Uphold vs. Crypto.com: What Works Better For Canadians in 2023

Oleg Galeev

4 months ago

In this comparison, we’re examining two prominent cryptocurrency platforms: Uphold and Crypto.com. Both provide a variety of services to Canadian users in 2023, including multi-asset trading, but they differ in several areas such as security measures, mobile app ratings, and Canadian regulatory compliance.

Description

Uphold is a multi-asset platform that allows you to trade more than 66 cryptocurrencies, 50 US stocks and four precious metals. You can trade crypto for stocks or stocks for crypto, instantly.

Crypto.com is a crypto exchange that is gaining popularity in Canada. It offers its own coin (CRO), staking, lending, NFTs, and pre-paid Visa crypto cards offering cashback. Crypto.com offers everything in one place and is suitable for Canadians looking for an easy way to buy crypto.

Coins

70+

150+

Fees

1.8% spread on crypto for Canadians
3% spread for precious metals
1% spread for US equities
3.99% credit card fee
$3.99 withdrawal fee to US/EU/UK banks
Free deposits from US/EU/UK banks
Free debit card purchases

Free deposits
Variable Withdrawal fees
Send crypto to other crypto.com users for free
0.04 to 0.4% maker/taker fees

Pros

Wide range of cryptocurrencies
Trade stocks and precious metals
Swap crypto for stocks or metal in seconds
Recurring buy/sell orders
50 simultaneous Limit orders allowed
Free debit card purchases

Wide range of coins available
Suitable for beginners and pro traders
Interac e-Transfer available
Deposits take up to one day to process
Visa cards
Staking
NFT marketplace
20+ fiat currencies supported
Free deposits

Cons

High spreads
Uphold debit card not available to Canadians
Bank deposits/withdrawals not available for Canadians
3.99% credit card processing fee
Lack of search filters for equities

No crypto education articles
Poor customer service

Account Limits

Low

App

Methods to buy

Debit card

Interac e-Transfer

Security

Compliant with the Office of Foreign Assets Control (OFAC) and Bank Secrecy Act (BSA)
Reserves are shown on the website
2FA

100% coins held in cold storage
Ledger Vault partnership
Multi-factor authentication
Mandatory whitelisting of withdrawal addresses

Mobile and Desktop Trading

Both platforms provide mobile and desktop trading applications. Uphold's mobile app has a 4.6-star rating on the Apple App Store and a 4.7-star rating on Google Play, while Crypto.com's app holds a lower rating of 4.5 stars on the Apple App Store and 4.5 stars on Google Play. Users report that the Crypto.com app is user-friendly and suitable for beginners, but Uphold's app is also appreciated for its simplicity and the "Anything to Anything" feature. Both have robust desktop platforms that allow for more complex trading and charting features.

Uphold

Uphold’s app has a 3.5-star rating from 5,000 reviews on the Apple App store and a 3.2-star rating from 18,000 reviews on Google Play. Some reviewers have said the app is slow and buggy, with the verification process being particularly slow.

Uphold is easy to use for beginners. There is a quick trade option called “Anything to Anything”. All you need to do is enter the asset you want to trade, the amount, and the asset you wish to swap it for. You can trade crypto to stocks, stocks to metal etc. in just a few clicks.

Uphold desktop app

Uphold mobile app while trading

Uphold main screen app

Crypto.com

In the crypto.com app, users can buy and sell crypto easily. You can also directly stake or lend your crypto, apply for a crypto.com card, track favourite coins, withdraw to external wallets and more. The app is an all-in-one trading platform that’s user-friendly and suitable for beginners.

The app has a 4.3-star rating from 56,000 reviews on the Apple App Store and a 3.9-star rating from 200,000 reviews on Google Play.

If you’re looking for more advanced tools, you can use crypto.com’s desktop exchange. The exchange offers more charting and order types but the interface can be confusing for beginners. The crypto.com app has everything you need, so you’d only use the Exchange for slightly lower fees or advanced order types.

Advanced Desktop Trade

List of coins

Crypto.com app interface

Crypto.com app interface while trading

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 2023 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.

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.

Author

Oleg Galeev

Cryptocurrency Specialist

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.