It can be quite overwhelming when new investors step their foot in the crypto scope. First, you will be required to create an account at a prominent exchange platform such as Coinbase or Uphold. They enable one to buy, sell and trade a wide array of assets.
Nonetheless, these platforms have discrete features that can suit different investors. For instance, Coinbase is ideal for rookies as it enables seamless learning of crypto trading. On the other hand, Uphold is designated for investors who want to buy and sell precious metals and make crypto trades. This article has articulated a review of the features, currencies, and other key differences of Uphold vs Coinbase.
Why Get Involved in Cryptocurrency?
It is crystal clear that cryptocurrency has recorded impeccable growth. The crypto scope has been around for approximately a decade and has taken over and revolutionized a significant percentage of the world’s industries and economical operations.
Additionally, growth is still exponential as more currencies are being developed. It is a transformative technology that has been hailed as the future of digital currencies. Investors are also minting as there are numerous techniques of reaping in cryptocurrency.
Cryptocurrency has also demonstrated undisputed competition to conventional monetary systems as they have a reliable and long-term store of value. Moreover, there is no susceptibility to taxation by government bodies, which makes it an attractive option for investing.
Who Is Uphold?
Uphold is a multi-asset financial service platform that conveniently allows users to trade, hold, and transact in a global market. The cloud-based platform offers 27 fiat currencies, over 50 plus cryptocurrencies, and four categories of precious metals. It was founded in 2013 and was launched in 2015.
Monetary transactions can be conducted using credit/debit cards, bank accounts, or cryptocurrency networks. The platform was developed under proprietary technologies, which allow secure, transparent, and fair financial services.
Uphold has a unique operation mechanism as it supports the translation of available assets into a common digital language. This means that any supported asset can be directly exchanged with another type of asset. This distinguishes the platform from others that dwell on paired currencies. The platform can also be used to pay employees around the world. Additionally, customer payments received in the form of cryptocurrencies can be converted to local currencies.
The company has more than 1.7 million customers on board and has facilitated more than $6 billion in transactions.
Coins Available on Uphold
When cryptocurrencies incepted the financial sector, there were only a few exchanges available. This made it quite difficult for people to invest in cryptocurrency. However, that changed with the rapid growth in crypto markets.
Though the platform does not merge prominent platforms such as Binance, Uphold has a remarkable selection of cryptocurrencies of about 50 plus. This creates a wide market for users to trade and invest their funds. The platform has 28 similar coins as Coinbase which include, Bitcoin (BTC), Bithereum (BTH), Aave (AAVE), Polygon (MATIC), Dogecoin (DOGE), among others. Uphold also accepts four precious metals, gold, silver, platinum, and palladium. There are also fiat currencies and two carbon credit tokens, including Universal Carbon (UPCO2) and Bitcoin Zero (BTC0).
Uphold states that their main goal is to reduce transaction costs for their customers. Investors can purchase different assets with no fees using ACH withdrawal or bank accounts. There is a 3.99% fee for users who use credit cards.
U.S and European users have to incur a spread of 0.8 to 1.2 % in BTC and ETH while users from other locations are subjected to 1.8%. The platform has a higher spread for low-liquidity cryptos and tokens such as Ripple (XPR), Zilliqa (ZIL), Orchid (OXT), Universal Protocol Token (UPT), and DOGE.
There is a 3% extra fee for the bid-ask prices for metals, while fiat has a 0.2% in major national currencies such as EUR, USD, and GBP. There is a 1.0% spread for U.S equities. However, there is a variation during after-market-hours trades.
Who Is Coinbase?
Coinbase is a platform that enables users to execute buying, selling, transferring, and holding digital assets. During its establishment, the platform’s main aim was to develop a secure and open financial system that would help users around the globe perform numerous digital currency activities.
The platform is compatible with newbie traders as it offers all that is required in learning crypto trading. This is because some videos and tutorials aid in kickstarting your crypto trading journey. Trading at Coinbase is easy. There is no downloadable trading software, and the trading is browser-based. Coinbase has adamant ranks in high liquid exchanges, ensuring that users evade losses from high price slippages.
Coins Available at Coinbase
At first, Coinbase only accepted Bitcoin trading but has recently accommodated numerous digital currencies. Though it has fewer coins compared to other prominent platforms, Coinbase has more than 60 cryptocurrencies and stablecoins. They include Bitcoin (BTC), Dai (DAI), Dash (DASH), Aave (AAVE), Algorand (ALGO), Cosmos (ATOM), Ethereum (ETH), Litecoin (LTC), among others.
The platform has numerous similar coins as Uphold but holds 36 altcoins that are not available in Uphold. Coinbase supports 77 crypto-to-crypto trading pairs, allows fiat currencies, and users can buy coin fractions.
USD Wallet and Hosted Cryptocurrency Wallet Service are available free of charge at Coinbase. This means that the storage of assets in Coinbase does not require any payment. However, some fees are calculated once you make a transaction. These fees are determined by the payment method, order size, and various market conditions.
There is a 0.5% spread per transaction performed at Coinbase. Additionally, there is a fee that depends on the size of the order and payment method. Coinbase has convenience fees that range between $0.99 to $2.99 for $50. This occurs when one funds using ACH. Purchases from bank accounts have a higher fee of 1.49%, while credit cards and PayPal have 3.99%.
Benefits to Both Exchanges
- Both platforms are easy to use as they have a seamless sign-up process. Also, navigation on the websites is easy, allowing users to find information about the platform, locate assets and commence trading.
- The platforms offer a wide array of coins which allows investors to have immense financial freedom.
- Coinbase and Uphold have mobile apps that are compatible with both Android and iOS. These apps offer utmost efficacy as compared to websites.
- The platforms are accessible by users across the United States and international users. Coinbase and Uphold’s services are restricted only to residents in Hawaii.
- Uphold and Coinbase have an excellent customer support team that is available through Twitter, email, and other available channels.
Uphold and Coinbase are secure and renowned platforms for conducting numerous crypto exchanges and trades. They also offer a remarkable list of coins and have recommendable features that elevate the trading experience. There are discrete features such as Uphold suits users seeking a multi-asset trading platform, while Coinbase is ideal for newbie investors and those who need to earn free crypto. Nonetheless, both platforms have acquired top-tier ranks in the crypto space and offer exceptional trading experiences.