Comparison of Upbit vs Wazirx [ 2024 ]

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

wazirx

Wazirx

  • Threenvest valuation: 3,9/5
  • US legal: No
  • Security: High 4,6/5
  • Mobile App: No
Go exchange

Investing risks losing your money

Main points

Fees

≈ 0,20%/0,25%

Earns

Yes

Customer service

4/5
0,20%

Fees

No

Earns

4/5

Customer service


Recommended for

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Yes
Yes

Beginners

Yes

Trading

No

Passive income

Yes

Buy and hold


Comparison of fees

Rating

4.0 – Competitive fees with strong local support in South Korea and Southeast Asia.
4.0 – Competitive fees with additional rewards for using the native token.

Level

≈ 0,20%/0,25%
0,20%

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.
WazirX structures its commissions to be competitive within the cryptocurrency exchange market, particularly appealing to Indian traders. The platform charges a flat fee of 0.2% per transaction, which applies to both makers and takers. This straightforward, no-tier fee structure makes it easy for users to understand exactly what they will pay per trade, without any hidden complexities. Additionally, deposit fees are free for cryptocurrencies, but there may be small charges for fiat transactions depending on the method used, and withdrawal fees vary by cryptocurrency, reflecting network fees rather than platform charges.

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

Wazirx

wazirx
Read upbit review
  • Year founded: WazirX was established in 2017, quickly becoming a key player in the Indian cryptocurrency space, demonstrating robust growth and longevity in a highly volatile market.
  • Security methods: WazirX employs a comprehensive set of security measures, including two-factor authentication (2FA) and regular security audits, ensuring a secure trading environment for its users.
  • Volume managed and trading volume and liquidity: Since its acquisition by Binance, WazirX has seen substantial increases in its trading volumes, benefiting from Binance’s high liquidity pools which enhance trading efficiency and price stability on the platform.
  • Reputation and Reviews: The platform is well-regarded in the Indian cryptocurrency community, known for its user-friendly interface and reliability. Its strategic partnership with Binance further boosts its credibility among users.
  • Customer service: WazirX offers a dedicated support team and has a comprehensive FAQ and support section that addresses common issues and guides new users through the trading process, contributing to a supportive user experience.
  • Pros
  • Supports numerous cryptocurrencies.
  • User-friendly interface.
  • INR deposits and withdrawals.
  • Cons
  • Occasional technical glitches.
  • Slow customer support.

