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Dave Miller – Tech Enthusiast & Security Expert – November 29th, 2021
While finding a uniform legal approach at the state level is challenging, the United States continues to make progress in drafting federal cryptocurrency legislation. Cryptocurrency exchanges are considered money transmitters since cryptocurrency tokens are “other value that substitutes for cash.”
You’ll need a cryptocurrency exchange account if you want to purchase, sell, or exchange digital currencies like Bitcoin. Coinbase and Uphold are prominent cryptocurrency exchanges that cater to US residents and allow you to buy, sell, and trade a wide range of assets.
Coinbase is an excellent cryptocurrency exchange for newcomers. However, any eligible trader can use the more powerful Coinbase Pro platform, which is suitable for intermediate to advanced crypto investors. Uphold offers more than just cryptocurrency, with possibilities to purchase precious metals and even supported stocks.
Uphold and Coinbase cater to various types of traders and investors, so it’s important to compare the two before deciding. Here you’ll find comparisons of the functionality, pricing, supported assets, and other essential elements of Coinbase with Uphold to help you decide.
Thankfully, in this post, I’ve done the legwork for you by reviewing the leading exchanges on the market on a regular basis. I’m going to compare Coinbase vs Uphold, two exchanges that are both simple to sign up for and have their own set of benefits. The comparison will assist you in determining which option is best for you.
Coinbase is the clear victor in terms of simplicity of usage. Coinbase is a popular choice for bitcoin newcomers in the United States who want to purchase, sell, or exchange cryptocurrencies. It provides a quick sign-up process and a user-friendly website and mobile app where you may buy cryptocurrency in just a few clicks.
Uphold is a little more difficult to get started with, but once you’re hooked in, it’s a similar easy-to-use system. While having access to assets other than cryptocurrencies makes the accounts a little more complicated, anyone who is familiar with computers and cryptocurrency basics should be good with Uphold.
Coinbase has a similar level of protection and two-factor authentication. Maintaining the security of your account information is critical on any cryptocurrency platform. Anyone with access to your bitcoins can send them to their digital wallet, and you’ll have little redress if you lose them. To keep your valuables as safe as possible, use a unique password on every website, especially financial and cryptocurrency accounts.
Uphold employs robust encryption. You can also enable two-factor authentication, which is a smart idea for any financial account that supports it. You must enter a unique six-digit code produced by an authenticator app on your phone when you enable this function.
Simple crypto purchases: Use your account balance or a bank account, debit card, or PayPal account if you’re ready to pay a little more.
With Coinbase Pro, you get a lower price and more features: With Coinbase Pro, you can pay a maximum 0.50 percent spread and gain access to more advanced trading tools.
Coinbase offers free cryptocurrency. Once you’ve signed up, you’ll be able to earn free cryptocurrencies by watching short movies explaining how they work.
Any supported asset can be traded: With no restrictions on certain currency pairs, you can trade directly between any supported asset class. Invest in non-crypto assets: Invest in precious metals, foreign currencies, and even fractional stock shares.
Compatible with the Brave browser’s rewards: You may earn free BAT cryptocurrency and withdraw it to an Uphold account if you use the Brave browser.
Transactions that are automated. You can schedule up to $100 in Bitcoin for trades of cryptocurrencies, precious metals, equities, and more with the AutoPilot tool. Transactions can also be arranged on a one-time basis.
Although there are over 10,000 cryptocurrencies, most people are only interested in the top dozen or so. The fact that Uphold isn’t only about cryptocurrency is a significant plus. Foreign currencies, precious metals, and even stock can all be purchased. Carbon credit trading is the subject of two cryptocurrencies on the site. Uphold offers a few unique trading options that aren’t available on most other cryptocurrency exchanges.
Fees are a disadvantage of any investment, therefore you should try to avoid them as much as possible. Coinbase imposes fees that are pretty obvious, whereas Uphold hides them in asset price spreads. Fees at Coinbase run from $0.99 to $2.99 depending on the size of the deal, plus a 0.50 percent margin. That isn’t the lowest option, but it is less expensive than the Uphold average spread. On monthly BTC and ETH transactions, Uphold charges between 0.8 percent and 1.2 percent, and 1.8 percent on most other major cryptocurrencies, however margins can be significantly higher in rare situations.
Coinbase and Uphold both provide mobile applications that provide nearly all of the capabilities found on their websites. Some people may even find that the mobile app versions are easier to use and navigate than the online version. You may even use them while you’re on the run.
Coinbase has applications for both the main Coinbase platform and for Coinbase Pro and Coinbase Wallet. Uphold offers a single mobile app for managing your account from anywhere with an internet connection. Both are compatible with Android and iOS smartphones.
If you join up with Coinbase or Uphold, you may encounter several features that aren’t applicable to accounts in the United States. Due to current litigation, Coinbase prohibits purchases of the cryptocurrency Ripple (XRP) for US consumers. Users in all U.S. states except New York can trade XRP with an account set up at Uphold, and foreign users should have no issue accessing those assets.
After comparing the cost, features, supported assets, and overall ease of use of Uphold vs Coinbase to find the best platform, while any of these services is adequate for most consumers in the United States, Uphold’s cost and functionality make it a better choice. Therefore in this comparision, I believe Uphold is slightly better than Coinbase in terms of fees and accessibility. However, you should keep in mind about the risks and expenses before signing up for any crypto network.
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Dave Miller is an IT Consultant for Online Cloud Security and has over 7 years of experience in the Information Technology space. He also specializes in repairing laptops & computers. In his spare time, he loves to talk about new technologies and hosts monthly IT and Cyber Security meetings in the Houston area.
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Online Cloud Security is here to recommend you the most secure devices, from laptops to smartphones, we only want to provide you with products that we have tested and used ourselves for online security. Every product that we recommend is heavily inspected and tested for security against hackers, viruses, malware, and any other intruders that may want to steal your information.
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