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UpBit Review
UpBit is an South Korean exchange platform that was founded in late 2015, interestingly it boomed among the Korean trades and in short period of one year became the biggest platform in home country on daily transaction value. Growth rates as such are not very common in that industry and such success stories are observed very few times in history.
What is Upbit?
For now it is a bit and for international trader to get registered on UpBit because platform only operates in Korean language and does not support English. Only way for international users to navigate on website is to translate it with different utilities like Google Translate. There is only one path to register to UpBit, users first need to have account on Kakao platform. After that they need to pass ID verification on UpBit since it is a part of local legislation. meaning users can not use any part of platform without passing this officially required step.
How to open an account on Upbit
Exchange platform can boast of with the very large range of supported tokens over 100 different cryptocurrencies. Most of those coins add up by enlisting new coming coin since the launching of the platform in 2015. The exact number of supported tokens may be found on the Reddit or users may follow any new enlistment or delisting of symbols on the official page of the platform on Twitter. Being major player on the market gives UpBit ability to delist some of the tokens, for example, a few months ago platform delisted one popular token MTL and trade on this platform accounted as 20% of global trade of MTL, so the users were forced to look for another place to trade MTL.
How to trade on Upbit
Users are strongly recommended to follow all fluctuations of altcoins on the charts located on the bottom of interface. It is very easy since users can do it buy or sell their tokens both from web platform or from their mobile phones using the app that is available on many OS markets like Appstore or Playstore. Unfortunately UpBit do not support leverage trading, meaning users wont benefit from trading in big scales although platform gives all the advantages for selling or buying.
What are the fees on Upbit?
Similar to other platforms UpBit makes money on charging fees on users trade, and the minimal transaction value start with 500 won equaling to 0.45 USD. It is considered as standard in the market so exchange platform keeps it in that level to be competitive. Depositing to platform is not surprisingly free on any charge. And withdrawals have fees depending on the currency and also rates differ for amount. The convenient part of withdrawal is that users may withdraw their funds in local money to local banks. Similar to most other platforms UpBits trade commission fee equals to 0.25%.
Upbit security
As mentioned before exchange does accept only Kakao users so consequently it has close working relations with Kakao. For the moment, Kakao is biggest fintech giant in country and has extensive cybersecurity department. So security of all UpBit users are guaranteed by Kakao and reputation of Kakao depends on being able to secure its partner.
7Bit Casino Review
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Excellent Customer Support
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Payment Options
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What is WEX?
WEX is an exchange platform that was founded in 2017, although many would argue that it is a re-branded BTC-e after its closure due to some legal difficulties. FBI accused BTC-e for money laundering and other crime related actions that are illegal in most of countries and forced to closure of exchange. However former BTC-e accepted US based investors and WEX does not do that.
Wex Review
New WEX exchange was founded in financial capital of Far East in Singapore, and it obeys only to the local regulations. And in Singapore cryptocurrencies are approved by Monetary Authority of Singapore (MAS) and classified as security. The only regulation required in this country is SFA standing for Securities and Features Act.
How to open an account on WEX
Getting an account on platform is not the easiest process among other platforms. So to open up an account firstly users need an active email and after that to feel 2 step verification. Also platform requires in case of need to provide ID and home country address and even selfie picture with your ID or passport for proof of document.
What can you trade on WEX?
It is very easy for new users to enter the platform, it can be done with both fiat or cryptocurrency since both of them are supported. Platform unquestionably accepts major coins like Bitcoin, Ethereum and Litecoin but also supports many altcoins like Zcash, Peercoin, Bitcoin Cash, Novacoin, Dash and Namecoin. Although credit cards are very popular among traders Wex does not support any transactions on cards.
What are the fees on WEX?
Similar to other exchange platforms Wex generates profit from charging users a commission fee for transactions. Developing new account is completely free both for individual users and corporations however depositing any amount will cost users at least 20 USD/EUR and industry standard 0.2% for trading betwee different tokens supported by platform.
