Upbit Uncovered: An In-Depth Review of Crypto and Futures Trading Experience

Summary Overview

>> Buy and sell cryptocurrencies on Upbit <<

**Crypto trading involves high risk of loss.** You should consider whether you can afford to take the high risk of losing your money.

Investing in cryptoassets is not regulated in some jurisdictions and may not offer consumer protection. Your capital is at risk.

– Please note that this content is not intended for US users and may not comply with US regulations. –

Upbit: A Leading South Korean Exchange

In recent years, Upbit has emerged as a leading cryptocurrency exchange in South Korea and a key player on the global stage. Launched in 2017 by Dunamu, the platform quickly built a solid reputation thanks to its intuitive user interface, strategic alliances, and robust security infrastructure. Headquartered in Seoul, South Korea, Upbit operates in compliance with regulations set forth by the Financial Supervisory Service (FSS), ensuring a safe and transparent trading environment.

Upbit focuses on providing a seamless trading experience, supporting both spot and leveraged trading. Its diverse portfolio includes over 180 digital assets and a variety of trading pairs. Traders can access major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and XRP, alongside emerging altcoins and niche tokens, offering a wide range of investment opportunities.

Renowned for its state-of-the-art security protocols, competitive fee structure, and advanced trading features, Upbit caters to both novice and seasoned traders. The platform provides real-time market analysis, deep liquidity, and a customizable dashboard to enhance the trading experience and help users make informed decisions.

What cryptocurrencies can I buy on Upbit?

Upbit currently offers over 180 cryptocurrencies for trading. This includes leading and major tokens such as:

Upbit fees and charges

Upbit fees are highly competitive and easy to access from the platform. As of March 13, 2025, Upbit charges the following fees for cryptocurrencies:

Cryptocurrency/Pair	Spread	Sell	Buy
Bitcoin (BTC)	0.25%	-346.287	-346.287
Ethereum (ETH)	0.25%	-0.106451	-0.106451
Cardano (ADA)	0.30%	-0.000035	-0.000035
Solana (SOL)	0.35%	-0.06574	-0.06574
Ripple (XRP)	0.40%	-0.003307	-0.003307
Dogecoin (DOGE)	0.45%	-0.005319	-0.005319

Note that the above fees apply only to leveraged buy positions and all sell positions. A handling fee applies for fiat withdrawals. For payouts greater than 50,000 KRW, the withdrawal fee is approximately 1,000 KRW.

Since all trading accounts are denominated in Korean Won (KRW), a conversion fee is also applied for non-KRW deposits and withdrawals. Upbit Wallet is available for secure transfers between the platform and your private wallet.

Cryptocurrency	Min. Payout Amount	Fee
Bitcoin (BTC)	0.001 BTC	0.0005 BTC
Ethereum (ETH)	0.01 ETH	0.0008 ETH
Ripple (XRP)	20 XRP	0.25 XRP
Litecoin (LTC)	0.01 LTC	0.001 LTC
Bitcoin Cash (BCH)	0.01 BCH	0.001 BCH
Stellar Lumens (XLM)	10 XLM	0.01 XLM

Additionally, Upbit does not charge an inactivity fee. However, fees are subject to change without notice.

How do I set up an Upbit account?

To set up an upbit account, the first step is to setup an account with Upbit by going to the official website upbit.com. Once on the homepage, select “Sign Up” button on the page.

Add these informations:

• Email address
• Password
• Confirm your password
• Next, click on the “Sign Up” button.

Upbit will then send you a verification code to your email or phone number to confirm your identity. Enter the code to verify your account.

After completing the registration process, you will automatically be logged into your Upbit account. Initially, your account will have specific limits on deposits and withdrawals since identity verification has not yet been completed. For example, unverified accounts usually have a daily withdrawal cap of 1 BTC or its equivalent in other digital assets.

