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Upbit Exchange Review 2022

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Upbit Exchange Review 2022

Upbit is a popular cryptocurrency exchange platform established in 2017 in South Korea. The platform offers traders and investors several unique features, including support for over 100 cryptocurrencies. Though the platform mainly operates in South Korea, it is also available in several other Asian countries.

Upbit Features

Upbit offers several features to traders and investors, making the platform a favorite in South Asia. Here are some of its top features. 

Upbit recently partnered with an American company named Brittex, which allows the platform to support various cryptocurrencies. Traders and investors can enjoy this service as Upbit supports 100 cryptocurrencies. However, the platform only accepts South Korean Won, and since the platform mainly operates in South Korea, one can use this fiat currency in all South Korean banks.

Upbit does not have any fees on deposits. However, the platform charges on withdrawals, and the amount depends on the nature of the cryptocurrencies. Upbit also charges 0.25% on trading, which is mostly standard in South Korea. Though the platform is not free for all transactions, its charges are affordable and are similar to other crypto exchange platforms operating in South Korea. 

Upbit is a one-stop trading platform ensuring excellent safety and security through stringent rules and robust technology, even amidst the era of crypto scams. Its recent partnership with fintech giants like Kakao increased its security measures for traders and investors.

Upbit maintains top-notch wallet security through BitGo, a reputed name in wallet security. The platform also offers complete account security through Kakao Pay, another robust technological solution to cyber threats and crypto scams.

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Kakao Pay is known for its safety and security measures and ranks second after Samsung Pay. Thus, Upbit’s security measures ensure safe transactions, helping new investors develop trust in the crypto market.

Upbit offers several customer services and helps customers reach out to them through telephone, emails, or even KakaoTalk. The platform provides prompt action and helps experts to resolve customer issues and queries.
Further, the platform has an FAQ section dedicated to new users who can answer their questions. The efficient and prompt customer care service is a huge benefit for new traders who can reach out to the experts for assistance.

Pros 

Upbit supports various kinds of cryptocurrencies, including Cardano, Bitcoin, etc. Thus, traders have plenty of options while trading that can help them increase their returns. Such a feature is crucial amidst the testing times of the crypto market, characterized by price volatility. Thus, traders can shift from one cryptocurrency to another instead of losing several dollars. 

Upbit is one of the most technologically advanced crypto trading platforms that offer unique features to all traders. Though the platform has robust technology to support various features, it also has a user-friendly interface, perfect for new traders. Thus, new and experienced traders can enjoy its features without the former being intimated or left out on advanced features. Additionally, Upbit’s partnership with one of the largest technology companies in South Korea enhances its efficiency and performance.

Upbit is known for its top-notch security. The platform partnered with several security agencies to maintain the privacy and security of digital wallets and accounts. Such a feature in the era of crypto scams is a blessing for all traders. Additionally, the high-degree security guaranteed by the platform attracts new traders who were apprehensive of the safety and security of the crypto market previously. 

Binance Exchange offers efficient customer care services to its users. Users can get in touch with the platform in three ways- through Twitter, using the live chat option, or submitting a ticket. 

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Irrespective of the options users select, they will receive a response soon. Thus, though some complaint about the platform having a complicated interface, the customer support team can help them to run through its site seamlessly. 

Cons

Though Upbit is an efficient crypto trading platform popular in South Korea, people outside the country have limited access to the platform. Though Upbit operates in some other countries in South Asia, it only offers some of the features it does in South Korea. Thus people outside South Korea can face several challenges in using Upbit, and in most cases, they cannot access the platform. 

Though Upbit supports over 100 cryptocurrencies, it only supports the South Korean Won as fiat currency. Thus, users trying to trade fiat currency can face challenges and has to trade only with South Korean Won. Subsequently, since the platform operates mainly in South Korea, it supports the fiat currency exchange only in South Korean banks. Thus, people who have other bank accounts may be at a disadvantage. 

One of the most significant disadvantages of Upbit is its lack of rewards. Unlike other crypto trading platforms that offer bonuses on specific transactions, there is no scope in Upbit. Moreover, the platform does not support margin trading, which can be a significant disadvantage for experienced investors and traders. 

Conclusion 

Upbit is the most popular platform in South Korea. The platform offers several benefits to investors and traders, and its partnership with Brittex and Kakao Corp improved its operations significantly. However, as mentioned above, the platform is yet to expand its operations beyond South Asia and has a few disadvantages. Thus, it would be best to assess its pros and cons before one uses it for trading cryptocurrencies.

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A post-graduate is Sociology, Sreerupa's interest primarily lies in researching on the global market trends of production and consumption.

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