When you're looking for a Upbit, a South Korean cryptocurrency exchange founded in 2017 and once among the top 5 globally by volume. Also known as Upbit Exchange, it's one of the few major platforms still operating under strict local regulation in a country that tightly controls digital asset trading. Unlike many exchanges that vanished after crackdowns, Upbit survived because it partnered with Korea’s biggest telecoms and banks—making it one of the most trusted names in Asia for buying Bitcoin and Ethereum.
But trust doesn’t mean perfection. Upbit trading fees, a flat 0.05% for spot trades, no maker-taker split. Also known as transaction costs on Upbit, they’re lower than many U.S. exchanges—but you pay more in withdrawal fees, especially for altcoins. And while Upbit’s security, includes cold storage for 95% of assets and two-factor authentication. Also known as Upbit wallet protection, it’s solid on paper—users still report long delays when contacting support during market crashes. If you’re trading large amounts or holding for years, you need to know how slow their customer service gets when things go wrong.
Upbit doesn’t offer fiat deposits from outside Korea. That means if you’re not in South Korea, you can’t deposit USD, EUR, or GBP directly. You have to buy crypto on another exchange first, then send it over. That’s a dealbreaker for many, but for Koreans, it’s the easiest way to get into crypto without jumping through legal hoops. The platform supports over 100 coins, including niche ones you won’t find on Binance or Coinbase, but most have zero volume. You’ll spend more time searching for liquidity than trading.
There’s no app for iOS or Android that’s truly reliable. The web version works fine for basic trades, but if you want alerts, charting, or quick buys, you’re stuck. And while Upbit says it’s compliant with Korean financial laws, it doesn’t offer tax reports or portfolio tracking—so you’re on your own when tax season hits.
What you’ll find below are real user experiences, breakdowns of its strengths and failures, and comparisons with other exchanges that actually work for global traders. Some posts reveal how Upbit handled major hacks. Others show why people still use it despite the frustrations. If you’re thinking about trading on Upbit—or you already did and got stuck—this collection gives you the facts without the hype.
Upbit is South Korea's largest crypto exchange, offering top-tier security and deep KRW liquidity but limited features for international users. No USD support, no leverage, and slow English support make it ideal for Koreans-but not for most global traders.
