Comparison of Mexc vs Upbit [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Mexc vs Upbit comparison!

Your expert: Alejandro Borja

Mexc

Your expert: Xavier Tarrasó

Upbit

Main points

Fees

≈ 0,20%

Earns

Customer service

4/5

≈ 0,20%/0,25%

Fees

Yes

Earns

4/5

Customer service

Recommended for

Beginners

Yes

Trading

Yes

Passive income

Buy and hold

Yes

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.0 – Competitive fees with additional benefits for high-volume trading.

4.0 – Competitive fees with strong local support in South Korea and Southeast Asia.

Level

≈ 0,20%

≈ 0,20%/0,25%

Brief explanation

MEXC Exchange offers competitive trading and transaction fees that cater well to both high-volume traders and occasional users. The platform employs a tiered fee structure, where fees decrease as a user’s trading volume increases, providing an incentive for frequent trading. Additionally, holding the exchange’s native token can yield further discounts, making the fees more advantageous. For those using credit or debit cards for deposits or withdrawals, it’s important to note that while convenient, these methods may incur higher fees compared to other payment options. This structure is designed to be economical for active traders while still accommodating casual users.

Upbit’s commission structure is designed to accommodate a range of trading volumes and styles, which makes it appealing for both high-volume traders and casual participants. The exchange typically employs a tiered fee system, where the trading fees decrease as the user’s monthly trade volume increases. This structure incentivizes frequent trading and larger transactions. However, it’s important for users to note that fees may vary depending on the market conditions and the specific cryptocurrencies being traded. Overall, Upbit’s fees are competitive within the industry but require users to stay informed about the specific details applicable to their trading activities.

Mexc

Security Methods: MEXC employs robust security protocols, including a multi-tier and multi-cluster system architecture that ensures the safety and integrity of user data and funds. This comprehensive security strategy helps to protect against potential cyber threats and unauthorized access.
Reputation and Reviews: MEXC enjoys a strong reputation in the cryptocurrency community, backed by positive user reviews that often highlight the platform’s reliability, user-friendly interface, and responsive support.
Trading Volume and Liquidity The exchange boasts high trading volumes and liquidity, which is a testament to its active user base and efficient market operations. This ensures that users can execute trades quickly and at desired prices, even for large volume transactions.
Year Founded: Since its establishment in 2018, MEXC has shown significant growth and resilience in the fast-evolving crypto market, indicating stability and a deep understanding of market needs.
Possible Regulation: MEXC complies with various international regulatory standards, enhancing its credibility and reliability as a secure platform for trading digital assets. This regulatory adherence assures users of its commitment to lawful and ethical operations.

Upbit

Security methods: Upbit employs rigorous security protocols, including regular security audits and multi-factor authentication, which significantly minimize the risk of breaches and unauthorized access.
Reputation and Reviews: Since its inception in 2017, Upbit has maintained a strong reputation within the crypto community, especially in South Korea. Its partnerships and transparent practices contribute to its positive image among users.
Trading volume and liquidity: Upbit boasts one of the highest trading volumes among South Korean exchanges, providing users with high liquidity which is crucial for executing trades efficiently and at desirable prices.
Customer service: Upbit offers comprehensive customer support with various channels for communication, ensuring that users' issues and queries are addressed promptly and effectively.
Transparency: The platform is known for its transparent operational practices, such as providing clear information on fees and the regular publication of audit reports, which helps in building trust with its clientele.

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Account Minimum

Get started with just $100.

And 1% fee on all cryptocurrency trades.

Direct link to the website

Product selection

Native token

Token MX

Earns

Yes

NFT marketplace

Yes

Cripto/debit card

Yes

Full name

MEXC Exchange

Dunamu Inc.

