UPcoin Exchange – Guide
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BTCC, formerly known as BTC China is believed to be the first Bitcoin exchange in the world. It was launched in 2011. As of May 2018, there are more than 500 cryptocurrency exchanges, some of which list more than 500 cryptocurrencies.
Unfortunately, cryptocurrency exchanges are marred with mismanagement accusations, hacking heists, forced closures and scams. New cryptocurrency exchanges are always cropping up to deliver better services than exchanges that came before them. However, not every new exchange succeeds in attracting the attention of crypto traders, but one of them is.
UPcoin, launched at the start of February 2018, may be one of the fastest growing exchanges in the world. The trading website opened with the promise of issuing $500 bonuses to new members, gifts, and other bonuses. Within one month, UPcoin had more than 770,000 registered members.
The following UPcoin review explores the new exchange for legitimacy, how it operates, its reputation and other aspects to determine whether it’s worth the attention and hype it’s getting.
What is UPcoin?
UPcoin is a crypto to crypto exchange that also aims to introduce crypto to fiat trading in the near future. It was launched on February 1st for a beta version while official trading started on March 1st, 2018.
UPcoin quickly attracted the attention of traders by offering generous bonuses such cash rewards for the first 20,000 members and gifts for regular traders. Members lucky to get the $500 bonus will use it to cater for trading fees. With an average trading fee of 0.1% and 0.2%, the lucky traders will trade for long before using up their bonuses.
The cryptocurrency exchange also offered several other gifts to new members, including free power banks, a Ledger wallet, and iPhones. Like Binance, UPcoin introduced a new coin that would offer traders a 50% discount in trading fees.
Like a lot of crypto exchanges, UPcoin lists nothing about who owns the company or where they are registered. This is not necessarily a sign of a scam, but it should be noted that the company’s domain name formerly run a Multi-level marketing scheme that collapsed in 2017.
UPcoin claims to accept members from more than 170 countries, and there does not seem to be any restrictions for who joins the exchange.
Trading on UPcoin
UPcoin may be a fairly new cryptocurrency exchange, but it comes in with attractive trading features.
The trading platform does not have specific maximum and minimum trading amounts. Instead, each coin has its own minimum deposit amount. The minimum deposit for Bitcoin is 0.0001 Bitcoin. The minimum deposit for EOS deposits is 1.7 EOS coins. Ethereum and Litecoin have minimum deposits of 0.004 and 0.0014 respectively.
Selling digital assets on the exchange is completed through an order book. You set the price and wait for the exchange’s engine to search for an order that matches your terms. The selling limits are determined by the exchange’s trading volumes, which are currently low.
UPcoin has already announced they plan to start offering crypto to fiat trading before August 2018. In the meantime, members can purchase altcoins using three major pairs: BTC, ETH, and LTC. There is no verification needed to start trading at the exchange, but this may change once they begin to offer fiat to crypto trading.
A higher number of cryptocurrencies that amounts to 1000 is one of the exchange’s biggest advantages. UPcoin doesn’t appear to have more than 100 cryptocurrencies available for trading so far, but those available include:
Providing low fees was one of the biggest selling points for the exchange after it opened. UPcoin has zero deposit fees, but you can expect to pay trading fee sand withdrawal fees as indicated below.
|Cryptocurrency||Maker Trading Fee||Taker Trading Fee||Withdrawal fee|
|Vechain Thor||0.1%||0.2%||0.9 VET|
Compared to competing crypto exchanges, UPcoin fees are competitive. The withdrawals fees are particularly low when compared to fees charged by the top 20 crypto exchanges in the world.
When you visit UPcoin.com, the only detail you are asked to provide is an email address and a password to secure your account. There is no additional verification detail needed. There is an option to verify your account with 2-factor authentication, but it’s optional.
As they have stated, however, UPcoin users will soon need to verify their accounts. The company plans to welcome registration of new members for a period of six months after which everyone will be required to verify their accounts. KYC rules will also be required once UPcoin introduces a crypto to fiat trading feature.
The UPcoin exchange is currently offering prize rewards for active traders. Trading 50 times on the exchange with $100 or more guarantees an automatic power bank. From time to time, the exchange holds competitions where lucky traders win a Ledger Nano wallet or a new iPhone. Fortunately, you are constantly alerted where there are promotions or special features to take advantage of.
Is UPcoin safe?
Most traders are always cautious when approaching a new cryptocurrency exchange. There are far too many scams out there, and given UPcoin’s decision to withhold all important information about their owners, it’s okay to be concerned. Nevertheless, here is how the UPcoin trading website performs when it comes to safety.
UPcoin is still a new exchange, and with their generous bonuses and low fees, most traders are on their side. There is yet to be a single complaint about the trading platform. If anything, UPcoin’s threads on forums are flocked with statements of support from new members.
