There are several crypto exchanges available on the internet.
However, crypto traders always seek an exchange that can meet their trading requirements and has lower trading fees.
Two such exchanges are Upbit and Bybit. Both exchanges are pretty solid in their respective fields.
But what if you have to select one between Upbit vs Bybit?
To help you out with this, I have compared both exchanges at several factors below. So go ahead and read out the comparison:
Upbit vs Bybit: At A Glance Comparison
Upbit is one of the most popular South Korean crypto exchanges out there. The company was founded back in 2017. The crypto exchange is pretty limited in terms of features.
However, its global version allows you to trade in the Spot market using SGD as the base currency.
On the other side, ByBit is a popular choice for trading crypto across spot, margin, and futures markets. The exchange was established back in 2018, and it offers a wide range of services.
Bybit is known for its lower trading fees and the ability to trade in perpetual swaps. Apart from trading crypto, you can also use the exchange for copy trading, bot trading, and more. To get started, use the Bybit’s coupon code to get sign-up bonus.
Upbit vs Bybit: Trading Markets, Products & Leverage Offered
When it comes to trading market availability, there is a huge difference between both exchanges.
Upbit isn’t really impressive in terms of trading markets. As it only allows you to trade in the spot market. There is no futures or margin trading available on the exchange.
- Spot trading using SGD, BTC & USDT as base currency
ByBit, on the other hand, has more market types and other features that will help you trade effectively. The market types include
- Spot Trading
- Margin trading with 5x leverage
- USDT and Coin-M perpetual contracts with up to 100x leverage
- USDC perpetual contracts with up to 125x leverage
- Leveraged tokens with up to 2x leverage
- P2P Trading
Verdict: ByBit is a clear winner in this case. The exchange supports more market types and has almost the same leverage as Deepcoin.
Upbit vs Bybit: Supported Cryptocurrencies
With Upbit, you will be able to trade a wide variety of digital assets. It includes more than 150 digital assets and more than 220 markets. Some of the listed tokens are:
Bybit is a better choice in terms of supported coins.
The exchange has more than 350+ crypto tokens and trading pairs. Also, new coins keep getting launched on the exchange. You will find a fix of both popular yet new tokens, such as:
Verdict: Bybit is the clear winner for this section. As it offers you a wide range of tokens and trading markets across spot and futures markets.
Upbit vs Bybit: Trading Fee & Deposit/Withdrawal Fee Compared
Now coming to the most important part is the trading fee charged by both exchanges. As a crypto trader, you want to ensure to go with an exchange that has the lowest trading fee for better profits and reduced loss.
Upbit Spot Trading Fee
For spot trading fees, Upbit charges different maker and taker fees for SGD, BTC, and USDT markets. Also, you don’t get to see a tiered fee structure, nor it offers you any sort of discounts.
The regular fee stands at:
Upbit Deposit & Withdrawal Fees
On Upbit, deposits are free. However, the exchange charges you for withdrawals.
Withdrawal fees will be charged per transaction, and the fee will depend on what currency you are withdrawing. Along with that, withdrawal fees may be adjusted according to blockchain conditions.
Also, if you are depositing or withdrawing fiat currencies like SGD, it will be subjected to a transaction fee.
ByBit Spot Trading Fee
Bybit has a pretty straightforward fee structure. It follows the regular tiered fee structure, which enables you to lower the trading cost by increasing your 30 days trading volume.
But you don’t get any additional discounts. So the regular trading fee stands at:
- Maker Fee: 0.10%
- Taker Fee: 0.10%
ByBit Futures Trading Fee
For Bybit futures trading, you get to see a similar tiered fee structure with no additional discounts. So the regular fee stands at:
- Maker Fee: 0.06%
- Taker Fee: 0.01%
ByBit Deposits & Withdrawal Fees
When it comes to depositing crypto tokens on Bybit, there are no charges. But if you are depositing fiat, it will be subjected to a transaction fee charged by the payment processor.
But for crypto withdrawals, Bybit has charges which depend on what currency you are withdrawing and the current blockchain network conditions.
But you can completely avoid depositing and withdrawing fees on Bybit by using P2P trading.
Verdict: In terms of trading fees, Bybit is the winner. It offers you the option of lowering your trading cost as your trading volume increases. Plus, you have P2P trading for free deposits and withdrawals.
Upbit vs Bybit: Order Types
In terms of order types, there are hardly any differences between Upbit and ByBit.
- Stop Limit
Verdict: As there is not much difference between these exchanges, it is a tie.
Upbit vs Bybit: KYC Requirements & KYC Limits
Upbit requires you to complete KYC verification before you can start trading. Without verifying your account, you won’t be able to deposit SGD or any crypto tokens.
However, it has different KYC levels with different deposit and withdrawal limits.
- Level 2: Unlimited digital assets and SSG deposit limit with a daily digital withdrawal limit of 5,000.
