Comparison of Upbit vs Bitmex [ 2024 ]

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

Your expert: Alejandro Borja

upbit

Upbit

  • Threenvest valuation: 4,4/5
  • US legal: No
  • Security: High 4,9/5
  • Mobile App: No
Go exchange

Investing risks losing your money

Your expert: Xavier Tarrasó

bitmex

Bitmex

  • Threenvest valuation: 4,1/5
  • US legal: No
  • Security: High 4,9/5
  • Mobile App: Yes
Go exchange

Investing risks losing your money

Main points

Fees

≈ 0,20%/0,25%

Earns

Yes

Customer service

4/5
≤0,10%

Fees

Yes

Earns

3/5

Customer service


Recommended for

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Yes
No

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold


Comparison of fees

Rating

4.0 – Competitive fees with strong local support in South Korea and Southeast Asia.
4.2 – Competitive fees with a focus on leveraged trading.

Level

≈ 0,20%/0,25%
≤0,10%

Brief explanation

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.
BitMEX’s commission structure is geared towards facilitating a dynamic trading environment, particularly favorable for traders who engage in high-volume trading. The platform primarily charges a trading fee based on the maker-taker model, where makers, who add liquidity to the market by placing limit orders, generally pay a lower fee compared to takers, who remove liquidity by executing against existing orders. The fees on BitMEX vary depending on the product being traded but are typically in the range of 0.025% to 0.075% for makers, which can actually go negative, effectively rewarding makers for adding liquidity. Takers, on the other hand, face fees from 0.075% to 0.25%. This competitive fee structure is particularly advantageous for frequent traders who can benefit from lower costs as their trading volume increases. Moreover, BitMEX does not charge fees for deposits or withdrawals, though standard blockchain network fees apply when withdrawing cryptocurrency. This aspect of the fee structure makes it straightforward and cost-effective for users to manage their funds, aligning with BitMEX’s user-centric approach to crypto trading.

Upbit

upbit
Read upbit review
  • 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.
  • Pros
  • Wide range of cryptocurrencies
  • Strong security measures
  • High trading volume
  • Cons
  • Complex fee structure
  • Intimidating for beginners

Read upbit review

Bitmex

bitmex
Read upbit review
  • Security Methods: BitMEX employs robust security measures, including multi-factor authentication and manual checks for withdrawal processes. This comprehensive approach ensures that all transactions are secure and user funds are protected against unauthorized access.
  • Trading Volume and Liquidity: The platform is known for its high liquidity and substantial trading volume, which enables traders to execute large trades without significantly affecting the market price. This high volume and liquidity make it a preferred choice for serious traders looking for effective trade execution.
  • Reputation and Reviews: BitMEX has built a strong reputation in the cryptocurrency trading community, particularly among experienced traders who require advanced trading tools. Despite facing regulatory challenges, it maintains positive reviews for its technical capabilities and innovative financial products.
  • Year Founded: Established in 2014, BitMEX is one of the more seasoned platforms in the rapidly evolving crypto exchange landscape. Its longevity in the market speaks to its resilience and ability to adapt to the changing regulatory and technological environments.
  • Customer Service: BitMEX provides dedicated customer service that assists users with any inquiries or issues. The availability of responsive support helps in building trust and ensures that users can rely on prompt assistance whenever needed.
  • Pros
  • High leverage up to 100x.
  • Advanced trading features.
  • Robust derivative product offerings.
  • Cons
  • Regulatory scrutiny and legal issues.
  • High risk from leverage trading.

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Product selection

Native token

No
No

Earns

Yes
Yes

NFT marketplace

Yes
No

Cripto/debit card

Yes
No

Company information

Full name

Dunamu Inc.
HDR Global Trading Limited

Regulation

Regulated in Corea del Sur
Not regulated, enfrentó acciones legales en los EE. UU.

