Phemex vs Upbit: Fees, Security, Features & Which to Choose (2025)

Trying to choose between Phemex and Upbit This side-by-side comparison reveals total cost (fees + spreads), security & licenses, coins/derivatives, deposits/withdrawals, and app quality. In 2 minutes you’ll see who wins for beginners, active traders, and long-term holders. Clear pros/cons, a quick verdict, and safe links to get started.

Last updated on August 16, 2025

Phemex

Upbit

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Europe

Yes

Latin America

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India

Yes

China

Canada

United Kingdom

United States

yes

Europe

yes

Latin America

yes

India

China

Canada

yes

United Kingdom

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Phemex is ideal if:

Fast-paced traders value it: With ultra-low latency and deep liquidity, Phemex's high-performance trading engine offers smooth execution and stability.
Tech-savvy users benefit: Advanced tools—like copy trading, bots, and DeFi-style earning products—empower both automation and strategy innovation.
Privacy-conscious users find appeal: Flexible KYC policies and a streamlined onboarding style suit those preferring minimal verification barriers.

Upbit is ideal if:

Great for beginner-friendly trading: Offers a clean, intuitive interface and strong security, making it ideal if you're new to crypto and value simplicity.
Strong Asian market presence: Deeply localized in South Korea and Southeast Asia, with excellent liquidity and fiat integration in those regions.
Not suited for advanced instruments: If you're looking for margin, derivatives, or broad global fiat support, Upbit’s limited financial features may not fit your needs.

Phemex isn’t ideal if:

Fiat-focused users may face limits: Fiat deposit and withdrawal services are unavailable or heavily restricted in numerous countries, reducing accessibility for those relying on bank transfers.
Newcomers could feel overwhelmed: The platform’s advanced features and high-leverage tools offer power—but may feel complex if you’re new to trading.
Risk-averse investors might be uneasy: Derivatives and high-leverage products carry greater risk, making Phemex less suited to those seeking lower-volatility exposure.

Upbit isn’t ideal if:

Limited product variety: Lacks margin, futures, copy-trading, loans, or crypto cards, restricting users seeking more advanced financial tools.
Geographically constrained: Primarily serves South Korea and select Asian markets; support and fiat options are limited for most global users.
Basic customer support: Relies mainly on ticket-based assistance with minimal tutorials or live help, which may not satisfy those wanting more hands-on guidance.

Fees & Total Costs

Spot Maker/Take

Spot trading fees start at 0.1% for both maker and taker on the base VIP tier and can decrease via VIP-level benefits tied to trading volume or asset holdings; using the Phemex Token (PT) grants additional discounts—around 20% off spot fees—and those can stack with VIP reductions.

Upbit applies a flat trading fee—typically around 0.20–0.25%—for both maker and taker spot orders across supported pairs, with no tiered discounts or native token rebates.

Futures/Derivatives

Futures (perpetual contracts) begin with a maker fee as low as 0.01% and a taker fee of 0.06%, with lower rates available through VIP status; funding rates vary according to market dynamics and are applied periodically, affecting long or short positions depending on current rates.

Upbit does not offer futures or derivative instruments, so there are no maker, taker, or funding fees to consider.

Average Spreads on Liquid Pairs

Phemex delivers tight spreads on major spot pairs like BTC/USDT and ETH/USDT, thanks to deep order-book liquidity and efficient execution, although the exact average spread fluctuates with market conditions and isn’t publicly standardized.

On major spot pairs like BTC/USDT or ETH/USDT, spreads are generally tight and reflective of high liquidity, though your precise rate depends on market depth at the time of execution.

Fiat Deposits & Withdrawals

Fiat deposits are facilitated via third-party gateways such as MoonPay or Banxa, often with fees imposed by those services; withdrawal in fiat is limited or restricted depending on jurisdiction and may incur fixed charges or banking delays driven by external banking partners.

Upbit supports bank transfers for fiat, with deposit methods varying by region; fees and processing times vary according to local banking systems and verification levels.

On-chain Withdrawals

Crypto withdrawals carry network-dependent fees, which vary by chain and congestion

Upbit charges fixed network fees per asset (e.g. a fixed amount in BTC or ETH), which do not adjust dynamically based on network congestion.

Hidden Costs

Hidden costs may include markups from third-party fiat gateways, potential inactivity penalties (if any), and premium-tier services like expedited KYC—but generally, Phemex avoids additional charges beyond trading, withdrawal, and external service fees.

You might encounter costs such as currency conversion spreads, speedier KYC processing, or cross-border banking charges; these are not labeled as explicit fees but can subtly add to your overall cost.

Real-World Cost Example: “€500 BTC

Example

If you purchase €500 in BTC, your total cost includes the platform’s flat trading fee plus the market spread; withdrawing that BTC would then incur the asset’s fixed network withdrawal fee.

