Upbit Review: What You Need to Know About This Major Crypto Exchange
When you hear Upbit, a leading cryptocurrency exchange based in South Korea, owned by the crypto investment firm Dunamu. Also known as Upbit Crypto Exchange, it handles over 70% of South Korea’s daily crypto trading volume and is one of the few major platforms that still supports fiat deposits in Korean Won (KRW). Unlike many global exchanges, Upbit doesn’t rely on US dollars or EUR—it’s built for Korean traders who want fast, low-cost access to Bitcoin, Ethereum, and hundreds of altcoins directly from their bank accounts.
But Upbit isn’t just a local player. Its trading volume often rivals Binance and Coinbase, especially during market spikes. Yet, it’s not without controversy. The exchange has faced regulatory scrutiny from South Korea’s Financial Services Commission, including a 2021 order to halt new user registrations after a security incident. Since then, it’s tightened its KYC rules and improved its cold storage, but many international traders still avoid it because of its limited English support and strict local compliance rules. If you’re outside Korea, you can still trade on Upbit, but you’ll need a Korean bank account or a P2P workaround—something most users don’t bother with.
What makes Upbit stand out? It’s the sheer number of tokens listed—over 300, including obscure Korean projects you won’t find anywhere else. It’s also one of the few exchanges that still offers margin trading and staking for native coins like Klaytn (KLAY) and Holo (HOT). But here’s the catch: fees are hidden. Deposit fees are free for KRW, but withdrawal fees for Bitcoin and Ethereum can swing wildly depending on network congestion. And unlike Coinbase or Kraken, Upbit doesn’t show you real-time order book depth unless you’re actively trading. You’re basically flying blind unless you’re already in the system.
For Korean users, Upbit is the default choice. For everyone else? It’s a mixed bag. Some use it to access rare tokens or take advantage of lower fees on certain pairs. Others avoid it entirely after hearing stories of frozen withdrawals or delayed customer support. The truth? Upbit works great if you’re in Korea and know the ropes. If you’re not? You’re likely better off with an exchange that speaks your language—literally and technically.
Below, you’ll find real reviews and breakdowns of exchanges like Upbit—some still running, others shut down. You’ll see what happens when platforms fail, how regulators react, and which crypto trading platforms actually deliver on their promises. No hype. No fluff. Just what traders found after using them.
