Upbit review
Upbit is where most Korean bitcoin trades happen, and using it starts with a bank rather than an app.
South Korea requires every exchange offering won pairs to verify each customer through a real-name bank account at one specific partner bank. Upbit's partner is K-Bank. That single fact decides more than fees do: if you cannot open a K-Bank account, you cannot deposit won on Upbit, whatever the pricing says. Every Korean exchange works this way, each tied to a different bank.
It is registered with the Korea Financial Intelligence Unit as a Virtual Asset Service Provider, which is the register that makes won trading lawful. Fees are 0.05 percent on won markets, and 0.25 percent on bitcoin and USDT pairs, so trade the won pair unless you have a reason not to. Won deposits through the linked K-Bank account are free and withdrawals cost a flat 1,000 won.
Korea's capital gains tax on crypto has been repeatedly postponed rather than abandoned, so treat any claim that gains are untaxed as a statement about today, not about when you eventually sell.
- Founded
- 2017
- Headquarters
- Seoul, South Korea
- Fees
- 0.05 percent on Korean won markets and 0.25 percent on bitcoin and USDT pairs. Won deposits through the linked K-Bank account are free; withdrawals cost 1,000 won.
- KYC
- Required
- Payment methods
- Local bank transfer
- Status
- Operating
How you can pay on Upbit
Every deposit rail Upbit supports in at least one market. Which of them you can use depends on your country; the country guides below list the exact methods per market.
- Domestic bank rail
- Local bank transfer
As published by Upbit: Real-name KRW bank account.
Pros and cons
What works
- 0.05 percent on won markets, among the cheapest published domestic rates
- KoFIU-registered with a real-name banking partnership, which is what makes won trading lawful in Korea
- By far the deepest won order books, so large orders move the price least
- Free won deposits through the linked K-Bank account
What to watch
- Requires a K-Bank account specifically, so your bank decides whether you can use it at all
- Bitcoin and USDT pairs cost 0.25 percent, five times the won market rate
- Korean residency, a real-name account and a local phone number are all required
Fees in detail
- maker
- 0.05 percent on won markets, 0.25 percent on BTC and USDT pairs
- taker
- 0.05 percent on won markets, 0.25 percent on BTC and USDT pairs
- spread note
- The won market is five times cheaper than the BTC and USDT markets, so the pair you pick matters more than the order type.
- deposit note
- Won deposits are free through the linked K-Bank real-name account, which is mandatory for won trading.
- withdrawal note
- Won withdrawals cost a flat 1,000 won; bitcoin withdrawals to self-custody are supported.
Where we recommend Upbit
Countries where Upbit ranks in our local guide. Availability beyond these is possible but unverified by us.
South KoreaFrequently asked questions
Why do I need a K-Bank account to use Upbit?
Korean law requires exchanges offering won pairs to verify every customer through a real-name account at one designated partner bank. Upbit's partner is K-Bank. Without that account you cannot deposit won, regardless of anything else.
What does Upbit charge?
0.05 percent on Korean won markets and 0.25 percent on bitcoin and USDT pairs. Trading the won pair rather than a crypto-quoted pair is the single biggest saving on the platform.
Can foreigners use Upbit?
In practice it is very difficult. Won trading requires a real-name Korean bank account and a local phone number, which effectively limits it to residents.
Is crypto taxed in South Korea?
A capital gains tax on crypto has been legislated and then repeatedly postponed rather than repealed. Treat the current absence of tax as temporary and keep records of every purchase.