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About Upbit

What is Upbit?

Currently, Upbit is the largest cryptocurrency exchange in South Korea by trading volume. Users can trade multiple cryptocurrency and bitcoin pairs in Korean Won (KRW) on the platform. The company has shown exponential growth within three months of its launch thanks to its US partner Bittrex cryptocurrency exchange. A unique feature of the exchange is the ability to trade cryptocurrencies through the Kakao Stock platform (the Kakao Stock platform is built on KakaoTalk Messenger). This makes it easy for Korean users to trade digital assets as simple as using a messaging app. At the peak of the cryptocurrency boom in December 2017, the platform averaged $4.5 billion in daily trading volume, with a record high of $11 billion in a single day.

Who are the founders of Upbit?

Song Chi-Hyung is the CEO of Dunamu and the founder of Upbit. He is one of the richest people in Korea. Through its holding company Danamu, Upbit received investment from web giant Kakao and partnered with US-based Bittrex in October 2017. Song has a bachelor's degree in computer science and economics, and worked at an IT company in the late 1990s.

When did Upbit launch?

The online trading platform went live on October 24, 2017.

Where is Upbit located?

The company is based in Seoul, South Korea. However, the company began expanding into Southeast Asia in late 2018, opening a branch in Singapore on October 30. Subsequent locations also include Indonesia and Thailand.

Countries with restricted access to Upbit

The exchange does not serve users in the United States. Countries on the Active Sanctions Program list, as well as users listed in high-risk FAFT jurisdictions, are also unable to use the service.

What coins does Upbit support?

There are currently over 170 crypto tokens and 288 trading pairs on the exchange.

What are Upbit's fees?

While the exchange does not charge any fees today, the withdrawal fees usually vary depending on the type of cryptocurrency being withdrawn. Its transaction fees are the same as most Korean exchanges, with a 0.25% fee for both pending and taking orders.

Can I trade with leverage or margin on Upbit?

As of October 2022, the platform does not support margin trading.