Upbit Review: What You Need to Know About This Major Crypto Exchange

When you search for Upbit, a leading cryptocurrency exchange based in South Korea that supports over 150 digital assets and handles billions in daily volume. Also known as Upbit Exchange, it's one of the few platforms in Asia with real regulatory backing and deep liquidity for major coins like Bitcoin and Ethereum. Unlike many exchanges that vanish after a few years, Upbit has stayed around since 2017—not because it’s perfect, but because it works for millions of traders who need fast, reliable access to crypto markets.

Upbit is a centralized exchange, a platform where users trade crypto through a single company that holds their funds and manages order matching. Also known as CEX, it’s the opposite of decentralized exchanges like Uniswap or Balancer. That means you get simpler trading, customer support, and fiat on-ramps—but you also give up control. If Upbit goes down, you can’t access your coins. If they freeze withdrawals, you’re stuck. That’s the trade-off. You’ll find this same tension in other exchanges like UBIEX or BitWell, but Upbit stands out because it’s licensed by Korea’s Financial Services Commission. That’s rare. Most exchanges operating in Asia don’t have that kind of oversight.

What makes Upbit different isn’t just regulation—it’s volume. It’s consistently ranked among the top 5 exchanges globally by trading volume, often beating out giants like Binance in certain Asian markets. Why? Because it’s the go-to for Korean traders who want to buy Bitcoin with won, trade altcoins like VLXPAD or WOLF, or even participate in token listings before they hit global platforms. But here’s the catch: if you’re outside Korea, your access is limited. You can’t deposit Korean won unless you have a local bank account. And while the platform supports English, most of its customer service and updates are in Korean. That’s a problem if you run into issues.

Upbit also doesn’t offer advanced tools like futures trading or margin, which you’ll find on HyperPay Futures or BitWell. It’s focused on spot trading—buy, sell, hold. That makes it great for beginners who want to avoid complex leverage or risky derivatives. But if you’re looking for deep market depth analysis or complex order types, you’ll need to look elsewhere. The platform’s interface is clean, but it’s not built for professional traders who need real-time liquidity charts or API access for automated strategies.

And then there’s security. Upbit was hacked in 2019—$50 million in crypto stolen. They recovered most of it, paid users back, and tightened their systems. That’s not something every exchange would do. But it’s a reminder: even regulated exchanges aren’t immune. If you’re thinking of storing large amounts on Upbit, consider moving coins to a hardware wallet after trading. That’s the same advice you’d get for TradeOgre, Cryptomate, or any other exchange. No platform is 100% safe. The key is knowing how to protect yourself.

What you’ll find below are real reviews, comparisons, and breakdowns of Upbit alongside other platforms—some trusted, some dead, some outright scams. You’ll see how it stacks up against UBIEX, BitWell, and others. You’ll learn what users actually experience when they try to withdraw, what fees really cost, and whether Upbit’s reputation holds up under pressure. No fluff. No marketing spin. Just the facts from people who’ve used it—and what you should do next.