Year founded

2017
2014

Founder

Song Chi
Arthur Hayes, Ben Delo, Samuel Reed

Payment methods

Transfers

Yes
No

Mastercard

Yes
No

Wire transfer

Yes
No

Card

Yes
No

Comparative table

Upbit FEATURES Bitmex
Upbit allows users to trade with relatively small amounts, making it accessible for beginners.
Minimum Trade
BitMEX allows for relatively small minimum trade sizes, making it accessible for traders who prefer to start with smaller amounts.
The fees are competitive but the structure can be complex and confusing for new users.
Trading and Transaction Fees
BitMEX offers competitive fees, especially for high-volume traders, but can be slightly on the higher side for low-volume or casual traders.
Upbit offers a wide array of over 150 cryptocurrencies, catering to diverse trading preferences.
Number of Cryptocurrencies
While BitMEX supports major cryptocurrencies, its focus is more on derivatives and futures rather than providing a wide array of crypto assets.
Provides an extensive range of trading pairs, supporting various crypto-to-crypto transactions.
Crypto-to-Crypto Trading Pairs
BitMEX provides a solid selection of trading pairs for major cryptocurrencies, especially in derivatives markets.
Generally transparent about trading conditions and security policies, though some information like fee structures could be simplified for better clarity.
Website Transparency
The platform is quite transparent about its terms, fees, and trading options, though some users may find the information overwhelming.
Lacking a dedicated exchange card, Upbit misses an opportunity to integrate cryptocurrency spending into everyday transactions for its users.
Credit/Debit Card
BitMEX lacks a debit or credit card feature for spending or earning rewards, limiting its utility for everyday transactions compared to other exchanges that offer such cards.
Offers secure storage solutions, though it’s primarily an exchange, not a dedicated wallet service.
Storage Offering
BitMEX provides secure storage options, but as a derivatives exchange, it does not emphasize wallet services like other exchanges.
Offers competitive staking options and rewards, providing users with opportunities to earn from their holdings.
Staking and Rewards
Limited options for staking or earning rewards, as BitMEX is primarily a trading platform for derivatives.
Both platforms are user-friendly and offer full functionality, facilitating trading on-the-go and from desktop setups.
Mobile App and Desktop
Both mobile and desktop platforms are robust and well-designed, offering high functionality for trading on the go or at a workstation.
Available and responsive, though some users report delays during peak times, which could be improved.
Customer Service
Customer service is adequate, with support channels available, but response times and resolution effectiveness can vary.
Efficient processes with some limits on international transactions, reflecting the need for broader accessibility.
Deposit and Withdraw
BitMEX supports efficient mechanisms for deposit and withdrawal, though primarily limited to cryptocurrency movements.

Key features

Analysis tools

Advanced charting tools, technical analysis
High-level technical analysis tools, derivatives trading features

Mobile APP

Yes
No

Security

High 4,9/5
High 4,9/5

Additional features

Margin trading, staking, Upbit Earn, fiat on/off ramps
High leverage trading, futures contracts, perpetual contracts, BitMEX Academy

Anonymity

No
No

Key points

Available cryptocurrencies

200+
Primarily derivatives, few direct cryptocurrencies

User-friendliness

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.
BitMEX, while offering advanced trading features, has a relatively user-friendly interface. However, it may be more suited to those with some experience in trading due to its focus on leveraged trading.

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.
Delivers reasonable value for money with competitive fees and advanced trading features, though its focus on leveraged trading may not suit all users.

Countries of operation

South Korea, Singapore, Indonesia, Thailand
Global, including United States, Canada, United Kingdom, Australia, Germany

Best for

Best for South Korean, Singaporean, Indonesian, and Thai investors seeking a reliable platform with competitive fees.
Ideal for experienced traders interested in leveraged trading and advanced trading features.

Base currencies available

KRW, BTC
BTC, USDT (for derivative products)

Account

Trading

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.
BitMEX is renowned for its derivatives trading and leverage options, making it ideal for experienced traders. However, it is not suitable for beginners due to its complexity and high-risk trading environment.

Deposit and withdrawal

Upbit is a major exchange in South Korea, offering multiple deposit and withdrawal methods. Withdrawals are processed quickly, with competitive fees.
BitMEX focuses on cryptocurrency deposits and withdrawals, with no support for fiat currencies. Withdrawals are processed daily, and fees are minimal, but users must manage the timing of their requests.

Account opening process

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.
BitMEX has a straightforward account registration process, requiring personal information and identity verification. The process is quick and fully digital, making it easy for users to start trading within a short period.

KYC required?

Yes
Yes

Customer Service

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.
BitMEX offers customer support through email and live chat. The support team is knowledgeable and responsive, but the absence of phone support and limited availability can be a disadvantage.

Security

Upbit ensures security through 2FA, encryption, and cold storage. It is regulated by Korean authorities, providing a secure environment for investors.
BitMEX ensures security with 2FA, encryption, and cold storage. It is not regulated by top-tier financial authorities, which might be a concern for some users regarding the safety of their funds.

Which of these exchanges is for you?

alejandro-borja-analista-de-brokers.webp

Alejandro Borja

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.
Xavier-tarraso-mascarell.jpg

Xavier Tarrasó

As an expert reviewing cryptocurrency exchanges, I find BitMEX to be a compelling option for experienced traders who are looking for high leverage and sophisticated trading options. However, due to its complexity and the high risk associated with its leverage capabilities, I recommend it primarily for seasoned traders. New users should approach with caution and consider starting with smaller trades until they become more familiar with the platform’s functionalities.

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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.

More comparatives Upbit and Bitmex