How to make block trades on Upbit?

Block trades on Upbit allow large-volume transactions outside the open market, minimizing price impact for institutional investors and high-net-worth individuals.

Apr 15, 2025 at 09:28 am

Introduction to Block Trades on Upbit

Block trades on Upbit refer to large-volume transactions that are typically executed outside of the open market to minimize the impact on the market price. These trades are essential for institutional investors and high-net-worth individuals who wish to buy or sell significant amounts of cryptocurrency without causing substantial price fluctuations. In this article, we will explore the detailed process of executing block trades on Upbit, ensuring you understand every step involved.

Understanding the Requirements for Block Trades

Before diving into the process, it's crucial to understand the prerequisites for executing block trades on Upbit. Firstly, you need to have an Upbit account with sufficient funds or assets to conduct such trades. Secondly, Upbit has specific thresholds for what constitutes a block trade, typically involving a minimum trade volume that varies depending on the cryptocurrency. Lastly, you must be aware of the fees associated with block trades, which can differ from standard trading fees.

Preparing for a Block Trade

To prepare for a block trade on Upbit, follow these steps:

• Verify your account: Ensure your Upbit account is fully verified. This usually involves completing KYC (Know Your Customer) procedures, which may include submitting identification documents and proof of address.
• Check your balance: Confirm that you have enough cryptocurrency or fiat currency in your Upbit wallet to execute the trade. Remember, block trades involve large volumes, so your balance must be sufficient.
• Understand the market: Before placing a block trade, analyze the current market conditions. Look at the order book, recent trades, and any news that might affect the price of the cryptocurrency you are trading.

Initiating a Block Trade on Upbit

Once you are prepared, you can initiate a block trade on Upbit by following these detailed steps:

• Log into your Upbit account: Access your Upbit account using your credentials.
• Navigate to the trading section: Go to the trading section of the Upbit platform where you can see the list of available cryptocurrencies.
• Select the cryptocurrency: Choose the cryptocurrency you wish to trade in large volumes.
• Access the block trade feature: Upbit may have a specific section or button for block trades. This could be labeled as "Block Trade" or something similar. Click on this to proceed.
• Enter the trade details: Input the volume of the cryptocurrency you want to trade and the price at which you want to execute the trade. Ensure these details are accurate as block trades are typically irreversible once executed.
• Review and confirm: Double-check all the entered details. Once you are satisfied, confirm the trade. Upbit may prompt you to enter a two-factor authentication code for added security.
• Wait for execution: Block trades may take some time to execute due to their size and the need to find a counterparty. Be patient and monitor the status of your trade on the platform.

Monitoring and Managing Your Block Trade

After initiating a block trade, it's important to monitor and manage it effectively:

• Track the trade status: Use the Upbit platform to keep an eye on the status of your block trade. You can usually find this information in the "Orders" or "Trade History" section.
• Adjust if necessary: If the market conditions change significantly, you might need to adjust your trade. Contact Upbit's support team to discuss any possible modifications to your block trade.
• Review the execution: Once the trade is executed, review the details to ensure everything went as planned. Check the final price, volume, and any fees incurred.

Handling Post-Trade Activities

After your block trade is completed, there are a few post-trade activities to handle:

• Transfer funds: If you sold cryptocurrency, you may need to transfer the proceeds to your bank account or another wallet. Follow Upbit's withdrawal process to move your funds.
• Record keeping: Keep detailed records of your block trade, including the trade confirmation, fees, and any communications with Upbit. This can be useful for tax purposes or future reference.
• Evaluate the trade: Reflect on the outcome of your block trade. Consider what went well and what could be improved for future trades.

Frequently Asked Questions

Q: Can I cancel a block trade after it has been initiated?

A: Generally, block trades on Upbit are designed to be executed once initiated and cannot be canceled. However, in exceptional circumstances, you may be able to contact Upbit's support team to discuss possible options.

Q: Are there any specific cryptocurrencies that are more suitable for block trades on Upbit?

A: Upbit supports block trades for a variety of cryptocurrencies, but the suitability depends on the liquidity and market conditions of each cryptocurrency. High-volume and liquid cryptocurrencies like Bitcoin and Ethereum are typically more suitable for block trades.

Q: How do the fees for block trades compare to regular trades on Upbit?

A: Block trade fees on Upbit can differ from regular trading fees. They are often negotiated based on the size of the trade and the specific cryptocurrency involved. It's important to check Upbit's fee structure or contact their support for the most accurate information.

Q: Is there a minimum volume requirement for block trades on Upbit?

A: Yes, Upbit has a minimum volume requirement for block trades, which varies depending on the cryptocurrency. You should check Upbit's guidelines or contact their support to confirm the specific thresholds for the cryptocurrency you are interested in trading.