Trading Guide

1. Market Types

• BTC Market : You can buy and sell other digital assets with BTC (Bitcoin).
  - The price of the digital asset being traded is set in BTC,
  and the USDT-converted price (BTC-based price x BTC/USDT current price) is also displayed for reference.
• USDT Market : You can buy and sell other digital assets with USDT (Tether).
  - The price of the digital asset being traded is set in USDT.

2. Daily Trading Data Standard

Upbit calculates daily data based on UTC (Coordinated Universal Time).

Because most global exchanges use UTC, it is easy to compare prices with overseas markets.

UTC is 9 hours behind Korea Standard Time (KST).

• Change from previous day : Rate of change of the current day’s closing price (or current price) versus the closing price at 00:00 UTC (= 9:00 AM KST)
  • For newly listed digital assets, there is no previous-day closing price on Upbit on the day of listing, so the rate of change is calculated based on the first trade price on Upbit.
• Trading value : Accumulated trading value over the last 24 hours
• Daily candle chart : Open/High/Low/Close prices for the 24 hours (or up to the current time) starting from 00:00 UTC

3. Trading Fees 

You can check the details of trading fees through the link below.

• Go to page >
  *This page is not supported on mobile, so please check it on PC web.

4. Minimum Order Amount

5. Order Types

The order types offered by Upbit are as follows.

• Limit Order 
  • A limit order is an order in which the user directly enters and submits the price and quantity of the digital asset to trade.
  • When you place an order at a specified price, a buy will not be executed above the specified buy price, and a sell will not be executed below the specified sell price. 
    Use it when you prioritize price over whether the trade is executed.
  • Even if the market reaches the price you submitted, a limit order may not be executed because of the execution method (price priority > time priority).

• Market Order
  • A market order is an order submitted without specifying a price. 
  • Set only the order amount when buying or the order quantity when selling, and the order is executed immediately at the market price. Use it when you want to execute a trade quickly.
  • When a market order is received, it is executed in sequence starting from the most favorable price (best bid/ask).
    However, an order may be rejected to protect the user’s assets. For cases in which a market order is rejected, please refer to the Order Rejection section.
     
• Reserved Order
  • A reserved order lets you set a price watch condition, and when the price you set is reached, the limit order you set is submitted. 
    It is mainly used to limit losses or take profits.
  • However, if the watch price and the order price are the same, the order is received only after that price is reached, so reaching the watch price does not necessarily mean the order will be executed.
  • When you set a reserved order, the assets you hold equal to the total amount of the limit order you set are placed on order hold, and withdrawals and other orders are not possible until it is canceled.

• Best Limit Order
  • A best limit buy order is set at the lowest ask price at the time the order is received, and a sell order at the highest bid price at the time the order is received, so it is executed immediately if there is quantity at that price.
  • A best limit order must be submitted with the IOC (Immediate Or Cancel) or FOK (Fill Or Kill) order condition.
     
• TWAP Order
  • An order type that automatically places market or limit (IOC) orders in divided portions at regular intervals over a period you set.
  • You can check the detailed execution history of each round under [TWAP > Order > Execution Details] or [Investment History > Auto Orders > Order > Execution Details].

6. Execution Method

Orders received from users are executed in the following order of priority according to the submitted order price and time.

  * Price priority > Time priority

• Price Priority Principle
  • When orders are submitted, lower prices are executed first when selling, and higher prices are executed first when buying.
  • When several people submit buy/sell orders, the sell order with the lowest price and the buy order with the highest price are executed.

• Time Priority Principle
  • When there are several buy/sell orders at the same price, trades are executed in the order in which the orders were submitted.

7. Order Price Units