To increase your withdrawal limits and gain full access to all Upbit features, you need to complete the Know Your Customer (KYC) process. This involves confirming your identity, residential address, and in certain cases, your tax identification number. These steps are necessary to comply with South Korea’s anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

Verification is free and can be completed quickly by following these steps:

1. Navigate to your profile and select the “Verify” option.
2. Upload the required documents, which may include:
   • Government-issued ID – such as a passport, national ID card, or driver’s license.
   • Proof of address – such as a utility bill or a bank statement showing your residential address.
   • Facial recognition or a selfie – to verify your identity and match it with the uploaded documents.
3. After submission, Upbit will review your documents. Verification is typically completed within 24 to 48 hours.

Once your identity is verified, your account limits will be increased. For example, fully verified accounts can withdraw up to 100 BTC per day and access higher deposit and trading limits.

Supported Payment Methods on Upbit

Payment Method	Supported Countries	Transfer Time	Maximum per Transaction
Bank Transfer (KRW)	South Korea	Instant	No Limit
Crypto Deposit	Worldwide	Instant	No Limit
Crypto Withdrawal	Worldwide	Up to 24 hours	Varies by asset
Kakao Pay	South Korea	Instant	₩5,000,000 (approx. $3,700)
Naver Pay	South Korea	Instant	₩5,000,000 (approx. $3,700)
Samsung Pay	South Korea	Instant	₩5,000,000 (approx. $3,700)
Bank Transfer (USD)	Available in select countries	1–3 Business Days	Unlimited
Credit/Debit Card (USD)	Available in select countries	Instant	$10,000

How to Purchase Digital Assets on Upbit

Upbit enables users to engage in trading with both actual cryptocurrencies and crypto futures on its platform. (The availability of derivative trading may depend on your region and local financial regulations.) Futures trading involves contracts tied to the value of an underlying asset rather than direct ownership of the asset itself.

Key Points to Consider When Trading on Upbit:

• Spot Trading: When you purchase a cryptocurrency through spot trading on Upbit, you are buying the actual asset. The purchased cryptocurrency is held directly in your Upbit account, and you can either keep it within your Upbit wallet or transfer it to an external wallet. This means you have full ownership of the asset.
• Futures Trading: Leveraged trades on Upbit are executed as futures contracts. A futures contract is a derivative — a financial product whose value is based on the price movements of an underlying cryptocurrency. Futures trading allows you to speculate on price fluctuations without owning the actual asset.
• Leverage: Upbit provides leverage on futures contracts, enabling traders to potentially amplify their returns. However, leverage also increases the risk of larger losses if the market moves against your position. It’s essential to manage your risk exposure carefully when trading with leverage.

By offering both spot and derivative trading, Upbit allows users to adopt different trading strategies — from long-term holding of actual crypto assets to high-risk, high-reward futures trading. This flexibility caters to both conservative investors and more aggressive traders looking to capitalize on market volatility.

>> Buy and sell cryptocurrencies on Upbit <<

Trading involves high risk, and losses may exceed your initial investment. Carefully consider your financial situation before trading.

Investing in cryptocurrencies is subject to regulation under local financial authorities. Your capital is at risk, and protection may not be available in some jurisdictions.

Purchase ‘Actual’ Digital Assets on Upbit

To buy actual cryptocurrency (not a futures contract) on Upbit, you need to first log in to your account, then navigate to “Markets” and select “Spot” trading. Choose the cryptocurrency you want to buy — for example, Bitcoin (BTC). The following screenshot shows an example of the process:

The “Buy” button allows you to purchase Bitcoin, while the “Sell” button lets you sell Bitcoin. To place an order, simply click on the “Buy” button. A new window will appear, where you can proceed with your purchase.

You only need to enter the amount you wish to buy in KRW (or another supported fiat currency). Upbit provides multiple order types to suit different trading strategies:

• Market Order: Instantly buy at the current market price.
• Limit Order: Set a specific price at which you want to buy.
• Stop-Limit Order: Define a stop price that will trigger a limit order when reached.

