Are you wondering who would win in a head to head fight between Uphold and eToro? Wonder no more brother! In this comparison article, we take a close look at two popular and well established exchanges, Uphold and eToro. We'll dive into their unique features, where they shine, how good their user experience is and more so that you can discover which exchange fits your trading needs. Don't miss out on this opportunity to find the best exchange for you!
Uphold and eToro are two of the most popular cryptocurrency trading platforms on the market today. Both platforms offer a decent range of features making them a good starting point for new cryptocurrencies investors and traders.
Uphold is a London-based platform that was founded in 2013 by Halsey Minor. The platform has over 300 employees and is available in 184 countries. While Uphold is restricted in some countries like Argentina, Austria, and Australia, it is licensed by FinCEN and FCA.
Uphold boasts an impressive 10 million users, 5 million downloads, and a staggering 4.7-star rating based on 40,000 reviews. The platform offers its users access to a respectable 300 cryptocurrencies.
On the other hand, eToro was founded in 2007 by Yoni & Ronen Assia and is based in Seychelles. The platform has over 2000 employees and is available in 140 countries. eToro has secured licenses CySEC, FCA, FINRA, and SEC and is restricted in a few markets like Canada, China, India, Indonesia, New Zealand, Russia, and South Africa. The platform has over 30 million users and 10 million downloads and a 4-star rating based on over 100,000 reviews.
eToro offers its users access to 80 cryptocurrencies in addition to stocks, ETFs and commodities making it a popular choice for investors who want to trade a diverse range of digital assets.
Uphold vs eToro: Signup & KYC
Uphold and eToro are two popular options for beginners but what is their signup process and KYC requirements like? Let's take a closer look!
Uphold is a straightforward platform to sign up for. All you need to do is enter your email, password, country of residence, and citizenship. KYC is required on Uphold, so be prepared to provide the necessary information. The verification process is quick, taking only a few hours to process but can take up to 24 hours.
eToro is also requires all of it's users to complete KYC in order to trade with real money. Signing up for eToro takes no time as all you need to do is enter your username, email, and confirm the email verification. The verification process takes a few more minutes to complete as you need to upload an ID. Etoro's verification process can take several days to complete, but no longer than one week.
Uphold or eToro: Products & Services
Uphold and eToro are two popular trading platforms that offer a variety of features and services for those looking to invest in cryptocurrencies and other assets. In this review, we'll take a closer look at the key differences between their product offering.
Uphold is a great option for beginners with a clean and simple interface that is easy to navigate. The exchange allows users to trade cryptocurrencies, metals, and stake up to 32 cryptocurrencies such as ATOM, Solana, ADA and many others. Uphold also offers repeat purchases for who who simply want to but periodically irrespective of market conditions.
For those that have some stablecoins to park, Uphold is a good place to do so with support for 15 stablecoins such as USDC, USDT, DAI and other. One of Uphold's standout features is its proof of reserves, providing users with the peace of mind that their funds are safe.
eToro on the other hand offers a wide range of trading options, including buying and selling cryptocurrencies, stocks, indices, commodities, ETFs, demo accounts, copy trading, and NFTs. While the platform offers a variety of products, the user experience can feel a bit confusing due to the interface's outdated design.
Trading fees are an important consideration for anyone looking to invest in cryptocurrencies and other assets. When it comes to trading fees, Uphold and eToro have different fee structures for their users.
Uphold charges a fee of $0.99 USD for cryptocurrency transactions under $100 and a spread of 0.9-1.8% for trades above that. The spread in the US, EU and UK is closer to 0.9%-1.2%, making it a competitive option for those trading in these regions. The spread is the difference between the buy and sell price of an asset and is a standard way for trading platforms to earn revenue. The spread can vary based on the asset being traded and the market conditions at the time of the trade.
eToro charges a 1% fee for buying and selling cryptocurrencies which is obviously lower than Uphold's fees. eToro offers 0% commission for those who wish to invest in stocks, making it a great option for those who are interested in trading traditional assets as well.
In addition to trading fees, it's important to consider other costs that may be associated with trading, such as deposit and withdrawal fees. Uphold and eToro have different deposit and withdrawal fees, so let's check on those now.
When it comes to buying and depositing cryptocurrencies, both Uphold and eToro offer a range of options to their users. However, there are some key differences between the two platforms that users should be aware of.
Uphold supports three fiat currencies - USD, EUR, and GBP. The platform charges deposit fees for credit card purchases, with fees ranging up to 3.99%. However, all bank transfers are free of charge. For those looking to deposit fiat currency, Uphold's options may be more limited compared to eToro.
eToro, on the other hand, supports four fiat currencies - USD, EUR, GBP, and AUD. The platform charges a 1% fee for all cryptocurrency transactions, but all fiat deposits are free of charge. In addition to bank transfers, eToro also offers diverse deposit options like PayPal, Skrill, Neteller, and credit/debit cards.
Uphold provides users with a range of withdrawal methods, including bank transfers via ACH/Wire, SEPA, and Faster Payments (FSP), all of which are free of charge. This zero fee policy for fiat withdrawals is a clear advantage for users who want to move their funds without incurring any additional costs. In terms of crypto withdrawals, Uphold charges a nominal fee of 0.0005 BTC, 0.0006 ETH, 0.0074 SOL, and 3 USDT.
In contrast, eToro allows users to withdraw fiat via bank account or debit card, but charges a $5 withdrawal fee for USD withdrawals, with conversion fees for non-USD currencies. For crypto withdrawals, eToro charges a flat fee of $5, which may be less advantageous for users who frequently move smaller amounts of cryptocurrency.
While both exchanges offer a range of withdrawal options, Uphold's zero fee policy for fiat withdrawals is a clear advantage for users who prioritize affordability.
When comparing Uphold and eToro, Uphold has the edge with its more comprehensive range of cryptocurrencies, simple user interface, and faster verification process. On the other hand, eToro has a wider range of trading options beyond just cryptocurrencies, such as stocks, indices, and commodities, as well as diverse deposit options and no deposit fees. Ultimately, the choice of which platform to use depends on individual preferences and trading needs.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.