Upbit is a leading South Korean cryptocurrency exchange established in 2017, offering spot trading with a focus on Asian markets. This review covers its key features, fee structure, security protocols, and alternatives.
Key Takeaways
- Founded: 2017 (Seoul, South Korea)
- Available Markets: Korean Won (KRW), Singapore Dollar (SGD) via Upbit Global
- Trading Pairs: 42 crypto pairs
- KYC Requirement: Mandatory for all users
- US Access: Not available (partnered with Bittrex for US services)
Features Breakdown
1. Trading Options
- Spot Trading Only: No margin, futures, or derivatives
- Charting Tools: Advanced order types & real-time data
- Mobile App: iOS/Android (3.5/5 average rating)
👉 Explore Upbit’s trading platform
2. Supported Cryptocurrencies
| Category | Count |
|---|---|
| Coins | 41 |
| Trading Pairs | 42 |
| Fiat Options | KRW, SGD |
Top Coins: BTC, ETH, XRP, ADA
3. Fee Structure
| Transaction Type | Fee |
|---|---|
| Spot Trading | 0.20% |
| SGD Markets | 0.25% |
| Withdrawals | Asset-based |
No volume-tier discounts
Security & Compliance
- 2019 Hack: $50M ETH stolen (reimbursed by Upbit)
Current Measures:
- Cold wallet storage
- 2FA (non-SMS)
- Address whitelisting
- Regulation: Compliant with South Korean financial laws
Pros vs Cons
Pros
✅ High liquidity
✅ Simple interface
✅ Reliable order execution
Cons
❌ No staking/lending
❌ Limited coin selection
❌ Flat fees (no discounts)
Alternatives Comparison
Upbit vs Competitors
| Exchange | Coins | Fees | Futures | US Access |
|---|---|---|---|---|
| Upbit | 41 | 0.20% | No | No |
| Binance | 350+ | 0.10% | Yes | No |
| Coinbase | 400+ | 0.50% | No | Yes |
FAQ Section
Is Upbit safe after the 2019 hack?
Yes. Upbit implemented cold storage and enhanced security protocols post-hack.
What countries does Upbit support?
Primarily South Korea and Singapore. Restricted in the US.
How long do withdrawals take?
- Crypto: 30 mins–several hours
- Fiat SGD: 30–45 mins (Level 4 verified users only)
Final Verdict
Best for: Asian spot traders prioritizing simplicity over advanced features.
Not ideal for: US users or those seeking derivatives/staking.
For alternatives, consider Binance (global) or Coinbase (US).