Once you click “Buy,” the order will be placed and typically processed within a few seconds, depending on market liquidity.

After your order is completed, you can track your purchased cryptocurrency under the “Wallet” or “Portfolio” section. You also have the option to buy or sell more assets and monitor live market trends from the same interface.

Trading Cryptocurrency Futures

To trade cryptocurrency futures on Upbit, go to “Derivatives” from the main menu and select the cryptocurrency you want to trade — for example, Bitcoin (BTC). Once selected, the trading interface will appear, where you can configure your trade settings:

• Investment Amount: Enter the amount of capital you wish to invest in the futures contract.
• Leverage: Adjust the leverage multiplier according to your risk tolerance and trading strategy. Upbit offers leverage on select cryptocurrencies, which allows you to magnify potential returns — but also increases potential losses if the market moves against you.

Carefully assess the market conditions and your risk tolerance before using leverage, as futures trading can lead to significant profits or losses depending on market fluctuations.

You should then configure your Stop Loss and Take Profit settings:

• Stop Loss: Close a trade if the price reaches a certain loss threshold. This helps limit potential losses.
• Take Profit: Automatically close a trade when your profit reaches a certain target. This helps secure gains.

After configuring your order, click “Open Trade.” The trade will be executed immediately if the market is open and the liquidity is sufficient.

It’s important to note that Upbit applies funding fees (similar to overnight or rollover fees) for futures contracts. These fees are calculated based on the difference between the contract price and the spot price and are settled periodically. The applicable fees will be clearly displayed in the trading window before you place your order, ensuring full transparency.

How Does Copy Trading Work on Upbit?

Copy Trading is a feature that allows users to mirror the trades of experienced traders on Upbit. This means that you can automatically replicate the trades of top-performing traders and benefit from their expertise without having to create your own strategy from scratch.

Upbit’s Copy Trading feature allows you to select a trader based on key performance indicators such as past returns, risk levels, and trading styles. Once you choose a trader, Upbit will automatically execute the same trades in your account, following the same market timing and trade parameters.

How Upbit Copy Trading Works:

• Select a Lead Trader: Choose a trader based on their performance history and risk profile.
• Specify the Amount: Decide how much capital you want to allocate to copy trading.
• Automated Execution: Upbit will automatically execute the trades of the selected trader in real-time.
• Performance Tracking: Monitor your copy trades and performance through your Upbit dashboard.

Minimum and Maximum Investment Amounts:

• Minimum Investment: $10
• Maximum Investment: $1,000,000
• Minimum Trade Amount: $1

Manual Adjustments

Users have full control over their copy trading settings and can modify them at any time:

• Close Positions Manually: If a copied position is underperforming, you can manually close it to limit losses.
• Modify Stop Loss and Take Profit: You can adjust Stop Loss (SL) and Take Profit (TP) settings at any time to align with your personal risk management strategy.
• Automatic Credit: If you manually close a position, the funds will be credited back to your copy trading pool, and you can reallocate them as needed.

Important Aspects to Consider:

• Market Price Execution: Existing open positions are copied at the current market price, not the original trade entry point.
• Consistent SL and TP: Trades will follow the same Stop Loss and Take Profit settings as the original trader’s strategy unless manually adjusted.
• Automatic Updates: If the lead trader updates their Stop Loss or Take Profit settings, these changes will automatically apply to your copied trade.

Upbit’s Copy Trading feature allows you to take advantage of the expertise of successful traders while maintaining the flexibility to manage your portfolio manually. This combination of automation and control helps you optimize your trading performance and manage risk effectively.

