Is Upbit a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether Upbit is a good crypto exchange to start trading with. In this article you will learn whether Upbit is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker 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.
| 💰 Account currency: | Cryptos, SCG |
| 🚀 Minimum deposit: | No |
| ⚖️ Leverage: | No |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptos, SCG |
| 💹 Margin Call / Stop Out: | No |
Upbit Pros and Cons
👍 Advantages of trading with Upbit:
•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.
👎 Disadvantages of Upbit:
•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.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for Upbit Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. Upbit offers traders the following conditions.
| 💻 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 |
| 💱 Spread: | 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 |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of Upbit commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
Commission charges for trading transactions on the site are equal to 0.2% for the taker and maker for all trades in which BTC and USDT are involved. Fees for other assets may differ. For example, if SGD is involved in the transaction, then the fee is fixed at 0.25%. Transaction fees include GST (Goods and Services Tax).
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 | Spread (minimum value) | Withdrawal commission |
| Standard | 0.2% per order | No |
Investment programs of Upbit
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. Upbit offers the following passive income options.
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 thedeal 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.
Conclusion. Is Upbit good for beginners?
The Upbit cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, Upbit could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.