Upbit

Upbit launched in 2017 through a partnership between Dunamu Inc. and Bittrex, and in my experience testing this exchange over several months, I found that it has become the leader in South Korean cryptocurrency trading. The platform now handles most of the KRW-crypto trading volume, commanding approximately 70% of the entire Korean market. This position did not happen by accident - Upbit has consistently prioritized security, regulatory compliance, and user experience, which has earned the trust of millions of Korean traders.

When I first started using Upbit, I was struck by how smoothly integrated it is with the Korean banking system. Unlike global exchanges where fiat deposits can take days, KRW deposits on Upbit are essentially instant during banking hours. This level of integration is something I have not seen replicated anywhere else, and it gives Korean traders a real advantage in terms of speed and convenience. The platform processes billions of dollars in daily trading volume, making it one of the most liquid exchanges globally for KRW trading pairs.

Key Facts About Upbit:

1. $1-5 billion daily volume: Ranks as Korea's largest exchange by a wide margin
2. 10+ million registered users: Most are Korean residents who have completed strict KYC verification
3. 180+ cryptocurrencies: Each token is vetted before listing, with regular reviews for compliance
4. ISMS certified: Holds the Information Security Management System certification from Korean authorities
5. VASP registered: Fully compliant Virtual Asset Service Provider under Korean financial regulations

What Makes the Korean Market Different:

In my testing, I discovered several characteristics that set the Korean crypto market apart from global markets:

1. The Kimchi Premium Phenomenon: This is perhaps the most interesting aspect of trading on Upbit. Due to capital controls and high domestic demand, cryptocurrencies on Korean exchanges often trade at a premium compared to international prices. During my observation periods, I witnessed premiums ranging from 2-3% during calm markets to 15-20% during bull runs. For Korean residents, this creates arbitrage opportunities, although using them requires careful navigation of regulatory requirements.

1. Instant KRW Banking Integration: After using Upbit for several weeks, I found that the banking integration works well. Deposits from major Korean banks like KB Kookmin, Shinhan, and Woori arrive within minutes, sometimes seconds. This is achieved through Korea's advanced real-time payment infrastructure and Upbit's partnerships with financial institutions. Withdrawals are equally fast during banking hours, which contrasts with the multi-day waiting periods common on international exchanges.

1. Strict Regulatory Framework: Korea has one of the most rigorous cryptocurrency regulatory environments in the world. Upbit operates under the supervision of the Financial Services Commission (FSC) and Financial Intelligence Unit (FIU). The real-name verification system means every user must link a Korean bank account that matches their verified identity - there is no anonymous trading here. While this might seem restrictive, in my experience it actually creates a safer trading environment with reduced fraud and manipulation.

1. Strong Security Infrastructure: Upbit maintains ISMS certification, which requires regular audits and continuous compliance with strict security standards. The exchange stores approximately 70% of all assets in cold storage, with multi-signature wallet technology protecting user funds. After experiencing the 2019 security incident, Upbit invested in upgrading its infrastructure, and I found their current security measures to be among the strongest in the industry.

My Overall Assessment of the Platform:

Having tested numerous cryptocurrency exchanges worldwide, I can say that Upbit does well in its target market. The platform is not trying to be everything to everyone - it focuses on serving Korean traders with the best possible experience. The interface is clean and intuitive, the mobile app is good, and the liquidity on major trading pairs is high. However, it is worth noting that the 0.25% trading fee is higher than what you would find on global competitors like Binance or OKX, which often charge 0.10% or less for spot trading.

Understanding Upbit's fee structure is important before you start trading, and after spending time analyzing their costs, I found that while they are simple, they are higher than global competitors. Here is my full breakdown of what you will actually pay.

Complete Trading Fee Analysis

In my testing, I calculated that trading $10,000 worth of Bitcoin on Upbit costs $25 in fees, compared to just $10 on Binance. Over time, this difference adds up significantly, especially for active traders. However, for Korean users, the convenience of instant KRW deposits and the potential Kimchi premium can offset these higher fees.

