What Is Upbit?

Currently, Upbit is South Korea’s largest cryptocurrency exchange by trading volume. The platform allows customers to trade the South Korean Won (KRW) with a wide selection of cryptocurrencies and Bitcoin pairs. The company recorded exponential growth within three months of its launch, thanks to the help of its American partner, the cryptocurrency exchange Bittrex.

One unique feature of the exchange is the option to trade currencies via the Kakao Stock platform, which is built on Kakaotalk messenger. This makes it easy for Korean users to trade digital assets as simple as they use the messaging app.

At the peak of December 2017’s cryptocurrency frenzy, the average trading volume on the platform reached $4.5 billion a day, with a one-day record of $11 billion.

Who Are the Founders of Upbit?

Song Chi-Hyung is the CEO of Dunamu and the founder of Upbit. He is one of South Korea’s wealthiest men. Through his holding company Dunamu, Upbit was able to secure funding from internet giant Kakao Corp. and partnered with U.S.-based Bittrex in October 2017.

Song obtained his Bachelor’s degree in computer science and economics before landing his first tech job at an IT firm in the late 1990s.

When Did Upbit Launch?

The online trading platform launched on October 24, 2017.

Where Is Upbit Located?

The company has its headquarters in Seoul, South Korea. However, it began expanding into Southeast Asia in late 2018, starting with a branch in Singapore on October 30. Subsequent locations include Indonesia and Thailand.

Upbit Restricted Countries

The exchange is not available to customers residing in the U.S. Countries in the Active Sanctions Programs, as well as those in FAFT’s high-risk jurisdictions are not allowed to access its services.

What Coins Are Supported on Upbit?

There are currently over 170 coins and 288 trading pairs available on the exchange.

How Much Are Upbit Fees?

While the exchange does not charge any fees on deposits, withdrawal fees generally vary depending on the cryptocurrencies being withdrawn. Its trading fees are also in line with the 0.25% fee for both takers and makers by most South Korean exchanges.

Is It Possible To Use Leverage or Margin Trading on Upbit?

As of October 2022, the platform had not supported margin trading.