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Product selection

Native token

No
Token WRX

Earns

Yes
No

NFT marketplace

Yes
Yes

Cripto/debit card

Yes
Yes

Company information

Full name

Dunamu Inc.
Zanmai Labs Private Limited

Regulation

Regulated in Corea del Sur
Not regulated

Year founded

2017
2018

Founder

Song Chi
Nischal Shetty

Payment methods

Transfers

Yes
Yes

Mastercard

Yes
Yes

Wire transfer

Yes
Yes

Card

Yes
Yes

Comparative table

Upbit FEATURES Wazirx
Upbit allows users to trade with relatively small amounts, making it accessible for beginners.
Minimum Trade
WazirX allows users to begin trading with relatively small amounts, making it an accessible option for beginners and those looking to test the waters without significant initial investments.
The fees are competitive but the structure can be complex and confusing for new users.
Trading and Transaction Fees
WazirX charges a flat fee of 0.2% on all trades, which is competitive; however, a lack of fee tiering can deter high-volume traders who typically benefit from reduced rates in other exchanges.
Upbit offers a wide array of over 150 cryptocurrencies, catering to diverse trading preferences.
Number of Cryptocurrencies
The platform supports a broad array of cryptocurrencies, providing users with ample opportunities to diversify their portfolios with both popular and less mainstream tokens.
Provides an extensive range of trading pairs, supporting various crypto-to-crypto transactions.
Crypto-to-Crypto Trading Pairs
Offers a substantial number of trading pairs, which is beneficial for traders looking to capitalize on market movements across various cryptocurrencies.
Generally transparent about trading conditions and security policies, though some information like fee structures could be simplified for better clarity.
Website Transparency
Generally, WazirX maintains a transparent approach with visible fee structures and trading terms; however, improvements could be made in the visibility of wallet safety and fund security protocols.
Lacking a dedicated exchange card, Upbit misses an opportunity to integrate cryptocurrency spending into everyday transactions for its users.
Credit/Debit Card
WazirX lacks an exchange card, limiting flexibility in utilizing crypto assets for everyday transactions and benefits.
Offers secure storage solutions, though it’s primarily an exchange, not a dedicated wallet service.
Storage Offering
Provides robust storage options with an emphasis on security; includes both hot and cold wallet solutions to ensure the safety of user assets.
Offers competitive staking options and rewards, providing users with opportunities to earn from their holdings.
Staking and Rewards
While WazirX offers staking options, the variety and rewards rates are less competitive when compared with larger platforms that specialize in staking and yield farming.
Both platforms are user-friendly and offer full functionality, facilitating trading on-the-go and from desktop setups.
Mobile App and Desktop
Both the mobile app and desktop platform are well-designed, offering intuitive navigation and comprehensive functionality that meets the needs of most traders.
Available and responsive, though some users report delays during peak times, which could be improved.
Customer Service
The platform’s customer service is an area needing improvement, with reported delays in response times and issues with the effectiveness of the solutions provided.
Efficient processes with some limits on international transactions, reflecting the need for broader accessibility.
Deposit and Withdraw
Deposits and withdrawals are processed efficiently, especially for INR transactions. However, the platform could expand its support for additional fiat currencies to enhance user convenience further.

Key features

Analysis tools

Advanced charting tools, technical analysis
Basic charting tools

Mobile APP

Yes
Yes

Security

High 4,9/5
High 4,6/5

Additional features

Margin trading, staking, Upbit Earn, fiat on/off ramps
Staking, WazirX token (WRX) rewards, WazirX Earn, fiat on/off ramps

Anonymity

No
No

Key points

Available cryptocurrencies

200+
100+

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.
WazirX 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.

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.
Provides good value for money with competitive fees and a wide range of supported cryptocurrencies, making it an affordable choice for Indian users.

Countries of operation

South Korea, Singapore, Indonesia, Thailand
India, United States, Canada, United Kingdom, Australia

Best for

Best for South Korean, Singaporean, Indonesian, and Thai investors seeking a reliable platform with competitive fees.
Ideal for Indian investors seeking a user-friendly platform with competitive fees and a wide range of supported cryptocurrencies.

Base currencies available

KRW, BTC
INR, USDT

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.
WazirX is one of the largest exchanges in India, offering a wide range of cryptocurrencies and easy fiat integration. It has competitive fees and a user-friendly platform but has faced regulatory challenges.

Deposit and withdrawal

Upbit is a major exchange in South Korea, offering multiple deposit and withdrawal methods. Withdrawals are processed quickly, with competitive fees.
WazirX is one of the largest exchanges in India, offering a wide range of deposit methods. Withdrawals are processed quickly, with competitive fees.

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.
WazirX offers a straightforward and user-friendly account opening process. Users need to provide personal information and verify their identity. The process is efficient and typically takes less than a day to complete.

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

Security

Upbit ensures security through 2FA, encryption, and cold storage. It is regulated by Korean authorities, providing a secure environment for investors.
WazirX offers comprehensive security measures, including 2FA and cold storage. It is regulated by Indian authorities, ensuring high security for investors.

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 one of the experts reviewing WazirX, I recommend this platform for Indian users looking for a straightforward entry into the world of cryptocurrencies. Its integration with Binance enhances liquidity and provides a robust range of trading options, which is beneficial for both novice and experienced traders. However, be mindful of occasional technical issues and prepare for potential delays in customer service response times. Overall, WazirX stands as a solid choice, especially if you value an easy-to-navigate interface and a wide selection of crypto assets.

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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 Wazirx