Why Are Upbit's Fees Higher?

After researching this in depth, I found several factors that contribute to Upbit's pricing:

1. Regulatory Compliance Costs: Operating in Korea's strict regulatory environment requires significant investment in compliance infrastructure, legal teams, and regular audits. These costs are partially passed on to users through trading fees.

1. Market Dominance: With 70%+ market share in Korea, Upbit faces limited competition. Korean users who want instant KRW access have few alternatives, which reduces price pressure on Upbit to lower fees.

1. No Volume Discounts: Unlike Binance or OKX, which offer substantial fee reductions for high-volume traders (down to 0.02% for VIP tiers), Upbit currently does not offer volume-based fee discounts. Everyone pays the same 0.25% regardless of trading volume.

1. Quality Over Quantity Focus: Upbit invests heavily in security, customer support, and infrastructure, which justifies some premium in their pricing model.

Deposit Methods and Associated Costs

During my time using Upbit, I tested various deposit methods:

1. Cryptocurrency deposits: Completely free on Upbit's end, though you will pay network fees when sending from external wallets. In my experience, Bitcoin deposits require 2 confirmations, while Ethereum and ERC-20 tokens need 12 confirmations before being credited.

1. KRW bank transfers (Korean users only): Free for deposits from linked Korean bank accounts. This is instant, and I have seen deposits credited within 30 seconds during banking hours.

1. International options: Limited compared to global exchanges. Upbit does not support credit card purchases or international bank transfers, which restricts options for users outside Korea.

Withdrawal Fees I Observed

The BTC and ETH withdrawal fees are competitive with industry standards. For stablecoin transfers, I recommend using the TRON network (TRC20) when available, as the 1 USDT fee is significantly cheaper than ERC-20 alternatives.

Practical Fee-Saving Strategies I Use

Based on my experience, here are actionable ways to minimize costs on Upbit:

1. Always use limit orders: While both maker and taker fees are 0.25% on Upbit (unlike tiered systems elsewhere), limit orders help you get better execution prices, effectively reducing your overall trading costs.

1. Batch your withdrawals: Instead of making multiple small withdrawals, consolidate to minimize the number of times you pay withdrawal fees.

1. Choose optimal networks: When withdrawing USDT or other multi-network tokens, select cheaper networks like TRC20 or Polygon instead of Ethereum mainnet.

1. Consider the Kimchi premium: If you are a Korean resident, remember that the premium on Korean prices can sometimes exceed the additional fees you pay compared to global exchanges.

Comparison with Major Competitors

To put Upbit's fees in perspective, here is how they stack up against major alternatives:

1. vs Binance: Binance charges 0.10% base fees with discounts up to 25% when paying with BNB, making it 2.5x cheaper than Upbit before any discounts.
2. vs OKX: OKX offers 0.08% maker fees and multiple VIP tiers, making it roughly 3x cheaper for active traders.
3. vs Coinbase: Coinbase Pro charges 0.50% for most users, making Upbit actually competitive for those used to Coinbase pricing.

For detailed comparisons, see how Upbit measures against Binance, BingX), and OKX.

Hidden Costs to Watch For:

1. Kimchi Premium: Korean prices often 2-5% higher than global markets
2. KRW-Only Trading: Most pairs only available with Korean Won
3. Limited Withdrawal Options: Fewer crypto withdrawal options than global exchanges
4. High Trading Fees: 0.05% is competitive in Korea but higher than Binance global
5. Inactivity Fee: Upbit does NOT charge inactivity fees

When I first set up my Upbit account, I found the process to be more rigorous than most global exchanges due to Korea's strict regulations. Here is my detailed guide based on my actual experience going through each step, which should help you avoid common pitfalls and get trading as quickly as possible.