So far, Upcoin’s community has great trust in the exchange. The only community that is cautious about the exchange are people involved in UPcoin’s multi-level marketing scheme in 2016 and early 2017. As earlier mentioned, UPcoin.com was the same domain name for a company involved in a pyramid marketing scheme.
Members paid $1 for registration and earned by referring the website to new users. Eventually, the UPcoin scam-like website couldn’t find new members and closed down. The early adopted definitely made some profits, but users who joined the website before it shut down earned nothing.
Is UPcoin legitimate? One year later, the same domain name, UPcoin.com, is owned by a cryptocurrency exchange whose owners or registration details are kept private. Unlike the MLM, however, registration is free and open to everyone. The new UPcoin.com does not have a multi-level affiliate marketing scheme also, which means it’s too early to pass any judgment.
Like most modern exchanges, UPcoin has secured their website with HTTPS encryption. HTTPS encryption provides advanced protection against any malware attacks or viruses that may want to compromise the site.
To secure your account, you are asked to create an account with a password that can have as many as 30 characters. In addition to that, you can also add 2-factor authentication to ensure no one can compromise your account unless they have both your password and mobile phone.
Another important security detail is that you can whitelist your IP address so that no other IP address other than the whitelisted can be used to access your UPcoin account. The exchange has not stated how they secure users’ funds, but they mentioned that they plan to make the trading platform ‘Bullet-proof’ by utilizing the latest white-hat security systems.
UPcoin uses the standard ticket system found in nearly every cryptocurrency exchange. They promise to answer any question within 24 hours, which is also convenient by the industry’s standards. They don’t offer phone contacts, but you can reach them through email, their Telegram, Twitter or Facebook accounts.
With an average of 1000 traders transacting per day, UPcoin has the means to offer excellent customer services. Fortunately, there doesn’t seem to be any issues with their systems, and any question could be answered through the ‘Frequently Asked Questions’(FAQ) category.
The trading platform boasts of an excellent trading engine that handles a maximum of 2.4 million orders per second. In comparison to the largest exchange, Binance, UPcoin’s handling speed is excellent. Binance has an engine that handles 1.4 million orders per second, one million orders per second behind UPcoin.
How to use UPcoin?
UPcoin has an attractive website that is easy to navigate. Every feature you need is easy to locate. However, some people may find the lack of proper labels on the exchange which is not beginner friendly. Follow the guide below to learn how to create an account and start trading on Upcoin.com.
Step 1: Create an Account
Visit upcoin.com and click ‘sign up.’ You will be prompted to provide an email address and a password. The site will email you a link that you use to verify your account. When you click it, you are directed to the exchange and automatically logged in.
Step 2: Deposit Funds
UPcoin does not accept deposits using fiat. The primary way to deposit is by use of Bitcoin, Litecoin, Ethereum or other coins listed on the exchange. On the far left side, there is a feature labeled ‘Wallet’ next to ‘trade. ‘
Click on the UPcoin wallet label, and you will be directed to generate an address to send any coin listed. Keep in mind that the main trading pairs are Bitcoin, Ethereum, and Litecoin.
Step 3: Make a Trading Order
With Bitcoins in your UPcoin wallet, click the ‘Trade’ icon, and you will be directed to the order book. It’s located below the chart, on the right side. Click ‘buy’ and select the coin and amount you want to purchase.
The order book lists the minimum amount available, but you can also adjust the amount you are willing to pay by up to 4%. The ‘sell’ feature is next to the buying icon if you need to sell your altcoins afterward.
Step 4: Withdraw Funds
After you purchase an altcoin on UPcoin, visit your wallet to find the withdraw feature. Click ‘withdraw,’ enter amount and your personal wallet address and confirm the transaction. Keep in mind that there are withdrawal fees and if you keep withdrawing small amounts, you will pay dearly in fees.
UPcoin Review Summary
UPcoin is a new cryptocurrency exchange growing at a much faster pace than most exchanges. The crypto to crypto trading platform comes with nearly every feature crypto traders anticipate. Their fees are extremely low; they have numerous coins on offer, and their site is easy to navigate.
The website has kept most details about themselves private, but their customers are full of praises about them. Below are the main pros and cons of using UPcoin.
- Attractive site with intuitive features.
- Quick signup process.
- 2-factor authentication and IP white-listing for better security.
- Numerous coins available.
- Offers gifts and benefits to traders.
- Little is known about the exchange and who owns it.
- Low trading volume.
- UPcoin is currently suited for low volume traders. If you trade more than 10 Bitcoins at a time, UPcoin is not the right exchange for you.
- Traders who are also cautious about using non-registered exchanges with no details about their owners may also want to avoid the company.
Thank you for reading our UPcoin exchange review above. If you liked it, visit the trading platform and find out what they currently offer. Also, for more crypto-related review and the latest news, you are always welcomed to visit our website.