UPcoin Exchange: Cryptocurrency Trading For Bitcoin Assets?

There are now hundreds of different cryptocurrency exchanges available online. Choosing the right exchange can be a complicated process, but most traders and investors simply weigh up the trading fees of a platform and the security it offers, as well as the ease of use with which the platform can be used.

It seems that every day a new exchange platform goes live, so in order to succeed a new exchange must offer innovative features or extremely competitive pricing. In this article, we’ll take a look at the upcoming UPcoin platform and find out what it offers to help you determine whether it’s the right exchange platform for you.

What is UPcoin Exchange?

UPcoin Exchange is a new exchange platform that claims to be going live in February 2018, and makes an extremely interesting promise: according to the UPcoin website, the first 100,000 users that join the UPcoin platform will be provided with a $500 bonus in return for assisting with beta testing.

This outrageous claim has attracted a significant amount of attention around crypto websites online, and has raised a number of eyebrows. UPcoin Exchange claims more than $5 million USD has been generated by the founders in investment capital, and states that they do not run any ICOs or public fundraising campaigns.

UPcoin Exchange Features

UPcoin promises 99.999% service availability backed by real evidence, and places a strong emphasis on ease of use. More than 300 trading pairs will be available on the UPcoin platform once it goes live, with the UPcoin development team aiming to support over 1,000 pairs within 6 months of launch.

The UPcoin Exchange platform boasts no limits, and no verification or KYC within 6 months of launch, another red flag that has market observers bemused. Using UPcoin, it’s possible to view “several price charts on screen simultaneously”, and make a number of different order types including limit orders, market orders, trailing stops, stop orders, stop limits, immediate or cancel.

One of the biggest issues in the cryptocurrency exchange ecosystem at this point in time is customer service, with even some of the largest and most popular exchanges suffering from extremely long response times and ticket queues.

UPcoin states that they will offer extremely high quality support from launch, with a response guaranteed within 24 hours. With regards to security, UPcoin will store 97% of all funds in cold storage, with the entire platform file system fully encrypted.

The $500 bonus for beta testers is fully explained in a BitcoinTalk forum promotional thread, in which a company representative states that “Once UPcoin launches, you will be able to use this money to cover your trading fees”. This is a somewhat more rational move, and can be considered as free trading fees for a number of trades for first-time users.

The UPcoin Exchange Verdict

While the claims of a $500 bonus for beta testers may sound spurious, the fact that the bonus is to be used for trading fees makes a significant amount of sense. While UPcoin does appear to be a strong offering in the exchange ecosystem, it remains to be seen whether it will compete with the larger players in the space.

If you’re looking for a platform that will effectively allow you to trade for free for a limited amount of time, however, UPcoin could be worth trying out.