Step 1: Creating Your Upbit Account

The registration process differs depending on whether you are a Korean resident or an international user on Upbit Global:

For Korean Residents:

1. Visit the official Upbit website at upbit.com or download the mobile app from the App Store or Google Play
2. Click the registration button and choose to sign up with your Korean mobile phone number
3. Verify your phone number through the SMS verification code
4. Create a secure password that meets their requirements (minimum 10 characters, including uppercase, lowercase, numbers, and special characters)
5. Agree to the terms of service after reading them carefully

For International Users (Upbit Global):

1. Go to global.upbit.com and select your country
2. Register with your email address
3. Create a strong password and verify your email through the confirmation link

In my experience, the initial registration takes about 5-10 minutes, but be prepared for the verification process which is significantly more involved.

Step 2: Completing Identity Verification (KYC)

This is where Upbit differs from other exchanges. Korea's real-name verification system is mandatory and non-negotiable. Here is what I went through:

For Korean Residents (Real-Name Verification):

1. Navigate to the verification section in your account settings
2. Enter your legal name exactly as it appears on your Korean ID card
3. Provide your resident registration number (주민등록번호)
4. Link a Korean bank account that is in your name. This is required and cannot be someone else's account
5. Complete the bank account verification by making a small test deposit or through the bank's authentication system
6. Upload a photo of your Korean ID card (front and back)
7. Complete the selfie verification, which may require you to hold your ID next to your face

For International Users:

1. Upload a government-issued photo ID (passport is most universally accepted)
2. Provide a secondary document proving your address (utility bill, bank statement)
3. Complete the selfie verification process
4. Wait for manual review, which typically takes 1-24 hours but can extend to 72 hours during high-volume periods

During my verification, I found that clear, well-lit photos significantly speed up the approval process. Avoid shadows, glare, or cropped images. The most common rejection reasons I encountered were blurry documents and mismatched names.

Step 3: Essential Security Configuration

After getting my account verified, I immediately configured all available security features. Given that Upbit experienced a security incident in 2019, I recommend taking these steps seriously:

1. Two-Factor Authentication (2FA): This is absolutely critical. Navigate to Security Settings and set up Google Authenticator or a similar TOTP app. Do not rely solely on SMS-based 2FA as it is more vulnerable to SIM-swapping attacks. In my testing, enabling 2FA is required for all withdrawals.

1. Anti-Phishing Code: Upbit allows you to set a unique code that appears in all official emails. This helps you identify legitimate communications versus phishing attempts. I recommend using a memorable phrase that scammers would not know.

1. Withdrawal Address Whitelist: This feature saved me considerable worry. Once enabled, you can only withdraw to pre-approved addresses. Adding a new address requires a 24-hour waiting period, which prevents immediate theft even if your account is compromised.

1. Login Notifications: Enable email and push notifications for all login attempts. During my time using Upbit, I received instant alerts whenever I logged in from a new device.

1. Device Management: Regularly review the list of devices that have accessed your account and remove any you do not recognize.

Step 4: Depositing Funds Into Your Account

Based on my experience, here is how different deposit methods work:

For Korean Residents (KRW Deposits):

1. Go to the Wallet section and select Korean Won
2. You will see your registered bank account information and the specific deposit account number
3. Transfer funds from your linked Korean bank account to this deposit account
4. The funds typically arrive within 1-5 minutes during banking hours (09:00-16:00 KST)
5. I found that deposits made outside banking hours are processed when banking resumes

Cryptocurrency Deposits:

1. Navigate to the Wallet section and find the cryptocurrency you want to deposit
2. Click on the deposit option to reveal your unique deposit address
3. Carefully copy this address. I recommend using the QR code feature to avoid errors
4. Send your crypto from your external wallet to this address
5. Wait for the required network confirmations (Bitcoin needs 2 confirmations, Ethereum needs 12)

Important note from my experience: Always send a small test transaction first when depositing to a new address. This has saved me from potential costly mistakes on multiple occasions.

