Upbit was founded in 2017 by Song Chi Hyung, one of South Korea’s richest men. Cryptocurrency exchange based in South Korea. Bittrex, an American crypto exchange platform, helped Upbit a lot when launching the platform. In terms of 24-hour trading volume, approximately 2 months after the platform was launched It has become one of the leading cryptocurrency exchange platforms. Its head office was raided on May 10, 2018 as part of a fraud investigation.
The company began expanding into Southeast Asia in late 2018, first launching in Singapore on October 30, and then Indonesia in January 2019. On December 21, 2018, three Upbit officials were charged with allegedly giving false orders. The stock market denied the allegations. In December 2018, Upbit became the first cryptocurrency exchange in the world to receive certification from the International Organization for Standardization (ISO) for information security, cloud security, and cloud privacy from the Korea Internet and Security Agency’s Information Security Management System. On November 27, 2019, Upbit lost approximately $48.5 million worth of Ethereum due to the hack.
The Upbit platform has a customer support team as well as a range of trading and learning tools to assist traders. Upbit is one of the secure cryptocurrency exchanges. It has a firewall system that gives you 24/7 monitoring and protection. Moreover, Upbit uses two-step verification, which adds an additional layer of security. In addition, there is an additional fund password that you must enter when withdrawing funds.
What are Upbit Advantages and Disadvantages?
If we examine the advantages and disadvantages of Upbit, which is among the reliable crypto exchanges:
Advantages
- Low transaction fees are available on the Upbit platform.
- It has a user-friendly and understandable interface.
- It has helpful customer support.
- As Upbit can be compared to the top players when it comes to trading volume, the platform manages to provide high liquidity.
- Web and mobile application is also available.
Disadvantages
- Margin trading is not offered.
- Only South Korean Won is supported. So crypto cannot be bought using EUR or USD.
- Upbit is unable to provide services to US residents.
