Upbit Exchange Review: What You Need to Know

The crypto market keeps expanding, and new trading venues appear nonstop. Choice is abundant, yet picking a trustworthy platform with the right toolkit is tricky—this review cuts through the noise so you can judge whether Upbit fits your needs.

In this Upbit review, you’ll learn who runs the company, what it aims to do, and how the service performs across core criteria. You’ll also see how to create an Upbit account by following a short setup walkthrough.

Let’s start with a quick introduction to Upbit. If you prefer exploring alternatives as well, consider well-known exchanges such as Kraken, Coinbase, and Binance.

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• Strong market depth and fast order execution.
• Low trading costs.
• User-friendly interface and tools, with a strong emphasis on security and compliance.
• Responsive support staff.

• No margin or leverage trading, which can be a limitation for advanced strategies.
• Past controversies and identity-verification friction have affected public perception.
• Unavailable to U.S. residents, and access may be limited or unavailable in other regions depending on local rules.

Upbit is a South Korean cryptocurrency exchange launched in 2017 by Song Chi-Hyung, and it is headquartered in South Korea. The platform received early operational assistance from the American exchange Bittrex, and within about two months of going live it rose to the top tier by 24-hour trading volume.

In late 2018, the company expanded into Southeast Asia, first establishing operations in Singapore and then in Indonesia. Notably, Upbit became the first crypto exchange to earn an information security management certification from the Korea Internet and Security Agency.

These milestones signal a strong focus on security and compliance, and we will examine the platform’s protections in more detail below.

Before moving into the positives, note that in 2018 three Upbit officials were accused of placing fabricated orders. The exchange denied the claims, but the matter raised questions for some observers.

If that gives you pause, you might compare highly rated providers such as Coinbase, Binance, Kraken, and Coinmama to see which best aligns with your preferences.

With the company context covered, let’s evaluate the exchange itself and its standout features.

We’ll begin with the advantages. Review each point carefully to decide whether the platform’s strengths match your goals.

Security should be the first box you check when choosing a crypto exchange. Fancy interfaces and low fees mean little if the service cannot protect your funds and identity.

Strong exchange security is usually a blend of layered access controls, careful custody practices, and compliance-oriented account safeguards—not a single feature on its own.

So, is Upbit safe? Upbit is regarded as one of the safer cryptocurrency exchanges. It employs firewall protections with round-the-clock monitoring, requires two-step verification, and adds a separate fund password for withdrawals. For Singapore dollar deposits and withdrawals, users must complete level 4 verification, strengthening identity verification and account safety.

Historically, Upbit used BitGo’s multi-signature wallet infrastructure, a solution many exchanges adopted for extra protection.

However, Upbit no longer relies on BitGo following an incident on November 27, 2019, when 342,000 Ethereum (about $50 million at the time) were transferred to an unknown address.

Afterward, the exchange hardened its Ethereum wallet setup, issued new addresses, shifted assets from hot to cold storage, and committed to reimbursing users—steps that helped restore confidence.

As a best practice, consider storing digital assets in cold or hardware wallets so your private keys remain offline. This reduces risk even if an online account is compromised.

Well-known hardware options include Ledger Nano X and Trezor Model T. They balance strong security with usability and sleek design.

Bottom line: despite experiencing a breach, Upbit operates with solid safeguards, and using a reliable crypto wallet adds an extra layer of protection.

Asset variety matters, especially if you plan to trade or hold specific cryptocurrencies. A broader selection gives you more flexibility for deposit and withdrawal, portfolio diversification, and strategy shifts.

Upbit supports deposits and withdrawals for over 200 cryptocurrencies. Examples include, but are not limited to:

• BTC (Bitcoin).
• ETH (Ethereum).
• Ltc (Litecoin).
• Eos.
• Other supported cryptocurrencies.

For a complete, up-to-date roster, check the Markets (or equivalent listings) section on Upbit’s website or within the app, since listings can change over time.

As for Xrp, it has not reached $100 on Upbit.

Even against top-rated competitors, this catalog stands out for its breadth.

Costs directly affect outcomes, so fee structures are crucial when choosing a reliable crypto exchange. Maker, taker, and withdrawal charges determine how much you keep from each trade.

Makers add liquidity to the order book and deepen markets, whereas takers remove liquidity by matching against existing orders. Many platforms reward makers with lower fees or rebates.

Upbit takes a simple approach: both maker and taker fees are 0.25%. The platform typically does not add a separate exchange-side fee for crypto deposits, though network fees can still apply depending on the blockchain.

Withdrawal fees vary by coin. For instance, BTC is 0.0005 BTC, ETH is 0.01 ETH, and Litecoin is 0.01. Check the official fee schedule for the latest figures on other assets.

If you withdraw fiat (such as South Korean won), any applicable transfer charges are typically shown during the withdrawal flow, and additional fees may also be assessed by your bank or payment provider.

Overall, the pricing model helps active traders preserve more gains.

Shortly after launch, Upbit rose into the top ranks by trading volume, though it is no longer among the very highest-volume venues today.

At the time of writing, Upbit places 63rd with a 24-hour volume of $323,555,840. While not exceptional, it remains a notable exchange by overall market presence.

Note: Figures change frequently; verify the current stats when you read this exchange review.

Volume measures how much is traded over a given period, while liquidity reflects how easily you can sell an asset at its current price. The two concepts are distinct, yet higher volume often supports better liquidity.

Because Upbit maintains substantial activity, users benefit from strong liquidity and quick fills near market price—an appealing trait for many traders.