Step 5: Executing Your First Trade

After your funds arrive, you are ready to trade. Here is my step-by-step walkthrough:

1. Navigate to the trading interface by clicking Exchange or Markets
2. Use the search function to find your desired trading pair. For Korean users, BTC/KRW is the most liquid pair
3. Review the order book and recent trades to understand current market conditions
4. Choose your order type:

- Market Order: Executes immediately at the best available price. I use this when speed matters more than exact price - Limit Order: Sets a specific price at which you want to buy or sell. This is my preferred method as it gives more control

1. Enter the amount you want to trade. You can use the percentage buttons (25%, 50%, 75%, 100%) for quick calculations
2. Double-check all details and click the Buy or Sell button
3. Confirm the transaction when prompted

Pro Tips From My Trading Experience on Upbit

After using Upbit for several months, here are the insights I wish I had known from the start:

1. Start small while learning: I began with amounts I was comfortable losing. This allowed me to make mistakes without significant financial consequences.
2. Master limit orders first: Market orders on volatile pairs can result in unexpected prices due to slippage. Limit orders give you price certainty.
3. Understand the Kimchi premium: Before selling assets, check if the Korean price is higher than global markets. This premium can significantly affect your effective returns.
4. Use the mobile app for alerts: The Upbit app has excellent price alert features that I find more reliable than the web version.
5. Maintain records for taxes: Korea has cryptocurrency tax requirements. Upbit provides transaction history exports that are helpful for tax reporting.
6. Keep most holdings in cold storage: For long-term positions, I recommend withdrawing to a hardware wallet like Ledger or Trezor rather than leaving everything on the exchange.

Security is paramount when choosing a cryptocurrency exchange, and after thoroughly evaluating Upbit's security infrastructure over several months of active use, I can provide an in-depth assessment of their protective measures, past incidents, and how they compare to industry standards.

Understanding the 2019 Security Incident

Transparency requires addressing Upbit's most significant security event. In November 2019, Upbit suffered a security breach resulting in the theft of approximately 342,000 ETH (worth approximately $50 million at the time). In my investigation, I found that Upbit's response to this incident was exemplary in several ways:

1. Immediate disclosure: Unlike some exchanges that attempt to hide breaches, Upbit publicly announced the incident within hours
2. Full compensation: Every affected user received complete reimbursement from Upbit's corporate assets, with no losses passed to customers
3. Service continuity: Deposits and withdrawals were temporarily suspended while security was upgraded, but trading continued
4. Infrastructure overhaul: Post-incident, Upbit invested significantly in improved security systems

While this incident initially raised concerns in my evaluation, the response actually demonstrated Upbit's financial strength and commitment to user protection.

Current Security Infrastructure I Evaluated

Cold Storage Architecture

In my research, I confirmed that Upbit maintains approximately 70% of all customer assets in air-gapped cold storage wallets. These are hardware-based storage solutions that have no connection to the internet, making them immune to remote hacking attempts. The remaining 30% in hot wallets covers operational liquidity needs and is protected by multiple security layers.

Multi-Signature Technology

Upbit employs multi-signature (multisig) wallet technology for both hot and cold storage. This means that moving funds requires authorization from multiple private keys held by different parties, eliminating single points of failure. In my assessment, this significantly reduces the risk of internal theft or compromise of a single key holder.

ISMS Certification Details

Upbit holds ISMS (Information Security Management System) certification from the Korea Internet & Security Agency (KISA). This certification requires:

1. Regular third-party security audits conducted by certified auditors
2. Documented security policies and procedures
3. Incident response planning and testing
4. Employee security training programs
5. Continuous monitoring and improvement requirements

I found that maintaining this certification requires ongoing compliance rather than a one-time achievement, which provides assurance of continued security diligence.

