Home Money & Finance Uphold vs Coinbase: Crypto exchange review?

Uphold vs Coinbase: Crypto exchange review?

by Nadine
1 comment

Using Uphold or Coinbase are excellent services for purchasing cryptocurrency, but they are significantly different.

Uphold vs. Coinbase is a side-by-side comparison of the two exchanges.

Find out which one has the lowest fees, which one has the most cryptocurrency, what security precautions they use, and any other noteworthy aspects.

1) Fees

Uphold Vs Coinbase Fees

 Uphold vs. Coinbase

In terms of fees, Uphold fees beats Coinbase stock, while expert traders can save money by using Coinbase Pro.

Fees for cryptocurrencies come in a variety of forms, and platforms aren’t always upfront about what they charge. For instance, a platform may offer free deposits but subsequently demand a high withdrawal fee — and it’s not always clear how much each stage would cost on their websites. Fees vary depending on your region and the sort of deposit or withdrawal you make.

Uphold claims to have no deposit fees, withdrawal fees, or trading commissions, yet it makes it obvious that you will be charged a spread on each trade. When you make a withdrawal, individual crypto networks will charge a transaction fee, but Uphold does not profit from this.

Depositing money by debit card or bank transfer is free for US and European consumers, and trading popular coins has a spread of 0.8 percent to 1.2 percent. For low-liquidity cryptos and traders from other countries, the spread widens.

For example, buying $50 worth of Bitcoin (BTC) on Coinbase stock would cost $0.43, or 0.85 percent of the total trading value. It would cost $4.25 to purchase $500.

The costs with Coinbase are higher and less clear. Each trade is subject to a fluctuating spread of roughly 0.5 percent, as well as a transaction fee. The transaction charge is determined by the amount of money you spend and the payment method you select.

For example, if you wanted to buy $50 worth of Bitcoin on Coinbase with a US bank account, you’d have to spend $2.24. This is made up of a 0.5 percent spread and a flat cost of $1.99. You’d pay $22.45 to buy $500 worth of Bitcoin with a debit card, which includes a 0.5 percent margin and a $19.95 debit card fee.

Advanced traders can trade for a lot less with Coinbase Pro. They can deposit money for free via bank transfer and then pay a spread of 0.5 percent or less, depending on the volume of crypto trading.

2) Available Cryptos  Uphold vs. Coinbase

Uphold Vs Coinbase Cryptos

Uphold has a smaller assortment of cryptos than Coinbase. Coinbase stated earlier this year that it intended to list as many cryptocurrencies as it was legally permitted to do so. It presently offers over 90 coins and stable coins to US traders, including the majority of major cryptocurrencies.

Uphold supports more than 60 cryptocurrencies, including well-known coins like Bitcoin, Ethereum (ETH), Solana (SOL), and Cardano (ADA) (ADA). It also deals in a variety of stable coins.

Non-European consumers can also trade in 50 different shares, 27 currencies, and commodities like gold on the Uphold platform, which makes it unique. Its “anything-to-anything” interface allows you to transfer your Bitcoin into another cryptocurrency or, for example, Apple stock.

And, unlike some platforms that require you to trade (and pay trading fees) twice to purchase less prevalent cryptos, Uphold allows you to do everything in one transaction. Instead of trading U.S. dollars into a stable coin like USDC and then USDC into a less-common coin, you’d be able to trade dollars directly into any of the listed cryptos.

3) Wallets  Uphold Hq Inc VS. Coinbase stock

Uphold Vs Coinbase Wallets

Customers can use custodial wallets from Coinbase and Uphold. A crypto wallet that is owned by the exchange is known as a custodial wallet. Crypto investors can also withdraw their cash from both exchanges and deposit them in a non-custodial wallet of their choosing.

Some crypto investors fear that if you don’t have control over your crypto keys (much like your bank account’s PIN), your investments are at risk. You can lose your assets if your funds are held in a custodial wallet on an exchange that is hacked or goes insolvent.

Other investors, particularly newer ones, want to keep their assets on the platform where they were purchased. If customers forget their password, for example, the crypto exchange will be able to assist them in gaining access to their funds. With an external hardware wallet, this isn’t always possible.

Coinbase, unlike Uphold, offers a non-custodial wallet called Coinbase Wallet. A Coinbase Wallet can be opened by anyone who isn’t a Coinbase customer.

4) Security

Uphold Vs Coinbase Security

Uphold vs. Coinbase

Over the years, there have been several high-profile attacks against cryptocurrency exchanges, and no cryptocurrency exchange can be completely safe. Uphold and Coinbase, on the other hand, appear to have adequate security procedures in place.

Additional security precautions are listed on both sites. Uphold, for example, is open about the assets it holds in reserve. It discloses how much of each cryptocurrency, fiat cash, and stock it has, as well as its commitments. Coinbase claims to store backups on hard drives and paper in secure vaults across the world.

A word about know-your-customer (KYC) rules. Before you can use any of Coinbase’s features, you must first authenticate your identity.

Before you deposit money or trade, Uphold does not need you to finish the KYC verification process. It is, however, required when you want to withdraw your funds. We recommend finishing the verification process before depositing any funds; you don’t want to start trading only to find out later if there’s a problem.

Conclusion

Uphold Vs Coinbase Conclusion

Both Uphold and Coinbase are good cryptocurrency exchanges that cater to a variety of investors.

Uphold offers several unique features, including anything-to-anything trading, additional equity and commodity trading, and a large number of third-party connectors. These apps range from games to cryptocurrency accountancy. Uphold is rather simple to use, albeit there were a few minor technical issues. In addition, we found the customer assistance to be quite responsive.

Coinbase is a reliable trading platform that attracts a lot of new investors. It is more expensive to trade — at least until Coinbase Pro is available — but it is more accessible and provides more chances to earn passive revenue from your cryptocurrency. Its study-and-earn feature, which allows you to earn cryptocurrency by viewing videos and taking quizzes, is a great way to learn more about different projects.

Don’t be scared to experiment with both platforms before making a deposit.

You may also like

1 comment

EU regulators: Beware celebrity crypto ads - Imoteb Magazine March 24, 2022 - 2:00 pm

[…] financial regulators published a checklist Thursday for hobby investors to study before buying cryptocurrencies that could leave them […]

Reply

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00