Coinbase is one of the world’s biggest crypto exchanges and the largest in America. Uphold is also a global platform for trading cryptocurrencies, just like Coinbase.
It can be confusing to choose between the two because they possess different features, and which one you pick will depend on your goals and expectations. So, let’s compare the two platforms’ most important features to help you decide which one best suits you.
Overview: Coinbase vs. Uphold
Coinbase is a global crypto exchange based in the United States. It is one of the largest crypto exchanges in the world by trading volume and by far the largest in the US.
Although Coinbase has a reputation for being a beginner-friendly platform, it has a more advanced platform for pro traders, known as Coinbase Pro. If you’re unfamiliar with this exchange, you can learn more about it and compare it with the vanilla app before using it.
Like Coinbase, Uphold is a platform for buying and selling cryptocurrencies. Unlike Coinbase, though, you can also trade precious metals, US stocks, and other assets on the platform.
Uphold’s most distinctive feature is its ability to facilitate trading one asset class for another right on the exchange. Both businesses and individuals can create accounts and trade with zero commission.
Supported Assets
Coinbase is known to support many crypto assets. It currently has over 200 tradable assets, including Bitcoin, Ethereum, and all the other major cryptocurrencies. Coinbase is strictly a cryptocurrency exchange, so it does not support any other asset class.
Uphold only supports a little over 90 crypto assets, which makes it fall short of Coinbase’s over 200. However, it makes up for it by supporting other assets. Apart from crypto, it also supports four precious metals: gold, silver, platinum, and palladium. 40 American stocks are also available on Uphold, including Tesla, Google, Apple, Amazon, and other major corporations.
Uphold also supports environmental assets, i.e., environment-friendly assets, which include the carbon credit token, UPCO2, and Bitcoin Zero (BTC0), also referred to as the cleanest form of Bitcoin.
Although all of this put together isn’t up to Coinbase’s number of supported cryptocurrencies, Uphold does provide more diversity, which makes it a preferred platform for those who wish to trade crypto with other assets.
Winner: Uphold
Supported Countries
Both Coinbase and Uphold are global crypto trading platforms, but how wide are their coverages?
Well, Coinbase supports 106 countries on five continents. This includes North and Central America, South America, Europe, Asia and the Middle East, and Africa.
On the other hand, Uphold supports users from 184 countries, spread across all continents. This clearly shows that Uphold supports more countries.
Winner: Uphold
Transaction Fees
Fees are a critical factor when deciding which exchange to use. Coinbase has different fees for deposit, withdrawal, trading, and spread.
These are also influenced by the deposit and withdrawal methods used, as well as the country of residence, all in addition to network fees which depend on the crypto asset you’re using.
Coinbase Fiat Deposit and Withdrawal Fees
| Deposit Fee | Withdrawal Fee | |
|---|---|---|
| ACH | Free | Free |
| Wire (USD) | USD 10 | USD 25 |
| SEPA (EUR) | EUR 0.15 | EUR 0.15 |
| Swift (GBP) | Free | GBP 1 |
Comparing crypto-related fees, Uphold charges zero commission for trading. It also has no deposit or withdrawal fees. It only charges spreads on crypto trades, which range from 0.8% to 1.8% for European and American users trading higher liquidity cryptocurrencies like Bitcoin and Ethereum.
The spread is higher for cryptocurrencies with lower liquidity, such as Dogecoin, XRP, ZIL, OXT, UPT, etc., and for users in other countries. Aside from the spread, network fees also apply for every trade you engage in.
Although Uphold’s spreads seem high on their own, Coinbase’s numerous fees combined will undoubtedly be much higher, making Uphold more affordable with lower overall fees.
Winner: Uphold
Safety and Security
Besides being a top crypto exchange, Coinbase has a reputation as a very secure crypto exchange. This is because of the security measures it takes, including cold storage of 95% of customer funds and high-level encryption to protect users’ funds and data. However, the platform has been hacked a few times, and some users have lost funds running into several thousands of dollars.
Uphold has similar security measures in place, including high-level encryption, routine security audits and penetration tests, 24/7 monitoring, and a bug bounty program. In addition, it has never been hacked except for an incident in the past when some customers suffered a phishing attack.
Winner: Uphold
Ease of Use
The ease of using a crypto trading platform is critical, as it determines if newbies can use it or not. Coinbase is reputed as an easy exchange to use for newbies. It has a very simple and intuitive layout that makes it easy for anyone to figure out and navigate.
Uphold is also designed for everyone, but it isn’t as simple as Coinbase. This is understandable because it supports many asset classes, making its layout a bit more complex to navigate.
Winner: Coinbase
Crypto Wallet
Both Coinbase and Uphold have crypto wallets that can be accessed on a browser and mobile phone. However, Coinbase’s wallet is a standalone wallet separate from the exchange, while Uphold’s wallet is a part of the exchange.
This makes it more prone to attacks than Coinbase’s wallet, which is separate. The Coinbase wallet also supports many more cryptocurrencies, while Uphold wallet only supports seven of the 90 cryptocurrencies available on the platform.
Winner: Coinbase
Which Crypto Exchange Should You Use?
Looking at the features we compared, the overall winner in our comparison is Uphold, getting four out of the six criteria. If you’re an experienced crypto trader or investor looking to diversify your portfolio, Uphold is undoubtedly the better choice.
However, if you’re a crypto newbie just starting to get your feet wet in the crypto space, Coinbase may be a better choice for you to start with. Its simple user interface will help you better understand crypto trading, allowing you to build your confidence before moving on to more advanced trading techniques.
This news is republished from another source. You can check the original article here