Upbit Crypto Exchange Review: Security, Fees, and Why It Dominates South Korea

Upbit isn’t just another crypto exchange. It’s the biggest in South Korea, handling over $1.8 billion in trades every day, with more than 6 million users and a reputation built on one thing: security. If you’re looking to trade Bitcoin, Ethereum, or altcoins with Korean Won (KRW), Upbit is probably the first name you’ll hear. But is it right for you? Especially if you’re outside Korea? Let’s break it down-no fluff, just what matters.

What Makes Upbit Different?

Upbit launched in 2017 as a joint project between Dunamu and Kakao’s blockchain arm, Ground X. Its goal? To fix the chaos of South Korea’s early crypto market. Back then, exchanges were unregulated, hacks were common, and users lost money. Upbit didn’t just want to compete-it wanted to set the standard. And it did.

Today, Upbit holds 55% of South Korea’s entire crypto market. That’s more than double its closest rival, Bithumb. Why? Because it plays by the rules. South Korea has some of the strictest crypto laws in the world. Upbit was the first exchange to fully comply with the Virtual Asset Service Provider (VASP) framework. That means real ID checks, real-time transaction monitoring, and cold storage for most of your funds.

They store 70% of user assets in cold wallets-offline, air-gapped, and physically secured. That’s higher than the global average of 55%. Their system watches 1.2 million transactions per minute using AI to spot suspicious behavior. In 2025, they became the first exchange to block a foreign platform-Cambodia’s Huewn Exchange-two months before the U.S. FinCEN even labeled it a risk. That’s proactive, not reactive.

Security: Built to Survive

Upbit’s security record isn’t perfect-but it’s honest. In 2019, they lost $51 million in an Ethereum hack. Most exchanges would’ve buried it. Upbit didn’t. They reimbursed every single user, in full, within 72 hours. That cost them 8.5 billion won ($6.3 million). No insurance payout. No delay. Just direct compensation.

Since then, they’ve rebuilt. They now hold ISO 27001, 27017, and 27018 certifications-gold-standard security benchmarks. Their system runs at 99.98% uptime over the past year. Withdrawals require a fund password, two-factor authentication, and often manual review for large amounts. If you try to withdraw $10,000, expect a 24-hour delay while they check it.

The result? 87% of users on Trustpilot say they trust Upbit more than any other exchange. That’s rare in crypto.

Fees and Trading Pairs

Upbit’s fees aren’t the lowest. Maker fees are 0.25%, taker fees are 0.25%. Compare that to Binance’s 0.1% and you’ll see why some traders look elsewhere.

But here’s the catch: Upbit doesn’t compete on fees. It competes on access. Over 92% of its trading volume is in KRW pairs. That’s huge. If you want to buy Bitcoin with Korean Won, Upbit is the easiest, fastest, and most reliable place. Deposits via bank transfer take minutes. Withdrawals to your Korean bank? Usually under 10 minutes.

They support 300+ cryptocurrencies. That’s solid, but not top-tier. Coinbase lists 350+. Kraken has 400+. Upbit focuses on the most popular coins and tokens with real demand in Asia-BTC, ETH, SOL, XRP, DOT, ADA. They don’t list every meme coin. That’s a feature, not a bug. Fewer scams, fewer rug pulls.

Withdrawal fees are fixed: 0.0005 BTC for Bitcoin, 0.01 ETH for Ethereum. No surprise charges. No hidden gas fees. You know exactly what you’ll pay.

KYC and Account Limits

This is where Upbit gets tricky for non-Koreans.

To deposit or withdraw Korean Won, you must be a South Korean resident with a valid ID and bank account. No exceptions. That means if you’re in the U.S., Canada, Australia, or Singapore, you can’t use KRW.

But you can still trade crypto-to-crypto. You can deposit Bitcoin, Ethereum, or USDT and trade them on the platform. No KRW needed.

For international users, KYC levels are different:

• Level 2 (Basic): 5,000 SGD daily withdrawal limit. Good for casual traders.
• Level 4 (Full): 100,000 SGD daily limit. Requires proof of income, address, and sometimes employment verification.

Here’s the problem: Upbit’s KYC process is slow. It takes 3-5 business days. And even after approval, 500,000+ accounts were flagged in 2025 for incomplete verification. That’s a red flag. If you’re trying to move large sums, delays are common. One Singaporean trader on Reddit said their $8,000 withdrawal took 11 days because they didn’t submit the right bank statement format.

Platform and Mobile App

The web interface is clean, fast, and intuitive. Charts are powered by TradingView. Order types include market, limit, stop-limit, and OCO. Advanced traders will find everything they need.

The mobile app? It’s decent. Android 8.0+ and iOS 12+ are required. It works fine most days. But during big market swings-like when Bitcoin drops 10% in an hour-the app lags. Users report 5-10 second delays in price updates. That’s dangerous if you’re scalping.

API access is available for bots. Latency averages 87 milliseconds. That’s fast. For algorithmic traders, that’s a plus.

What’s Missing?

Upbit isn’t perfect. Here’s what you won’t find:

• No U.S. access. Upbit blocks users from 32 countries, including the U.S., UK, and Australia for KRW trading.
• No fiat on-ramps outside Korea. You can’t deposit USD, EUR, or AUD directly.
• No staking or lending. Unlike Binance or Kraken, you can’t earn interest on your crypto.
• Slow customer support for complex issues. Live chat is fast (92-second average), but if you need help with a frozen account or a failed withdrawal, it can take 3.7 business days.
• Unpredictable suspensions. In September 2025, Upbit suspended trading on BABY and BCH for 14 days to upgrade security systems. No warning. No explanation. Traders lost an estimated $2.3 million in opportunity cost.

Who Is Upbit For?

Upbit is perfect if:

• You live in South Korea and want to trade KRW.
• You prioritize security over low fees.
• You want to trade major coins with minimal scams.
• You’re okay with slower KYC and withdrawal delays for safety.

Upbit is NOT for you if:

• You’re in the U.S. or Europe and want to deposit fiat.
• You need staking, lending, or DeFi integration.
• You want instant withdrawals and zero delays.
• You’re a high-frequency trader who needs zero latency.

The Bottom Line

Upbit isn’t trying to be the biggest global exchange. It’s trying to be the most trustworthy in Asia. And it’s winning.

Its security practices are industry-leading. Its compliance is ahead of regulators. Its user reimbursement after the 2019 hack set a precedent no other exchange has matched.

Yes, the fees are higher than Binance. Yes, the app lags during volatility. Yes, the KYC is a hassle. But if you’re in Korea-or you’re serious about safety over speed-Upbit is the safest place to trade crypto in Asia.

For international users? You can still use it for crypto-to-crypto trading. Just don’t expect fast support or easy fiat access. And never, ever deposit KRW unless you’re a resident.

Upbit doesn’t need to be everything to everyone. It just needs to be the most reliable. And right now, it is.