How to compare Upbit with exchanges for US users
Upbit is built for Korean residents, so US readers should compare exchanges that accept US customers by checking licensing, coins, deposits, and security.
Vahe HakobyanEditor-in-chief
Updated Oct 6, 20263 min readFact-checked
On this page
The process is mostly checking the exchange's own pages and testing one small transaction. Rules and coin lists change, so an old article may not match what you see.
Can US residents use Upbit?
Upbit is aimed at Korean residents. Sign-up normally asks for Korean identity and phone details, and the exchange blocks most US users. As a US reader, compare it only as background against exchanges that accept US customers.
What to compare before you start
Compare supported coins, licensing, deposit methods, and account security. In the US, check FinCEN's money services business registration search and your state's financial regulator or NMLS Consumer Access for money transmitter licenses.
How to compare exchanges step by step
Use the exchange's own deposit page on the day you transfer. Coin lists and network support change, so do not trust an old comparison. Confirm the exact coin and network before sending, then test with a small amount.
- 1Check coin and networkOpen the deposit page and confirm the coin is listed. Note the exact network name and any memo or tag.
- 2Copy the deposit addressCopy the address from the exchange page, not from an email or chat. Confirm the network next to it.
- 3Send a small test depositSend only a small amount you can risk. Wait for the exchange to credit it before sending more.
- 4Withdraw the test amountRequest a withdrawal of the same small amount. Check the fee and how long it takes.
- 5Confirm the round tripMake sure the withdrawal arrives. Save the transaction record for your files.
What to do after you choose
The IRS treats cryptocurrency as property. Buying crypto with US dollars is not a taxable event by itself. Exchanging one cryptocurrency for another, including a stablecoin, or paying with crypto usually creates a taxable gain or loss. Keep records of each trade's date, amount, and dollar value.
Frequently asked questions
A VPN hides your location, but it does not make you a Korean resident. Upbit can freeze or close an account that breaks its residency rules.
FinCEN registers money services businesses, and state financial regulators issue money transmitter licenses. The SEC and CFTC oversee securities and derivatives markets.
US exchanges that act as brokers may report trades to the IRS. You still owe tax on gains even if you do not receive a form.
