Upbit Review (January 2026)

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Jan 12, 2026, 9:29 AM

Upbit is a major centralized crypto exchange brand best known for its South Korea (KRW) spot markets, with additional regulated entities in parts of Southeast Asia. Upbit focuses primarily on spot trading, staking (limited lineup), and an NFT platform, rather than a “super-app” bundle of derivatives, P2P escrow, and broad Earn products.

What you can access depends heavily on which Upbit entity you use (Korea vs. Singapore/Indonesia/Thailand), your verification level, and local regulation.

Table of Contents

Brief history: founders and CEO

Founder / parent company: Dunamu (Song Chi-hyung)

Upbit is operated by Dunamu, a South Korean fintech company founded by Song Chi-hyung (often described as the founder and later chairman), with Upbit launching in October 2017.

Early build/partner: Bittrex

At launch, Upbit was built/bootstrapped with help from a partnership with Bittrex (U.S.).

CEO history (operator level): Sirgoo Lee → Kyoungsuk Oh

Sirgoo Lee became CEO of Dunamu in late 2017 and led the company through much of Upbit’s growth phase.
In 2025, Dunamu announced Lee would step down, and Oh Kyoung-suk (Kyoungsuk Oh) was appointed as successor, effective July 1, 2025. Dunamu’s own materials in 2026 list Kyoungsuk Oh as CEO.

Context note (structure): Upbit is the exchange product/brand; leadership is commonly communicated at the Dunamu (operator) level.

Upbit Korea vs. Upbit Singapore / Indonesia / Thailand (critical difference)

Unlike “one global app,” Upbit operates through separate legal entities across jurisdictions, and features/asset lists/fiat rails differ.

Upbit Korea (South Korea)

Core market: KRW spot markets and local banking integration.
Designed primarily for users who can complete Korean compliance requirements (including real-name banking).

Upbit Singapore / Upbit Indonesia / Upbit Thailand

These are presented as independent, locally regulated entities (and can differ in markets and supported payment rails).

Important: I will not describe “workarounds” like VPNs, fake residency, or misrepresenting documents. Those typically violate terms and can lead to account closure or frozen funds.

Restricted and sanctioned jurisdictions (access limitations)

Upbit is not positioned as “available almost everywhere.” A conservative interpretation:

Access is generally limited to supported jurisdictions via the relevant Upbit entity (Korea / Singapore / Indonesia / Thailand).
Additionally, some public exchange profiles state Upbit limits service for jurisdictions considered high-risk under frameworks like FATF/UN guidance (details can vary by entity and can change).

Practical rule: rely on what the app/website shows for your account after selecting your jurisdiction and attempting KYC.

Account types, onboarding, and KYC

Standard user account

Most users open a standard retail account under the applicable Upbit entity.

Identity verification (KYC)

KYC is effectively required for meaningful use (fiat rails, withdrawals, and higher limits). Typical requirements include:

Government ID
Selfie / liveness checks
Additional checks depending on region and local compliance

Korea-specific reality: real-name banking linkage

In South Korea, crypto exchanges typically require linking to a verified real-name bank account at a partner bank (Upbit is commonly associated with K-Bank).

Compliance actions can affect onboarding

KYC/AML enforcement can be strict and can lead to temporary service restrictions for certain user flows if regulators intervene.

Deposits, funding methods, and fiat support

Availability is entity-dependent and can change with banking/payment partners and regulation.

A) Crypto deposits (onchain)

Deposit crypto by sending funds to an Upbit deposit address on a selected network.
Conditions:
- Choose the correct network (wrong chain can cause loss).
- Deposits credit after required confirmations.
- Minimums/limits may apply by asset/network.

B) Fiat deposits (bank transfer / local rails)

Upbit Korea (KRW):

Commonly bank transfer with real-name linkage (partner-bank model).

Upbit Singapore (SGD):

Singapore site advertises instant SGD rails such as PayNow / FAST.

Upbit Indonesia (IDR) / Upbit Thailand (THB):

Local entities support local fiat rails, subject to local rules.

C) Card purchases

Upbit is generally known for bank-rail integration in its core markets more than global card on-ramps; card availability varies by country and is not always emphasized.

D) P2P marketplace (escrow)

Upbit is not best known for a Binance-style built-in P2P escrow marketplace. If you specifically want P2P escrow, you’ll usually use a dedicated P2P platform available in your jurisdiction.

Trading products (with conditions)

1) Spot trading (core)

Order-book trading for listed pairs (KRW markets are a major focus in Korea).
Order types can include common basics (limit/market and often stop-style orders; exact set varies).

2) Margin / Futures / Options (generally limited)

Upbit has historically been spot-first. Many sources describe Upbit as not offering standard retail margin/futures, especially compared with offshore derivatives venues.

That said, Korea’s regulators have scrutinized “lending-like” or leverage-adjacent products in the domestic market, and availability can change quickly.

3) API trading (for automation and integrations)

Upbit provides a developer platform (REST + WebSocket) for market data and trading actions (orders, balances, etc.).

Fees and pricing (overview)

Fees vary by market and can be updated. A commonly published baseline (not universal across every entity):

KRW Market: around 0.05% maker/taker for standard limit orders; stop-style orders can have different pricing.
BTC/USDT Markets: commonly shown around 0.25% maker/taker.
Deposits: often free for crypto deposits; fiat deposit fees depend on the rail/entity.
Withdrawals: network fees depend on asset/network; fiat withdrawal fees depend on method/entity.

