What is UpBit?
Upbit is a Korean cryptocurrency exchange. The exchange was launched by Korea’s biggest messaging app developer, Kakao. Upbit.com is expected to offer functionality similar to Kakao Stock. Users will be able to interact with the platform over their mobile device, similar to how they already interact with Kakao Stock. At launch, the platform will offer trading of 111 altcoins. Upbit is collaborating with US-based cryptocurrency exchange Bittrex for this business endeavor. Bittrex exchange provides investors the opportunity to invest in 190 different cryptocurrencies. Upbit will be the first South Korean altcoin exchange to provide investors an opportunity to invest in altcoins on that scale.
Can a foreigner register on UpBit?
It is impossible. However, you can sign up and trade if you meet the same 4 certificates as domestic Koreans – using normal KakaokaTalk, login through KakaoTalk account, KakaoPay certificate, and real name verification through Korean carrier. Also minors members under the age of 19 are not allowed to trade.
Reviews about this Exchange Platform?
Upbit will be available for iOS and Android. Users will also be able to access it on desktop computers through any standard web browser. But since its launch in October, the Upbit Exchange has continually been experiencing problems. Customers began complaining in November about issues such as missing funds and transaction errors, according to local publications.
The Upbit quickly explained: “We are delaying the reflection of BTC market due to the increase in current access / order volume.” The exchange also posted a notice describing, “Currently, Kakao Talk inquiries are rapidly increasing and it is difficult to respond promptly.”
Worth to know
As we read in the FAQ section, technically all markets are ready, but markets will open sequentially for a safer and more reliable deal. Of course, the market can be open even during the open beta period. Simple Buying in Won is an easy ordering method of Up-beat, which automatically converts the won into the currency unit of the purchase price and buys it at the market price.
Upbeat calculates daily data based on Coordinated Universal Time (UTC). Most of the global exchanges use UTC time, which makes it easy to compare overseas quotes.
Unsuccessful orders are processed as follows according to the market:
- Uncommitted orders for BTC Market / ETH Market / USDT Market will automatically be canceled 24 hours after ordering.
- 2. Unsuccessful orders in KRW Market will remain in place until canceled.
Next we can read that, modifications and cancellations are not possible for orders placed. However, orders that have not yet been concluded can be modified to order quantity and order quantity. The minimum transaction amount of up-bit can be checked in ‘Transaction Usage Information’.