Upbit is one of South Korea’s leading cryptocurrency exchanges, launched in October 2017. Over the years, it has grown into a major player in the global crypto market, known for its wide range of supported digital assets and robust trading infrastructure. With over 158 cryptocurrencies available for trading, Upbit offers users access to a diverse selection of trading pairs—making it especially appealing to traders looking for niche or region-specific altcoins.
Transparency is a strong point for Upbit. Unlike some exchanges that obscure ownership and operational details, Upbit provides clear information about the company behind the platform. This level of openness builds trust and reassures users that their funds are less likely to be at risk due to fraudulent practices or exit scams.
👉 Discover how top exchanges compare in speed, fees, and security features today.
Mobile Accessibility and User Experience
Upbit supports both desktop and mobile trading through its dedicated apps available on the App Store and Google Play. While many active traders still prefer desktop interfaces for advanced charting and order execution, mobile access ensures flexibility for those who want to monitor markets or execute trades on the go. The app mirrors much of the desktop experience, including real-time price charts, order books, and wallet management tools.
Despite its strong regional presence, Upbit does not serve users from the United States. This restriction stems from strict U.S. financial regulations related to securities offerings, marketing compliance, and registration requirements enforced by agencies like the SEC. However, American investors have numerous alternative platforms offering similar functionality.
Trading Volume and Market Position
As of recent data snapshots, Upbit consistently ranks among the top global exchanges by 24-hour trading volume. For context, on a recent update date, the exchange reported a daily trading volume of **$5.4 billion**, placing it well behind industry giant Binance (which exceeded $30 billion on the same day), but still ahead of many regional competitors.
Notably, Upbit has experienced exponential growth since early 2020. Back on March 23, 2020, its trading volume stood at just $190.5 million—a figure that surged more than 28 times within roughly two years. This rapid expansion reflects increasing adoption in South Korea and broader confidence in the platform's reliability.
Trading Interface and Features
Crypto exchanges offer various interface designs, and personal preference plays a big role in usability. Most platforms—including Upbit—include standard elements such as:
- Real-time price charts
- Order book visibility
- Trade history feed
- Buy/sell order forms
Before committing to any exchange, it’s wise to explore its interface firsthand. A clean, intuitive layout can significantly improve your trading efficiency and reduce errors during fast-moving market conditions.
Upbit’s trading view delivers all essential tools in a consolidated format, allowing users to analyze price action while managing open orders simultaneously. Although new traders may need time to adjust, experienced users often appreciate the depth of data presented without clutter.
👉 See how modern trading platforms simplify complex market analysis with smart tools.
Upbit’s Trading Fee Structure
One of Upbit’s distinguishing features is its flat trading fee model. The exchange charges a uniform 0.25% fee for both takers and makers—meaning there’s no incentive or penalty based on whether you’re adding liquidity (maker) or removing it (taker).
This simplicity can appeal to casual traders who prefer predictable costs. However, compared to other South Korean exchanges like Bithumb, Coinone, Korbit, and Coinrail, Upbit’s fees are relatively high. Industry benchmarks show:
- Average taker fee: ~0.139%
- Average maker fee: ~0.11%
In contrast, Upbit’s 0.25% rate applies across the board, which could add up for high-frequency or large-volume traders.
Withdrawal Fees and Deposit Options
Withdrawal fees on Upbit are fixed per cryptocurrency and paid in the respective coin. For example:
- BTC withdrawals cost 0.0005 BTC
- ETH withdrawals require a small ETH fee
According to recent market studies, the average Bitcoin withdrawal cost across major exchanges is approximately 0.00053 BTC. This means Upbit’s withdrawal fees are slightly below the global average—offering minor cost savings over time.
However, deposit options are limited. While bank wire transfers are supported, credit card deposits are not available. This can be a drawback for users seeking fast on-ramps using credit lines or reward-based cards.
Security Incidents and Risk Management
No exchange is immune to cyber threats, and Upbit faced a significant breach in the past. On November 27, 2019, hackers accessed the platform’s hot wallet and transferred 342,000 ETH—worth around $53.5 million at the time—to an external address.
The incident raised concerns about security protocols, but Upbit responded proactively:
- All affected users were fully reimbursed
- Funds were restored from reserves and insurance mechanisms
- Enhanced security measures were implemented post-breach
This responsible handling helped maintain user trust despite the severity of the attack.
Frequently Asked Questions (FAQ)
Q: Is Upbit available for U.S. residents?
A: No, Upbit does not support users from the United States due to regulatory restrictions.
Q: What is Upbit’s trading fee?
A: Upbit charges a flat 0.25% fee for both makers and takers.
Q: Does Upbit have a mobile app?
A: Yes, Upbit offers mobile apps for iOS and Android devices.
Q: How does Upbit compare to other Korean exchanges?
A: It offers more cryptocurrencies than most local rivals but has higher trading fees compared to Bithumb or Coinone.
Q: Are withdrawal fees competitive on Upbit?
A: Yes, especially for Bitcoin—its 0.0005 BTC withdrawal fee is slightly below the industry average.
Q: Was Upbit ever hacked?
A: Yes, in 2019 approximately 342,000 ETH were stolen, but all affected users were fully compensated.
👉 Learn how secure exchanges protect your assets with cutting-edge technology today.
Final Thoughts
Upbit remains a powerful choice for traders based in or connected to South Korea. Its extensive list of supported cryptocurrencies, transparent operations, and solid mobile experience make it a reliable platform for both beginners and experienced traders.
While its flat 0.25% trading fee may deter high-volume traders seeking lower costs, the slightly cheaper-than-average withdrawal fees help balance out expenses. Additionally, despite a notable hack in 2019, Upbit demonstrated strong crisis management by fully reimbursing users—a testament to its commitment to user protection.
For those outside South Korea—or especially U.S.-based investors—alternative platforms may be necessary. Still, Upbit stands as a benchmark for regional exchanges in terms of scale, transparency, and market influence.
Core Keywords: Upbit review, cryptocurrency exchange, trading fees, mobile crypto app, South Korean exchange, crypto withdrawal fees, exchange security, trading volume