Uphold and Gemini are two popular crypto platforms, each offering unique services and benefits to users. So, how do the two platforms compare, and which one is best suited to meet your needs? While Uphold lets you trade multiple assets across its global platform, Gemini is an all-in-one cryptocurrency exchange. The platforms also support different crypto and fiat currencies. Even the transactional fees vary. Before creating an account on either platform, it’s a good idea to take a closer look at what Uphold and Gemini have to offer.
Uphold & Gemini Bonus Codes
- Uphold Free $20 – Claim Here
- Gemini Free $20 – Claim Here
Uphold History
Previously known as Bitreserve, Uphold got its start in 2013. Former Nike CIO took over leadership from founder Halsey Minor in 2015, renaming the platform Uphold. The year 2015 also saw the removal of the platform’s transfer fees, but only for registered and verified members. The following year, the platform unveiled a new pricing structure in a bid to make the platform more accessible to everyone.
As of 2019, Uphold has provided support for more than $3.5 billion in transactions across 184 countries. Over 30 currencies are supported, along with four commodities. The platform also provides access to a range of investment options and offers transparency and security for every transaction made on the platform. Members can even follow reserve holdings in real-time.
Coins Available for Trading
When it comes to coins available for trading, Uphold has an extensive list. You can trade, buy, and sell over 250 plus crypto assets with fiat currencies or in crypto pairs. You also are not limited to using either a desktop or mobile device. You can access the platform through the platform’s browser-based homepage or the mobile app. Both methods are straightforward and user-friendly.
Account currencies accepted are USD, EUR, and GBP, to name a few. You can also buy, sell, and trade five commodities: Gold, palladium, platinum, silver, and precious metals. The list of available coins is lengthy. Remember, there are over 250 accepted crypto assets, but some of the common ones are:
To simplify the list of available coins, the platform accepts almost all coins and tokens from 2009 (Bitcoin RTC) to 2022 (Hop Protocol Token (HOP). This huge diversity of cryptocurrencies supported makes Uphold a leader in cryptocurrency trading.
Uphold Fees for Trading
With a minimum deposit of $10, Uphold offers a very low threshold to start trading cryptocurrencies. Uphold does charge fees for some transactions. You should expect to pay $0.99 for transactions under $100. Most transactions over $100 are not assessed a fee, but exceptions do apply. Copy and margin trading is free, but copy trading is not supported.
Bank account and wallet purchases are free from fees, but you should expect to pay 2.49% on debit card purchases. There is also a 3.99% fee when you use a credit card. Fees can also apply when you use a mobile app that is not assessed on the browser-backed homepage. You will see the fees listed next to your transaction. You can stop the transaction if you do not want to pay these fees.
You will also not be charged a fee for ACH and wire transfers. If you convert crypto to another currency, you will not be charged a fee. The same applies to SEPA bank transfers. Platform users also appreciate the zero withdrawal fees. However, you should note that withdrawal fees may apply if you withdraw funds to an external crypto wallet. This means moving your crypto holdings off of the platform. You may also assess network fees, but these vary. Typically, this only applies when you withdraw crypto to an external wallet.
Uphold offers a huge benefit to the global cryptocurrency trader as the Fiat currencies currently supported is 27. These currencies include:
- USD
- EUR
- GBP
- AED
- ARS
- AUD
- BRL
- CAD
- CHF
- CNY
- CZK
- DKK
- HKD
- HRK
- HUF
- ILS
- INR
- JPY
- KES
- MXN
- NOK
- NZD
- PHP
- PLN
- RON
- SEK
- SGD
Uphold Security
Uphold makes security a priority. Because you want the absolute most protection possible for your financial transactions, Uphold has taken this into account with their platform. The platform uses a 2FA and bug bounty program. Uphold also has platform insurance against theft and for cold storage.
