Upbit is a South Korean cryptocurrency exchange platform that was launched in 2017. Being one of the largest exchanges in the world, it offers a wide range of services, including trading, spot trading, and more. Presently it is owned by Dunamu, one of South Korea’s fast growing fintech companies.
Within just two months of the platform being launched, Upbit rose to being among the top crypto exchanges in terms of 24-hour trading volume. Interestingly, it is also the first cryptocurrency exchange globally to get certifications from the International Organization for Standardization and the Korea Internet and Security Agency.
For starters, Upbit provides users with access to over 200 digital assets and allows them to trade with fiat currencies such as SGD, South Korean Won, etc. The platform also offers advanced features such as real-time market data analysis tools and an AI-powered trading assistant. Upbit is committed to providing users with a secure and reliable trading experience through the web and smartphone app, available on both Google Play Store and Apple App Store. The top five cryptocurrencies traded on Upbit are Aptos, Bitcoin, Solano, STEPN, and Dogecoin.
What Are Common Problems Faced By Upbit Users?
Even though Upbit is one of the most expansive cryptocurrency exchanges out there, the overall user experience can be a hit or miss. Among the problems faced by Upbit users is the limited number of payment methods available on the platform. As of today, the only supported payment method is wire transfer, which can be problematic for a lot of people who want to make small investments.
Additionally, Upbit’s availability is limited to only four countries around the world, namely Thailand, South Korea, Indonesia, and Singapore. Thus, prospective crypto investors who want to exercise their portfolios cannot even use Upbit.
Not to mention, Upbit does not support margin trading on its platform. Margin trading is one of the most essential investing concepts that crypto investors like to follow. In margin trading, the investor takes out a loan to buy more cryptocurrencies than he or she would normally buy using the money in their bank account. As a result, margin trading can be very profitable, provided it is done correctly.
With that being said, if you no longer wish to use the platform or have decided to switch to another exchange, you may want to delete or close your Upbit account. And to do that, follow the recommended steps provided below.
1) How to Close Upbit Account Online
If you are looking to delete or close your Upbit account online through your smartphone app or computer, then follow the steps mentioned below.
- First, you need to visit the official website here.
- Proceed to log in with your registered email address and password.
- Once logged in, head over to your account settings and then to “Security”. From there, select “My Profile Page”.
- Click to terminate your account. But, before you do so, you need to verify your identity and withdraw any leftover balance in your account.
- Once you complete the above-mentioned two actions, your account will be closed or terminated successfully.
If you have any balance in your wallet, the same can be withdrawn by navigating to the Wallet option on menu. Select the preferred currency and then click on “Withdrawal”. The withdrawal will be completed to your bank account registered on Upbit within the subsequent 30 to 45 minutes.
2) How to Close Upbit Account via Phone
If you want to delete your Upbit account with the help of the company’s customer care, then follow the provided steps below carefully.
- Start the cancellation process by first calling the support helpline at 1588-5682 (South Korea). Phone lines are open from 9 AM to 6 PM on weekdays.
- Navigate through the IVR (Interactive Voice Response) menus and select the option to talk to a customer care representative.
- Once a live agent connects to your call, provide your name and the email address connected to your account and ask for account termination. The customer service executive may ask you the reason for your account termination.
- After you answer all the requisite questions asked by the customer care representative, your account will be terminated successfully.
- A confirmation message will be sent to your registered email address, containing all the relevant cancellation details.
If you couldn’t connect to support staff over phone, you can write to cs@upbit.com.
3) How to Close Upbit Account in Person
If you want to delete your Upbit account by visiting nearest office, then follow the required steps presented below.
- Head over to the Upbit Lounge in South Korea at the following official address: 2F Mirim Tower, 14 Teheran-ro 4-gil, Gangnam-gu, Seoul. Working hours are between 9 AM and 6 PM.
- Once you visit the location, head over to the consultation space and ask any representative for assistance.
- Proceed to state your grievances and ask for account termination. You will be required to provide your email address and name registered with your Upbit account.
- Once the identity verification process is complete, your account will be successfully terminated.
- Lastly, you will receive a confirmation message in your email acknowledging your account closure.
