EST 50'000 BTC
When it was announced in September 27, 2017 that Kakao, Korea’s biggest messaging app developer was going into cryptocurrency exchange, many knew instantly that it will be in a massive manner. The fact that Kakao decided to go for an exclusive partnership with American exchange Bittrex meant that they wanted it to be as big as their different internet businesses and the deal has so far proven to be a huge success.
Few months after it was launched, Upbit has become Korea’s largest cryptocurrency exchange. Currently, there are over 120 cryptocurrencies listed on the platform for trading. In addition to this, the company supports the local currency, South Korean Won (KRW). It is literally in control of the Korean cryptocurrency market. It is only open to Koreans, however, and ID verification is required for transactions to be completed.
Upbit allows for trading of up to 120 digital currencies. Users can access the site from any standard web browser in a desktop computer. It is also available for Android devices and iOS. The platform is very dependable, offering systematic security and 24 hour monitoring system. The interface is relatively friendly and easy to use. The website is in Korea, but there is a translation feature to help assess information in English.
Asides from the fact that Upbit has an incredible resources, it adopted some smart business approach that has placed it ahead of competitions. These are the major features that makes the platform unique:
Upbit started with a competitive pricing structure, charging market takers and market makers 0.25% per trade. This is just about what others in the market charge. Fees on withdrawals are also not high.
Unlike some other platforms, Upbit does not charge any fee on deposit. Irrespective of the method of deposit, there is no transactional cost attached to it.
Upbit has also made it easy for customers to transact with their bank accounts. It accepts fiat currency deposit in KRW once a Korean bank account is registered with the exchange.
Thanks to the partnership with Bittrex and Upbit’s uncommon ambition, there are well over 200 pairs available for trading on the platform. All the pairs, except the once in South Korea Won, are provided through Bittrex. The most traded pairs at the moment include BTC/KRW, ADA/KRW, and SNT/KRW.
Upbit launched in a big way and it was expected that they will have a big stake in the Korean market. It immediately positioned itself as number one the day it was listed on CoinMarket Cap. This shows profound liquidity on the traded pairs.
There are hardly any downsides to Upbit except for the fact that it is basically for the Korean market. The issue of minimum order size is another downside to the platform. For individuals that want to get into trading, it can be a little risky to start trading with large amount.
With the Chinese government intervention in cryptocurrency activities, South Korea has become a really critical area in the industry. Upbit being the biggest exchange in the country is driving a critical aspect of the economy and is doing it in a smooth and innovative manner.