Upbit from South Korea Named 4th Most Reliable Cryptocurrency Exchange by Forbes

Upbit headquarters in Seoul / Yonhap

By Lee Yeon-woo

Forbes recently acknowledged Upbit, the premier cryptocurrency exchange in Korea, as the fourth most reliable cryptocurrency exchange in the world.

According to an announcement by Dunamu, the entity operating Upbit, on Tuesday, the exchange claimed the fourth spot on a global level and the top rank within Korea in Forbes’ list of “The World’s Most Trustworthy Crypto Exchanges and Marketplaces.”

Forbes conducted an analysis of 646 exchange operators focusing on their security measures and internal control mechanisms. The evaluation, based on data from crypto data analysis firm CoinGecko, culminated in a list of the top 20 most trustworthy exchanges.

The Forbes’ evaluation criteria incorporated various weights: holdings of Bitcoin and Ethereum (20 percent), adherence to regulations (20 percent), degree of transparency (15 percent), financial stability (15 percent), cost of trading fees (10 percent), clientele comprising corporations and institutions (5 percent), average daily volume in spot trading (5 percent), average daily volume in derivatives trading (5 percent), and the array of cryptocurrency-related offerings (5 percent).

With an overall score of 7.4 out of a possible 10, Upbit was positioned behind the US-based Coinbase, CME Group, and Robinhood.

Upbit received commendations for its transparency, competitive trading fees, and robust financial health.

“By relentlessly improving the caliber of our services, the robustness of our security, and the protections we offer investors, Upbit aims to secure its stature as an esteemed cryptocurrency marketplace not just in Korea, but on a global scale,” stated Dunamu CEO Lee Sirgoo.