Upbit is a centralized cryptocurrency exchange (CEX). Established in South Korea, it offers spot markets for individual and corporate traders. The platform is KYC-compliant and follows anti-money laundering (AML) regulations.
The Upbit cryptocurrency exchange services are available in 40 markets, including South Korea, Singapore, Indonesia, and Thailand. Some or all services may vary in different regions. The Upbit spot market is unavailable to US-based customers.
There are three key markets for the Upbit spot traders:
- Fiat markets: supporting the purchases and sales of digital assets via fiat currencies like SGD and KRW;
- Bitcoin (BTC) markets;
- Tether (USDT) markets.
There are over 170 coins and tokens listed on the exchange. Some assets may not be available to traders in regions where local regulations apply. Overall, customers can access more than 280 Upbit trading pairs. The exchange supports crypto-crypto and fiat-crypto trading.
The minimum Upbit crypto price movements, or ticks, vary in the three markets. In BTC and USDT markets, the tick size remains the same regardless of the asset price and is set to 0.00000001 BTC and 0.001 USDT, respectively. The fiat tick size ranges are separated by the price of the digital asset used in the trade.
The Upbit exchange fees use a maker-taker model to calculate the rates. The minimum required order amount depends on the chosen market:
- Fiat markets – 0.5 SGD
- BTC markets – 0.0005 BTC
- USDT markets – 0.0005 USDT
Customers' 30-day Upbit volume is not taken into account for fee calculations. You can place limit, stop-limit, or market orders. The Upbit crypto exchange may offer event discounts on the order rates. The fee data is calculated daily and adjusted to the Upbit crypto price as needed.
For limit and market orders, the maker/taker fees are 0.25% in all markets. However, the Upbit crypto price fees can be discounted to 0.2% in BTC and USDT markets. The fees on stop-limit orders are 0.2% for BTC and USDT markets and 0.25% for fiat markets.
The platform supports deposits and withdrawals of more than 40 fiat and crypto assets. There are no Upbit crypto fees on deposits. The withdrawal limit and fees are based on the customer's verification level, as well as the chosen digital currency. Lightning transfers between Upbit accounts are free.
About the Company
Upbit crypto exchange was founded in South Korea in October 2017 and is operated by its parent company Dunamu. Upbit's headquarters are in Seoul. Song Chi-Hyung is considered the company founder.
Within three months from its launch in January 2018, Upbit was considered the biggest cryptocurrency exchange in South Korea. It was reported that the 24-hour Upbit trade volume averaged at more than 4.9 trillion won, or roughly $4.7 billion.
In November 2018, the Upbit crypto exchange became the first such platform in the country to be approved by South Korea's Internet and Security Agency (KISA). The key criteria were annual revenue and security infrastructure.
The company started its global expansion in 2018 by launching its operations in Singapore. In January 2019, the exchange entered the Indonesian market, and two years later, it became available in Thailand.
In September 2021, the Upbit cryptocurrency exchange was valued at $8.7 billion. The parent company Dunamu is considered one of the biggest tech unicorns in South Korea.
In 2022, following changes in the South Korean digital asset regulations, the Upbit crypto exchange published its token listing procedure. This details the steps that the platform takes to list and delist new assets on the Upbit spot market.
Song Chi-Hyung is the founder and Chairman of Upbit and Dunamu. He has a Bachelor's degree in Computer Science and Economics from Seoul National University. Until 2017, he acted as the CEO of Dunamu. Song was selected as one of Fortune's Ledger 40 Under 40 in 2018.
Lee Sirgoo is the CEO of Dunamu. He studied East Asian History at Seoul National University and later acquired his legal qualification at Lewis & Clark Law School. Lee previously worked as a legal advisor for IBM Korea and is the former CEO of companies like NHN USA and Kakao Corporation.