📘 General information about Upbit
Upbit is South Korea’s largest cryptocurrency exchange, launched in 2017 by fintech company Dunamu Inc. It debuted under a technology partnership with Bittrex, which enabled the platform to offer an extensive coin lineup from day one. Headquarters are in Seoul, with independent subsidiaries established later in Singapore, Indonesia, and Thailand.
- Focus on spot markets and rigorous compliance across operating jurisdictions.
- Deep retail user base in Korea and strong liquidity in top pairs.
- Ecosystem: spot markets; native staking for select PoS assets; and the Upbit NFT (Drops & Marketplace) platform.
⚖️ Regulation and licenses
Upbit is among the few fully regulated exchange models in Asia. In Korea, the platform is registered as a VASP and holds the mandatory ISMS certification. It also implements the information‑security standards ISO/IEC 27001/27017/27018.
- South Korea: VASP registration; integration with K Bank for real‑name verification and KRW accounts.
- Singapore: operation under the Payment Services Act (PSA) via licensing/exemption processes.
- Thailand: full SEC licensing (digital‑asset exchange and broker).
- Indonesia: registration with BAPPEBTI as a digital‑asset exchange service provider.
📊 Volumes and market position
In Korea, Upbit has historically held 50–80% of spot trading. Between 2023 and 2025, competition from Bithumb intensified, yet Upbit continues to lead on average market share and order‑book depth.
- Globally — a consistent top‑5 spot exchange by volume.
- KRW is a key fiat currency in global crypto, due in large part to Upbit’s role.
- Leading pairs: BTC/KRW, ETH/KRW, XRP/KRW, and USDT/KRW for cross‑conversion.
💱 Spot trading and fees
Upbit supports hundreds of cryptocurrencies and 600+ pairs across the KRW market, BTC market, and USDT market. In Korea, KRW remains the core venue; in international versions, trading centers on BTC/USDT and local fiats (THB, IDR, SGD).
Interface and execution:
- Classic terminal with limit, market, and stop orders.
- Deep books on top pairs, tight spreads, stable performance under load.
- Mobile app closely mirrors the web feature set.
💸 Upbit fee structure
| Segment | Maker/Taker | Comment |
|---|---|---|
| KRW pairs | 0.05 % | Flat rate for all users |
| BTC / USDT pairs | 0.25 % | Applies on international markets |
| Crypto deposits | 0 % | Only blockchain network fees apply |
| Crypto withdrawals | Network fee | Varies by asset (BTC, ETH, USDT, etc.) |
| Fiat (KRW) | 0 % | Deposits/withdrawals via K Bank are fee‑free on the exchange side |
📈 Derivatives and margin trading
Upbit offers no futures, options, or margin trading. The platform deliberately remains spot‑only due to regulatory constraints and its retail focus. If your strategy requires leverage or derivatives hedging, use a separate exchange and segregate risk.
🧩 Staking, NFT, and new initiatives
🔒 Staking of PoS assets
Upbit provides native staking for select coins (e.g., ETH, ADA, ATOM, SOL, MATIC). Entry thresholds are low, rewards accrue in the same asset, and unbonding follows network rules.
- Simple access without validator‑management overhead.
- Yield varies by protocol and can change over time.
- Requires enabled 2FA and completed KYC.
🎴 Upbit NFT (Drops & Marketplace)
Two modules: Drops (auctions, primary sales) and Marketplace (secondary trading). Benefits include account‑level integration and partnerships with Asian IP (including K‑pop).
🚀 Primary offerings
No classic Launchpad/Launchpool. Upbit takes a conservative approach: selective listings and occasional trading events/airdrops tied to new additions.
🛡️ Security and incidents
Technical measures
- Predominantly cold storage with minimal hot‑wallet balances.
- Two‑factor authentication and a separate withdrawal password/code.
- AI‑driven monitoring, antifraud tooling, and manual compliance checks.
- Regular audits, bug‑bounty program, and insurance reserves.
Organizational practices
- Segregation of client assets from company funds.
- Cooperation with law enforcement and restitution to victims (e.g., voice‑phishing cases).
- User education and a dedicated security support center.
Incidents and takeaways
- 2018: external scrutiny of volumes and practices prompted tighter internal compliance.
