Comparison of Bitflyer vs Upbit [ 2024 ]

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

Your expert: Alejandro Borja

Bitflyer

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

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.0 – Competitive fees with some discounts for high-volume trading.

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

Level

0,10%

≈ 0,20%/0,25%

Brief explanation

BitFlyer structures its commission fees with an aim to be transparent and competitive, though they are often perceived as slightly higher than some of its global competitors. The exchange charges a flat fee for transactions, which can vary slightly depending on the market conditions and the specific services used. For instance, trading Bitcoin typically incurs a fee of about 0.1% to 0.15%, but this can differ for other cryptocurrencies or more complex transactions such as futures or options trading. Importantly, these fees contribute to the high level of security and regulatory compliance that BitFlyer offers, making it a trusted platform despite the slightly higher costs.

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.

Bitflyer

Year Founded: BitFlyer has been operational since 2014, giving it a long-standing presence in the cryptocurrency world. This longevity in the rapidly evolving digital currency landscape speaks to its stability and enduring commitment to its users.
Security Methods: BitFlyer employs rigorous security measures, including compliance with multiple regulatory standards across jurisdictions. It uses advanced encryption and follows strict internal security protocols to safeguard user data and funds.
Possible Regulation: The exchange is one of the few that has successfully navigated the strict regulatory environments of Japan, the United States, and Europe. It holds significant licenses, including the prestigious New York BitLicense, enhancing its credibility and trustworthiness.
Reputation and Reviews: BitFlyer's reputation in the crypto community is strong, bolstered by positive reviews from users who praise its user-friendly platform and security practices. Its regulatory compliance further reinforces its reputation as a trustworthy platform.
Trading Volume and Liquidity: With a substantial trading volume and high liquidity, BitFlyer offers users the advantage of better price stability and the ability to execute large transactions with minimal impact on the market price, making it a reliable platform for trading major cryptocurrencies.

Read bitflyer review

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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Account Minimum

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Direct link to the website

Product selection

Native token

Earns

Yes

NFT marketplace

Yes

Cripto/debit card

Yes

Full name

bitFlyer, Inc.

Dunamu Inc.

Regulation

Regulated in Japón

Regulated in Corea del Sur

Year founded

2014

2017

Founder

Yuzo Kano

Song Chi

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Bitflyer	FEATURES	Upbit
BitFlyer allows relatively low minimum trades, making it accessible for beginners.	Minimum Trade	Upbit allows users to trade with relatively small amounts, making it accessible for beginners.
Fees are slightly higher than average, which may deter frequent traders.	Trading and Transaction Fees	The fees are competitive but the structure can be complex and confusing for new users.
Offers a moderate selection of major cryptocurrencies, but lacks variety in altcoins.	Number of Cryptocurrencies	Upbit offers a wide array of over 150 cryptocurrencies, catering to diverse trading preferences.
Supports a solid range of trading pairs, suitable for most traders’ needs.	Crypto-to-Crypto Trading Pairs	Provides an extensive range of trading pairs, supporting various crypto-to-crypto transactions.
High transparency regarding security practices and compliance, fostering user trust.	Website Transparency	Generally transparent about trading conditions and security policies, though some information like fee structures could be simplified for better clarity.
bitFlyer offers a prepaid card in Japan, which can be used for online and in-store purchases. This card allows users to spend their crypto directly, making it convenient for daily use.	Credit/Debit Card	Lacking a dedicated exchange card, Upbit misses an opportunity to integrate cryptocurrency spending into everyday transactions for its users.
Provides secure cold storage options, ensuring safety for user funds.	Storage Offering	Offers secure storage solutions, though it’s primarily an exchange, not a dedicated wallet service.
Offers basic staking features and rewards but not as extensive or competitive as other exchanges.	Staking and Rewards	Offers competitive staking options and rewards, providing users with opportunities to earn from their holdings.
Both mobile and desktop platforms are user-friendly, well-designed, and reliable.	Mobile App and Desktop	Both platforms are user-friendly and offer full functionality, facilitating trading on-the-go and from desktop setups.
Generally responsive and helpful customer service, though some users may experience delays.	Customer Service	Available and responsive, though some users report delays during peak times, which could be improved.
Efficient deposit and withdrawal processes, but could be improved with more payment methods.	Deposit and Withdraw	Efficient processes with some limits on international transactions, reflecting the need for broader accessibility.

Key features

Analysis tools

Basic to intermediate charting tools

Advanced charting tools, technical analysis

Mobile APP

Yes

Security

High 4,9/5

Additional features

Spot trading, margin trading, Bitflyer Lightning exchange, recurring buys

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

Anonymity

Key points

Available cryptocurrencies

10+

200+

User-friendliness

Bitflyer features a simple and intuitive interface, ideal for beginners. The platform focuses on providing a seamless trading experience, making it easy for new users to buy and sell cryptocurrencies.

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

Provides reasonable value for money with low trading fees and a user-friendly platform, making it a good choice for beginners.

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

Japan, United States, Europe

South Korea, Singapore, Indonesia, Thailand

Best for

Great for beginners and experienced traders in Japan, the US, and Europe who want a user-friendly platform with competitive fees.

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

Base currencies available

JPY, USD, EUR, BTC

KRW, BTC

Account

Trading

Bitflyer provides a secure and easy-to-use platform with a decent selection of cryptocurrencies. It is particularly popular in Japan. However, it lacks some of the advanced trading features found on other major exchanges.

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

Bitflyer offers secure and efficient deposit and withdrawal methods, including bank transfers and crypto deposits. Withdrawals are processed within a day, and fees are competitive .

Upbit is a major exchange in South Korea, offering multiple deposit and withdrawal methods. Withdrawals are processed quickly, with competitive fees.

Account opening process

Bitflyer’s account opening process is easy and efficient. Users need to provide personal information, verify their identity, and address. The process is fully digital and typically takes less than 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

Bitflyer offers customer support via email and live chat. The support team is responsive, and support is available 24/7, making it convenient for users needing immediate help.

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

Bitflyer ensures high security with 2FA, encryption, and cold storage. It is regulated by Japanese authorities, ensuring strong security for 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 on our website, I recommend BitFlyer for users new to cryptocurrency trading due to its user-friendly interface and robust security measures. While its trading fees are a bit higher and the variety of cryptocurrencies somewhat limited, BitFlyer’s strong regulatory compliance and excellent platform stability make it a reliable choice for those prioritizing security and ease of use. If you’re starting your crypto journey, BitFlyer is a commendable option to consider.

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.

View all comparisons against Bitflyer

View all comparisons against Upbit

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.