Copy Stop Loss (CSL) Function

One of the most important risk management tools on Upbit is the Copy Stop Loss (CSL) feature. This tool allows users to set a stop loss independently of the copied trader’s settings, offering greater flexibility and control over risk management:

• The default CSL is set at 40% of the invested copy value.
• For example, if you invest $1,000 to copy a trader, the CSL will automatically stop trading if your capital drops to $400.
• The CSL value can be adjusted between 5% and 95% of the total investment, allowing users to fine-tune their risk tolerance.

✅ Example:

• If you copy a trader with $1,000 and set a CSL at 30%, the system will close all open trades if your total value drops to $300.
• This helps protect your capital from excessive losses and ensures better risk management.

Upbit’s Copy Trading feature provides a powerful way to automate trading strategies and benefit from the expertise of top-performing traders while maintaining individual control over risk exposure.

How Do Upbit Strategy Portfolios Work?

Upbit Strategy Portfolios function similarly to Copy Trading but are designed for long-term investments. Instead of copying individual traders, Strategy Portfolios combine multiple assets into a single professionally managed portfolio, offering greater diversification and lower overall risk.

Types of Strategy Portfolios:

• Market-Based Portfolios: Track specific market segments (e.g., DeFi, Layer-1 blockchains).
• Trader-Based Portfolios: Combine strategies of top-performing traders, offering exposure to proven trading approaches.

How It Works:

1. Select a Portfolio: Choose a portfolio based on your financial goals and risk tolerance.
2. Automated Management: Upbit will automatically manage and rebalance the assets based on market performance and the selected strategy.
3. Monitor and Adjust: You can monitor the performance of your portfolio in real time and make adjustments whenever necessary.

Investment Details:

• Minimum Investment: $1,000
• Default Stop Loss: 10% (can be adjusted based on risk preference)

✅ Benefits:

✔️ Professionally managed portfolio
✔️ Automated rebalancing to optimize performance
✔️ Diversification and improved risk control

Upbit Strategy Portfolios provide an effective way to diversify investments and benefit from expert management, allowing users to balance risk and reward effectively.

How Can I Sell Cryptocurrencies on Upbit?

Upbit allows you to sell your cryptocurrencies and withdraw funds anytime. To sell crypto on Upbit:

1. Go to “Markets” and select the cryptocurrency you want to sell.
2. Choose the order type (Market, Limit, or Stop-Limit).
3. Enter the amount you want to sell and click “Sell.”
4. The funds will be credited to your Upbit account instantly once the trade is completed.

Withdrawal Process

• You can withdraw your balance (in fiat or crypto) to a verified bank account or wallet.
• Processing time depends on the payment method (usually within 1 business day).
• Withdrawal fees vary depending on the cryptocurrency and payment provider.

Minimum Withdrawal Amounts:

• Bitcoin (BTC): 0.001 BTC
• Ethereum (ETH): 0.01 ETH
• Ripple (XRP): 20 XRP
• Litecoin (LTC): 0.01 LTC

Upbit Wallet

Upbit provides a secure wallet to store, transfer, and manage your cryptocurrencies. The wallet offers multiple layers of protection, including encryption and cold storage for enhanced security.

• You can transfer funds to your Upbit Wallet via the “Portfolio” tab.
• The transfer process may take up to 1 business day to reflect on the blockchain.
• A small network fee applies when transferring funds to an external wallet.

Once transferred, the position will be closed on Upbit, and the crypto will appear in your wallet. Coins transferred from Upbit cannot be moved back to the exchange for security reasons.

Security and Protection

Upbit takes security very seriously, implementing top-tier security measures to protect user funds and personal information:

• Two-Factor Authentication (2FA): Required for all account logins and withdrawals.
• Cold Wallet Storage: A large percentage of funds are stored in cold wallets, protecting them from potential online attacks.
• Encryption: All user data and transaction information are encrypted using industry-standard security protocols.

Customer funds are kept separate from the company’s operational funds, meaning that even in the unlikely event of insolvency, customer funds will remain secure.

