Upbit Crypto Exchange Review 2025: Is It Right for You?
Upbit Trading Fee Calculator
This calculator helps you estimate your trading fees on Upbit based on your trade volume and account tier. Remember, Upbit's fees vary significantly for KRW pairs compared to USDT/BTC pairs, and international users face additional limitations.
Important note: KRW pairs use tiered fees (0.05% to 0.25%) based on trading volume. USDT/BTC pairs are fixed at 0.2%. International users typically only have access to USDT/BTC pairs with limited trading capacity.
Upbit isn’t just another crypto exchange. If you’re in South Korea, it’s probably the only one you need. Launched in 2017 by Dunamu - the same company behind KakaoTalk - Upbit dominates the Korean market with about 85% of all crypto trading volume. But if you’re outside Korea, especially in the U.S., Europe, or even Southeast Asia, Upbit might feel like a locked door with a Korean-only key. This isn’t a review that says “good” or “bad.” It’s a reality check: Upbit is built for Korean users, not global traders.
What Upbit Actually Offers
Upbit supports over 180 cryptocurrencies, including Bitcoin, Ethereum, Solana, and Dogecoin. But here’s the catch: while the list looks long, many popular altcoins like Avalanche, Polygon, and newer memecoins are missing. Coin Bureau’s February 2025 review pointed out that Upbit still doesn’t list some major chains that other exchanges added years ago. If you’re into niche tokens or DeFi projects, you’ll find gaps.The trading interface is clean, fast, and simple. You get limit, market, and stop-limit orders - nothing fancy, but enough for most spot traders. There’s no margin trading, no futures, no leverage. That’s intentional. Upbit doesn’t want to be Binance. It wants to be the safe, regulated place where Koreans buy and hold crypto without risking their savings on risky bets.
Trading fees are messy. For KRW pairs, some sources say 0.05%, others say 0.25%. The truth? It depends on your account tier and volume. For USDT and BTC pairs, it’s consistently 0.2%. That’s higher than Bybit (0.1%) or Binance (0.1% for spot). But if you’re trading KRW, the speed and reliability make the fee worth it. Internal transfers between Upbit accounts? Free. That’s rare.
Security: The Real Reason People Use Upbit
Upbit’s security isn’t just good - it’s industry-leading. 98% of user funds are stored in cold wallets. Every withdrawal requires two-factor authentication. The platform runs AI systems that flag suspicious behavior in real time. They’ve passed ISO 27001, ISO 27017, and ISO 27018 certifications - the gold standard for data protection.Third-party audits from Kudelski Security are published quarterly. These aren’t marketing fluff - they’re real, public reports showing exactly how much crypto Upbit holds versus what users have deposited. That’s called proof-of-reserves. Very few exchanges do this. Upbit has done it since Q3 2022.
CertiK gave Upbit an A-grade security score of 83.52. That’s higher than Kraken and nearly on par with Binance. But not everything is perfect. CER.live gave it a B (62/100), citing weak user security controls and lack of penetration testing. That’s a red flag - but not a dealbreaker. Most users don’t get hacked because they don’t use weak passwords or share 2FA codes. Upbit’s systems are strong. The human factor is the weak link.
KYC: The Long Wait
If you’re not Korean, you’re in for a rough ride. Upbit’s KYC process has four levels:- Level 1: Email only - $350 daily trading limit
- Level 2: ID upload - $3,500 limit
- Level 3: Video call - $35,000 limit
- Level 4: In-person verification in Korea - $350,000 limit
Most international users get stuck at Level 2. Level 4? You have to fly to Seoul. That’s not a typo. The system is designed for Korean residents. The average verification time? 24 to 72 hours. Some users report waiting over a week. Reddit threads are full of complaints about frozen funds during market crashes. One user on r/CryptoCritiques said their account was locked for 11 days after buying $20,000 worth of ETH - no explanation, no phone support.
Customer service? Email only for non-Korean users. Response time: 18 to 48 hours. No live chat. No phone. Korean users get 24/7 live support in Korean. International users? Left with a ticket system and hope.
Mobile App and API
The Upbit app is solid. iOS and Android versions work smoothly. You can deposit, withdraw, trade, and check your portfolio without issues. The interface is identical to the web version. API access is available for developers - useful if you’re running bots or automated strategies. But the API documentation is only well-written in Korean. English docs are outdated, incomplete, and full of broken links.Who Is Upbit For?
Upbit is perfect for:- Korean citizens who want to trade KRW-to-crypto pairs quickly and safely
- People who prioritize regulation over features
- Traders who want deep liquidity in Korean won (KRW)
- Those who don’t need leverage, futures, or crypto cards
Upbit is NOT for:
- International users who need USD, EUR, or GBP deposits
- Traders who want margin, futures, or copy trading
- People who expect fast, friendly customer support in English
- Those who want access to every new meme coin or DeFi token
Upbit Singapore launched USDT-KRW pairs in January 2025 to serve Korean expats. But even there, you still need a Korean ID to open an account. That’s not global expansion - that’s targeted service for a specific diaspora.
The Bottom Line
Upbit is the most trusted crypto exchange in South Korea. It’s secure, regulated, and reliable. If you live in Korea, it’s your best option. But if you’re outside Korea, you’re signing up for a slow, frustrating experience with limited support and restricted features.Compare it to Binance or Kraken: they offer more coins, lower fees, better support, and global access. But they don’t have Upbit’s level of regulatory transparency. Upbit doesn’t try to be everything. It tries to be the safest place for Koreans to trade. And in that, it succeeds.
If you’re a Korean resident - use Upbit. If you’re not - look elsewhere. Don’t waste weeks on KYC only to find out you can’t withdraw your money easily or get help when you need it.
Can I use Upbit if I’m not from South Korea?
Yes, but with major limitations. You can create an account and trade using USDT or BTC, but you can’t deposit fiat currencies like USD or EUR. The only fiat supported is Korean won (KRW), and even that requires a Korean bank account. Most international users get stuck at the lowest verification level and can’t access higher trading limits. Customer support in English is slow and limited to email.
Does Upbit offer margin or futures trading?
No. Upbit only offers spot trading. You can’t use leverage, open futures contracts, or trade derivatives. This is a deliberate choice by the company to comply with South Korea’s strict financial regulations. If you want leverage, you’ll need to use Binance, Bybit, or OKX.
How long does Upbit verification take?
It usually takes 24 to 72 hours for most users. Some international users report waiting over a week, especially if they submit incomplete documents. Korean users with Level 4 verification (in-person) get instant approval. International users can’t reach Level 4 unless they physically go to Korea. Verification delays are one of the top complaints on Trustpilot and Reddit.
Is Upbit safe from hacks?
Yes, Upbit is one of the safest exchanges globally. It stores 98% of user funds in cold storage, requires 2FA for all withdrawals, and undergoes quarterly third-party audits by Kudelski Security. It also holds ISO 27001 certifications. There has never been a major hack on Upbit. However, individual accounts can still be compromised if users reuse passwords or share 2FA codes.
What are Upbit’s trading fees?
Fees vary by market. For KRW pairs, fees range from 0.05% to 0.25% depending on your trading volume and account tier. For USDT and BTC pairs, it’s consistently 0.2%. This is higher than competitors like Binance (0.1%) and Bybit (0.1%). Withdrawals are free for most cryptocurrencies, but you’ll pay network fees. There are no fees for internal transfers between Upbit accounts.
Does Upbit have a mobile app?
Yes, Upbit has official apps for iOS and Android. The app supports all core functions: buying, selling, checking balances, and managing 2FA. It’s reliable and fast. However, the English interface is poorly translated, and some features are missing or confusing. The Korean version is far more polished.
Can I stake crypto on Upbit?
Yes, Upbit offers staking for a limited number of coins, including Ethereum (ETH), Cardano (ADA), and Polkadot (DOT). Rewards are paid out weekly. But the selection is small compared to Binance or Kraken, which offer staking for 50+ assets. Staking makes up only about 12% of Upbit’s revenue, so it’s not a focus.
Why do some people say Upbit is bad?
Most negative reviews come from international users who expected a global exchange. They complain about slow verification, lack of English support, no live chat, missing coins, and frozen funds during volatility. Korean users, however, rate Upbit highly for its speed, reliability, and regulatory safety. The problem isn’t the platform - it’s mismatched expectations. Upbit isn’t designed for foreigners.
What Comes Next?
Upbit is expanding slowly. In March 2025, it integrated Ripple’s ODL system to speed up cross-border KRW settlements. That means international withdrawals could drop from 3-5 days to under 2 hours. But that’s only for KRW transfers - not for USD or EUR. This isn’t global growth. It’s smarter regional optimization.If you’re in Korea, Upbit is the obvious choice. If you’re not, you’re better off with Binance, Kraken, or Coinbase. Don’t force yourself into a system that wasn’t built for you. The security is real. The support isn’t. The fees are high. The features are limited. But for its intended audience - Korean traders - it’s unmatched.
Been using Upbit for my KRW trades since 2022. The security is insane-never had an issue. But yeah, if you're outside Korea, just save yourself the headache. I tried it from the US once. Two weeks for Level 2. No phone support. Felt like talking to a brick wall.
The architectural asymmetry of Upbit’s regulatory compliance model is fascinating-it operates as a closed-loop financial ecosystem optimized for domestic macroeconomic stability, not global capital mobility. The absence of derivatives reflects a deliberate ontological rejection of speculative parasitism in favor of fiduciary integrity. In essence, it’s not a crypto exchange-it’s a sovereign monetary enclave.
Okay but like… why would anyone *want* to use this if they’re not in Korea? I tried signing up from the States and got stuck at level 2. No live chat, no USD deposits, and the app translations are straight up garbage. I mean, it’s not that it’s bad-it’s just… not for us. Why make it so hard? 🤷♀️
They call it 'secure' but they freeze accounts during volatility and ghost you for days. That’s not security-that’s control. And don’t even get me started on the 'proof of reserves.' It’s theater. Every exchange says they have it. But if they’re so transparent, why can’t I withdraw my ETH without a 3-day wait? They’re not safe-they’re just bureaucratic.
from india here. tried upbit last year. kyc took 11 days. no reply from support. ended up switching to binance. upbit is good for koreans, but for rest of us? just waste of time. also, english app is broken. hope they fix it someday.
Stick to Upbit if you’re in Korea. Simple. Safe. Fast. If you’re not? Use Binance or Kraken. No drama. No waiting. Just trade. You’ll thank yourself later.
As an Indian who’s lived in Seoul for 5 years, I can say this: Upbit is the only exchange I trust here. The local support? Amazing. The speed? Instant. But yeah, if you’re not here, it’s like trying to join a private club. They’re not trying to exclude you-they just don’t have the infrastructure for you. It’s not malice. It’s geography.