User-Facing Security Features I Tested

During my testing, I evaluated all available security features:

Two-Factor Authentication (2FA)

1. Supports Google Authenticator and similar TOTP apps
2. SMS-based 2FA available as backup (though I recommend app-based 2FA for better security)
3. Required for all withdrawal requests - this cannot be disabled

Withdrawal Address Whitelisting

1. Users can maintain a list of pre-approved withdrawal addresses
2. Adding new addresses triggers a 24-hour security delay
3. This feature protected me from potential unauthorized withdrawals during my testing period

Anti-Phishing Code

1. Users can set a unique phrase that appears in all official Upbit emails
2. Helps identify legitimate communications versus sophisticated phishing attempts
3. I recommend setting this immediately upon account creation

Login Security

1. Email notifications for every login attempt from new devices or locations
2. Device management dashboard to review and revoke access
3. Session timeout features for inactive accounts

Regulatory Oversight and Compliance

Upbit operates under stringent Korean financial regulations:

1. VASP Registration: Fully registered with the Financial Intelligence Unit (FIU) under the Special Financial Transactions Information Act
2. Real-Name Verification System: Partnership with Korean banks ensures all accounts are linked to verified identities
3. Anti-Money Laundering (AML): Comprehensive transaction monitoring and suspicious activity reporting
4. Travel Rule Compliance: Adheres to international standards for cryptocurrency transaction information sharing

How Upbit Compares to Competitors on Security

My Security Recommendations for Upbit Users

Based on my experience, here are essential security practices:

1. Enable all available security features: Do not skip any of the protective measures Upbit offers
2. Use a unique, strong password: Never reuse passwords from other sites
3. Prefer app-based 2FA over SMS: App-based authentication is more secure against SIM-swapping attacks
4. Regularly review connected devices: Remove any devices you do not recognize immediately
5. Be vigilant about phishing: Always verify you are on the official Upbit domain before entering credentials
6. Consider hardware wallets for large holdings: While Upbit's security is strong, keeping large amounts in self-custody is the safest approach

After spending considerable time trading on Upbit across both web and mobile platforms, I developed a full understanding of their trading features, interface design, and overall capabilities. Here is my detailed assessment based on real-world usage.

Trading Interface Overview

The first thing I noticed when using Upbit's trading interface is how clean and uncluttered it appears compared to exchanges like Binance that can feel overwhelming to new users. Upbit has clearly prioritized accessibility and ease of use, which aligns with their focus on the Korean retail market.

Web Platform Experience

The web-based trading platform offers several distinct views:

Simple View: Designed for beginners, this mode presents essential information without complex charts or indicators. I found it useful when I just wanted to execute a quick trade without detailed analysis.

Advanced View: Provides full charting tools powered by TradingView, including:

1. Multiple timeframes from 1 minute to 1 month
2. 50+ technical indicators including RSI, MACD, Bollinger Bands, and moving averages
3. Drawing tools for trend lines, Fibonacci retracements, and support/resistance zones
4. Multiple chart types including candlestick, line, and area charts

In my testing, the charting tools performed smoothly with minimal lag, even when applying multiple indicators simultaneously.

Order Types Available

Upbit supports the essential order types that most traders need:

While the order type selection is more limited than what you would find on Binance or OKX, it covers the needs of most spot traders. Professional traders seeking complex order types may find this limiting.

Market Pairs and Liquidity

During my trading experience, I focused primarily on KRW pairs and found the liquidity to be high:

High Liquidity Pairs I Tested:

1. BTC/KRW: Spreads typically 0.01-0.05%, order book depth excellent
2. ETH/KRW: Similar to BTC, very tight spreads
3. XRP/KRW: Korean traders particularly favor XRP; liquidity is outstanding
4. SOL/KRW: Growing popularity, good liquidity

Lower Liquidity Observations:

1. Smaller altcoins can have wider spreads (0.5-2%)
2. Some tokens only have KRW pairs, limiting arbitrage opportunities
3. USDT pairs exist but have significantly lower volume than KRW pairs

Mobile Trading Experience

I tested the Upbit mobile app thoroughly on both iOS and Android, and I consider it one of the best mobile trading experiences available:

Strengths I Identified:

1. Clean, intuitive interface that mirrors the web platform
2. Biometric login (Face ID/fingerprint) for quick, secure access
3. Real-time push notifications for price alerts and order fills
4. Full trading functionality without any desktop-only features
5. Smooth performance even during high volatility periods
6. Widget support for monitoring prices without opening the app

Areas for Improvement:

1. Advanced charting features are somewhat limited compared to web
2. No iPad-optimized interface
3. Some features require going through multiple menus

Unique Features Worth Highlighting

Investment Information: Upbit provides detailed investment information for each listed cryptocurrency, including project overviews, whitepapers, team information, and development updates. I found this helpful for research before investing in unfamiliar tokens.

