The complete 2022 review of crypto exchanges: Binance vs. Uphold

ReviewsApril 8, 2022

Udemy.com – Top Online Cryptocurrency Courses from $9.99 Get now!

Uphold, and Binance is two quite famous cryptocurrency exchanges in the world. Both exchanges allow users to easily exchange cryptocurrencies like BTC, ETH, and many other Altcoins. However, how are Uphold and Binance different? The article below compares Binance vs. Uphold regarding features, fees, security, and interface. The article also features some Reddit user reviews comparing Binance vs. Uphold.

A quick comparison of Binance vs. Uphold

Uphold was founded in 2013 and launched a trading platform in 2015. Uphold allows buying, selling, and holding over 70 cryptocurrencies, 23 fiat currencies, and four precious metals. The highlight of Uphold is that the trader does not charge a deposit fee, and the spread is relatively low. Uphold is quite tricky to use despite its high reputation for those new to the cryptocurrency market.

Earn a NordFX 250 USD bonus for opening a Pro trading account. See details here!

Binance exchange was founded in 2017 in China and later moved its representative office to Malta. Binance is a multifunctional cryptocurrency trading platform with many features such as P2P, Spot, Future, Margin trading, and other saving and investment features.

What is Binance?

Binance is the world’s largest cryptocurrency exchange by trading volume. Binance offers a wide range of trading options and features (P2P, spot, futures, options), investing, and saving crypto (savings, staking, etc.). Binance has web and mobile versions with a wide range of investment trading features and a professional charting system. Users can trade and invest in hundreds of different cryptocurrencies. Besides that, Binance offers both an easy-to-use NFT creation and trading platform. However, only 44 states can access Binance through Binance US for US customers. Binance US is also quite limited to over 65 cryptocurrencies and does not have access to the NFT market.

Some outstanding advantages of Binance:

  • Users can buy, trade, and invest in hundreds of different cryptocurrencies such as Bitcoin, Ethereum, Link, Tezos, Cardano, and Binance Coin, or emerging currencies like Dogecoin, Shib…
  • Users from many countries can easily add a credit card to buy and sell cryptocurrencies or make P2P transactions between people fast, secure, and with many popular payment gateways.
  • Security and credibility are one of the advantages of Binance compared to many other cryptocurrency exchanges.
  • In addition, it is also easy for Binance customers to set price alerts with the click of a button.

* See more: The complete guide Binance from a to z

What is Uphold?

Uphold is a cryptocurrency platform based on cloud technology that allows users to buy, sell or trade nearly 100 cryptocurrencies and other assets such as stocks, precious metals, and fiat currencies.

Uphold is highly regarded for its transparency. Uphold trading fees are free of commissions, deposits, and buyer fees. They only collect spread fees from clients. As a result, traders may find Uphold’s quotes may be higher than those of other exchanges. If a trader wants to invest in various assets besides cryptocurrencies, Uphold can be a good choice.

Some outstanding advantages of Uphold:

  • The Uphold platform allows users to easily buy, sell and deposit dozens of major cryptocurrencies like BTC, ETH, etc.
  • Users with Uphold accounts can send any currency to any Uphold user, anywhere, instantly.
  • Uphold has a secure digital wallet platform for storing BTC, XRP, ETH, LTC, DASH, BTC Gold cryptocurrencies.
  • In addition, users can also buy and own stocks and precious metals on Uphold.

Comparison of cryptocurrencies: Binance vs. Uphold

Uphold currently has about 100 cryptocurrencies, including BTC, ETH, LTC, XRP, LINK, XLM, MIOTA…

Meanwhile, Binance dominates with around 365+ cryptocurrencies for global customers and over 65 for US customers in several states. Binance supports many fiat currencies, including USD, EUR, AUD, GBP, HKD, INR, VND…

Binance supports famous and emerging cryptocurrencies such as DASH, ATOM, COMP, BTC, ETH, LTC, ADA… Some cryptocurrencies traded on Binance US include BNB, VET, ONE, VTHO, DOGE, and MATIC.

Trading Platform: Binance vs. Uphold

Binance vs Uphold Overview: Cryptocurrencies, Trading Platforms, Fees, Security, Customer Service. Comparing Binance vs Uphold on Reddit.

Uphold has a user-friendly trading platform on desktop and mobile apps with Android or iOS operating systems. The Uphold user interface is intuitive and easy to use, even for those new to trading. It is an advantage that makes Uphold an option that many traders who are new to the cryptocurrency market are interested in. Uphold also features recurring purchases with AutoPilot, which uses dollar-cost averaging to limit fluctuations in the cryptocurrency market. However, Uphold has a drawback: it only has limited orders and does not have advanced charting or other features that satisfy professional traders.

