Binance and Uphold are both great crypto trading platforms with several similarities and just as many differences. Binance launched in 2017 and has two bespoke crypto assets — Binance Chain (BNB) and Binance Smart Chain (BSC) — in addition to the trading platform. It boasts 28.5 million users in at least 100 countries.
On the flip side, Uphold was launched earlier, in 2015, and allows trading of traditional assets such as fiat currencies and gold in addition to cryptocurrencies. It now has 1.7 million customers in over 180 countries.
Which one is best for you? It all depends on your needs, preferences, and level of experience. For instance, Uphold is easier to use, while Binance has a steep learning curve but offers more advanced tools that pair well with expert traders.
You might also want to consider various other features that we will discuss, including crypto portfolio, payment methods, fees, security, and trading tools.
Binance vs Uphold Overview
Software developer Changpeng Zhao founded Binance in 2017. It is a centralised crypto exchange headquartered in Malta, although it was previously domiciled in China.
With over 500 cryptocurrencies listed, 28.5 million users, and billions of dollars in daily trading volumes, Binance is currently the largest crypto exchange in the world. It also has relatively low trading fees and offers some of the most competitive rates.
An advanced user interface, complete with key trading tools, coin information, price history, and customizability, tops it all up.
However, you should note that the Binance platform used globally varies significantly from its U.S. counterpart. For example, Binance US only lists about 65 cryptocurrencies. It is also under investigation by U.S. authorities for money laundering and tax offences.
Most experienced traders appreciate the diversity that Binance offers, while less experienced users might find its features overwhelming at first.
- Wide selection of coins
- Sophisticated transaction/ trading tools such as margin trading, peer-to-peer trading, and price protection (stop loss and take profit parameters)
- Low fees
- Provides supporting information such as better charts
- Ideal for high-level trading
- The U.S version is limited
- The complexity of the platform may be confusing to new users
- History of regulatory trouble
Uphold is an established crypto exchange founded in 2013 and launched in 2015. It currently serves users from over 180 countries. Additionally, this centralized exchange allows trading with about 100 cryptocurrencies. It offers a unique “anything-to-anything trading experience that allows users to perform transactions between any crypto assets listed.
The platform is fairly transparent about its fees and takes a slightly different approach from what other exchanges offer. There are no deposit fees, trading commissions, or maker-taker fees. However, Uphold imposes spread fees, usually small amounts you pay above the actual market price.
The downside is that spread fees are difficult to keep up with, so you might unknowingly pay higher than what competitors are charging. The website provides estimated spread fees, but this can vary depending on market activity.
One unique offering from Uphold is its cash back debit card, which allows users to make day-to-day payments with the crypto assets they hold on the platform. Users earn 1% back for every USD-based transaction and 2% back for every crypto purchase made using the cashback card.
Unlike Binance, Uphold does not boast billions of dollars in daily trade volumes. Still, you can expect up to a hundred million.
- Allows buying and trading across asset classes
- Transparent fee structure
- Straightforward user interface
- Autopilot trade feature
- Supports cheap forex
- Lists every major coin and several others
- Spread fees are often high
- Limited crypto selection
- No better charts
Binance vs Uphold Feature Comparison
Binance’s user interface may feel cluttered and clunky at times. However, you are met with an extremely versatile UI/UX once you get to know your way around the platform and familiarise yourself with cryptocurrency lingo alongside various investment options.
It is also worth mentioning that Binance offers two UI options — classic and advanced. The two views come with distinct, editable layouts and are easily switchable.
Uphold has a more straightforward user interface with easy navigation and less overwhelming options. Therefore, it is perfect for those just getting started with crypto trading. The availability of stocks and metals complicates things a little, but the “one-step trading capability” allows users to perform transactions between any crypto-asset combination, simplifying things.
Binance takes the lead when it comes to variety. You get access to over 500 cryptocurrencies and virtual tokens. They include the popular ones such as Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Litecoin (LTC), and the platform’s token, Binance Coin (BNB).