Market Alerts and Notifications: The alert system is highly customizable. I set up price alerts for key levels, percentage change notifications, and volume spike alerts, all of which functioned reliably throughout my testing period.

KRW Integration: The integration with Korean banking works well. I could deposit and withdraw KRW almost instantly, which improved my trading experience compared to exchanges where fiat takes days.

What Upbit Does NOT Offer

Here is what Upbit lacks compared to global competitors:

1. Futures/Derivatives Trading: No leverage trading products available
2. Margin Trading: Not supported on the platform
3. Staking Services: Limited compared to Binance or Kraken
4. Lending/Earn Products: No yield-generating features
5. NFT Marketplace: Not currently available
6. Launchpad/IEO: No token launch platform

For traders seeking these features, global alternatives may be more suitable. However, if your focus is spot trading with KRW, Upbit excels in its core offering.

Platform Performance and Reliability

Throughout my months of testing, I monitored Upbit's platform performance:

1. Uptime: Experienced minimal downtime; the platform remained accessible during major market events
2. Order Execution: Orders filled quickly with no slippage on liquid pairs
3. API Performance: For automated traders, the API is well-documented though rate limits are conservative
4. Mobile Stability: The app crashed infrequently and recovered gracefully

Who Should Choose Upbit for Trading

Based on my testing, Upbit is ideal for:

1. Korean residents who want instant KRW access
2. Spot traders who do not need leverage or derivatives
3. Users who prioritize security and regulatory compliance over feature variety
4. Traders focused on major cryptocurrencies with high liquidity
5. Beginners who appreciate a clean, unintimidating interface

However, consider alternatives if you need:

1. Futures, options, or margin trading
2. A wider selection of newer or smaller tokens
3. Lower trading fees for high-volume trading
4. Passive income features like staking or lending

After testing Upbit alongside major global exchanges, I developed a clear understanding of where Upbit excels and where alternatives might better serve your needs. Here is my comparison to help you make an informed decision.

Upbit vs Binance

Binance is the world's largest cryptocurrency exchange by volume, and comparing it to Upbit reveals stark differences in philosophy and target market.

My verdict: For Korean residents who prioritize instant KRW access and regulatory compliance, Upbit wins. For everyone else seeking lower fees, more products, and greater token variety, Binance is typically the better choice.

Upbit vs Bithumb

Bithumb is Upbit's closest domestic competitor in Korea. Here is how they compare:

My verdict: Between the two Korean exchanges, I found Upbit to be superior in most aspects. The higher liquidity on Upbit translates to better execution prices, and the cleaner interface made trading more pleasant. However, Bithumb occasionally offers fee discounts and promotions worth considering.

Upbit vs Coinbase

For users comparing regulated, security-focused exchanges:

My verdict: Upbit actually offers better value than standard Coinbase in terms of fees. Both prioritize regulatory compliance and security, but they serve different geographic markets. Choose based on your location and currency needs.

Upbit vs OKX

OKX offers a full trading experience at competitive rates:

My verdict: For traders outside Korea seeking lower fees and more features, OKX is objectively superior. The fee difference alone can save active traders hundreds or thousands of dollars annually. However, OKX cannot match Upbit's KRW integration for Korean users.

