Comparison of Gate.Io vs Upbit [ 2024 ]

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

Your expert: Alejandro Borja

Gate.Io

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

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 token holders.

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

Level

0,20%

≈ 0,20%/0,25%

Brief explanation

Gate.io offers a competitive and transparent fee structure. The platform charges a flat trading fee of 0.2% for both makers and takers, which is slightly below the industry average of around 0.25%. This flat fee structure simplifies the cost calculation for users, regardless of their trading volume. For high-volume traders, Gate.io offers a tiered fee discount system. Users who hold the platform’s native token, GateToken (GT), and opt to pay fees with it can receive up to a 25% discount on trading fees. Additionally, purchasing GT points or reaching higher VIP levels through increased trading volumes can further reduce fees, with potential discounts ranging from 30% to 70%. Deposits on Gate.io are free of charge, which is a significant advantage for users. However, withdrawal fees vary depending on the cryptocurrency being withdrawn. For example, the fee for withdrawing Bitcoin is 0.0005 BTC, which is competitive compared to the industry average. While Gate.io does not support fiat withdrawals, it allows users to deposit fiat currencies through third-party services like Banxa, MoonPay, and Simplex. These services charge their own fees, which can be relatively high. Overall, Gate.io’s fee structure is designed to be fair and transparent, catering to both casual traders and high-volume users with various discount options and competitive withdrawal fees.

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.

Gate.Io

Year Founded: Gate.io was founded in 2013, making it one of the older cryptocurrency exchanges. Its longevity in the market indicates a level of stability and experience in handling crypto assets.
Customer Service: The platform offers 24/7 customer support via live chat, email, and support tickets. While there have been mixed reviews regarding response times, the availability of multiple support channels is a positive aspect for users needing assistance.
Number of Users: The exchange has a substantial user base, with millions of registered users. This large user base reflects the platform's popularity and trustworthiness among crypto traders.
Trading Volume and Liquidity: Gate.io is known for its high trading volume and liquidity, ranking among the top exchanges globally. This high volume ensures that users can easily buy and sell assets without significant price slippage.
Security Methods: Gate.io employs robust security measures, including cold storage for the majority of user funds, two-factor authentication, and SSL encryption. These measures are designed to protect user assets and personal information from potential breaches.

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

Token GT (GateToken)

Earns

Yes

NFT marketplace

Yes

Cripto/debit card

Yes

Full name

Gate Technology Inc.

Dunamu Inc.

Regulation

Not regulated

Regulated in Corea del Sur

Year founded

2013

2017

Founder

Lin Han

Song Chi

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Gate.Io	FEATURES	Upbit
Minimum trade size is $10, making it accessible for small investors.	Minimum Trade	Upbit allows users to trade with relatively small amounts, making it accessible for beginners.
Flat fee of 0.2% for both makers and takers, competitive in the industry.	Trading and Transaction Fees	The fees are competitive but the structure can be complex and confusing for new users.
Over 1,400 cryptocurrencies available, providing extensive trading options.	Number of Cryptocurrencies	Upbit offers a wide array of over 150 cryptocurrencies, catering to diverse trading preferences.
Supports a wide range of trading pairs, enhancing trading flexibility.	Crypto-to-Crypto Trading Pairs	Provides an extensive range of trading pairs, supporting various crypto-to-crypto transactions.
Good security measures but lacks full transparency in some areas.	Website Transparency	Generally transparent about trading conditions and security policies, though some information like fee structures could be simplified for better clarity.
Gate.io does not currently offer its own exchange card for customers to use for in-store purchases and receive benefits.	Credit/Debit Card	Lacking a dedicated exchange card, Upbit misses an opportunity to integrate cryptocurrency spending into everyday transactions for its users.
Utilizes both hot and cold storage, with the majority of funds kept offline.	Storage Offering	Offers secure storage solutions, though it’s primarily an exchange, not a dedicated wallet service.
Offers various staking and earning opportunities with competitive returns.	Staking and Rewards	Offers competitive staking options and rewards, providing users with opportunities to earn from their holdings.
Robust mobile app available on iOS and Android, well-rated for Android users but mixed reviews for iOS.	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 support via live chat and email, though response times and quality vary.	Customer Service	Available and responsive, though some users report delays during peak times, which could be improved.
Crypto deposits are free; withdrawal fees vary by asset, no fiat withdrawals supported.	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 indicators

Advanced charting tools, technical analysis

Mobile APP

Yes

Security

High 4,9/5

Additional features

Margin trading, futures trading, staking, Gate.io Earn

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

Anonymity

Yes

Key points

Available cryptocurrencies

800+

200+

User-friendliness

Features a user-friendly interface that is easy to navigate, making it suitable for beginners. The platform provides a seamless trading experience with essential features easily accessible.

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

Global, including United States, Canada, United Kingdom, Australia, Germany

South Korea, Singapore, Indonesia, Thailand

Best for

Suitable for traders of all experience levels looking for 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

USD, BTC, USDT

KRW, BTC

Account

Trading

Gate.io offers a wide range of cryptocurrencies and advanced trading tools. It has competitive fees but can be complex for beginners.

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

Gate.io supports a wide range of deposit and withdrawal methods, including bank transfers and crypto. Withdrawals are processed quickly, usually 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

Gate.io provides a seamless account registration process. Users need to fill out personal details and verify their identity. The process is fully digital and usually completed 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

Gate.io 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

Gate.io provides extensive security measures, including 2FA and cold storage. 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 in cryptocurrency exchanges, I highly recommend Gate.io for its comprehensive trading features and extensive selection of cryptocurrencies. With over 1,400 coins and a wide range of trading pairs, Gate.io offers excellent opportunities for diversifying your investment portfolio. The platform’s robust security measures, including cold storage and two-factor authentication, provide peace of mind for users concerned about the safety of their assets. While the interface may be complex for beginners, its advanced tools make it a powerful choice for experienced traders. Despite some limitations with fiat support, the competitive fees and strong liquidity make Gate.io a top choice for serious cryptocurrency enthusiasts.

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 Gate.io review

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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.