Binance vs Uphold: Key Features
Uphold is a multi-asset broker that offers trading in five asset classes including crypto, stocks, commodities, fiat currencies and environmental assets. In addition to trading, it also offers crypto staking, a crypto VISA card, DCA-investing, mobile app and 24/7 customer support.
Binance is the largest cryptocurrency exchange in the world that provides a wide range of features, including margin trading and futures contracts, to cater to more advanced users. Additionally, you can trade, stake, lend, borrow and earn over 350 cryptocurrencies. It also offers an NFT marketplace, a P2P marketplace, mobile app and much more.
Winner: Binance is one of the most feature-rich platforms in the world that offers a variety of services.
Uphold offers a variety of asset classes including cryptocurrencies, stocks, commodities, and fiat currencies. It supports more assets than any other exchange on the market with over 210 cryptocurrencies plus hundreds of other assets.
While Binance does offer a wider selection of crypto assets to trade with over 350, it is limited in comparison to Uphold as it only supports digital assets. Binance does not support any traditional financial products like shares or precious metals.
Winner: Uphold provides more asset classes than Binance but does not support as many cryptos.
Trading, Deposit and Withdrawal Fees
Uphold offers free deposits and withdrawals, except for crypto withdrawals, which are subject to a small fee. There are no trading fees on Uphold, they only charge spreads, which vary between 0.8% - 1.2% for crypto. Other asset spreads start from 0.2% and go up to 1.9%. There are no additional or hidden fees.
Binance charges 0.1% for trading fees, however, this is offset by the fact that it earns on the spread between its buy and sell prices of up to 2%. This means you can expect to pay around 1-3% in total when trading on Binance. Most deposits are free besides card and ACH, and withdrawals are subject to a small fee.
Winner: Uphold is the more affordable option here, with significantly lower trading fees.
Is Uphold more secure than Binance?
Uphold is considered to be one of the most reliable exchanges in the world due to its robust security features. Uphold uses two-factor authentication (2FA) and multi-sig technology on all accounts, with regular risk assessments performed by an audit firm. It is also licensed and regulated in numerous jurisdictions globally, increasing the confidence investors can place in securing their funds.
Binance is known for its security weaknesses, as it has been hacked several times in recent years. The platform does not have regular audits to assess the security of its systems. Furthermore, it is not regulated and does not provide proof of its reserves. This means that users are at a greater risk of losing their funds if the exchange is hacked or goes bankrupt.
Winner: Not only is Uphold a more established exchange than Binance, but they also offer audited proof-of-reserves and full regulatory compliance in multiple jurisdictions.
Customer Support Options
Uphold has 24/7 customer support via live chat, email and phone in two languages, English and Spanish. The customer service team can also be reached via one of Upholds many online communities including Facebook, Twitter, LinkedIn and Instagram.
Binance support is also available via live chat and email, but not through phone, making it more difficult to get in touch if you need help. The team is also present in a few online communities including Twitter, Instagram, Facebook, Telegram, Discord, Reddit, Medium, TikTok, YouTube & VK.
Winner: Uphold provides superior customer support options over Binance by offering 24/7 live chat and email/phone support.
Uphold has a mobile app that offers the same functionality and UI as its web counterpart. The app is currently supported on both iOS and Android devices. It is a highly rated app, and on the Apple App Store it is rated 4.5 stars from 25K reviews. On the Google Play Store it is rated 4.6 stars from 33K reviews.
Binance also has a mobile app available for iOS and Android devices. It is a highly rated app and has achieved 4.7 stars from 33K reviews on the Apple App Store. On the Google Play Store it is rated 4.24 stars from 1.2M reviews.
Winner: The Binance app has received more reviews and has a higher rating than the Uphold app.
The Bottom Line
Uphold is the clear winner when comparing it to Binance. Not only does it offer a wider selection of asset classes compared to other exchanges on the market, but it's one of the only platforms that provide 1:1 proof-of-reserves. If you want to trade cryptocurrencies or other financial products with confidence, then joining Uphold is an excellent option. To learn more about this exchange, visit our detailed Uphold Review.