Crypto Offering & Trading Features

Number of Coins & Pairs

Phemex offers several hundred tradable assets across hundreds of spot and futures pairs; among the top by volume you’ll typically see major pairs like BTC/USDT, ETH/USDT, XRP/USDT, SOL/USDT, DOGE/USDT, ADA/USDT dominating the leaderboards.

Upbit lists approximately 260-263 cryptocurrencies (depending on the data source) and over 540 trading pairs overall, with the top 20 by volume dominated by KRW pairs like ETH/KRW, XRP/KRW, and BTC/KRW, reflecting its regional liquidity strength.

Product Range

Phemex delivers a wide product mix including spot and margin trading, perpetual futures, automated copy-trading, grid-trading bots (spot and futures), DCA and Martingale bots, essential lending/borrow via margin, plus crypto earn products and launchpad functionality.

Upbit focuses exclusively on spot markets and does not offer margin, perpetual futures, options, crypto ETFs, lending, copy trading, grid bots, or automated DCA; however, it does include staking/earn services for select assets.

Liquidity

Phemex sees substantial daily volume usually in the hundreds of millions USD, with order-book depth in BTC and ETH strong enough to support sizable trades without excessive slippage, reflecting healthy active liquidity.

Upbit’s 24-hour trading volume typically ranges in the multi-billion-dollar bracket, and its order books for BTC and ETH pairs exhibit strong depth, especially for KRW-denominated pairs, ensuring tight spreads and reliable execution.

Tools

The platform includes full order-type support such as limit, market, stop and OCO orders, real-time alerts, advanced interactive charts powered by TradingView, and robust API with WebSocket for seamless automation and live data.

The platform supports limit, market, and stop-limit order types, plus charting tools and dashboards, API and WebSocket access, but lacks native TradingView integration and any alerting capabilities.

Geographic Restrictions by Product

Certain services—especially derivatives—are restricted in countries like the United States, United Kingdom, parts of Canada, China, and other regions, while spot and earn products may remain accessible depending on local laws.

Derivatives and advanced instruments are unavailable across the board, and even spot trading is restricted in regions like the United States, Japan, China, and Taiwan due to regulatory limitations.

Innovation

Phemex continually expands its ecosystem with launchpad or launchpool-style token sales, and layered earn programs offering both flexible (withdraw anytime) and locked (higher yield) options to fit different investor preferences.

While Upbit does not host launchpads, launchpools, or flexible-vs-locked earn programs, it does offer staking options for select chains—but no advanced yield farming or investment pools.

Security, Regulation & Custody

Operating Entity & Jurisdiction

Phemex began in 2019 and is operated under entities such as Phemex Technology Pte. Ltd. in Singapore and Phemex Limited in the British Virgin Islands, placing it under those legal jurisdictions.

Upbit is operated by Dunamu Inc., a South Korean company founded in 2017, with its headquarters located in Seoul and expanding operations through entities such as Upbit Singapore.

Licenses/Registration

While Phemex holds an MSB registration with FinCEN in the U.S., it currently lacks MiCA or equivalent EU licensing and is not authorized to operate in several regulated regions.

Upbit Singapore holds a fully licensed status as a Major Payment Institution under Singapore’s Payment Services Act, enabling regulated digital token services, while its Korean operations continue under the Virtual Asset Service Provider framework.

Custody

The exchange maintains full custody of user assets and provides a self-verifiable Merkle-tree proof-of-reserves (PoR) tool that shows assets are backed 1

Upbit maintains full custody of user assets, backed by recent audits confirming over-100 percent reserves for both digital assets and cash equivalents, alongside substantial cold-wallet holdings.

Insurance & Protection Funds

There is no publicly disclosed insurance or user protection fund; security relies on reserve mechanisms and risk controls but does not include third-party insurance coverage.

The exchange has set aside dedicated user protection reserves, in the order of tens of millions USD, specifically to shield user assets in case of unexpected events.

Incident History

Phemex has not reported any major hacks, though it temporarily suspended a hot-wallet after an internal security review; it also faced regulatory scrutiny in Canada and the UK for compliance issues.

In late 2019, Upbit experienced a significant hack that resulted in the loss of roughly USD 48 million in Ethereum; since then, it’s reinforced internal controls and transparency protocols.

Risk Controls

Users benefit from standard safeguards including mandatory two-factor authentication, IP or address whitelists, anti-phishing protection, segregated sub-accounts, and granular API permission controls.

Upbit employs robust safety measures such as two-factor authentication, internal self-trading restrictions, a proprietary market-monitoring system, and auditing to prevent insider trading, plus granular permission controls for API access.