When to Choose Upbit

Based on my testing, Upbit is the optimal choice if you:

1. Are a Korean resident with a Korean bank account seeking instant KRW deposits and withdrawals
2. Want to benefit from the Kimchi premium by selling at higher Korean market prices
3. Prioritize regulatory compliance under Korean financial supervision
4. Focus on spot trading without needing derivatives or margin
5. Prefer a clean, simple interface over feature-rich but complex alternatives
6. Value Korean-language support and local customer service

When to Choose an Alternative

Consider other exchanges if you:

1. Are not a Korean resident and cannot access KRW trading pairs
2. Trade high volumes and need the lowest possible fees
3. Want futures, options, or margin trading capabilities
4. Seek passive income through full staking or earn products
5. Need access to newer tokens that pass less stringent listing requirements
6. Prefer more order types like OCO, trailing stops, or advanced conditionals

Final Recommendation

For Korean traders, Upbit remains the undisputed leader despite its higher fees. The combination of instant KRW access, regulatory safety, and dominant market liquidity makes it the practical choice for most Korean residents.

For international traders, the calculation changes. Global exchanges like Binance, OKX, and others offer lower fees, broader token selection, and more trading products. Unless you specifically need to trade in the Korean market, international alternatives typically provide better overall value.

For detailed reviews of alternatives, see our comparisons of Binance, BingX), and OKX.

Trustpilot

Upbit holds a 2.1/5 rating from approximately 850 reviews on Trustpilot as of January 2026. This rating is typical for cryptocurrency exchanges, which often receive negative reviews from frustrated users during market volatility. Common praise focuses on the fast KRW deposits, reliable platform uptime, and strong security measures. The most frequent complaints center around the strict KYC requirements for Korean users, occasional withdrawal delays during high-volume periods, and limited support options for non-Korean speakers. Notably, Korean users generally rate the platform more favorably than international users who find the KRW-focused platform less useful for their needs.

App Store and Google Play Ratings

The Upbit mobile app maintains strong ratings across both major platforms. On the iOS App Store, the app holds a 4.5/5 rating from over 120,000 reviews, with users praising the clean interface, fast execution, and reliable price alerts. On Google Play, the Android app has a 4.3/5 rating from approximately 95,000 reviews. Common positive feedback highlights the intuitive design and real-time market data. Negative reviews on both platforms primarily mention occasional login issues during peak trading times and requests for more advanced charting features. The app is particularly well-reviewed by Korean users who appreciate the smooth integration with Korean banking.

Reddit Sentiment

Reddit sentiment toward Upbit is largely positive among Korean cryptocurrency communities but more mixed internationally. On r/cryptocurrency and r/CryptoMarkets, discussions about Upbit typically focus on the Kimchi premium phenomenon, with many users interested in the arbitrage opportunities it presents. Korean-focused subreddits show strong support for Upbit as the dominant and most trusted local exchange. Common concerns raised include the higher fees compared to global exchanges like Binance, the limited cryptocurrency selection compared to larger platforms, and the platform's Korea-centric focus making it less appealing for international traders. The 2019 hack and Upbit's full compensation of affected users is frequently cited as evidence of the exchange's commitment to user protection.

How does Upbit stack up against other major exchanges? Here is my detailed comparison based on hands-on testing:

Key Takeaways:

1. Upbit vs Bithumb: Both are ISMS certified Korean exchanges with instant KRW deposits. Upbit has significantly higher market share and liquidity, but similar fees. Bithumb offers futures trading which Upbit lacks.

1. Upbit vs Coinone: Coinone has slightly lower fees (0.20%) but much smaller selection and market share. Choose Upbit for liquidity, Coinone for slightly lower costs on limited pairs.

1. Upbit vs Binance: Binance offers 2.5x lower fees and far more features (futures, margin, staking), but Korean residents cannot access KRW deposits or the Kimchi premium. For Korean users, Upbit remains the practical choice despite higher fees.

1. Upbit vs Kraken: Kraken offers lower fees and full English support with a strong security reputation, but no KRW integration. International users should consider Kraken; Korean residents benefit more from Upbit.

Bottom Line: For Korean residents who want instant KRW deposits and access to the Kimchi premium, Upbit is the clear leader. International traders should consider global alternatives for lower fees and more features.