Binance allows users to access various trading tools, including professional charts with analytical features and multiple indicators. Binance has a web version, a desktop app, and an Android or iOS phone. Besides, Binance also has the quality to access portfolio, transaction history. In particular, Binance has many types of trading orders to meet different needs: market orders, limit orders, stop orders, stop-limit orders, etc. Binance users can also participate in many other markets, including spot market, futures market, margin… right on one platform. In addition, the features of investment, savings, staking, NFT… also help Binance become stronger and more complete than many similar platforms.

Trading Fees of Binance vs. Uphold

When comparing Binance vs. Uphold, fees are among the first factors that users care about, next to reputation and security. How does the transaction fee, deposit, and withdrawal fee on Binance vs. Uphold? Let’s find out below.

Uphold does not charge a trading commission, but there is a spread when users make cryptocurrency trades on the platform. Uphold’s spreads range from 0.8% to 1.2% for popular cryptocurrencies and higher for illiquid cryptocurrencies and when the market is volatile. Uphold does not charge any deposit and withdrawal fees for individual accounts. However, Uphold also charges crypto network fees when transferring funds to external wallets like other crypto exchanges. Uphold’s spreads on several asset classes are as follows: Fiat currencies (0.2%), US stocks (1%), precious metals (3%).

Binance is known for having the lowest transaction fees in the market. Trading fees for US customers on Binance US are generally higher than in the global Binance market but are still considered lower than on many other platforms. Binance applies two different fees for taker/maker, and the more you trade, the lower the transaction fee is for each level. In addition, Binance also has a transaction fee reduction mode for users who pay fees in BNB. In addition, Binance also has several other fees when using different forms of payment, including credit card (4.5%), wire transfer ($ 15 for US customers), transaction fees (from 0.001 to 0.1%), buy/sell cryptocurrency (0.5%)…

Security level

Uphold is one of the exchanges rated for standard security such as KYC, two-factor authentication, and private key encryption on the platform. In addition, Uphold has a third security company through Integrity. With this security program, users can report their errors while using. Uphold claims customer funds and data are a top priority.

Binance had a security incident that caused $40 million in loss, but Binance compensated customers and enhanced its security system to ISO standards. Binance features two-factor authentication through Google Authenticator, SMS, address lists, device management, and device access restrictions. Binance US also offers FDIC insurance to users with all balances in US dollars.

Customer Service Comparison: Binance vs. Uphold

Uphold exchange is quite limited in terms of customer support methods. Uphold customers can only submit support tickets on Uphold or contact support via Twitter. Uphold does not have a live chat or phone customer support. It is a limitation when customers need quick help.

Binance has three forms of customer support: Submit a ticket or chat via the Binance customer support page, and contact via Binance Twitter. These features are much better than before, and most customers are supported quickly.

Review on Reddit: Binance vs. Uphold

Reviews on Reddit about Binance vs. Uphold are often appreciated for their objectivity. On Reddit, how do users rate Binance vs. Uphold? Here are some comments on Reddit comparing Binance vs. Uphold.

Some customers rate Binance vs. Uphold as two completely different exchanges. Binance is aimed at professional crypto investors. While Uphold is aimed at customers who are new or want to trade a variety of assets, including cryptocurrencies, stocks, and commodities.

Another review on Reddit suggested that both Uphold and Binance need better customer service.

Elsewhere on Reddit, they think that Uphold’s platform is more confusing than Binance’s. and Uphold only allows withdrawal of a specific number of coins to an external wallet.
Sometimes Uphold has bugs in the desktop version and customers have to use the Uphold app on iOS phones to withdraw funds.

In particular, although Binance US is heavily restricted in the number of cryptocurrencies, on Reddit, Binance US is praised by some customers.

How to open Binance and Uphold accounts?

To sign up for an Uphold account, go to the homepage and click [Register] in the upper right corner. Then, fill in the address, email, password, country information. Next, Uphold users need to perform identity verification and email verification to complete. Immediately upon completion, the user can use the Uphold account.

Binance vs Uphold Overview: Cryptocurrencies, Trading Platforms, Fees, Security, Customer Service. Comparing Binance vs Uphold on Reddit.

To open a Binance account, users only need to follow these four steps:

  • Step 1: Visit the Binance website by following the link below:

* See more: The complete guide Binance from a to z

  • Step 2: Click the button [Register by phone or email] and enter basic information about email, phone number, password, fill in personal information, perform Binance identity verification.
  • Step 3: Turn on two-factor security, link bank accounts
  • Step 4: Deposit or buy the first coin and start trading

Conclusion

Overall, both Uphold and Binance are two reputable cryptocurrency exchanges. However, Uphold is aimed at new customers who love the simplicity and can trade various assets and potentially earn crypto rewards through the Uphold card. Meanwhile, Binance focuses on professional cryptocurrency investment and trading clients. If a client wants to explore the various earning opportunities in the cryptocurrency market fully, then Binance is the first choice. Above are some comparisons of fees, reputation, security, and platform Binance vs. Uphold. The article can help users choose the most suitable cryptocurrency exchange.

Investiki.com

Read more: Binance

guest
0 Comments
Inline Feedbacks
View all comments