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Dave Miller – Tech Enthusiast & Security Expert – February 24th, 2022
These days, it appears like everyone wants cryptocurrencies. You won’t be able to buy cryptocurrency via your bank or investment business; instead, you’ll need to register an account on a platform to convert your U.S. dollars into digital assets.
Individuals could only get crypto before crypto exchanges by organizing trades in internet forums. A few cryptocurrency exchanges have suddenly become billion-dollar businesses, with over 1,600 cryptocurrencies in circulation and over $289 billion total market valuation.
As of right now, there are roughly 504 cryptocurrency exchanges, with more on the way. You’ve decided to invest in cryptocurrencies, and because it’s a speculative venture that should get approached with caution, you search online for exchanges. You come across two major cryptocurrency trading centers, and now you’re here to compare Uphold vs eToro.
Since 2015, With the tagline “Changing the way people access money,” Uphold provides frictionless foreign exchange and cross-border transfer for members in 184 countries, using 80+ currencies and commodities. Founded on a foundation of proprietary technology and e-money applications and maintaining a distinctive ‘Anything-to-Anything’ trading experience, Uphold customers can exchange any asset for another.
Fact: Since its debut in 2015, Uphold has brokered approximately $4 billion in transactions.
With 20 million investors in 140 countries, eToro is the world’s largest social investment platform. eToro was founded in 2007 and is a social and copy trading pioneer. The firm provides clients with the ability to mimic professional traders’ trades, invest in equities and crypto assets, and trade derivatives investment, all while benefiting from an active, collaborative trading community.
Fact: eToro is estimated to be worth $10.4 billion.
Uphold is a one-of-a-kind desktop and mobile cryptocurrency trading broker that has discovered a unique approach to set itself out from the competition. They accept assets other than cryptocurrencies and allow trade between any two of them. Uphold’s platform is ideal for novices, as it is simple to use and offers a low-risk alternative for new investors to get started. Without paying additional expenses, you may move money or other assets to friends or family members in seconds. Even though Uphold’s education component can improve, it is still a beginner-friendly alternative.
EToro uses a graphics-intensive approach to connect and share traders from all over the world. A key feature of their distinct and unique platform is the ease with which an individual consumer may undertake duplicate trading. This accessibility allows retail account holders to automatically and in real-time duplicate the trades and trading techniques of the most successful clients. People who have a basic understanding of forex and cryptocurrency trading can benefit from the platform.
Note: But It’s important to realize that copy trading does not guarantee earnings or losses
Uphold’s interface is clear and straightforward, making it ideal for newcomers who might be intimidated by a complicated platform with almost 1 million downloads on Google Play and a 3.1-star rating from 18,578 reviews. The platform supports over 68 different cryptocurrencies, including the most popular ones. Users may also purchase and sell 50 equities in the United States, 27 national currencies, and four precious metals. Users may create an account in under a minute and begin trading by investing as little as $1 in U.S. equities. Using Uphold’s Debit card, you may pay for items and services with your crypto, commodities, or cash.
Creating a new account on eToro is straightforward and may be completed entirely online. With over 104,420 downloads and a higher overall app rating than uphold, conducting trade on a mobile device is virtually comparable to the online order input experience. eToro offers a more extensive assortment of cryptocurrencies to buy than other U.S. crypto brokerages, but it is currently less than Uphold: 17 cryptocurrencies to buy. Moreover, users can trade any 800 stocks available on the eToro platform. The site is well-known for allowing users to copy other traders; the least amount to copy a user is $200, and the most considerable amount is $500,000. Users can concurrently replicate up to 100 traders. Furthermore, every new user receives an unrestricted $100,000 demo account to get them started learning to trade.
Upwork charges a spread fee but doesn’t charge any deposit, withdrawal, or trading commissions. Uphold assesses a spread based on the price difference between the bid and offer. In the U.S. and Europe, Uphold spread is typically 0.8 to 1.2% on BTC and ETH, and in other parts of the world, it is typically around 1.8%. When you trade, the price you see before your trade is the price you pay. Unlike many platforms, the pricing gets locked in before the deal; there are no hidden costs between Preview and Transact.
Opening an account on eToro is free, and EToro provides a free digital wallet to hold cryptocurrencies; however, the cost of converting cryptocurrency to fiat money and vice versa is 5%, which some users may find a significant drain on any possible gains. The minimum and maximum transactions are $125 and $10,000, respectively. Furthermore, there are no administration costs with commission-free stock investments.
Note: Keep in mind that non-USD deposits and withdrawals are subject to FX rates.
Uphold’s customer care staff may get reached in various ways through different emails. Uphold also has an in-app help area that allows you to rapidly peruse the platform’s FAQs and discover solutions to the most frequently asked issues; nonetheless, according to Trustpilot 5,942 reviews, Uphold’s ratings are on the lower side than many exchanges. However, there are some outstanding reviews as well highlighting their customer support. What I mean is that several users complained about long and uneven ACH transfer wait times. For the most part, this issue is beyond Uphold’s control.
The eToro, Customer Service website is a one-stop-shop function that allows eToro’s customer service to follow the status of any open tickets. The Customer Care Center and the Live Chat are the only ways to communicate with eToro customer service at the moment. eToro is scored higher than many exchanges, with over 11,064 Trustpilot ratings. All club tiers get access to eToro’s Customer Service staff, accessible 24 hours a day, seven days a week. It means you may contact eToro’s customer service staff at any time from Monday to Friday.
The primary goal of Uphold is to protect the customer’s money and personal information. Uphold has robust extensive research protocols for all of its service partners because of the sensitive data involved in any integrations. As soon as you think your account has got hacked, Uphold will put a hold on it, preventing any withdrawals until it is fully protected. Uphold highlights extraordinary security measures for XRP European customers, such as storing around 90% of the money in cold storage and a security breach insurance coverage for currencies kept on the exchange. It has a Transparency website that shows the current state of its reserves. Uphold has a solid track record when it comes to security. However, at least one minor security problem occurred, in which hackers took at least $2,200 from two separate transactions.
eToro values its customers’ privacy and has pledged to never disclose or sell their information to other parties. Client cash is kept safe at reputable banks, and an SSL certificate safeguards their data. The support crew is available 24 hours a day on trade days, so clients always have someone to turn to if they have issues. The FCA, CySEC, and ASIC all regulate eToro’s operations. eToro educates its clients on the dangers associated with any trading and offers a variety of tools for decreasing risk and promoting responsible trading. eToro has put up a comprehensive guide on avoiding actual forex and cryptocurrency frauds.
Uphold vs eToro is all about the needs of the users and the services they want. I’ve outlined all of the critical differences between the two exchanges, as well as what they offer. Overall, Both eToro and Uphold are appealing platforms that are incredibly simple to use. The option to move cryptocurrency holdings to an external wallet is uncommon, so it may entice investors to switch to eToro. Those looking for a multi-asset trading platform could look at Uphold for precious metals and environmental tokens. eToro is best for copiers or sophisticated traders who want a more robust experience, while Uphold is suitable for most beginners.
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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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