Is upbit safe?

[jerry0]

I have coins in bittrex that i either need to sell for btc or send it to its own wallet because NY account holders are no longer allowed to use bittrex anymore.  I have shift and beancash and want to keep these coins.. dont want to sell them.  Bittrex is where i got them but i can no longer use it.  Bittrex is giving NY account holders less than 2 months to withdraw my balance from bittrex otherwise balance is nothing. 


Upbit i checked do allow the trading of shift and beancash.  Anyone have reviews of upbit?  Is it safe?  Now what concerns me if say I can't use upbit or they later on they don't users from my state of NY.  Then what happens then?  Thus i cannot sell my beancash or shift?


Could i trade my beancash or shift with someone else for their BTC if they have access to those exchanges and could trade?  Such as hey can i trade you beancash for btc and i pay you an additional fee?  Reason being because i cannot sell them due to i cant use those exchanges?

[harizen]

Does these coins does have a standalone wallet?

If does, then you can transfer it there for now while deciding what to do next. At least it's on your own wallet now.

It's easy to search for their supported wallet. Not giving a spoonfeed here as I think you can do it.


About Upbit, don't know where will I rank this exchange in my own view as I have no experienced dealing with but as usual, there is always a risks using any exchanges even how big they are. Possibility of unsuccessful deposits, exchange hack etc. might happen along the way.

I suggest to gather more reviews on other sources aside from user's experienced here.

[jhenfelipe]

I agree with @harizen that it would be better if you withdraw and hold them in the coin's standalone wallet for the mean time.

UPbit is also partnered with Bittrex btw. I thought they are not supporting other countries before, but they have UPbit global. I checked their TOS as I was curious too, unfortunately, I only see a blank page there. In their FAQ (under Unsupported Countries), I saw this:

In addition to the above listings, Upbit Singapore Pte. Ltd. is unable to provide any services to residing customers from the United States of America (USA). This is due to the complexity of the country’s regulatory environment.

Most of the times, answers are already available, you just have to search for it.

[jerry0]

These coins do have their own wallet but i never downloaded it.  I didn't download it a while back and keep it there because i didnt want to chance a fake wallet, so i kept it in on bittrex instead.


But now they are no longer allowing trading for NY account holders...bittrex.  So with my shift and beancash, what do i do?  Send them to its own wallet and let it stay there?  But what about when im ready to sell?  What do i do then?  I cant sell it on bittrex.  And upbit apparently no us holders.  So how do i sell my beancash then?  I assume i could trade my beancash with someone who could use bittrex and then send me btc for beancash and thats fine?  Like i pay them some extra fee for doing this for me?  That is fine right?


Shift, the exchanges that allow trading besides bittrex is upbit and livecoin.  Anyone have opinion on livecoin?  But i coud find someone who could use that exchange and exchange shift for btc and pay them a fee right?  That would work


The thing is i dont want to sell my shift nor beancash now because i would be selling it at a huge loss.


Now if binance has these coins, then i just send it from bittrex to binanace but i cannot do this because binance does not support it.


The last thing i want is to have these coins in its own wallet and i cannot sell it because i cannot use the exchanges.  But this would not be possible right since as long as i could find someone who has access to the exchange to help me out with this?

[Bitcoin_Arena]

If you are planning to hold the tokens until a certain value, you have no choice but to hold them and that will be in a standalone wallet which you can get from the official website depending on your OS
http://www.beancash.org/downloads.html

But holding will be a risk too, value may instead continue to drop since according to coinmarketcap, Bittrex is so far takes the largest 24 hour voulume percentage and total 24 hour trade volume is barely $30K
I also see that the token is tradable in
- https://bleutrade.com/
- https://www.bitonbay.com/

Choice is yours and these are coins you decided to invest in so you should take time to further research and updates about them... Nobody is going to give you all the information you need.

[Lakai01]

I strongly recommend that you dont use any exchange for storing your long term hodl coins. Chances that exchanges get hacked are VERY likely and you may lose all your money.
I dont know any of your coins but if they are ERC20 based simply setup up a MyEtherWallet and transfer your coins there (and dont forget to save your private key ;-)

[jhenfelipe]

The thing is i dont want to sell my shift nor beancash now because i would be selling it at a huge loss.

If you don't want to sell it now, just download the wallet. Just make sure that you are downloading them from the official websites and you're good. That's it.

But what about when im ready to sell?  What do i do then?

If the time has come that you wanted to sell them, then go on other exchanges where it is available or offer them on Currency exchange here in the forum (with the use of trusted escrow). Asking someone to sell your coins on the exchange is riskier because he can run away with your coins, so be extra careful.

[HCP]

If the time has come that you wanted to sell them, then go on other exchanges where it is available or offer them on Currency exchange here in the forum (with the use of trusted escrow). Asking someone to sell your coins on the exchange is riskier because he can run away with your coins, so be extra careful.

That is the OPs big problem... the "reputable" exchanges which currently offer SHIFT and BEANCASH, are essentially "off limits" as they do not provide service to users from his location.

So, OP is left with the option of using less well known exchanges like Livecoin (never used, but the reviews are mixed)... or by doing a P2P exchange with another user... however the risks are greater and the chances of finding anyone who actually cares or wants these coins is relatively low.

