pei certification.
Make a deposit
At present, up-beat supports deposit and withdrawal of 33 currencies: KRG, BTC, ETH, ETC, BCC, OMG, POWR, REP, SNT, STORJ, MTL, TIX, LTC, QTUM, DGD, XRP, MYST, BTG, WAVES, SNGLS, XAUR, MER, EDG, AMP, MAID, AGRS, FUN, ANT, MANA, SRN, WAX, ZRX, VEE. For every deposit you make there is no fee. If your account is level 1 you can’t make any deposits, as well as for level 2. For level 3 and level 4 accounts, depositing is unlimited.
After you verify your account, at level 1 you can’t make a withdrawal, but if the user has a level 2 account, it is possible to withdraw 0.1 BTC with a fee os 0.0005 BTC. For KRW fee is 1,000, and you can make withdraw at level 3. Daily limit to withdraw is 20,000,000 KRW and monthly 50,000,000. For BTC on level 3, you can withdraw 10 BTC. For Ethereum fee is 0.01 and the amount you can withdraw from level 3 account is 100 ETH. For level 4 accounts daily limit for KRW is 50,000,000 and monthly 200,000,000. For BTC limit is 50 and for Ethereum 1,000. You can choose much more digital currencies to withdraw, but these are current leaders on the platform.
UpBit is rising fast, with the biggest transaction volume in South Korea. They have a wide variety of currencies. They accept Korean bank transfers. There is no fee for depositing because which is a great thing for every user. A lot is invested in UpBit to become the best cryptocurrency exchange platform. Having a partnership with some other exchanges and being connected with the biggest communication app in Korean is a major thing in exchange world.
The biggest problem with UpBit is that they accept only Koreans for users. There isn’t much said about expending their platform to other users, but with such an effort to become the best exchange platform, they should think about expanding. There were some issues because they have too many transactions going on, so users had difficulties making trading, transactions.
Being the platform that has only Korean users, there isn’t much information about it, and what users think. We know that because of rapid growth, there were complications and some bad reviews regarding towards incomplete transactions, or half amount transactions. Website if well formed, and become most of the people in South Korean use it through the app, they are pretty satisfied with it. Using the app, it is easier for users to make trades all the time. If someone manages to make the account in Korea but lives somewhere else, they are going to have problems because they have a partnership with just Korean telecommunication companies.
UpBit is going to be one of the best cryptocurrency exchanges because they have great partnerships by their side. KakaoTalk app is biggest in Korea and besides that partnership with other exchanges is significant deal for them. Their growth is for sure going to happen. After they dominate Asia territory, they will expand more, but there are always government issues involved. They have problems now with fast growth, the server is in full power, but they are managing it well. All in all, UpBit is one of the best exchanges, but the problem is that they only operate in Korea.