The Upbit trading platform was founded in 2017 in South Korea by Finetech Dynamo, and when it was created, the developers implemented the latest achievements in the field of cryptocurrencies. The platform has quickly gained popularity around the world, as it provides users with access to a wide range of cryptocurrency pairs and is a project embodying advanced technologies in the field of cryptocurrencies.

In addition to the main development team, the creators of the famous Bitrix exchange and representatives of the well-known Kakao messenger in South Korea worked on the project. This allowed us to unlock the potential and implement many of the existing technologies on the site. Additionally, users have the opportunity to trade on the KakaoTalk platform, which was initially available only to residents of the peninsula.

The Upbit cryptocurrency exchange is relatively young, but it is already in demand among both beginners and experienced traders. Like other Eastern IT projects, the portal differs from its European and Western counterparts by certain criteria. The main features are:

• A multifunctional trading terminal that allows for professional technical analysis.

• Built-in tools for predicting changes in the exchange rate of cryptocurrencies.

• A set of standard algorithms from Copperlark Trader for analysis and trading.

• The ability to customize the interface using various themes.

• Simplicity and clarity of all tools, making it easier to start trading on the platform.

All the tools are quite simple and understandable for novice users, so you will quickly figure out how to trade on the site. Having considered the platform in more detail, we can highlight the following advantages of Upbit:

• High level of liquidity for all cryptocurrency pairs.

• The possibility of bank transfers of assets within South Korea.

• Low fees and no fees for depositing funds.

• A large selection of traded currency pairs.

However, there are disadvantages, such as the main interface language, which is presented only in Korean and English, which can be a problem for users who do not speak Korean, because even if there is an English version, some part is not translated and remains in Korean. There is also no margin trading on Upbit.

Registration on the website

The creators of the Upbit cryptocurrency exchange have successfully integrated the experience gained over many years of operation of well-known trading platforms. Their desire to simplify the registration process on the platform is emphasized by offering users a simple and intuitive procedure that does not require answers to complex questions or detailed familiarization with the rules of use of the service.

To start registration, just click on the second of the three buttons in the upper right corner of the page. This initiates a process during which a form will appear on a new page to be filled out. After the user enters his e-mail and comes up with a password, you will need to tick the box and continue. It is important to note that at each stage of registration, the user will encounter English-language inscriptions, which makes the process more understandable and accessible to a wide range of users.

Like other trading platforms, Upbit also needs to be verified. Identity verification provides users with access to the full functionality of their personal account, advanced trading opportunities and accelerated transactions. This step is important to ensure safety and compliance with the law.

Verification

To complete the verification procedure on the Upbit platform, you must provide personal data and specify the phone number to which passwords will be sent to confirm transactions. Additionally, it is recommended to enable authentication to provide an additional level of security.

To request an authentication connection, you should send an email to the Upbit address containing the request text in English. An example text might be as follows: "Registration foreign accounts. [Your full name in Latin]".

In the letter, you must also attach a scan of the document (passport, ID card) and a selfie with it to confirm your identity. You should also specify the bank details to complete the verification procedure.

After sending the request, the data will be verified in a short time, and after successful verification, you will be able to start trading on the Upbit platform. This process ensures security and compliance with the law, protecting both the interests of users and the platform.

Coins and tokens

On the Upbit exchange, the choice of currencies is presented in a standard way, especially in the context of cryptocurrency pairs among themselves. However, it is important to note that in the context of fiat trading, only the national currency of South Korea, the won (KRW), is available. Popular trading pairs include, for example, Bitcoin-Ethereum, Ethereum-Won, Bitcoin-Won and others.

Although the Upbit exchange was created primarily for South Korea, its daily trading turnover of approximately $148,000,000 indicates significant activity and interest in the platform, which is an impressive indicator for a resource of this scale.

However, it is worth noting that Upbit does not have a unique currency and coins of its own production. At the moment, the announcements of the project did not mention plans to create their own unique currency or coin. The exchange focuses mainly on trading standard cryptocurrency pairs, with an emphasis on the KRW fiat currency. Thus, Upbit offers a wide range of pairs and a convenient trading platform, but does not stand out for its unique cryptocurrency assets.