[Velkro]

I strongly recommend that you dont use any exchange for storing your long term hodl coins.

I strongly agree here , no matter what coin we talk about its never good idea to store ur cryptos on exchange.
Many did that, many took huge losses even on MtGox era. It was millions of $. Don't make same mistake, learn on other's mistake which is hard but best.

[Kasabus]

I never tried upbit yet, but I have bittrex account, I believe they are partners or something.
Upbit is a decent exchange, IIRC, they have bee investigated in the past and their names are cleared now, so I think you can trust them.

[CryptopreneurBrainboss]

Anyone have reviews of upbit?  Is it safe?  

When it comes to reviews of exchange I don't usually trust them since they can be bought and easily manipulate at first by disguising themselves as legit exchanges, get some good reputation online then start defrauding their customers or extorting them with unnecessary large amount of fees. I found something interesting about Upbit happened just 3months ago, it might be true or false but I'm of the "school of thought"  that behind every rumor there's a truth. Therefore I won't ok the exchange but it's just my opinion. You can research further to decide if you're ok with the exchange.
Here goes; Officials at Top Korean Crypto Exchange Upbit Indicted for Fraud

[boyptc]

Could i trade my beancash or shift with someone else for their BTC if they have access to those exchanges and could trade?  Such as hey can i trade you beancash for btc and i pay you an additional fee?  Reason being because i cannot sell them due to i cant use those exchanges?

Yes you may as long as there's someone that's interested to deal with you and wants to have those coins.

[jerry0]

Can i use upbit if im from a state that banned bittrex?  I read these are related to one another.

[HCP]

Have you read their "Terms of Service"?

They appear to restrict based on US and UN sanctions:

The Applicant's eligibility to access Services also depends on the country in which the Applicant resides. Residents of sanctioned countries are not allowed to use Services and list of such countries can be found in the User Guide.

The use of the Services and the Upbit Site is subject to international export controls and economic sanctions requirements. By sending, receiving, buying, selling, trading or storing Crypto Assets and such other digital currency, e-money or tokens supported by the Company through the Services or Upbit Site, the Users agree that it will comply with those requirements. Users are not permitted to acquire Crypto Assets and such other digital tokens supported by the Company or use any of the Services through the Upbit Site if: (1) the Users are in, under the control of, or a national or resident of Cuba, Iran, North Korea, Sudan, or Syria or any other country subject to United States embargo, UN sanctions, HM Treasury's financial sanctions regime (a "Sanctioned Country"), or if the User is a person on the prohibited or sanctioned list; or (2) the Users intend to supply any acquired or stored Crypto Assets and such other digital currency, e-money or tokens supported by the Company or Services to a Sanctioned Country (or a national or resident of a Sanctioned Country) or Sanctioned Person.

I don't see any other specific regional restrictions... but I only skimmed the ToS.

I would suggest you read the ToS very very thoroughly and also contact their support and ask directly if they are aware of any restrictions on users in your location. Better to know before you start trading than having your account frozen when/if they decide you're a restricted user (such as what has happened to users from Syria and Iran with some of the larger exchanges)

[Crypto Girl]

Also from the addition of what  @HCP had said,

At least for the moment, Upbit’s website and exchange platform are only available in Korean, which will, of course, limit the attraction for an international audience.

https://www.fxempire.com/crypto/exchange/upbit/

It will definitely difficult to trade if you're not Korean since the platform had no option for english language. Though, there's google translation but it's kinda annoying to copy paste the words and go back to the site.

So perhaps this leave you to just use the wallet.

[HCP]

That info must be outdated... There is a "Global" version (aka "Singapore" version) of Upbit that is in English: https://sg.upbit.com/

Also, when I visit the Korean one, it offers to use English version:



They also have one in Bahasa Indonesia: https://id.upbit.com
and the original Korean one: https://www.upbit.com

[r1s2g3]

Can i use upbit if im from a state that banned bittrex?  I read these are related to one another.

OP, I am hoping that you have implemented the advice of harizen of using the standalone wallets of these coin. (I read your post there in the ANNs of these coins.)

I hope you have already set up your wallets if you are still not done then work on setting your wallets because "upbit"/any exchange is not safe for your coin storage.

[Crypto Girl]

That info must be outdated... There is a "Global" version (aka "Singapore" version) of Upbit that is in English: https://sg.upbit.com/

Thank you for correcting me, I thought it's really updated since it was posted this year. My bad.

Also, when I visit the Korean one, it offers to use English version:
They also have one in Bahasa Indonesia: https://id.upbit.com
and the original Korean one: https://www.upbit.com

Just tried the english version, in fairness it looks good.

[jerry0]

Hi.  The issue is the beancash wallet on the site... people say it takes at least 3 days to download/sync the wallet.  That seems a bit ridiculous?  So you can't use it like electrum where its a simple wallet?


I want a simple wallet that is fast to download.  Why does beancash not have this option?


Crypto Girl, do you have an account at upbit?  If so where are you located?

[jerry0]

Where did you find out beancash is available on



bleutrade
bitonbay



it doesn't show these 2 exchanges on beancash on coinmarket