Upbit Exchange Overview: Trading Volume, Market Trends, and Key Features

·

Upbit has emerged as one of the most influential cryptocurrency exchanges in Asia, particularly dominating the South Korean digital asset market. With robust trading volume, a wide range of supported cryptocurrencies, and seamless integration with local financial infrastructure, Upbit continues to attract both retail and institutional investors. This comprehensive overview explores Upbit’s market position, operational details, supported assets, fee structure, and global reach—offering valuable insights for traders evaluating their exchange options.

What Is Upbit?

Upbit is South Korea’s largest cryptocurrency exchange by trading volume. Launched in 2017, it quickly rose to prominence thanks to strategic partnerships and strong backing from major technology players. The platform enables users to trade over 170 cryptocurrencies against the Korean won (KRW), providing deep liquidity and high market efficiency.

One of Upbit’s distinguishing features is its integration with KakaoTalk, South Korea’s most popular messaging app, through the Kakao Stock trading interface. This allows millions of local users to access crypto markets directly from an app they already use daily, significantly lowering the barrier to entry for new investors.

👉 Discover how leading exchanges are shaping global crypto adoption today.

Founding and Leadership

Upbit was founded by Song Chi-Hyung, who also serves as CEO of Dunamu—the fintech company behind the exchange. A computer science and economics graduate, Song played a pivotal role in positioning Upbit as a trusted name in digital finance. Under his leadership, Dunamu secured investment from Kakao, a South Korean internet giant, and formed a technical partnership with Bittrex, a U.S.-based exchange. This collaboration helped accelerate Upbit’s development and security infrastructure during its early stages.

Despite the Bittrex alliance, Upbit operates independently and tailors its services specifically to Asian markets, especially South Korea.

Launch Date and Global Expansion

Upbit officially launched on October 24, 2017, at the peak of the global cryptocurrency boom. Within months, it captured significant market share in South Korea due to its user-friendly interface, fast transaction processing, and strong compliance standards.

While headquartered in Seoul, South Korea, Upbit began expanding internationally in late 2018:

These moves reflect a broader strategy to tap into fast-growing Southeast Asian crypto markets while maintaining regulatory compliance across jurisdictions.

Service Availability and Restrictions

Due to regulatory constraints, Upbit does not serve users in the United States. Additionally, the exchange restricts access from countries listed under active sanctions programs or classified as high-risk by the Financial Action Task Force (FATF). These measures ensure adherence to anti-money laundering (AML) and know-your-customer (KYC) regulations.

Users must complete identity verification to access full trading capabilities—a standard practice among compliant exchanges.

Supported Cryptocurrencies and Trading Pairs

Upbit supports over 170 cryptocurrencies and offers more than 288 trading pairs, primarily denominated in KRW. This includes major assets like:

It also lists numerous altcoins and emerging tokens such as StormX (STMX), Moo Deng (MOODENG), and Hippo Protocol (HP)—many of which see higher trading volumes on Upbit than on other global platforms.

The platform's emphasis on KRW pairs makes it a critical gateway for Korean investors entering the crypto space.

Fee Structure

Upbit maintains a transparent and competitive fee model:

This uniform pricing simplifies cost calculations for traders and aligns with industry norms in South Korea.

Does Upbit Offer Margin or Leverage Trading?

As of 2025, Upbit does not support margin or leveraged trading. The platform focuses on spot trading only, promoting safer investment practices amid tightening regulations in South Korea regarding derivatives trading.

This conservative approach may appeal to risk-averse traders but could limit appeal for advanced users seeking higher-risk strategies.

Market Overview: Top Trading Pairs on Upbit

The following highlights key data from Upbit’s most actively traded pairs, reflecting current market sentiment and liquidity depth:

Top Performers by Trading Volume (24-Hour)

  1. StormX (STMX/KRW) – NT$10.56 billion traded
    High volatility and speculative interest drive activity.
  2. NEM (XEM/KRW) – NT$8.67 billion traded
    Long-standing presence in the Korean market contributes to sustained volume.
  3. XRP (XRP/KRW) – NT$6.14 billion traded
    Strong community support and regulatory clarity boost confidence.
  4. Bitcoin (BTC/KRW) – NT$3.75 billion traded
    Remains the benchmark asset despite lower relative volume compared to altcoins.
  5. Moo Deng (MOODENG/KRW) – NT$3.28 billion traded
    A meme-inspired token gaining traction among retail traders.

Other notable performers include Ethereum (ETH), Tether (USDT), Solana (SOL), and Shiba Inu (SHIB)—all reflecting diverse investor interests ranging from DeFi to NFTs and AI-driven protocols.

👉 Compare real-time trading volumes across top exchanges worldwide.

Frequently Asked Questions (FAQ)

Q: Is Upbit safe to use?

Yes, Upbit implements advanced security protocols including cold wallet storage, multi-signature authentication, and regular third-party audits. It also complies with South Korea’s strict financial regulations under the Financial Services Commission (FSC).

Q: Can I trade with USD on Upbit?

No. Upbit primarily supports KRW-based trading pairs. International users must convert funds into KRW via supported deposit methods or partner networks.

Q: How do I sign up for an Upbit account?

Registration requires identity verification through government-issued ID and a local phone number. While domestic users can onboard easily, international access is limited due to regulatory restrictions.

Q: Why is Upbit so popular in South Korea?

Its integration with KakaoTalk, strong liquidity, trusted brand reputation, and early mover advantage during the 2017 bull run have solidified its dominance in the local market.

Q: Are there any hidden fees?

No hidden fees exist. All charges—including withdrawal costs—are clearly listed on the platform. Trading fees remain consistent at 0.25% regardless of volume tier.

Q: Does Upbit offer a mobile app?

Yes. Upbit provides a fully functional mobile application available on iOS and Android, featuring real-time charts, order management, price alerts, and news updates.

👉 Access advanced trading tools used by top global platforms.

Core Keywords

Final Thoughts

Upbit stands as a cornerstone of South Korea’s digital economy, combining regulatory compliance with innovative user experience. Its dominance in KRW-denominated trading, broad altcoin selection, and integration with Kakao’s ecosystem make it indispensable for local investors. While lacking leverage trading and USD pairs limits its global reach, its security standards and transparency continue to earn trust across Asia.

For traders interested in exploring high-volume altcoin markets or understanding regional crypto trends, Upbit remains a vital platform to monitor—and potentially engage with—through compliant channels.