Transparency

Phemex offers monthly-updated PoR data, public disclosure of partial cold wallet addresses, and reserve ratios, demonstrating a commitment to transparency though without formal SLAs or comprehensive monthly financial reports.

The exchange publishes periodic transparency reports including audit results and trading-behavior monitoring; while it doesn’t offer public wallet addresses or formal SLAs, it follows regulatory guidelines and discloses operational compliance measures.

Deposits, Withdrawals, KYC & Support

Fiat Deposit Methods

Phemex supports fiat deposits via bank transfers (SWIFT, SEPA, ACH, FPS) and third-party services like MoonPay or Banxa; minimums generally start around $50, maximums reach very high limits, and processing typically takes from instant (via e-wallet) to 1–3 business days for transfers.

Upbit allows fiat deposits primarily via local bank transfers (e.g. KRW in Korea, SGD in Singapore) once you reach full verification; minimums vary, processing typically takes 1–3 business days.

Supported Fiat Currencies & Conversion

Upbit allows fiat deposits primarily via local bank transfers (e.g. KRW in Korea, SGD in Singapore) once you reach full verification; minimums vary, processing typically takes 1–3 business days.

KYC (Verification Levels)

There are three user tiers

Upbit uses a four-level KYC system—ranging from basic identity checks to full verification with bank linkage—and higher levels unlock larger deposit and withdrawal capacities.

Withdrawals

limits, times, networks (TRC20/ERC20/BEP20, etc.)

Crypto withdrawals are permitted across major networks like ERC-20 and TRC-20, with daily limits scaling by KYC level and typical processing within hours.

Customer Support

chat 24/7, email, response times, knowledge base

Support is available through email and a robust FAQ/help center; users in Korea generally experience faster responses, while international users may wait longer and have less localized documentation.

Languages & Localization

The platform’s interface and support are primarily in English, with fees typically shown in USD or equivalent fiat; some content and interfaces are localized for major regions, though comprehensive local regulation compliance varies by jurisdiction.

The platform is available in native English and Korean, displays balances in local currencies (KRW or SGD), and adheres to the relevant local regulatory framework for each region.

App Quality & Stability

The Phemex mobile app is generally regarded as stable and regularly updated, offering seamless feature parity with desktop—though exact crash rates aren’t disclosed, user feedback reflects a smooth, reliable experience.

The Upbit mobile app is known for its stability and smooth performance, with regular updates, low crash rates, and quick feature rollouts aimed at both beginners and experienced users.

Experience, Performance & Ecosystem

UX/UI

The platform offers a clean, intuitive interface with a low entry barrier for newcomers, while also featuring an advanced “Pro” layout tailored to seasoned users that surfaces more chart tools and analytics—all accessible without overwhelming either group.

The Upbit interface strikes a smart balance between clarity and functionality—offering a simplified view for beginners while still providing comprehensive charts and real-time data for more experienced users, although it doesn’t explicitly label modes as “Lite” or “Pro.”

Performance

Known for its fast order execution and robust infrastructure, Phemex handles volatility with minimal downtime, though during peak surges KYC and account approval may experience slight delays—performance remains solid overall.

Order latency remains low even during high volatility, and there are no widespread reports of system crashes; however, during market peaks, KYC verification queues may grow noticeably longer, affecting access for new users.

Education

Phemex Academy offers a rich library of beginner-to-advanced tutorials, while a fully functional Testnet simulator lets users practice trading risk-free; however, Spanish-language educational materials are limited or not as comprehensive.

While Upbit doesn’t offer demo accounts or a Spanish-language academy, it provides a detailed help center and tutorials that guide beginners through trading, deposits, and security.

Community

Users can join lively communities via Telegram or Discord, participate in referral programs offering significant bonus pools and commissions, and access forums where updates and peer tips circulate regularly.

Official community channels such as forums or Telegram groups are limited; referral programs exist but are less central to the user experience compared to peer-driven groups and third-party platforms.

Integrations

Phemex’s interface embeds native TradingView charts, supports integration with external bot frameworks, and appeals to algorithmic traders via API access, though dedicated tax or accounting tool integrations are limited.

Upbit supports Open API and WebSocket for developer access and trading automation, but lacks native TradingView integration, external bot marketplaces, or built-in tax/accounting tool integrations.

Who Each One Is Best For

Phemex stands out for active, tech-savvy or algorithmic traders seeking powerful tools, automation access, and derivatives options; it’s less ideal for ultra-beginners or those requiring local-language education or deep tax integrations.

Upbit is best suited for traders who prioritize a clean, stable interface with transparent spot trading, high liquidity, and a regional focus—especially those located in supported Asian markets looking for reliable, everyday trading rather than highly automated or global multi-tool ecosystems.