Customer Support

Upbit offers reliable customer support available through multiple channels:

• Live Chat: Real-time support from customer service agents.
• Support Tickets: For more detailed or complex issues.
• Help Center: Comprehensive FAQs and community discussions for quick problem resolution.

Hacker Attacks

Upbit experienced a security breach in November 2019 where approximately 342,000 ETH (valued at around $49 million at the time) were stolen due to a hacking attack. However, Upbit quickly reimbursed all affected users using company reserves and implemented additional security measures to prevent future incidents. Since then, Upbit has maintained a strong security record.

Bottom Line

Upbit stands out as one of the most reliable and user-friendly cryptocurrency exchanges, especially for traders in South Korea and the Asia-Pacific region. With over 180 cryptocurrencies available for trading, competitive fees, and strong security measures, Upbit is a preferred platform for both beginners and experienced traders.

From a strategic standpoint, Upbit’s combination of spot trading, futures contracts, and copy trading features offers diverse investment opportunities. The platform’s advanced tools, automated trading options, and professional management make it ideal for anyone looking to diversify their cryptocurrency portfolio.

Upbit Under Test

Security and Reputation

When using a platform like Upbit, where you entrust the management of your funds and private keys to a third party, maintaining strong security is essential. When a third party has access to your private keys, they essentially have control over your assets — making security and reputation critical factors.

From our perspective, Upbit has built a solid reputation for security and trustworthiness. Upbit operates under various financial authorities depending on the jurisdiction and complies with strict regulatory standards. Some key security measures include:

• Two-Factor Authentication (2FA): Required for logins and withdrawals to provide an additional layer of protection.
• Cold Wallet Storage: A significant percentage of user funds are stored in offline cold wallets to minimize exposure to hacking risks.
• Insurance Fund: Upbit maintains an insurance fund to cover potential losses in the event of a major security breach.

Customer funds are kept separate from the company’s operating funds, which means that even in the unlikely event of insolvency, customer funds would not be affected.

Fees and Payment Methods

Trading fees on Upbit are competitive with other major exchanges. Upbit applies a standard maker/taker fee of 0.10% for spot trading, which can be reduced by increasing your trading volume or holding certain tokens.

Payment Methods:

• Credit/Debit Card: Available for instant deposits and withdrawals.
• Bank Transfer: SEPA and SWIFT transfers supported for easy fiat deposits and withdrawals.
• PayPal: Available in select regions for quick transfers.
• Google Pay / Apple Pay: Available for seamless mobile transactions.
• Skrill, Neteller, WebMoney: Supported for users who prefer e-wallet transactions.
• P2P Trading: Peer-to-peer trading is supported, allowing users to transact directly with one another.

Fees are transparent and listed directly on the platform. However, withdrawal and network fees may apply depending on the cryptocurrency and payment method.

Customer Support

Upbit provides 24/7 customer support through multiple channels to ensure fast response times and comprehensive assistance:

• Live Chat: Real-time support from customer service agents.
• Support Tickets: For more complex issues that require detailed follow-ups.
• Help Center and Community Forum: Comprehensive FAQs and community discussions are available for self-service support.

Our experience with Upbit’s customer support has been positive, with fast response times and knowledgeable agents who can handle both basic and complex issues efficiently.

Hacker Attacks

Upbit experienced a security breach in November 2019 where approximately 342,000 ETH (worth around $50 million at the time) were stolen due to a large-scale hacking attack. However, Upbit quickly reimbursed all affected users using company reserves and implemented additional security measures to prevent future incidents. Since then, Upbit has maintained a strong track record in security and continues to enhance its internal security infrastructure.

Bottom Line

Upbit is one of the largest and most popular cryptocurrency exchanges globally. With over 200 cryptocurrencies available for spot trading, Upbit offers one of the most comprehensive selections in the market.

From our perspective, Upbit stands out as a top choice for spot trading. The platform’s competitive fees, advanced trading tools, and strong security measures make it ideal for both beginners and experienced traders.