Trading on UpBit

To start trading on the Upbit exchange, it is necessary to transfer assets from the main trading account to a separate account. This process can be performed as follows:

1. In the "Account" section, find the blue arrow that is located between the accounts.

2. Specify the amount to transfer.

3. Click the "Transfer" button.

After the amount has been transferred to the account, you can start creating an order. This can be done on the main screen by clicking on "Exchange" and selecting the cryptocurrency pair of interest. Decide on the type of order to place in the "Buy & Sell" blocks.

You can also explore information about all previously completed trading operations by going to the "My Orders and Trades" section. To manage trades, use the "My Trades" section.

There is an order book at the bottom, which contains the latest sales, market depth and cost. The functionality of the Upbit trading platform is very extensive, and traders can create various types of orders, including:

• Limit orders that allow transactions to be carried out at a fixed or better price.

• Stop-limit orders that suspend the execution of an order when a certain value is reached.

• The ability to set an algorithm for changing the type of order, taking into account external factors.

There is also a demo mode available to traders, in which you can evaluate all the features and advantages of the platform without registering in the messenger.

Commission

When trading cryptocurrencies on the Upbit platform, users are required to pay fees for all transactions. However, these fees are minimal and amount to only 0.05% of the transaction amount. A distinctive feature of Upbit is the lack of separation of commissions into takers and makers, which distinguishes it from many other trading platforms.

Regarding the replenishment of the account, the exchange does not charge interest for this operation. However, the user will have to pay a fixed amount for the withdrawal of funds, which depends on the type of cryptocurrency:

• BTC – 0.0005

• ETH – 0.01

• XPR – 1

• BTG – 0.001

• STRAT – 0.2

• XLM – 0.01

These fees are set to ensure network operation and transaction processing. At the same time, the absence of fees for depositing funds encourages users to deposit additional funds on the platform.

Deposit and withdrawal of funds to UpBit

The Upbit exchange provides various ways to replenish the balance, and the choice of the best option depends on the user's preferences.

1. Replenishment with fiat funds:

Users can use web wallets to download fiat funds. Supported services include Qiwi, Visa and MasterCard. At the same time, larks will be credited to the user's account, which can be easily exchanged by other traders for tokens.

   

2. Replenishment via a cryptocurrency wallet:

The second option involves replenishing the balance through a cryptocurrency wallet. At the same time, funds are transferred in cryptocurrency in a standard way, as when transferring digital coins. The time of the transaction and the conditions may vary depending on the chosen cryptocurrency.

   

3. Withdrawal of funds:

The procedure for withdrawing funds from the Upbit account is simple and convenient. It is enough for the user to specify the recipient's wallet number and the withdrawal amount. The process consists of several stages: opening the withdrawal section, entering the amount and address of the recipient's wallet, and confirming the withdrawal. Funds are debited from the account instantly, however, the processing time of the operation may vary depending on the characteristics of the system and processing volumes.

   

It is important to note that the transaction speed may depend on the technical features of the platform and network conditions, and users should be prepared for some delay depending on the specific circumstances.

Ensuring security

There are only three security methods implemented in this project, which include sending SMS messages, using passwords for all transactions, and a verification procedure with identity confirmation. These security measures are standard for local crypto exchanges and ensure reliable protection of user data.

Since the project is not focused on attracting a large number of customers from other countries, these security methods are quite sufficient to ensure the safety of users. The vast majority of users are residents of South Korea, which allows the project to more effectively manage security and ensure the protection of user data and assets.

The use of SMS messages allows you to confirm transactions and prevent unauthorized access to your account. Passwords for all transactions add an additional layer of protection, ensuring the confidentiality of transactions. Account verification with identity verification provides additional protection against fraud and ensures the security of the platform as a whole.

Thus, these three security methods work effectively within the local crypto exchange, ensuring security and privacy for South Koreans.

Conclusion

In conclusion, the Upbit exchange provides a wide range of opportunities for successful and convenient cryptocurrency trading. From simple account replenishment to execution of various types of orders, the platform offers an intuitive interface and multifunctional tools for traders.

With the ability to transfer assets between accounts and support for various types of orders, including limit and stop limit orders, users can conveniently manage their transactions. In addition, access to the demo mode allows beginners to evaluate the functionality of the platform without risk.

Overall, the functionality and ease of use make Upbit an attractive choice for both experienced traders and newcomers to the world of cryptocurrency trading. Taking into account the wide range of supported cryptocurrencies and fiat funds, as well as low fees, Upbit remains one of the leading cryptocurrency exchanges on the market.