- Level 3: Unlimited digital assets and SSG deposit limit with a daily digital withdrawal limit of 100,000.
- Level 4: Unlimited digital assets and SSG deposit limit with a daily digital withdrawal limit of 100,000 and an SGD withdrawal limit of 50,000.
With ByBit, there is no need to verify your account. Without KYC verification, you can deposit or withdraw, use P2P trading, or participate in trading activities.
With just basic verification, you are getting a 20,000 USDT daily withdrawal limit and a monthly limit of 100,000 USDT.
But if you want enhanced privileges, you can verify your account.
Coming to the KYC limits, on ByBit, you have two levels:
- Level 1: A daily fiat top-up limit of $20K USDT and a coin withdrawal limit of 1,000,000 USDT daily. Plus, you will get unlimited P2P trading.
- Level 2: A daily fiat top-up limit of $100K and a daily coin withdrawal of 2,000,000 USDT. Along with that, you will get unlimited P2P trading.
Verdict: As ByBit can be used without verifying your account, it is the clear winner.
Upbit vs Bybit: Deposits & Withdrawal Options
The deposits and withdrawal options are very limited on Upbit. You only have two options, these are:
- Method 1: Use bank deposits for deposits and withdrawals. However, it is only available for KYC level 4 users.
- Method 2: Deposit crypto tokens from other wallets or exchanges. However, it is only available for KYC level 2 users.
Bybit is a better choice in terms of deposit and withdrawal options. As you have multiple options, such as:
- Method 1: Use your credit/debit card, bank transfer, or other 3rd party payment options to deposit or withdraw fiat.
- Method 2: Use P2P trading for free deposits and withdrawals using your locally available payment methods.
- Method 3: You can also deposit crypto tokens from other wallets or exchanges.
Verdict: As Bybit offers various ways to deposit and withdraw funds, it is the winner for this section.
Upbit vs Bybit: Trading & Platform Experience Comparison
Trading experience is another factor that you should take into account when choosing a crypto futures trading platform. As far as the overall experience of both exchanges is concerned, it is pretty great. And here are all the features you are getting:
- Two types of technical charts, including TradingView
- Easy trading pair selection
- Order book
- Recent trades
- Easy-to-use order form
- Open Orders & Completed Orders
- Multiple technical charts, including TradingView
- Easy-to-use order form
- Trading pair details
- Order book
- Recent trades
- Positions closed P&L,
- Current orders, order history, and trade history
- Easy-to-use mobile app
You can also go through this Bybit tutorial to know more about the crypto exchange.
Verdict: Bybit has an advanced trading platform compared to Upbit. It offers you tons of features that will overall improve your trading experience. So it is the winner for this section.
Upbit vs Bybit: Customer Support
When it comes to getting support, the options are pretty limited on Upbit. The only way to get help from Upbit is to raise a support ticket. They don’t offer their support via live chat or through social media channels like Twitter.
Bybit offers you tons of ways to get help. The easiest option is to use its live chat window, which can be used to connect with a support agent instantly.
Or you can use it to access different help guides.
Alternatively, you can also get help via email. Or you can reach out to them via social media channels like Twitter at @BybitHelpdesk.
Verdict: As Bybit has more options for getting help, it is the winner for this section.
Upbit vs Bybit: Security Features
- KYC Verification
- Login Password
- Two Factor Authentication
- Anti-phishing Code
- Fund Password
- Triple Layer Asset Protection & Platform Security
- Advanced-Data Protection
- Real-Time Monitoring
- Withdrawal Address Whitelist
- Withdraw via Address Book
- Trusted devises Management
Verdict: Bybit is a winner in terms of security features. It offers you different ways to protect your account, while Upbit only secures your account via the login password.
Is Upbit Safe & Legal To Use?
Upbit is a safe and legal platform to trade crypto. The exchange is based on one of South Korea’s real internet and Fintech giants Kakao.
Plus, the exchange has partnered with several companies to protect its users’ security and funds. It also uses multi-signature wallets to protect its funds. However, the exchange has been hacked in the past.
Is Bybit Safe & Legal To Use?
ByBit is one of the safest platforms to trade crypto. It has several security features in place to protect its users’ data and funds.
Plus, on the user’s end, you are getting features like 2FA, funds password, and more. Plus, the exchange is compiled with many jurisdictions globally.
Furthermore, the exchange keeps a majority of the user’s funds in cold storage, and it doesn’t have any history of hacks yet.
Upbit vs Bybit Conclusion: Why not use both?
ByBit is the clear winner in the battle of Upbit vs Bybit. Bybit not only allows you to trade in the spot market. But you can also participate in margin and futures trading at lower trading fees.
Plus, it offers you several ways to deposit and withdraw funds and has an advanced yet easy-to-use mobile app.
But Upbit is not really a loser. The exchange is a great option for citizens from South Korea. Or anyone looking to trade crypto using SGD.
Learn how Upbit & Bybit stack up against the competition: