Using Upbit: Registration, Deposits, Buying, and Selling

Upbit is Korea's largest exchange by market share. This guide walks through common beginner stumbling blocks from registration to the first purchase, including fees and cautions.

1. Register and Verify Your Identity

Upbit requires mobile identity verification and a linked Kbank account before trading. KRW deposits and withdrawals use Kbank, so open an account through its app first if necessary.

1. Install Upbit and register through Kakao or a mobile number.
2. Photograph identification to complete KYC.
3. Link a Kbank account in your own name; another person's account is not accepted.
4. Set up two-channel authentication with a PIN and biometrics.

Review usually takes minutes to hours, but heavy demand can extend it beyond a day. Also establish the basics in exchange security.

2. Deposit Korean Won

After verification, move KRW from the linked Kbank account through Deposits/Withdrawals → KRW → Deposit and enter the amount. A 72-hour withdrawal hold may apply to a new deposit to prevent financial fraud, so coins cannot necessarily be sent externally immediately.

3. Buy and Sell Crypto

Use the Buy/Sell tabs at the top of the exchange screen. The two principal order types are:

A KRW 100,000 Bitcoin market purchase immediately adds the amount after fees to your assets. Selling reverses the process, exchanging coins for KRW. Staggered purchases can make adjusting to volatility less demanding at first.

4. Fees

Upbit KRW-market trading fees are 0.05% on each purchase and sale. Promotions and coupons can change them, so confirm in the app.

5. Essential Beginner Cautions

• Volatility: Crypto can move more than 10% in a day. Principal can always be lost; no trade guarantees profit.
• Use affordable funds: Start with spare money, not living expenses or borrowed funds, and establish capital-management rules.
• Scams: Offers of guaranteed principal or high-return signal groups are usually scams. Read scam prevention.
• Start with spot: Upbit's KRW market is spot trading. It does not borrow through leverage, avoiding forced-liquidation risk and making it suitable for learning.

After learning spot trading on Upbit, you can explore global exchanges and more assets. First become comfortable with purchases, sales, and fee calculations.