Upbit review: score, licensing and risks
72/100SCORE · BMixed record
Grade B, very good
Upbit dominates South Korean crypto trading with very large KRW volumes and low fees. It covered a 2019 hot wallet theft of around 49 million dollars from company funds. Access is effectively limited to Korean residents.
The facts
- FOUNDED
- 2017
- HEADQUARTERS
- Seoul, South Korea
- CUSTODY
- Custodial.
- MiCA / EEA
- Not applicable. Korea focused.
- US ACCESS
- No.
- PROOF OF RESERVES
- Regulated custody under Korean rules.
- FEES
- Around 0.05 percent.
- ASSETS
- 200 plus
How the score breaks down
Each dimension is explained on the methodology page.
Where it is strong and where it is not
✓ Strengths
- Dominant in South Korea with enormous KRW volume
- Covered its 2019 breach itself
- Cheap trading
- Well regulated domestically
✗ Weaknesses
- Effectively Korea only
- KRW pairs can diverge from global prices
- Limited access for foreign users
Incident history
2019
Around 49 million dollars in ETH was stolen from a hot wallet. Upbit covered the loss from company funds with no customer impact.
Our read
The dominant Korean venue with genuinely large volume. It absorbed its 2019 breach without customer loss. Access for non-Korean users is very limited.
COMPARE
RISK WARNING
Crypto assets are highly volatile and largely unregulated. You can lose everything you put in.
Nothing on this page is financial, investment or tax advice, and nothing here is a recommendation
to buy or sell any asset. Do your own research and never commit money you cannot afford to lose.