Key Takeaways:
- Explore the reasons behind the global recognition the centralized crypto exchange Upbit has gained in recent times.
- Discover why building a crypto exchange like Upbit could be a solution to answer some peculiar business needs.
- Check out whether opting to use an Upbit clone software could lead your organization to function effectively.
The global cryptocurrency market has yet again crossed the $2.5 trillion mark, with BTC prices remaining close to $70,000. While the general consensus is that the crypto market is up for more boost-ups, one cannot underestimate the role of centralized exchanges in orchestrating an entire procession of investors. All this is happening despite crypto maximalists’ outcries about the imminent centralization of the crypto space, which does not sound ideal. Despite all these, CEX applications are growing in reputation, and Upbit is a clear example in recent times. This blog exclusively delves into the factors making the platform so famous and the intricacies behind developing a crypto exchange like Upbit.
Upbit: The Typhoon Conquering Global Charts
As a South Korean crypto exchange firm with some rather flashy features, Upbit has come a long way since its inception in 2017. In a matter of seven years, it has seen its own share of successes and challenges, and now, it looks like an optimistic season is underway for the exchange.
- According to CoinMarketCap’s spot crypto exchange ranking, Upbit currently ranks fifth based on satisfying the platform’s built-in scoring system. The only predecessors are Binance, Coinbase Exchange, Bybit, and OKX. The exchange’s primary focus on the Asian market can be clearly seen by its limitations in terms of markets, cryptocurrencies, fiat currencies, and weekly visits.
- Also, in Forbes’ report discussing the top crypto exchanges and marketplaces in terms of trust, transparency, and regulatory appeal, Upbit ranked fourth. Securing such a spot only after Coinbase, CME Group, and Robinhood clearly indicates how well the exchange has shaped itself both technically and legally.
- Some reasons Upbit has been among the top slots of various rankings include regulatory adherence, digital asset support, enhanced security, and fixed fees for both makers and takers. Such points make it a valid reason for businesses aiming to build a crypto exchange similar to Upbit to reap success.
Impressive Features of a Crypto Exchange Like Upbit
As Upbit gathers momentum with its limited functionality to address global investor needs, entrepreneurial minds worldwide have been considering the prospect of running a platform mimicking Upbit’s main operations to gain regional recognition. Since many regions of the world do not have CEXs focusing on the local markets, building a crypto exchange like Upbit could lead to victory.
- Uncompromised Security: Since Upbit’s major hack in 2019, the exchange has bolstered its security using in-app mechanisms like two-factor authentication and 24-hour monitoring, as well as external solutions like cold wallets to store funds.
- Friendly UI/UX Provisions: Using Upbit is an easy endeavor for both novice and professional traders across all its country-specific platforms (South Korea, Singapore, Indonesia, and Thailand). While its Korean version is in the local language, translations are easy to comprehend, augmenting user experience.
- Tiered KYC Mechanism: The presence of a four-tiered KYC mechanism is one of the reasons behind Upbit’s rise to the global stage. Passing each stage of KYC gives a trader access to various trading features that provide users the necessary freedom between privacy and features.
- Local Compliance: The platform complies with the regulatory requirements of the national financial bodies while showcasing them to traders on the website. Abiding with legal regulations strengthens the exchange’s appeal among new crypto investors.
- Fiat Currency Support: The Upbit crypto exchange thrives by supporting various fiat currencies based on the region. Right now, the South Korean Won, the Singapore Dollar, the Thailand Baht, and the Indonesian Rupiah are supported, encouraging people from these regions to trade cryptos.
- Order Type Support: The platform supports multiple trading order types, including market orders, limit orders, and stop-limit orders. Although margin and leverage trading is not supported, the types it supports are incredibly feasible for most investors.
- Mobile Application: Upbit’s mobile application is touted to be one of the most user-centric ones in the crypto world. It derives its model from KakaoStocks, a South Korean stock trading platform. By partnering with the Korean internet giant Kakao Corp, the platform ensures optimal user experiences worldwide.
- Staking Provisions: Upbit’s Korean version offers staking provisions and support for several acclaimed crypto tokens, making it easy for investors to generate passive income. Currently, it supports Ethereum, Cosmos, Ada, Solana, and Polygon for staking.
- Fixed Fee Mechanism: The platform charges a fixed fee of 0.25% for both makers and takers during order execution. However, there are no fees for depositing cryptos on the exchange, and only a tiny percentage is levied for withdrawals, depending on the cryptocurrency.
- In-app NFT Marketplace: In a revolutionary turnaround, Upbit’s Korean version also comes with an NFT marketplace (in Beta) where people can trade NFTs and access token drops exclusive to the Korean region.
Are You Looking to Launch Your CEX Business From an Upbit Clone?
Is Opting for an Upbit Clone Worth It?
If you are pumped up to build a crypto exchange like Upbit, the process involved in bringing a similar platform might look far from easy from the outside. However, with the Upbit clone, the process can be smoothened a bit, leaving you enough breathing space to focus on other aspects of centralized crypto exchange development.
The Upbit clone from our expert team at Blockchain App Factory can be the perfect solution you will never want to miss for its technical accuracy. With easy-to-use interfaces, multi-lingual provisions, and dynamic customization possibilities, businesses can enjoy the utmost freedom in designing their exchange while launching it within a matter of days.
Also, using Upbit clone software can let you concentrate on obtaining the necessary legal licenses for the region(s) you intend to operate in, acquiring crypto assets you plan to support, and running marketing campaigns to attract users. Meanwhile, our experts will put the best foot forward to bolster your exchange with security on all ends through cold wallets, in-app safety mechanisms, and trusted wallet partnerships that will be included based on your preferences.
Conclusion
Henceforth, we have seen why Upbit has become a global sensation in recent times and how it stays on the trends with dynamic features. Although it focuses on specific regions, the platform remains impressive for its extensive capabilities and legal adherence, a strong point that conveys that user safety is at the forefront. Launching a crypto exchange like Upbit involves a strenuous process from multiple fronts, and every effort is worth it, as witnessed by the success of the original exchange. If you are looking for an easier and more seamless way to develop such an exchange, you can opt for the Upbit clone from our experts, who will take care of the rest. As part of a seasoned centralized crypto exchange development company, we ensure your exchange business is enhanced with the best in everything. So, why are you waiting? Connect with us to discuss your needs!
