How to sell cryptocurrency on Upbit?

Selling Cryptocurrency on Upbit: A Step-by-Step Guide

1. Log in to your Upbit account using your registered email and password. Ensure that two-factor authentication (2FA) is enabled for added security. Navigate to the main dashboard once logged in.

2. Locate the “Wallet” section in the top menu and confirm that the cryptocurrency you wish to sell is available in your balance. If necessary, transfer assets from external wallets to your Upbit account, allowing sufficient time for blockchain confirmation.

3. Click on the “Trade” tab located at the top of the screen. Select the trading pair that matches your cryptocurrency with KRW, BTC, or USDT, depending on your preferred settlement currency. The most commonly used pairs are listed first.

4. On the trading interface, switch to the “Sell” panel. Enter the amount of cryptocurrency you want to sell either manually or by using the percentage sliders provided. Review the estimated KRW or equivalent value displayed before proceeding.

5. Choose your preferred order type—limit order or market order. A limit order allows you to set a specific price, while a market order executes immediately at the best available rate. Confirm your selection and click the red “Sell” button to place the order.

Understanding Order Types and Execution

1. A market order executes instantly at the current market price. This option is ideal when speed is a priority, though slight price slippage may occur during volatile conditions.

2. A limit order gives you control over the minimum acceptable price. Your sell order will only execute when the market reaches your specified price or better. This method protects against unfavorable rates but may not fill immediately.

3. Monitor open orders in the “Order History” section. Cancel unfilled limit orders if market conditions change and you wish to adjust your strategy.

4. Once the order is executed, the proceeds will be credited to your KRW or stablecoin wallet automatically. No additional action is required to receive funds.

5. Upbit displays real-time price charts and order book depth to help inform your selling decision. Use technical indicators and volume data to determine optimal timing.

Fees and Withdrawal of Proceeds

1. Upbit charges a trading fee of 0.05% for takers and potentially lower rates for makers, depending on liquidity contribution. These fees are deducted automatically from the transaction value.

2. After selling, verify your KRW balance in the wallet section. The amount should reflect the sale proceeds minus any applicable fees.

3. To withdraw KRW to your linked bank account, go to the “Withdrawal” section under Wallet. Enter the amount and confirm your registered bank details. Withdrawals typically process within a few hours during business hours.

4. Daily withdrawal limits apply based on your verification level. Higher-tier accounts with completed identity verification enjoy increased limits.

Tax Implications and Record Keeping

1. South Korean tax regulations require reporting of capital gains from cryptocurrency trading. Maintain accurate records of all sell transactions, including date, amount, price, and fees.

2. Export transaction history from Upbit’s “Transaction History” or “Tax Report” section. This data can be used to calculate gains or losses for tax filing purposes.

3. The National Tax Service may request proof of trading activity. Keeping detailed logs supports compliance and reduces risk during audits.

Common Questions About Selling on Upbit

Q: Can I cancel a market sell order after it’s placed?A: No, market orders execute immediately and cannot be canceled once processed. Limit orders can be canceled if they haven’t been filled.

Q: How long does it take to receive KRW after selling crypto?A: Funds are credited to your wallet instantly upon execution. Bank withdrawals usually complete within 1–3 business hours during operational times.

Q: Is there a minimum amount required to sell on Upbit?A: Yes, minimum trade sizes vary by cryptocurrency. For example, Bitcoin typically has a 0.0001 BTC minimum, while smaller tokens may require higher relative amounts.

Q: Can I sell cryptocurrency and withdraw directly to an international bank account?A: No, Upbit only supports KRW withdrawals to verified South Korean bank accounts. International users must use alternative exchanges or transfer methods.