Upbit Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- Proprietary platform
- Easy-to-use and convenient terminal, with news and analytics
- exchange is exclusively for trading, only Singapore dollar is presented as fiat money
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- Proprietary platform
- Easy-to-use and convenient terminal, with news and analytics
- exchange is exclusively for trading, only Singapore dollar is presented as fiat money
Our Evaluation of Upbit
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Upbit is a cryptocurrency exchange with higher-than-average risk and the TU Overall Score of 3.62 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Upbit clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
The Upbit crypto exchange is an international platform for exchanging and trading cryptocurrencies. Although the exchange is focused on Asia, traders from all over the world trade on it because of its low fees and humongous trading volumes. All major cryptocurrencies are represented and there’s a convenient mobile application with advanced functionality. The platform does not provide options for passive earnings, and there are no demo accounts or training programs. It’s suitable for experienced active traders only.
Brief Look at Upbit
The Upbit crypto exchange is a premier trading and exchange platform that was launched in South Korea on 24 October 2017, under the assistance of their partnership with the American cryptocurrency exchange Bittrex. It allows you to exchange and trade Bitcoin, Ethereum, Litecoin, Tether, Ripple, and other renowned cryptocurrencies. Unfortunately, only the Singapore dollar (SGD) is represented as fiat money here. The exchange operates legally, is licensed, has a huge trading volume, and dynamic growth of economic indicators. The platform does not offer investment and partnership programs because the functionality of the trading terminal is completely set for exchange and trade. On top of the web version, there is a mobile application for iOS and Android devices. Another significant advantage is low fixed commission charges for trading operations.
- the intuitive interface of the author's trading terminal;
- all the primary functions for buying and selling are presented;
- mobile trading with a built-in risk assessment system;
- the most renowned cryptocurrencies are traded on this exchange, there are pairs with fiat;
- two-level authentication means top-tier security;
- up-to-date analytics on cryptocurrency market trends;
- there is no evidence of fraud or unresolved conflicts.
- the exchange is focused on traders from the Asian region;
- only the Singapore dollar is represented by fiat funds;
- there are no investment, partnership, or training programs.
TU Expert Advice
Financial expert and analyst at Traders Union
The Upbit exchange is relatively young, as it was launched in 2017. The exchange is headquartered in South Korea and is subject to the financial laws of that country. It has a license and permission to carry out activities.
Based on the results of the analysis, the experts revealed a progressive increase in the trading volume and the number of platform users. In the reviews by traders, there is an emphasis on the convenience and simplicity of the service, and its focus on pure trading. Upbit does not provide other earning opportunities, and there is not even a referral program.
Technical tests did not reveal bugs and vulnerabilities in the web version or the trading terminal application. The terminal is standard, with integrated news bulletins, which are also noted as an advantage.
The crypto exchange focuses on experienced traders, and therefore it does not host a demo account, call center, or micro accounts; there is only a standard account. There are no tutorials, not even a basic FAQs section. Communication with managers is only through tickets, there is no call center. However, the site is presented on social networks, which can be considered as an additional communication channel.
Upbit Summary
💻 Trading platform: | Proprietary platform |
---|---|
📊 Accounts: | Standard |
💰 Account currency: | Cryptos, SCG |
💵 Replenishment / Withdrawal: | Bank cards and accounts, electronic and cryptocurrency wallets |
🚀 Minimum deposit: | No |
⚖️ Leverage: | No |
💼 PAMM-accounts: | No |
📈️ Min Order: | From 0 |
💱 Commission: | Market |
🔧 Instruments: | Cryptos, SCG |
💹 Margin Call / Stop Out: | No |
🏛 Liquidity provider: | No |
📱 Mobile trading: | Yes |
➕ Affiliate program: | No |
📋 Orders execution: | Not indicated |
⭐ Trading features: | Easy-to-use and convenient terminal, with news and analytics; exchange is exclusively for trading, only Singapore dollar is presented as fiat money |
🎁 Contests and bonuses: | Not indicated |
The platform does not limit users on the minimum deposit to start trading. After registration and verification, you can store any cryptocurrency in any volume on your crypto wallet. There is no leverage for trading crypto-crypto and crypto-fiat pairs. Technical support works around the clock, but there is only one communication channel — through tickets.
The ticket service is activated by clicking on the "Contacts" button in the footer of the site. You can also visit the company's office at 1 Harbourfront Avenue # 16-02, Keppel Bay Tower, S098632. The office is open from 9:00 to 18:00 GMT + 8.
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Commissions & Fees
Transaction fee calculation method:
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Total order amount (order amount x order price) x transaction fee (%).
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The SGD market fee is displayed in 5 decimal places.
Transaction amount calculation method:
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Purchase transaction amount = order amount (order amount x order price) + transaction fee.
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Transaction amount on sale = order amount (order amount x order price) - transaction fee.
The actual fee (including the event discount) is displayed on the "Exchange - Order" screen. Fees may vary depending on the size of the event discount or the type of order.
Account type | Commission (minimum value) | Withdrawal commission |
---|---|---|
Standard | 0.2% per order | No |
The Upbit crypto exchange offers a commission charge below the market average for cryptocurrency trading services. To make sure of this, the table below shows data for several sites:
Broker | Average commission | Level |
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|
$0.2 | |
|
$20 | |
|
$0.1 |
Investment Programs, Available Markets, and Products of the Crypto Exchange
The Upbit crypto exchange does not provide investment solutions. Alternative options for earning income are not present. The platform is designed exclusively for active trading and making money on the purchase and sale of cryptocurrency.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Upbit’s affiliate program
Upbit is one of the few crypto exchanges that does not offer referral programs. This means that you cannot receive income from invited users. Many traders regard the absence of even a basic affiliate program as a sign of the trading platform's confidence in its abilities and confirmation of its progressive development.
User Satisfaction