- 2019: 342k ETH moved from a hot wallet — the exchange reimbursed losses from reserves and hardened its infrastructure.
- 2022: coordinated WEMIX delisting by Korean exchanges over supply‑reporting discrepancies — an example of strict industry self‑regulation.
👥 Verification (KYC) and availability
Full functionality on Upbit requires KYC. For Korean residents, the process is integrated with K Bank (real‑name verification and KRW accounts). Internationally, users submit an ID document, a selfie, and a basic questionnaire.
KYC and restriction highlights:
- Withdrawal limits scale with verification level.
- High‑risk sanctioned countries are not served; the U.S. and U.K. are unavailable.
- Minimum age — 18; trading without KYC is not supported.
🖥️ User interface and apps
Upbit’s UI balances clarity with capability: fast pair search, a clean order form, flexible timeframes, and essential indicators — without unnecessary clutter. Light and dark themes are available.
- Full‑featured iOS/Android apps.
- Push notifications, price alerts, biometric login.
- Trading API with scoped key permissions.
🗞️ Reputation, reviews, and case studies
Trade media often describe Upbit as Korea’s anchor exchange: high volumes, transparent practices, and mature compliance. Users typically praise the interface and fees; negative feedback centers on regional restrictions, KYC timelines, and occasional AML‑related holds.
- Strong local reputation and retail trust in Korea.
- Measured international expansion — fewer languages/fiats than global peers.
- Well‑documented cooperation with regulators and law enforcement — a reputational positive.
🔁 Comparison with competitors
| Criterion | Upbit (Korea) | Bithumb (Korea) | Binance (global) |
|---|---|---|---|
| Launch year | 2017 | 2013 | 2017 |
| Regulation | VASP (KR); ISMS / ISO; licenses in SG / TH / ID | VASP (KR); ISMS | Patchwork registrations; offshore structure |
| Fiat markets | KRW, THB, IDR, SGD | KRW | USD, EUR, etc. via providers and P2P |
| Coins / Pairs | ~285 / 600+ stringent listing standards | ~250 / 500+ frequent promo listings | 350+ / 1,200+ widest range of assets |
| Spot fee | 0.05% (KRW); 0.25% (BTC/USDT) | ≈ 0.25% (without coupons) | 0.10% (0.075% with BNB) |
| Margin / Derivatives | None (spot only) | None | Available (up to 125×), options |
| Earn / Extras | PoS staking; NFT (Drops/Market) | Staking; promos | Launchpad; Earn; P2P; loans, etc. |
| Market share in Korea | Leader (spot) | No. 2 (growing) | No official operations |
| User profile | Spot focus, low fees, compliant KRW rails | Spot + promos, zero‑fee campaigns | Derivatives, global reach, feature‑rich |
| Key advantage | 💸 Minimal fees and robust regulation | 🎯 Frequent promos and bonuses | 🧰 Broadest ecosystem and liquidity |
For promos and bonuses — Bithumb.
For futures and maximum functionality — Binance.
✅ Advantages and ⚠️ drawbacks of Upbit
Pros:
- Regulated model, strong compliance, and transparency.
- Very low KRW‑market fees (0.05%).
- High liquidity and resilient infrastructure.
- Broad listings, fast execution, polished apps.
- Native PoS staking and an integrated NFT marketplace.
- Consistently responsible incident handling (user protection, strengthened defenses).
Cons:
- No derivatives or leverage — unsuitable for advanced strategies.
- Measured localization globally (no Russian UI; no P2P fiat for the CIS).
- Regional restrictions (U.S., U.K., etc.).
- Earn lineup is leaner than global competitors’ offerings.
❓ In short — FAQ
What are Upbit’s fees?
Does Upbit offer margin trading or futures?
Is KYC required?
Is Upbit suitable for CIS users?
🏁 Conclusions and recommendations
Upbit is a benchmark spot exchange for Korea and neighboring markets: minimal fees, deep liquidity, a robust regulatory footing, and a clean, intuitive UI. It suits investors and traders who prefer a transparent environment without derivatives, with convenient access to native staking and NFTs.
If you need futures, leverage, or complex Earn products, complement Upbit with a second exchange dedicated to derivatives. If your focus is spot trading within a well‑regulated jurisdiction, Upbit is one of the region’s strongest options.