Comparison of Bybit vs Upbit [ 2024 ]

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

Your expert: Alejandro Borja

Bybit

Your expert: Xavier Tarrasó

Upbit

Main points

Fees

≤0,10%

Earns

Yes

Customer service

4/5

≈ 0,20%/0,25%

Fees

Yes

Earns

4/5

Customer service

Recommended for

Beginners

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.1 – Low fees with a focus on derivatives trading.

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

Level

≤0,10%

≈ 0,20%/0,25%

Brief explanation

Bybit’s commission structure is designed to be competitive and appealing to both high-volume traders and occasional participants. The platform primarily charges two types of fees: maker fees and taker fees. The maker fee can reward users for adding liquidity to the market, typically set below the industry average, while the taker fee is slightly higher due to the nature of removing liquidity. For trading derivatives such as perpetual contracts, Bybit charges a taker fee of 0.075% and provides a maker rebate of 0.025%, which means makers actually earn a credit for executing trades. This fee structure is particularly attractive to those who trade frequently or utilize trading bots to maintain liquidity on the exchange. Overall, Bybit’s fee strategy supports a dynamic trading environment, encouraging both the provision and taking of liquidity while keeping costs transparent and manageable for traders of all levels.

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.

Bybit

Security Methods: Bybit employs robust security practices, including cold storage for digital assets, real-time risk audits, and two-factor authentication (2FA) to protect user accounts and funds. This comprehensive approach ensures a secure trading environment.
Reputation and Reviews: Since its inception, Bybit has maintained a strong reputation within the crypto community for its reliability, advanced trading features, and user-friendly interface. Positive reviews across various forums and its low incident of security breaches contribute to its credibility.
Trading Volume and Liquidity: Bybit is known for its deep liquidity and high trading volume, facilitating seamless execution of trades without significant slippage, even during volatile market conditions. This is crucial for traders looking to execute large orders.
Transparency: Bybit provides clear and detailed information on trading fees, funding rates, and insurance funds. It regularly publishes updates about system upgrades and security enhancements, demonstrating transparency in operations and communications with its users.
Customer Service: Bybit offers 24/7 customer support with a multilingual team accessible via live chat, email, and social media. This constant availability ensures that user queries and issues are resolved promptly, enhancing user trust and satisfaction.

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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Direct link to the website

Product selection

Native token

Earns

Yes

NFT marketplace

Yes

Cripto/debit card

Yes

Full name

Bybit Fintech Limited

Dunamu Inc.

Regulation

Not regulated

Regulated in Corea del Sur

Year founded

2018

2017

Founder

Ben Zhou

Song Chi

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Bybit	FEATURES	Upbit
Bybit allows for a relatively low minimum trade size, making it accessible for traders starting with smaller amounts.	Minimum Trade	Upbit allows users to trade with relatively small amounts, making it accessible for beginners.
Bybit is known for its competitive fee structure, which is lower than many other exchanges, benefiting frequent traders.	Trading and Transaction Fees	The fees are competitive but the structure can be complex and confusing for new users.
Offers a diverse range of over 100 cryptocurrencies, providing good options for traders looking to diversify their portfolios.	Number of Cryptocurrencies	Upbit offers a wide array of over 150 cryptocurrencies, catering to diverse trading preferences.
Provides a wide array of trading pairs, allowing users to trade various combinations of cryptocurrencies efficiently.	Crypto-to-Crypto Trading Pairs	Provides an extensive range of trading pairs, supporting various crypto-to-crypto transactions.
The website provides clear and detailed information about trading conditions, fees, and security measures.	Website Transparency	Generally transparent about trading conditions and security policies, though some information like fee structures could be simplified for better clarity.
Bybit does not offer a branded exchange card for in-store purchases or benefits, limiting its functionality in terms of everyday financial transactions.	Credit/Debit Card	Lacking a dedicated exchange card, Upbit misses an opportunity to integrate cryptocurrency spending into everyday transactions for its users.
Offers secure storage solutions with a majority of funds kept in cold storage, though it lacks some advanced features found in specialized wallets.	Storage Offering	Offers secure storage solutions, though it’s primarily an exchange, not a dedicated wallet service.
Offers basic staking features but is not as competitive as other platforms that provide higher yields and more variety in staking options.	Staking and Rewards	Offers competitive staking options and rewards, providing users with opportunities to earn from their holdings.
Both the mobile app and desktop platform are highly rated for user interface design and functionality, catering well to both beginner and advanced traders.	Mobile App and Desktop	Both platforms are user-friendly and offer full functionality, facilitating trading on-the-go and from desktop setups.
Provides 24/7 customer support with multiple channels, though response times can vary depending on the channel and query complexity.	Customer Service	Available and responsive, though some users report delays during peak times, which could be improved.
Offers efficient deposit and withdrawal processes, though limited by the lack of direct fiat currency transaction support.	Deposit and Withdraw	Efficient processes with some limits on international transactions, reflecting the need for broader accessibility.

Key features

Analysis tools

Advanced charting, technical analysis tools, and derivatives trading features

Advanced charting tools, technical analysis

Mobile APP

Yes

Security

High 4,9/5

Additional features

Futures trading, perpetual contracts, staking, Bybit Earn program

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

Anonymity

Yes

Key points

Available cryptocurrencies

Primarily derivatives, but around 100 cryptocurrencies

200+

User-friendliness

Bybit offers a user-friendly platform that is easy to navigate, with a focus on derivatives trading. The interface is designed to be accessible to both beginners and experienced traders.

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 low trading fees and advanced trading features, suitable for both retail and institutional 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

Singapore, Japan, South Korea, United States, Canada

South Korea, Singapore, Indonesia, Thailand

Best for

Great for both retail and institutional traders interested in derivatives trading with low fees and advanced features.

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

Base currencies available

USD, USDT, BTC

KRW, BTC

Account

Trading

Bybit is known for its derivatives trading and leverage options. It offers advanced trading tools and high liquidity but is not suitable for beginners due to its complexity and risk.

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

Bybit supports cryptocurrency deposits and withdrawals, with no support for fiat currencies. Withdrawals are processed efficiently, usually within a few hours, 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

Bybit offers a seamless and fully digital account opening process. Users need to fill out personal information and verify their identity. The process is quick, typically taking 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

Bybit provides extensive customer support through email, live chat, and a help center. Support is available 24/7, and the response times are quick, 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

Bybit provides robust security features with 2FA, encryption, and cold storage. However, it is not regulated by major financial authorities, which might be a concern for some users.

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 one of the experts here at Threenvest, I’d like to share a brief recommendation about using Bybit. Bybit offers a robust platform that caters well to experienced traders looking for advanced trading options in the crypto derivatives market. Its high-performance trading engine ensures rapid execution of trades, which is crucial during volatile market conditions. If you’re comfortable with high leverage and complex trading instruments, Bybit can be a powerful tool in your trading arsenal. However, beginners should tread carefully, given the platform’s complexity and the inherent risks of leveraged trading.

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.

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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.