Uphold Canada Review: Should Canadians Use It To Trade Crypto?

Uphold is a Canadian-friendly cryptocurrency exchange that also lets you trade stocks and precious metals, making it a versatile platform. As someone who’s been trading crypto since 2016, I decided to test Uphold to see if it’s a good option for Canadians in 2025. Is Uphold legit? Keep reading for my in-depth Uphold review.

Uphold Crypto Exchange Summary

If you’re looking for an all-in-one platform to trade and invest, Uphold might be just what you need. Launched in 2015, Uphold is a multi-asset platform that gives Canadians access to over 66 cryptocurrencies, 50 stocks, and four precious metals. One of the standout features is Uphold’s “anything to anything” trade option, allowing you to swap crypto for stocks or even metals for crypto—making it a versatile choice.

However, the trading fees are on the higher side. There’s a spread of 1.8% for users outside Europe, the US, and Canada, and spreads can be even higher for crypto with low liquidity. For US equities, the spread is around 1%. While there are no deposit fees, Canadians don’t have access to bank deposits or withdrawals—credit or debit cards are the only options for funding your account.

Uphold Crypto Exchange Features

Uphold offers a trading platform similar to Wealthsimple, allowing you to trade cryptocurrencies, stocks, and precious metals all in one place. It’s a convenient investment tool if you prefer to keep all your assets, including crypto, in a single platform. The key difference between Uphold and Wealthsimple is that Uphold lets you move your crypto assets off the exchange, something Wealthsimple is still working on.

For equities, Uphold allows you to buy fractional shares—great for those who want to trade a small amount of crypto for part of a share. You’ll still receive dividends, and there are no account fees or minimum investment amounts, making it an accessible option.

Uphold also offers a handy debit card, which lets you pay for goods with whatever asset you hold—be it crypto, stocks, gold, or fiat. Unfortunately, this card isn’t available to Canadians yet, but you can join the waitlist to be notified when it becomes available.

One standout feature of Uphold is the ability to set up to 50 simultaneous limit orders—more than any other exchange. For example, if you have $100 and want to buy both Bitcoin and Ethereum at that price, you can set limit orders for both. When one crypto reaches the target price, the order will execute, while the other fails. This allows you to make bets on prices without committing a large amount of capital.

Uphold Crypto Exchange Registration & Verification

To register with Uphold, first enter your email and password. Then enter your country of residence, citizenship and date of birth. 

Once you have verified your email and phone number, you must then enter your address. 

After that, you are free to start using the trading platform. Since Canadians cannot link bank accounts, there is no requirement to verify your account. 

Uphold Crypto Exchange Fees Review

• 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 

While there are free deposits for US customers, Canadians can only purchase crypto and other assets on Uphold via credit or debit card. Trading fees are also quite moderate, with varying spreads depending on the type of assets you wish to purchase and whether there is enough liquidity. Generally, the “major” cryptocurrencies such as Bitcoin and Ethereum, have lower spreads. Debit card purchases are free, however, so this makes it easy to buy. 

Uphold Crypto Exchange Currencies & Deposit Methods

Uphold supports 27 fiat currencies, but unfortunately, bank deposits aren’t available to Canadians. This means your only option for purchasing assets is via credit or debit card. It’s important to note that not all Canadian banks allow crypto transactions using credit or debit cards.

If you choose to pay with a credit card, there’s a 3.99% fee. On the other hand, debit card purchases are free, which can be a more affordable option if your bank allows it.

Uphold Security and safety

Is Uphold Safe?
Uphold is likely safe, but the website focuses more on compliance than detailing specific technological security measures.

Uphold is a registered money services business in the United States and complies with regulations from the Office of Foreign Assets Control (OFAC) and the Bank Secrecy Act (BSA). They also have a transparency page on their website where they list the status of their currency reserves. While this is reassuring, I couldn’t find any detailed information about whether cryptocurrencies are held in cold storage or if there is insurance coverage for digital assets.

To secure your account, you can enable two-factor authentication (2FA), but unfortunately, there doesn’t seem to be an option to whitelist withdrawal addresses, which could be an additional layer of protection.

Uphold Mobile and Desktop app

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. Many users report that the app feels clunky and sometimes buggy, with the verification process being particularly slow and cumbersome. While it does have its advantages, the app could definitely use some improvements in terms of usability and speed.

When using the app, you can easily buy and trade crypto. When searching the markets, you can use the scrolling menu to view the different asset types. 

Uphold Design and Usability

Though adding equities and metals to a crypto exchange might seem complicated, I found that Uphold makes the process of buying and trading between assets quite simple. Their “Anything to Anything” quick trade option is especially easy to use. You just enter the asset you want to trade, the amount, and the asset you wish to swap it for—super straightforward.

Uphold’s trading platform is intuitive and easy to navigate, making it accessible for most users. However, if you want to place limit orders, it does require some extra knowledge.

On the left side of the platform, you’ll find easy navigation to your portfolio, market prices, and third-party apps. While many of these apps are most useful for US residents, you can still connect your wallet to Koinly here to help with your Canadian crypto tax reporting.

To buy crypto, just use the Anything to Anything trade option on the right side of the screen. When you click on ‘from,’ you’ll have the option to add a credit or debit card for quick payments.

Note that when using a credit or debit card, you can only select USD, EUR, or GBP as your trading currency. Once your card is added, you can choose between a market order or a limit order for your trade.

Overall, I find Uphold’s platform easy to use and great for beginners. It’s quick to buy and trade, which is perfect for anyone looking for efficiency. However, one downside is the lack of functionality when it comes to searching equities by highest gainers, industry type, etc., which could be a helpful feature for more advanced users.

Latest Updates on Uphold For Canadians

Uphold now offers an international debit card with great benefits like cashback and no foreign transaction fees—perfect for users who trade globally. However, it’s important to note that Canadians currently cannot make direct bank deposits or withdrawals. While you can still trade using credit or debit cards, a 3.99% fee applies for credit card transactions.

Uphold Customer support

You can reach Uphold’s customer support through their online ticketing system on the website. They also have a helpful FAQ section and educational resources if you want to learn more about the assets available on the platform. Overall, reviews of their support team are positive, with users noting that they’re responsive and helpful.

Conclusion

Uphold is a solid exchange, offering a wide variety of cryptocurrencies and other assets. However, keep in mind that you can’t connect Canadian bank accounts, which limits you to paying with a credit or debit card. Fortunately, debit card purchases are free, so as long as your bank allows debit card crypto purchases, this isn’t a major issue.

The Anything to Anything quick trade option is excellent, especially for those with diverse investments looking to trade quickly between assets. That said, for Canadians, Wealthsimple might be a better option. You can connect your bank account, everything is priced in Canadian dollars, and you even have the option of buying Canadian crypto ETFs—not just US stocks. While you can’t swap Bitcoin for Apple stock in seconds like with Uphold, Wealthsimple offers a more Canadian-friendly experience.

Uphold is a great choice if you’re interested in trading between different asset types. If the debit card is eventually released in Canada, that will be a great addition, though the high spreads are something to consider. If you’re ready to give it a go, you can sign up here.