Regulation

Not regulated

Regulated in Corea del Sur

Year founded

2018

2017

Founder

John Chen Ju

Song Chi

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Mexc	FEATURES	Upbit
MEXC allows for relatively low minimum trade amounts, making it accessible for beginners and those trading small amounts.	Minimum Trade	Upbit allows users to trade with relatively small amounts, making it accessible for beginners.
Competitive trading fees with discounts available for high-volume traders and token holders, making it economically viable.	Trading and Transaction Fees	The fees are competitive but the structure can be complex and confusing for new users.
Supports over 1,000 cryptocurrencies, offering one of the widest selections in the market.	Number of Cryptocurrencies	Upbit offers a wide array of over 150 cryptocurrencies, catering to diverse trading preferences.
Offers a vast array of crypto-to-crypto trading pairs, facilitating diverse trading strategies.	Crypto-to-Crypto Trading Pairs	Provides an extensive range of trading pairs, supporting various crypto-to-crypto transactions.
While MEXC provides ample information on trading operations, more detailed disclosures could enhance trust.	Website Transparency	Generally transparent about trading conditions and security policies, though some information like fee structures could be simplified for better clarity.
Lacking an exchange card means MEXC users miss out on potential everyday use benefits, such as cashback in crypto on purchases or other rewards that are commonly offered by some other crypto exchanges with proprietary cards.	Credit/Debit Card	Lacking a dedicated exchange card, Upbit misses an opportunity to integrate cryptocurrency spending into everyday transactions for its users.
Provides secure storage solutions, but enhanced features for asset management could improve user experience.	Storage Offering	Offers secure storage solutions, though it’s primarily an exchange, not a dedicated wallet service.
Offers competitive staking options and rewards, appealing to long-term holders and active traders.	Staking and Rewards	Offers competitive staking options and rewards, providing users with opportunities to earn from their holdings.
The mobile and desktop platforms are highly user-friendly, offering full trading functionality and good design.	Mobile App and Desktop	Both platforms are user-friendly and offer full functionality, facilitating trading on-the-go and from desktop setups.
Customer support is available but improvements are necessary in response time and effectiveness.	Customer Service	Available and responsive, though some users report delays during peak times, which could be improved.
Deposits and withdrawals are handled efficiently, though clarity on timeframes and fees would enhance service.	Deposit and Withdraw	Efficient processes with some limits on international transactions, reflecting the need for broader accessibility.

Key features

Analysis tools

Advanced charting tools, technical analysis

Mobile APP

Yes

Security

High 4,9/5

Additional features

Margin trading, futures trading, staking, MEXC Launchpad

Margin trading, staking, Upbit Earn, fiat on/off ramps

Anonymity

Yes

Key points

Available cryptocurrencies

1000+

200+

User-friendliness

MEXC provides a straightforward and easy-to-use platform that is ideal for beginners. The interface is clean and intuitive, making it easy to navigate and execute trades.

Upbit features an intuitive and user-friendly interface that is easy to navigate, making it suitable for beginners. The platform focuses on providing a seamless trading experience.

Value for money

Delivers good value for money with competitive fees and a wide range of supported cryptocurrencies, making it an affordable option for traders.

Countries of operation

Singapore, United States, Canada, Australia, United Kingdom

South Korea, Singapore, Indonesia, Thailand

Best for

Best for traders seeking a platform with a wide range of cryptocurrencies and competitive fees.

Best for South Korean, Singaporean, Indonesian, and Thai investors seeking a reliable platform with competitive fees.

Base currencies available

USDT, BTC

KRW, BTC

Account

Trading

MEXC offers a wide range of cryptocurrencies and advanced trading tools. It has competitive fees and high liquidity, making it suitable for experienced traders.

Upbit is a major exchange in South Korea, offering a wide range of cryptocurrencies and high liquidity. It provides advanced trading tools but can be complex for beginners.

Deposit and withdrawal

MEXC offers multiple deposit and withdrawal methods, including bank transfers and crypto. Withdrawals are processed quickly, usually within a day, with low fees.

Upbit is a major exchange in South Korea, offering multiple deposit and withdrawal methods. Withdrawals are processed quickly, with competitive fees.

Account opening process

MEXC provides a straightforward and user-friendly account opening process. Users need to submit personal details and verify their identity. The process is efficient and usually takes less than a day to complete.

Upbit offers an easy and quick account registration process. Users need to provide personal information and verify their identity. The process is fully digital and typically takes less than a day to complete.

KYC required?

Yes

Customer Service

MEXC provides extensive customer support via email, live chat, and phone. The support team is responsive and available 24/7, ensuring users get timely assistance.

Upbit offers extensive customer support via email, live chat, and phone. The support team is responsive and available 24/7, making it reliable for users globally.

Security

MEXC employs robust security features, including 2FA and cold storage. However, it is not regulated by major financial authorities, which might be a concern for some investors.

Upbit ensures security through 2FA, encryption, and cold storage. It is regulated by Korean authorities, providing a secure environment for investors.

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I recommend MEXC Exchange for its impressive array of over 1,000 cryptocurrencies and robust trading options, making it ideal for both new and seasoned traders. However, potential users should note the areas needing improvement, particularly customer service responsiveness. Overall, if you’re looking for a platform with high liquidity and diverse trading capabilities, MEXC is a solid choice, but be prepared for possible delays in support when you need assistance.

Xavier Tarrasó

As an expert reviewing Upbit, I’d recommend this exchange for users interested in a wide variety of cryptocurrencies and robust trading options. Its comprehensive security measures and high liquidity make it a reliable choice, especially for traders who prioritize a secure trading environment. However, newcomers should take time to familiarize themselves with its interface and fee structure to fully leverage Upbit’s offerings effectively.

Read mexc review

View all comparisons against Mexc

Read upbit review

View all comparisons against Upbit

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.