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Everything you need to know about Upbit exchange

The demand for reliable crypto exchange continues to grow each day and it’s becoming hard to choose which exchanges are trustworthy with the number of platforms today. One of the crypto exchanges that skyrocketed to popularity in just a short time and became one of the most trusted platforms is Upbit.

Despite only launching in 2017, Upbit quickly dominated the crypto trading scene in South Korea and in other parts of the world. By processing a large volume of transactions daily, Upbit gives its users the streamlined trading experience they deserve.

Get to know more about this popular Asian crypto exchange right here at Cryptoshimbun!

Crypto 101: What’s Upbit?

Upbit is a South Korean cryptocurrency exchange established in October 2017 by Song Chi-Hyung of South Korea’s largest app developer Kakao Corporation together with the American cryptocurrency exchange Bittrex. While Upbit is a Korean exchange platform, its headquarters is based in Singapore. Additionally, Upbit is a single-account exchange with no leveraged trading options.

During its launch, only the residents of South Korea can use the services of Upbit. Eventually, the exchange catered to a larger audience by expanding to other parts of Asia and the globe.

Initially, Upbit listed 111 cryptocurrencies but soon the number grew to over 180 cryptocurrencies and more than 250 trading pairs. The exchange is also known for being the only South Korean crypto exchange that already had hundreds of altcoins on its list during its launch.

In terms of 24-hour trading volume, Upbit once became the number one out of all the top crypto exchanges in the world approximately just 2 months after its launch.

However, during its launch, international traders had a problem getting into the platform because the exchange was not available in other languages besides Korean. The registration also required the use of the KakaoTalk account, making it harder for non-South Korean residents to access the site.

Moreover, the exchange doesn’t support other fiat currencies except for the Korean won, which further restricts the accessibility of the platform.

Dominating the world of crypto trading

Upbit’s exclusivity is its biggest con, however, the exchange solved this issue by creating an international branch that caters to foreign traders called Upbit Global. With constant developments both locally and internationally, Upbit remains one of the top exchanges in Asia.

As of today, Upbit has available platforms for other countries such as Upbit Global, Upbit Indonesia and Upbit Thailand. Find out more about these platforms below:

Upbit Global

Upbit Global is based in Singapore and supports a total of 45 digital assets and 46 markets. The exchange has a maker and a taker fee of 0.2%, making it lower compared to most exchanges with a 0.25% average fee.

Upbit Indonesia

When it comes to the Indonesian version of Upbit, the exchange supports a total of 166 digital assets and 193 markets. You can trade using the Indonesian rupiah (IDR) and other major cryptocurrencies such as (Bitcoin) BTC and Ether (ETH).

Upbit Thailand

Launched in January 2021, Upbit Thailand is the newest addition to the Upbit platforms. As of today, the platform supports 14 digital assets and markets. Compared to its crypto exchange counterparts, Upbit Thailand has a 0% maker fee and a taker fee of 0.1%.

Registering in Upbit

Since registering in Upbit requires a KakaoTalk account, you need to make sure that you’re registered with KakaoTalk first before you can create an account with Upbit. If you don’t have a KakaoTalk account, you can follow the steps below to create one and an Upbit account.

Get started with Upbit by registering on the site:

1. Visit the Upbit website

The first thing you need to do is to click ‘Sign Up’ located at the top right corner of the page. You will be taken to another page where you need to input your email address, password, repeated password and captcha.

Keep in mind that the password should be 8 to 20 characters long with at least 1 uppercase letter and 1 number. Additionally, you must agree with the Terms of Use and Privacy Policy before signing up.

Upbit will send a verification message to the email you’ve provided. Use the verification link provided in the email to complete your registration.

2. Create KakaoTalk account

Registering in Upbit requires you to have a KakaoTalk account. After registering in Upbit, click ‘Login to Kakao account’. If you already have an account, you can simply log in by providing your email address and password that contains 4 to 16 letters. Then, you will be transferred to another page where you need to check all required ‘Agreement’ boxes and click on ‘Upbit Subscription’.

However, if you don’t have an account yet, click ‘Sign Up’. Then, check the terms you want to agree and click ‘Next’. After that, you need to fill out the Account Information section where you must provide an email address, password and nickname before clicking ‘Next’.

Then, check your inbox for an email containing the verification code and enter it on the box provided on the site and click ‘Next’. Verify your Kakao Account and the verification code you’ve inputted before clicking ‘Confirm’. You now have your Kakao Account!

3. Security Certification

After the Completed Membership, you need to pass the Security Certification next. On the ‘Completed Membership’ page, click on ‘Security Certification’. You will then be taken to another page where you need to go through four steps of verification: verification of your email address, real name verification, Upbit account verification and securing of transaction through KakaoPay.

Once you’re done, you can now fund your Upbit account!

Fund your account and trade

To fund your Upbit account, click on the ‘Disbursement’ option on your account. Enter the amount you want to put into your account and verify all the information indicated.

Once the deposit is successful, you can now start trading with your favourite cryptocurrencies! To begin trading, locate the Buy/Sell section on the homepage of Upbit and click on the digital asset or pair you want. Then, input your desired amount of cryptocurrency and click on the ‘Buying’ button.

After that, review the details you’ve provided and click the confirmation button for finalisation. And there you have it! You can now start trading with different cryptocurrencies of your choice, thanks to Upbit.

Enjoy trading with Upbit!

With Upbit, traders have the opportunity to trade various cryptocurrencies they want anytime and anywhere. By providing you with straightforward and streamlined trading, you can achieve top-notch services that not a lot of exchanges can offer. Begin your crypto trading journey with Upbit today!

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