How to buy Bitcoin Cash on Upbit? Beginner's guide

Buying Bitcoin Cash on Upbit is easy: set up an account, deposit funds, and trade. Use KYC verification and 2FA for security. Start small and stay informed.

Apr 03, 2025 at 11:57 am

Buying Bitcoin Cash (BCH) on Upbit can be a straightforward process if you follow the right steps. Upbit is a popular cryptocurrency exchange based in South Korea, known for its wide range of trading pairs and user-friendly interface. This guide will walk you through the process of purchasing Bitcoin Cash on Upbit, from setting up your account to executing your first trade. Whether you're new to cryptocurrency or just new to Upbit, this beginner's guide will help you navigate the platform with ease.

Setting Up Your Upbit Account

Before you can buy Bitcoin Cash on Upbit, you need to set up an account. Here's how you can do it:

• Visit the Upbit Website: Go to the Upbit homepage and click on the "Sign Up" button.
• Enter Your Details: Fill in your email address, create a password, and complete the captcha verification.
• Verify Your Email: You will receive an email from Upbit. Click on the verification link to confirm your email address.
• Complete KYC Verification: Upbit requires Know Your Customer (KYC) verification to comply with regulations. You'll need to submit a government-issued ID and a selfie. Follow the on-screen instructions to complete this process.
• Set Up Two-Factor Authentication (2FA): For added security, enable 2FA on your account. You can use apps like Google Authenticator or Authy.

Once your account is set up and verified, you're ready to deposit funds and start trading.

Depositing Funds into Your Upbit Account

To buy Bitcoin Cash, you'll need to deposit funds into your Upbit account. Upbit supports deposits in various cryptocurrencies and fiat currencies, depending on your location. Here's how to deposit funds:

• Navigate to the Wallet Section: Log into your Upbit account and go to the "Wallet" section.
• Select Your Deposit Method: Choose the cryptocurrency or fiat currency you want to deposit. For buying Bitcoin Cash, you might want to deposit Korean Won (KRW) or another cryptocurrency like Bitcoin (BTC) or Ethereum (ETH).
• Generate a Deposit Address: If you're depositing a cryptocurrency, Upbit will generate a unique deposit address for you. Copy this address.
• Send Funds to the Address: Use your external wallet to send the funds to the Upbit deposit address. If you're depositing fiat currency, follow the instructions provided by Upbit, which may involve bank transfers.
• Wait for Confirmation: Once the funds are sent, wait for the transaction to be confirmed on the blockchain or by the bank. This can take anywhere from a few minutes to several hours, depending on the network congestion and the type of currency.

Buying Bitcoin Cash on Upbit

With funds in your Upbit account, you can now buy Bitcoin Cash. Here's how to do it:

• Navigate to the Trading Section: Go to the "Trade" section on Upbit and search for the Bitcoin Cash trading pair you want to use. Common pairs include BCH/KRW, BCH/BTC, and BCH/USDT.
• Select the Trading Pair: Click on the trading pair you want to use. For beginners, using a fiat pair like BCH/KRW might be easier.
• Place Your Order: You can choose between a market order or a limit order. A market order will buy Bitcoin Cash at the current market price, while a limit order allows you to set a specific price at which you want to buy.
• Review and Confirm: Double-check the details of your order, including the amount of Bitcoin Cash you want to buy and the total cost. Once you're satisfied, confirm the order.
• Monitor Your Order: After placing your order, you can monitor its status in the "Orders" section of your Upbit account. Once the order is filled, the Bitcoin Cash will be credited to your Upbit wallet.

Withdrawing Bitcoin Cash from Upbit

If you want to move your Bitcoin Cash to a different wallet, you can withdraw it from Upbit. Here's how:

• Navigate to the Wallet Section: Go to the "Wallet" section of your Upbit account.
• Select Bitcoin Cash: Find Bitcoin Cash in your list of assets and click on "Withdraw."
• Enter the Withdrawal Address: Enter the Bitcoin Cash address where you want to send your funds. Make sure this address is correct, as transactions cannot be reversed.
• Specify the Amount: Enter the amount of Bitcoin Cash you want to withdraw.
• Review and Confirm: Double-check all the details, including the withdrawal address and the amount. Once you're satisfied, confirm the withdrawal.
• Wait for Confirmation: The withdrawal process can take some time, depending on the network congestion. Once the transaction is confirmed on the blockchain, your Bitcoin Cash will be sent to the specified address.

Tips for Buying Bitcoin Cash on Upbit

Here are some tips to help you buy Bitcoin Cash on Upbit more effectively:

• Understand the Fees: Upbit charges fees for both deposits and withdrawals, as well as trading fees. Make sure you understand these fees before you start trading.
• Use Limit Orders: If you're not in a hurry, using limit orders can help you get a better price for your Bitcoin Cash.
• Stay Informed: Keep an eye on the Bitcoin Cash market and stay informed about any news or developments that could affect its price.
• Secure Your Account: Always use strong passwords and enable two-factor authentication to protect your Upbit account from unauthorized access.
• Start Small: If you're new to cryptocurrency trading, start with a small amount of Bitcoin Cash to get a feel for the market before investing larger sums.

Common Questions About Buying Bitcoin Cash on Upbit

Q: What is Bitcoin Cash?

A: Bitcoin Cash (BCH) is a cryptocurrency that was created in 2017 as a result of a hard fork from Bitcoin. It aims to improve upon Bitcoin by increasing the block size, which allows for faster and cheaper transactions.

Q: Is Upbit a safe platform to buy Bitcoin Cash?

A: Upbit is considered a reputable and secure platform for buying Bitcoin Cash. It has robust security measures in place, including two-factor authentication and cold storage for user funds. However, as with any online platform, it's important to take steps to secure your account.

Q: Can I buy Bitcoin Cash with fiat currency on Upbit?

A: Yes, you can buy Bitcoin Cash with fiat currency on Upbit, depending on your location. In South Korea, you can use Korean Won (KRW) to buy Bitcoin Cash.

Q: What are the fees for buying Bitcoin Cash on Upbit?

A: Upbit charges trading fees that vary depending on your trading volume. The fees can range from 0.05% to 0.25% per trade. Additionally, there may be fees for depositing and withdrawing funds.

Q: How long does it take to buy Bitcoin Cash on Upbit?

A: The time it takes to buy Bitcoin Cash on Upbit depends on several factors, including the type of order you place and the current market conditions. Market orders are typically executed instantly, while limit orders may take longer to fill.

Q: Can I withdraw Bitcoin Cash to an external wallet from Upbit?

A: Yes, you can withdraw Bitcoin Cash to an external wallet from Upbit. You'll need to provide the withdrawal address and follow the platform's withdrawal process.

Q: What should I do if I encounter issues buying Bitcoin Cash on Upbit?

A: If you encounter issues, you can contact Upbit's customer support for assistance. Make sure you have all relevant information, such as your account details and transaction IDs, ready when you reach out.

Q: Is it possible to trade Bitcoin Cash for other cryptocurrencies on Upbit?

A: Yes, Upbit offers various trading pairs for Bitcoin Cash, allowing you to trade it for other cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

Q: How can I track the price of Bitcoin Cash on Upbit?

A: You can track the price of Bitcoin Cash on Upbit by navigating to the trading section and selecting the BCH trading pair you're interested in. Upbit provides real-time price charts and market data.

Q: What are the risks of buying Bitcoin Cash on Upbit?

A: The risks include market volatility, potential security breaches, and regulatory changes. It's important to only invest what you can afford to lose and to stay informed about the cryptocurrency market.