If your account is hacked and funds are stolen, the platform’s insurance will cover any losses. The insurance only applies to funds stored on the platform and not external crypto wallets. You are required to set up the 2FA security for your Uphold account. When you are setting up the 2FA, you will receive a 32-digit security key. Write the key down or save it to a file. The security key is necessary for setting up your account. You will also need the key to restore your account if you forget your password. With the key, you can access a one-time use password to access your account.
If you lose the security code and are locked out of your account, you will be required to start from the beginning. This can mean losing access to any funds, coins, and other assets stored in cold storage or your crypto wallet. This is another reason why you need to keep your security code in a private, safe place or commit it to memory. The security code is also necessary to access the mobile app from a new phone or other handheld device. Not sure how to transfer your 2FA settings to a new device? Thankfully, the steps are relatively simple.
In the Uphold app:
- Tap Menu > Settings > Security > Change to a new device.
- Enter the TOTP password generated by your authenticator app.
- Your security key will be displayed, as well as the option to show a QR code.
- On your new device, install your preferred authenticator app.
- Either insert the Security Key or Scan the QR code. Your 2FA is now activated on your new device.
These steps also work if you are accidentally locked out of an existing account. This will help you get back into your account so you can continue using the app.
Benefits of Using Uphold
Using Uphold comes with multiple benefits that include robust security and support for multiple types of transactions. Some other benefits users can enjoy on the platform include the following.
- Send Money With No Fees
After setting up an account, you can send money to family and friends without paying a fee. This allows you to bypass fees you typically incur using other types of money transfer services like Western Union and PayPal. Since your wallet has both private key encryption and 2FA, sending money via the platform is also more secure than some other methods. Add in the site’s insurance, and you do not have to worry about the funds not arriving at the determined destination.
- Trade Multiple Commodities
Uphold does not limit you to only trading cryptocurrencies. You can also trade commodities that include gold, precious metals, palladium, platinum, and silver. Along with trading assets, you can also buy, sell, and hold. Platform users can also limit their transactions. A limit transaction is a type of order to buy or sell an asset at a specific price. You place an order, and it is only filled with the asset’s market price to reach your target price. This helps ensure you are not buying or selling assets below or above fair market prices.
- Zero Trading Commissions
A great benefit Uphold offers is the platform’s standard 0% trading commissions. You can also trade between asset classes, though fees may apply to some types of transactions. However, having the freedom to trade between the various classes allows you to keep everything organized on one platform. In other words, you do not need to spend time managing multiple accounts spread across different platforms. Uphold lets you do everything on one easy-to-use site.
Gemini History
Harvard classmates of Mark Zuckerberg founded the global cryptocurrency exchange in 2014. The brainchild of twins and famous investors Tyler and Cameron Winklevoss, the platform is also known as the Gemini Trust Company. The exchange went live in 2015, and as of 2022, the platform is operating in over 60 countries, including the U.S., U.K., and Canada.
Gemini offers a broad range of products for small trades and experienced investors. Users can access the platform through a web-based browser or a mobile app. What makes Gemini unique from other trading platforms is its custodial service. The service holds $200 million in insurance for members holding cryptocurrency.
Coins Available for Trading
Gemini offers over 90 cryptocurrencies on its exchange. The currencies are supported by the native Gemini Dollar stable coin. A look at the coins available for trading includes the following. The coins are categorized as either native assets, stable coins, supported SPL tokens, or ERC-20 tokens. Not all coins may be available in your country of residence. This will depend on your country’s laws and regulations.
Gemini Fees for Trading
Fees on Gemini vary depending on transaction type and amount. Transaction fees range from $0.99 to 1.49%. You should not incur a fee for a bank account or wallet purchase. However, fees will apply for purchases made with a debit or credit card. Debit card purchase fees are 3.39% and variable when you use a credit card. ACH and wire transfers do not have fees, but you will pay a fee of $0.99 to 1.49% if you decide to convert your cryptocurrency to another type of commodity.
