Comparison of Bitpanda vs Upbit [ 2024 ]

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

Your expert: Alejandro Borja

Bitpanda

Your expert: Xavier Tarrasó

Upbit

Main points

Fees

0,10%/1,49%

Earns

Customer service

4/5

≈ 0,20%/0,25%

Fees

Yes

Earns

4/5

Customer service

Recommended for

Beginners

Yes

Trading

Passive income

Buy and hold

Yes

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Comparison of fees

Rating

3.8 – Reasonable fees with some additional costs for non-crypto trading.

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

Level

0,10%/1,49%

≈ 0,20%/0,25%

Brief explanation

Bitpanda’s fee structure is designed to be transparent and straightforward, which benefits users by making it easy to understand the costs associated with trading and transactions. The platform charges a variety of fees, including trading fees, withdrawal fees, and deposit fees, although deposits in some methods like bank transfers may be free. Trading fees vary depending on the asset and can be slightly higher compared to some competitors, typically around 1.49% for buying and selling cryptocurrencies. This is offset somewhat by the convenience and range of services Bitpanda offers, including the ability to trade precious metals alongside digital assets. Overall, while the fees are not the lowest in the market, the high level of service and security provided by Bitpanda may justify the costs for many 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.

Bitpanda

Year Founded: Established in 2014, Bitpanda has been operational for nearly a decade, providing it ample time to build a robust platform and gain extensive industry experience. Its longevity is a testament to its reliability and the trust it has cultivated among its users.
Number of Users: Bitpanda serves over a million users, demonstrating widespread acceptance and trust within the cryptocurrency community. A large user base not only reflects customer satisfaction but also adds to the platform's liquidity and overall market stability.
Security Methods: Bitpanda employs state-of-the-art security measures including SSL encryption, two-factor authentication (2FA), and cold storage of funds. These practices ensure that user assets are protected against unauthorized access and potential cyber threats.
Possible Regulation: Adhering strictly to European regulations, Bitpanda is compliant with the stringent legal standards required within the EU. This compliance ensures that the platform operates with transparency and accountability, further establishing its credibility.
Reputation and Reviews: Bitpanda boasts positive reviews and a strong reputation within the financial technology community. It has been recognized for its user-friendly interface, comprehensive educational resources, and responsive customer service, all of which contribute to its high customer satisfaction ratings.

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.

Comparison sponsored by the best exchange

eToro

eToro Special Offer*

Earn up to 4.90% APY on uninvested cash with eToro USA.

Account Minimum

Get started with just $100.

And 1% fee on all cryptocurrency trades.

Direct link to the website

Product selection

Native token

Earns

Yes

NFT marketplace

Yes

Cripto/debit card

Yes

Full name

Bitpanda GmbH

Dunamu Inc.

Regulation

Regulated in Austria

Regulated in Corea del Sur

Year founded

2014

2017

Founder

Eric Demuth, Paul Klanschek, Christian Trummer

Song Chi

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Bitpanda	FEATURES	Upbit
Bitpanda allows small minimum trades, making it accessible for beginners to start with little capital.	Minimum Trade	Upbit allows users to trade with relatively small amounts, making it accessible for beginners.
Fees are competitive, though crypto deposit fees could be improved.	Trading and Transaction Fees	The fees are competitive but the structure can be complex and confusing for new users.
Bitpanda supports a solid range of over 350 cryptocurrencies, suitable for most traders.	Number of Cryptocurrencies	Upbit offers a wide array of over 150 cryptocurrencies, catering to diverse trading preferences.
Offers a decent selection of trading pairs, but more could be added, especially on Bitpanda Pro.	Crypto-to-Crypto Trading Pairs	Provides an extensive range of trading pairs, supporting various crypto-to-crypto transactions.
High level of transparency regarding fees, security measures, and company information.	Website Transparency	Generally transparent about trading conditions and security policies, though some information like fee structures could be simplified for better clarity.
The Bitpanda Card offers seamless integration with the platform, providing flexibility and convenience for everyday spending and access to various benefits like cashback and easy conversion between different asset types.	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, including cold storage, although it lacks a dedicated user-controlled wallet.	Storage Offering	Offers secure storage solutions, though it’s primarily an exchange, not a dedicated wallet service.
Offers staking options and rewards through the Bitpanda Ecosystem Token (BEST), adding value for users.	Staking and Rewards	Offers competitive staking options and rewards, providing users with opportunities to earn from their holdings.
Both mobile and desktop platforms are highly user-friendly and well-designed, offering a seamless experience.	Mobile App and Desktop	Both platforms are user-friendly and offer full functionality, facilitating trading on-the-go and from desktop setups.
Customer service is generally praised for its responsiveness and helpfulness, though availability could improve.	Customer Service	Available and responsive, though some users report delays during peak times, which could be improved.
Bitpanda supports multiple deposit and withdrawal methods, but could improve by removing deposit fees.	Deposit and Withdraw	Efficient processes with some limits on international transactions, reflecting the need for broader accessibility.

Key features

Analysis tools

Basic charting tools

Advanced charting tools, technical analysis

Mobile APP

Yes

Security

High 4,9/5

Additional features

Stocks and ETFs trading, metals trading, savings plans, Bitpanda Pro exchange

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

Anonymity

Key points

Available cryptocurrencies

50+

200+

User-friendliness

Bitpanda is known for its clean and intuitive interface, making it an excellent choice for beginners. The platform is easy to navigate, and the process of buying and selling cryptocurrencies is straightforward.

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

Offers good value for money with competitive fees and a wide range of financial products, making it suitable for both beginners and experienced traders.

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

Austria, Germany, Switzerland, France, Spain

South Korea, Singapore, Indonesia, Thailand

Best for

Great for European investors looking for a user-friendly platform with a wide range of financial products and competitive fees.

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

Base currencies available

EUR, CHF, GBP, USD, TRY

KRW, BTC

Account

Trading

Bitpanda is user-friendly and supports a wide range of cryptocurrencies. It is particularly good for European users, offering easy fiat integration and competitive fees. However, it lacks some advanced trading tools.

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

Bitpanda offers a variety of deposit options, including bank transfers, credit/debit cards, and e-wallets. Withdrawals are processed within a day, with competitive 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

Bitpanda offers a seamless and user-friendly account opening process. Users need to provide personal information, verify their identity, and typically, the account is approved within a day.

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

Bitpanda provides extensive support through email, live chat, and a help center. The response time is quick, and support is available 24/7, making it reliable for users globally.

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

Bitpanda offers comprehensive security measures, including 2FA, encryption, and cold storage. It is regulated by Austrian authorities, ensuring high security for 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 at Threenvest, I highly recommend Bitpanda for investors seeking a versatile and user-friendly platform, especially those based in Europe. Bitpanda’s broad range of assets from cryptocurrencies to precious metals, combined with its intuitive interface, makes it an excellent choice for both newcomers and seasoned traders. However, do consider the platform’s regional availability and fee structure to ensure it aligns with your investment strategies and geographic location.

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 bitpanda review

View all comparisons against Bitpanda

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.