Upbit

Upbit is South Korea’s largest cryptocurrency trading platform. Launched in October 2017 by fintech firm Dunamu (with early order-book support from Bittrex), it now operates licensed exchanges in Korea, Singapore, Thailand, and Indonesia. Upbit regularly ranks among the global top-five for spot volume, processing US $2 – 4 billion in daily trades and serving 8 + million verified users.

Key Features

• KRW on-ramps — seamless Korean-won deposits/withdrawals via real-name accounts at K-Bank; also supports SGD, THB, and IDR on its regional platforms.
• Robust coin list — 200 + cryptocurrencies and 300 + trading pairs (KRW, BTC, USDT markets).
• Low trading fees — flat 0.05 % maker/taker on the Korean platform; similar tiers regionally.
• Strict compliance — fully licensed VASP in Korea, with ISMS & ISO 27001 certifications and Travel-Rule implementation (CODE/TRUSTChain).
• Enterprise-grade security — > 95 % cold storage, BitGo custodianship, multi-sig wallets, and address whitelisting.
• Mobile-first experience — top-ranked Android/iOS apps with market alerts and biometric login.
• Upbit Safe — on-chain risk-scoring that flags suspicious deposit addresses before funds are sent.
• Ecosystem outreach — annual Upbit Developer Conference (UDC) and Upbit APAC expansions for regional liquidity.

Points to Consider

• Spot-only trading — no margin, futures, or options on the Korean exchange due to local regulations.
• 2019 security breach — hot-wallet hack lost 342 k ETH (~ US $50 m); all user funds were reimbursed.
• Domestic focus — full service (KRW pairs, fiat rails) limited to Korean residents with local ID and K-Bank account; foreigners face restricted access.
• Regulatory tightrope — South-Korean rules ban privacy coins, enforce real-name accounts, and require 24-hour withdrawal cooldowns for new deposits.
• Limited customer support channels — primarily Korean-language help desk; slower response times reported during high-traffic periods.
• Withdrawal fees — flat crypto-withdrawal fees can be high on low-value tokens; fiat withdrawals incur a small KRW charge.
• Regional differences — Upbit Singapore, Thailand, and Indonesia run separate order books, so liquidity depth varies outside Korea.

Bottom Line

Upbit is the go-to exchange for Korean-won traders—highly regulated, liquid, and security-focused. Its spot-only lineup, strict KYC, and Korea-centric banking rails limit appeal for leverage seekers or users without local accounts, but for compliant KRW trading and reliable custody, Upbit remains a premier choice in the Asia-Pacific market.