At 500 options, you can also expect to find many of the less known coins and newer entries into the crypto niche on Binance. This variety gives you more opportunities for trading with less popular assets with great potential.
Uphold’s crypto portfolio is not bad either, allowing you to choose between more than 100 assets. This is more than any single crypto trader may ever need. However, you have higher chances of not finding lesser popular coins on Uphold.
Advanced Trading Tools
Uphold offers options for trading with various asset classes and setting up recurring purchases with its AutoPilot option. It uses dollar-cost averaging to counteract the volatility associated with crypto markets.
However, you only get one order type with Uphold, the “limit orders.” These automated orders ensure you don’t buy above or sell below a specific value.
You are better off with Binance if you want more advanced trading tools. You already know to expect high-tech features with the exchange. They include:
- Stop loss and take profit orders: you set a limit for how much you are willing to lose before getting out. The platform automatically ends the trade once you take the set amount of losses. On the other hand, “take profit” automatically closes the trade once a set profit is attained.
- Copy-trading: you can choose a pro trader to follow automatically. The platform will copy every trade they make in the asset classes you choose.
- Cross collateral: use your crypto asset as collateral to borrow another crypto asset.
- Customisable Charts: you can edit the chart layout, colours, lines, and axes.
- Real-time charting tools with exponential moving averages
- Tax reporting: for compliance with tax obligations
- Custom trading machines: develop your trading machine with automatic strategies and let it perform trades on your behalf.
- Margin trading: allows you to access more funds from a third party and use them for trading.
Fees and Commission
Binance has some of the lowest trading fees in the industry. The platform does not charge a deposit fee, while withdrawals cost a percentage of the transaction. Each trade carries a standard fee of 0.1% and a 0.5% fee for instant buy/sell.
What’s more, additional fees on Binance may apply depending on your method of payment. For instance, the platform charges either 3.5% or $10 (whichever is higher) for Debit/ Credit card transactions and $15 for U.S. wire transfers.
Uphold, on the other hand, charges both deposit and withdrawal fees. Spreads are also included in the trades, usually between 0.8% and 1.2% on BTC and ETH. The amount is higher (1.8%) in Europe and the United States. What’s more, the platform warns that spreads may be higher for other digital currencies.
Uphold also has a 3.99% fee for debit or credit card deposits, while the Uphold cashback debit card has a $9.95 one-time fee followed by $2.50 for withdrawals. Besides, bank transfers attract a flat fee of $3.99, although you may also incur other costs from the third parties, such as wire transfers.
Binance had a security breach in 2019. The hackers made off with over 7,000 BTC, worth over $40 million at the time. However, Binance has cranked up its security measures since then. They now offer:
- 2-factor authentication
- Device whitelisting
- Cold storage for the majority of funds on the Binance wallet
- Secure Asset Fund for Users (an emergency insurance fund established by Binance in July 2018)
- Seed phrase-based recovery method
Uphold is keen on security, too. The platform claims to keep an eye out for potential threats 24/7. There is also 2FA in addition to the usual private key encryption. Other security measures employed by Uphold include:
- Cold storage for the majority of user funds
- Educational material regarding security best practices and ways of recognizing/ avoiding scams
- A bug bounty program through third-party security company Integrity
- Background checks and routing privacy training for staff
Binance vs Uphold: The Winner
Whether Binance or Uphold is your top pick depends on your unique needs. You want to go with Uphold if you are looking for a straightforward platform that lists most of the popular coins and a few novel ones. In this case, you should also be willing to put up with significantly higher fees.
For those looking to trade expertly and take advantage of more advanced trading tools, Binance would be your best pick. You will have to learn how to leverage its advanced user interface, but in the end, you will enjoy numerous useful trading tools, low transaction fees, and access to a vast ocean of cryptocurrencies and tokens.