The WEX platform
WEX is a very young platform and for now it offers just a trading platform and nothing more. It is good for attracting new comers to crypto currency market with the simplicity in interface design. It has only place to sell and place to buy and no place for advanced charts on statistics. That is the reason why platform is not popular among more experienced users who need to see on time statistics on platform.
WEX security
Today crypto exchange platforms are becoming more like a traditional banks with the billion dollar operations. And as any bank they are more and more being targeted for heist by hackers. It is hard to guarantee full security even if the platform is in such technologically advanced countries like Japan or South Korea. As it is mentioned before WEX takes serious steps on securing its users and very carefully accepts new users. Exchange reported that in the first month of the year they handled over 100 hacker attack to their user accounts.
Conclusion
It is absolutely clear that WEX is much improved version of its ancestor and it had learned all lessons from past experience. However it still has long path of overcoming prejudices regarding its former users and customer who cannot access their accounts. Even though platform enhanced its security technology it lack many other aspects of exchange platforms and WEX have to work hard to compete with other more established players on market.
What is ZeroBank?
ZeroBank was founded in China as exchange platform, but later on it moved its headquarter to Hong-Kong. Since Hong-Kong is considered as more autonomous part of China it does not have to obey to all strict regulations of mainland China, and that was the main reason of moving. Today ZB is one of the biggest exchange platforms on daily transaction volume according to CoinMarketCap. It is one of the few Far East exchanges that operate globally and accept investors from US. Its services are offered in many different languages including English, Thai, Korean, Japanese, Chinese and Arabic languages. Platform provides much more other options giving it competitive advantage to exist in market. If you were looking for exchange platform read this short article till the end to find out if ZeroBank fits your criteria.
What can you trade on ZeroBank?
Despite being founded in 2017 it reached top 20 exchanges worldwide in daily transaction volumes. And one of the main reasons for its rapid growth is the feature giving users ability to trade coin to coin and coin to normal currency. Its web platform is rated very high in usability and design among both fresh comers and more experienced traders. Platform interface provides various technological advancements and trading tools. Platform supports more than 40 crypto coins but changes with adding or removing some coins. Also platform supports some rare and unique coins giving its users opportunity to earn more. ZB as a major player in cryptocurrency trade it allows its users to make transactions with other 4 major markets: Teher, ZB, Bitcoin and QCash.
What are the fees on ZeroBank?
Unlike many other exchange platforms ZeroBank does not take commission fee for depositing fund into users account. Their main revenue stream is from transaction charges where they take 0.2% for any token and if user has more than 100ZB coins on account trading ZB coin will be charged with 50% discount.Withdrawal fees may differ from coin to coin so users should have to check exact amount and percentage of withdrawal fee on platform, For now platform do not put any limit to transaction value so userc should trade as high as they can so it will be profitable with those rates.
ZeroBank security
Most of new exchange platform have had several security breaches in last years, however ZeroBank was not one them and did not had any security issues. Platform seems ready for any sort of infiltration, they took all necessary prevention steps. Offline cold wallets with multiple signature security levels are uset to store big junk of funds that can’t be reached remotely. Same preparations should be taken by each user too for their own sake, so when creating an account user should take a validation step to guaranty security. This step is done by submitting picture of government issued ID or any other official document like passport. That validation process may take period of few business days and it is normal in industry. Also it is recommended to users as always to fill 2 step verification with their phones although ZeroBank uses most advanced version of SSL technology for security.
Summary
Shortly; Even if ZeroBank is very young and new in the industry it found its audience and place in market and grew enormously in two years becoming one of the biggest and reliable players. Also since ZeroBank is located in China it accepts local currency Yuan which very rarely accepted fiat currency among exchanges. We hope that this ZeroBank evaluation was of usage. Feel free to to discuss topic in comments below or in the FAQ section for more insight before trading. Find out more about this cryptocurrency exchange and more here.