Crypto trading can be complex, and full-featured toolkits may overwhelm first-time users. A gentle learning curve can make all the difference.

Newcomers should look for intuitive navigation, essential features, and responsive help. Those qualities reduce confusion while learning the ropes.

Upbit offers real-time market data, charts, and analytics to inform decisions when buying and selling. This presentation is especially helpful for users stepping into crypto trading for the first time.

If you want an even simpler starting point, you might also consider Binance, Kraken, or Coinbase.

Dependable support is indispensable when issues arise. Many services fall short here—so how does Upbit compare?

User feedback often highlights polite and timely responses. You can reach support via phone, email, and KakaoTalk, a popular messaging app in South Korea.

Our test inquiry about trading received a quick, clear answer along with extra educational resources.

For general topics, the official Support section includes notices, a user guide (with trading and deposit and withdrawal instructions), Open API details, wallet status, and an FAQ.

The FAQ covers accounts, security, two-factor authentication, exchange use, deposits and withdrawals, and trading. For case-specific questions, contact the support team directly.

If you want a customer-friendly start, Upbit is a viable option. Other straightforward choices include Coinbase, Binance, and Coinmama.

Most leading exchanges provide both desktop and mobile access so you can trade at home or on the go.

Upbit offers desktop applications for Mac and Windows, plus mobile apps for iOS and Android. To install the mobile app, use the Apple App Store or Google Play and search for “Upbit”; for desktop, download the installer from Upbit’s website download area.

While some trading apps struggle with stability, Upbit’s Android app holds a 4.3-star rating on Google Play, suggesting a generally smooth experience.

Within the app, you can access 150+ assets across 220+ markets. Security features include two-step verification, a fund password, and multi-signature cold wallet support.

As noted earlier, cold storage is recommended for long-term safety. Hardware wallets such as Ledger Nano X and Trezor Model T are popular picks.

Most reviews praise the app’s clean interface and easy navigation. A minority report verification hurdles or password-change hiccups, but overall sentiment skews positive.

Now for the drawbacks—these points could be decisive depending on your needs.

Upbit does not offer margin trading. For clarity, leverage allows you to trade a larger position than your current balance by effectively borrowing funds.

This can magnify gains but also heightens risk. For example, a $30 trade with 100:1 leverage gives you $3,000 in exposure—powerful, but potentially dangerous if the market turns.

If you pursue leverage elsewhere, look for negative balance protection to help prevent your account from dropping below zero.

For beginners, the absence of margin on Upbit can be a positive, reducing the temptation to take outsized risks early on.

Upbit supports a single fiat currency: the South Korean won. You cannot purchase crypto directly with euros or U.S. dollars on the platform.

Many exchanges that support fiat funding also charge higher fees, so factor that into your decision-making.

If you need to use a different fiat, you can buy crypto on another exchange and then transfer assets to Upbit for trading.

That said, consider whether the extra steps are worthwhile for your workflow—some platforms streamline this with broader fiat options.

If you prioritize multi-fiat support alongside robust security and features, evaluate providers like Coinbase, Binance, and Coinmama.

Checking community feedback is essential, though remember that dissatisfied users tend to post reviews more frequently than satisfied ones.

In Upbit’s case, some users mention verification challenges and report losses, which you should weigh carefully.

Reputation also took a hit after a significant incident in November 2019, when 342,000 ETH—about $50 million then—were stolen.

Other exchanges have faced similar events, but such headlines can linger and shape perception.

Always verify geographic availability in addition to features.

Upbit currently serves customers in South Korea and does not operate in the United States due to regulatory constraints. Outside South Korea, Upbit-branded services operate only in select jurisdictions (including Singapore and Indonesia), and many other countries may be unsupported depending on the specific Upbit service and local regulations.

If you cannot access the service, consider alternatives from the broader market to find a suitable match.

The platform is user-friendly, and getting started is straightforward. Follow the step-by-step overview below to set up your account quickly.

Deposit methods generally include crypto transfers (sending coins and tokens to your Upbit deposit address) and, where supported for your account, bank transfer funding in South Korean won. Withdrawals generally include sending crypto to an external wallet address and withdrawing South Korean won to a linked bank account (when available for your region and verification status).

Minimum deposit and withdrawal amounts are typically set per asset or rail and are shown on the relevant deposit and withdrawal screens. Maximum limits commonly depend on your verification level, account status, and local requirements, so it’s best to confirm the current limits inside your Upbit account before initiating a transfer.

Use these simple steps to complete registration in minutes.

Step 1. Visit the main Upbit page and select Sign Up from the top of the screen.

Step 2. Enter your email address, create a compliant password, confirm you are at least 18 years old, and check the I’m not a robot box.

Step 3. Open your inbox and click the verification link within 30 minutes to activate your account.

That’s it—your Upbit profile is ready to use.

Upbit is a leading South Korean exchange with 200+ supported assets, solid security practices, good liquidity, low trading fees, and a design that welcomes beginners.

However, you should factor in the 2019 breach that resulted in the loss of 342,000 ETH (about $50 million at the time).

Additionally, there is no leverage trading, the South Korean won is the only supported fiat currency, and the service is not available to U.S. residents. If those limits are deal-breakers, consider alternatives like Kraken, Coinbase, and Binance.

The information on this site is for educational purposes only and does not constitute financial, investment, or trading advice. does not recommend buying, selling, or holding any cryptocurrency. Always consult a qualified financial advisor before making investment decisions.