Upbit Overview
Upbit is South Korea’s leading crypto exchange, launched by Dunamu and backed by KakaoCorp since October 2017. It lists over 250 coins with 500+ spot pairs, often reaching $1–1.2 billion daily volume.
Who it's for
Best for South Korean residents or supported regions (Singapore, Indonesia, Thailand). Ideal for spot traders using KRW. No margin, futures, or broad global fiat options here.
Strengths
- Deep KRW liquidity: Major pairs like XRP/KRW see tens of millions daily.
- Security & compliance: ISO/ISMS certs, BitGo multi-sig, cold wallets, 2FA. Compensated fully after 2019 hack.
- Clean UI: Desktop & mobile, easy for beginners, solid local support.
- Low fees: KRW pairs ~0.25%, BTC/USDT ~0.2%; KRW deposits free.
Limitations
- No margin, futures, or leverage products.
- Strictly geo-limited: KRW focus, US blocked, many require Kakao/phone.
- Mixed history: 2019 hack, moderate audit scores, some support delays.
Data & stats
- Coins: 253+
- Pairs: 518+
- 24h vol: $1–1.2 B
- Trust score: ~8/10 on aggregators
- Proof-of-reserves: Not public, but stable liquidity on-chain
- Security: ISO/ISMS, 2FA, cold storage, no bug bounty disclosed
User experience
Requires KYC, Kakao integration, residency proof. Interface is intuitive, deposits quick, stops/limits work smoothly. Local support via Kakao & phone praised; international tickets slower.
Who it suits
- KR residents trading in KRW spot markets.
- Newcomers wanting regulated, secure, easy platforms.
- Liquidity seekers in major coins with low spreads.
Who should avoid
- US customers (fully blocked).
- Traders needing leverage, futures, or multi-fiat rails.
- Anyone wanting public reserve audits or total transparency.
- Non-residents struggling with KYC/Kakao hurdles.
Verdict
Upbit dominates Korea’s scene with high liquidity, certifications, and low fees. A+ for KRW spot, but strictly local, spot-only, no derivatives. Great if you’re in Korea and want simplicity. Otherwise, better global platforms exist for full features and audit clarity.