Cost drivers that matter most: (1) your market (KRW vs BTC/USDT), (2) order type, (3) the Upbit entity you’re using, (4) any temporary fee campaigns.

Earn, staking, and yield products (availability varies)

Staking (curated / limited lineup)

Upbit offers staking, but it is commonly described as a tightly curated selection (often fewer than ~10 assets at a time), rather than a huge “Earn supermarket.”

Conditions:

Rates change and depend on network rewards.
Lock-ups, unbonding/redemption timing, and reward schedules depend on the asset.

Lending / structured earn

Upbit is not typically positioned as a heavy structured-earn platform in the way global derivatives-and-earn super-apps are. If a lending-like product appears, treat it as highly jurisdiction-sensitive and subject to fast changes.

P2P trading (how it works and key rules)

Upbit’s core identity is exchange spot markets + banking integration, not P2P escrow.

If you’re transferring value between people:

Onchain transfers are irreversible and require careful network/address checks.
If your jurisdiction supports internal transfers between Upbit users, that can be simpler, but it’s still not the same as escrow-based P2P.

If your goal is “buy crypto from another person using a local payment method with escrow,” you’ll usually use a dedicated P2P marketplace legally available to you.

Automation tools

Upbit’s primary automation layer is the Upbit API:

Market data via REST/WebSocket (tickers, order book, trades, candles)
Trading endpoints (orders, balances, withdrawals)

Conditions:

You assume strategy risk; APIs automate execution, not profitability.
Use strong API key hygiene (IP restrictions if available, least-privilege keys, withdraw permissions off unless needed).

Copy Trading

Upbit is not commonly marketed as offering native copy trading the way some global venues do. If you see “copy trading” around Upbit, it’s often via third-party services using APIs—treat those as external counterparty risk and do your own due diligence.

Web3 wallet, DEX access, and onchain swaps

Upbit is primarily a centralized exchange. It’s not known for bundling an in-app Web3 wallet + DEX router in the same way some global exchanges do.

If you want onchain swaps:

Use a self-custody wallet + DEX агрегатор (where legal and appropriate).
Understand smart-contract risk, MEV/price impact, and network fees.

Payments, card, and consumer utilities

Upbit is not widely known for a global “Pay + Card” consumer suite. Its consumer strength is more about:

Local fiat rails (entity-dependent)
Mobile-first trading experience in core markets

NFT and additional ecosystem services

Upbit operates Upbit NFT with:

Drops (primary releases)
Marketplace (secondary trading)

Dunamu describes Upbit NFT as launched in November 2021.

Conditions:

NFT availability, supported chains, and rules differ by region and platform policy.
NFT transactions carry market + liquidity risk; custody and transfer mechanics matter.

Programs: referral, partner initiatives, and other initiatives

Upbit/Dunamu runs broader ecosystem efforts (conferences/education and industry initiatives). Specific referral/affiliate structures are not as globally standardized/visible as on some offshore mega-exchanges, and can be entity- and campaign-dependent.

Notable ecosystem signal: Dunamu’s flagship conference UDC (Upbit Developer Conference) and related ecosystem content.

Security: how Upbit protects accounts (and what you must do)

Upbit provides standard CEX security layers; your safety depends on enabling them.

Must-do user protections

Enable strong 2FA (authenticator/passkeys if supported)
Use a unique password + password manager
Lock down email security (hardware key if possible)
Review login/device sessions
Use withdrawal protections (e.g., whitelists) if the platform supports them

Platform-side realities and incidents

Like all exchanges, Upbit has faced security incidents in the past (e.g., the widely reported 2019 ETH theft). The key takeaway is to treat any exchange account as a hot environment, and keep long-term holdings in self-custody if appropriate for you.

Corporate/ownership context (recent)

In late 2025, Reuters reported a major announced deal involving Naver Financial and Dunamu (Upbit’s operator). Corporate changes can affect governance, compliance posture, and product direction over time.

FAQ

Is Upbit legal and available everywhere?

No. Upbit is generally available through specific regional entities (Korea / Singapore / Indonesia / Thailand), and eligibility depends on local laws and Upbit’s KYC rules.

Can non-residents use Upbit Korea?

In practice, Upbit Korea is closely tied to Korean real-name banking requirements, which can be a hard constraint for many non-residents.

Does Upbit require KYC?

For meaningful use, yes—especially for fiat rails and withdrawals. Expect ID checks and liveness verification; requirements vary by entity and risk level.

What are the main ways to fund an Upbit account?

Typically:

Crypto deposits (onchain)
Local fiat bank rails (KRW/SGD/IDR/THB depending on entity)

Does Upbit offer leverage (margin/futures)?

Upbit is widely described as primarily spot-focused, and many references state it does not offer standard retail margin/futures products (availability can be jurisdiction-sensitive and can change).

What are Upbit’s typical trading fees?

Commonly cited baselines include ~0.05% on KRW markets and ~0.25% on BTC/USDT markets, with variations by order type and policy updates.

Does Upbit have staking?

Yes, but it’s commonly described as a curated/limited set of supported assets, not hundreds of staking options.

Does Upbit have P2P escrow like Binance P2P?

Upbit is not primarily known for a built-in P2P escrow marketplace. If you need escrow-based P2P, you usually use a dedicated P2P platform available in your jurisdiction.

How do I secure my Upbit account?

Use strong 2FA, unique password, hardened email security, device/session monitoring, and withdrawal protections (if available). For larger holdings, consider self-custody and treat exchange balances as operational funds.