You will not pay a SEPA bank transfer fee. There are withdrawal fees that also vary depending on the amount. These fees start at 10 cents per month and are deducted from your Gemini account. Additional fees may apply depending on the type of currency.
Gemini Security
Gemini has built a leading security program focused on developing innovative security solutions to help protect and secure our customers and their assets. We have also invested considerable resources to remain transparent about our security posture through third-party security assessments, including our SOC2 Type 2, ISO 27001, and annual penetration testing.
The security solutions employed by Gemini include 2FA (two-factor authentication. The encrypted security key is required by default and is necessary for account access and to make withdrawals. Storing the security key in a safe place is recommended. Without the key, you will not be able to access your account. If your phone number changes, you will need to transfer your current 2FA to the new device.
The steps are relatively easy, but it can take a few days for authorization to go through.
- Navigate to the authorization link.
- Input your old phone number and your new phone number.
- Then, you will receive an email from noreply@authy.com to the email address associated with your account to confirm this change was one you made.
- After Authenticate confirms the phone number change, it typically takes 3-4 business days to process. During this time, please do not log in/access your Authenticate account, as this may result in delays or rejection of your phone number change request.
The platform does not accept VoIP/prepaid numbers, and the number must be a phone number from the country you are registered in. This is something to consider as you are setting up your Gemini account. Additional security measures include Support for hardware security keys, like Yubikey and the exchange’s proprietary Gemini Custody, which uses multi-signature technology.
Benefits of Using Gemini
Gemini has won various awards in recent years, including the 2019 Markets Choice Awards: Best Cryptocurrency Exchange, so platform users expect benefits that go beyond the ability to buy, sell, trade, and store various commodities that include over 90 types of cryptocurrencies. Advanced traders and investors can also take advantage of the powerful ActiveTrader platform, which is optimized specifically for online trading. You can also use the broker offers for perpetual swap derivatives. Some additional benefits of using Gemini include the following.
- Multiple Payment Methods
Multiple payment methods include:
- ACH Transfer
- Bitcoin Payments
- Credit Card
- Etana
- Ethereum Payments
- Mastercard
- PayPal
- Silvergate Bank Transfer
- Visa
- Wire Transfer
Some of these payment methods, like bank and wire transfers, are free. You can also use any of the following account currencies.
- USD
- EUR
- GBP
- CAD
- AUD
- HKD
- SGD
The wide range of accepted currencies helps ensure your fiat currency does not incur exchange fees during withdrawal or account transfers.
- User Friendly
The mobile app is user-friendly, which is always a bonus for beginning traders. The combination of a high-end design and intuitive interface makes the app easy to navigate. The same applies to the web-based homepage. Platform members can also take advantage of the educational materials included on the site. You can browse through guides and tutorials that will help you get started investing in cryptocurrency.
- Security
What makes the exchange stand out from some competition is its focus on security. Along with 2FA and innovative security solutions, the exchange also focuses on industry compliance. The security protocols undergo rigorous testing to ensure they always meet and exceed industry standards. Some of the security controls include multiple signatures to withdraw or transfer funds from cold storage. The exchange’s founders are also unable to transfer funds from the platform’s online or offline storage.
Final Thoughts
There are plenty of reasons to choose Uphold and Gemini. Both platforms offer a wide range of features designed to make investing in cryptocurrency accessible for everyone. Both platforms do not charge a bank account purchase fee. Both platforms do not charge a wallet purchase fee. Both do not support margin trading. Both offer mobile apps. Neither Gemini nor Uphold charges a wire transfer fee or an ACH fee.
However, there are some differences that can make one a better option than the other. Uphold offers more in the way of assets and often has lower fees. However, Gemini can be easier to navigate, especially for new investors. The exchange is also the recipient of multiple awards.
The best advice is to think about your portfolio and what you want to invest in. You also want to check the laws and regulations regarding cryptocurrencies in your country. Not all coins on either platform are available in all countries, and this can affect your decision. Each investor will have different preferences, which will determine which platform is best for you.
