Upbit Exchange Review

Upbit launched in 2017 and quickly became South Korea's leading cryptocurrency exchange by volume. It is operated by Dunamu, a fintech subsidiary connected to Kakao Corp, South Korea's dominant tech company. By 2024, Upbit regularly ranked among the top-10 exchanges globally by trading volume.

The exchange offers over 200 cryptocurrencies with primary trading pairs in Korean Won (KRW). Fees are a flat 0.05% on all trades regardless of volume. Upbit holds a Virtual Asset Service Provider (VASP) license in South Korea and complies fully with local regulations.

Korean residents need a verified account at Kakao Bank, NH Bank, K-Bank, or Standard Chartered Korea to fund a KRW account. International users can trade crypto-to-crypto pairs but cannot use KRW deposits directly.

Key features

  • Largest exchange in South Korea
  • 200+ cryptocurrencies, KRW pairs
  • Flat 0.05% fee on all trades
  • Licensed VASP in South Korea
  • Backed by Kakao (KakaoTalk parent)