Security Compliance
To secure your Uphold account, you can enable two-factor authentication.
Uphold trading platform utilizes cold storage for your safety.
Crypto.com is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more.
Crypto.com keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing crypto.com truly values security. Crypto.com also has $750M in cold storage insurance in case of theft.
Crypto.com also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication - such as FaceID - to
Crypto.com seemingly offers more robust security features. It stores 100% of customers' funds in cold storage and offers multi-factor authentication. Uphold also allows users to enable two-factor authentication, but doesn't provide explicit information about its storage practices or any insurance coverage for digital assets.
Regulatory Compliance
Uphold is fully regulated in the USA. They are compliant with the Office of Foreign Assets Control (OFAC) and record keeping regulations with the Bank Secrecy Act (BSA). It's Canadian-friendly as well.
Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.
Crypto.com has taken significant steps towards regulatory compliance in Canada, becoming the first global crypto exchange to register with the Ontario Securities Commission (OSC). Uphold is a registered money services business in the U.S and complies with several American financial laws, and it is registered with the FINTRAC.
Customer support
Uphold has good reviews about their customer service teams. They offer help centres on their website and within the app.
You can contact Uphold’s customer support via their online ticketing system on their website.
The customer support for crypto.com is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. Crypto.com does not offer educational resources or a knowledge centre, which is a let down.
Both platforms offer customer support, but reviews suggest varying levels of satisfaction. Uphold customers generally appreciate the responsive support team, while Crypto.com customers have been less satisfied, mentioning slower response times and limited educational resources.
Conclusion
While both exchanges offer a wealth of services and features, our choice for Canadian users in 2024 would be Uphold. Despite its slightly lower app ratings and less explicit security information, Uphold stands out for its positive customer support reviews, diverse trading options across various assets, and the ease of use of its platform, including the unique "Anything to Anything" feature.
Uphold sets itself apart by offering an international debit card with cashback rewards and no foreign transaction fees, which is a big advantage for global traders. However, for Canadians, it's important to note that direct bank deposits and withdrawals aren't currently supported. Instead, Canadians can use credit or debit cards for trading, though credit card transactions come with a 3.99% fee. This limitation may make other exchanges more appealing for users who prefer traditional banking methods.
When comparing Crypto.com to other exchanges, it's essential to note that Crypto.com stands out by offering over 350 cryptocurrencies, making it one of the most comprehensive platforms available. It also provides a Visa card with customizable cashback rates and different card types to suit user preferences. Additionally, Crypto.com’s robust DeFi services and competitive staking options, with regularly updated APY rates, make it a versatile choice for investors. Furthermore, its security certifications, such as SOC2 and ISO standards, further enhance its appeal by ensuring a high level of safety and trustworthiness.
We recommend choosing Uphold over Crypto.com for your cryptocurrency trading needs. By opting for Uphold through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Uphold nor Crypto.com meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.
