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Uphold Canada Review (Everything We Like and Don’t Like)

Last Updated: Jan 20, 2024  |  Published: Jun 3, 2022


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Overall Review

Overall, Uphold Canada has high spreads and you can't fund your account with Canadian Dollars. There are better choices for Canadians. On the upside, it is beginner-friendly, supports 130 altcoins, precious metals, and 20 fiat currencies.

You can visit our comparison tool that will help you find the best crypto exchange in Canada. It compares over 20 popular Canadian crypto exchanges based on 60+ variables, including spreads, features, security, and more.

Where It Shines

  • Beginner friendly and easy to use
  • 130+ cryptocurrencies
  • Trade precious metals and 20+ fiat currencies
  • Swap any asset to another in seconds (eg. Gold to Bitcoin)
  • Stake 8 digital assets and earn up to 19.5% APY

Where It Falls Short

  • Hard to fund your account. No CAD bank deposits/withdrawals
  • High spreads up to 3% or more
  • No advanced trading tools
  • Debit card and stock trading not available in Canada
Uphold

Overview

Coins Offered

130+

Total BTC Purchase Fee

Not Tested Yet

Total BTC Selling Fee

Not Tested Yet

BTC Spread

3.46% (Apr 16, 2022)

Trading Fee

Free

Funding Methods

USD, GBP, or EUR

CAD Deposits

Not Supported

CAD Withdrawals

Not Supported

BTC Withdrawal Fee

0.0003 BTC + $2.99

Notable Features

Trade altcoins, precious metals, 20+ fiat currencies

What Is Uphold?

Uphold.com

If you’re looking to trade multiple assets all in one place then Uphold might be what you’re looking for. They offer 130+ cryptocurrencies, 5 precious metals, and 20+ fiat currencies. They also have stocks but those are not available in Canada.

When you log in to Uphold, you'll see a beginner-friendly and minimal design. Anyone can figure out how to make trades regardless of experience. Its main feature is you can trade "Anything-to-Anything" in just a few clicks. For example, Gold to Bitcoin without having to convert to fiat first.

Uphold is relatively popular. They have 10 million users since being founded in 2013. They are based in the USA but offer their services in 150+ countries.

Some Stats:

  • 10 million users
  • Available in 180+ countries
  • 130+ cryptocurrencies
  • 20+ fiat currencies
  • 8 assets for staking
  • Headquartered in USA
  • Founded in 2013

User Interface

  • Web app

  • Mobile App

Platform & Features

In general, Uphold does not have the highest number of features, like a Binance or Crypto.com. But, they do let you trade multiple asset classes, stake crypto, set up recurring transactions, and more.

A great thing about Uphold is that you can open an account in 10 minutes, and it's easy to use, regardless of your experience with investing. A beginner will appreciate the clear navigation and the beginner-friendly design. With no learning curve, you can focus on investing rather than learning how to use the platform.

The biggest drawback is that Canadians cannot use Uphold easily. That's because deposits and withdrawals using Canadian Dollars are not supported. Another drawback is that some features, like the debit card and stock trading, are not supported in Canada. There is also the downside of high spreads, which I discussed in the fees section.

Here's more information about what's available and not available in Canada:

130+ Cryptocurrencies

Uphold supports 130+ cryptocurrencies. They frequently add new coins, so the number of available coins keeps increasing. In 2021, they only had about 70 coins. While it's a good selection, the best altcoin exchanges are Binance and KuCoin. They both offer 600+ coins with the lowest fees and spreads in the industry.

Trade 20+ Currencies

Uphold offers a wide range of fiat currencies. From Peso's and Shekel's to Rupee's and Swiss Franc's, you have a variety of choices. The Canadian Dollar can be traded, but it cannot be deposited or withdrawn. Unfortunately, Canadian accounts can only deposit USD, GBP or EUR.

Precious Metals

You can buy gold, silver, platinum, and palladium. And you'll enjoy instant liquidity as well as zero custody costs.

U.S. Equities (not available in Canada)

Uphold lets you trade over 50 U.S. stocks for as little as $1. However, this service is unfortunately not available in Canada.

Trade "Anything to Anything"

The "anything to anything" trade allows you to move between crypto, national currencies, and metals using one screen. There are no trading fees, but beware of the spreads, which can be quite high. It claims to be 1.2% on their website, but when we tested it, it was 3.46%. A considerable difference!

Anything to Anything

Recurring Transactions

With recurring transactions, you can dollar-cost average (DCA) into your investments completely automated. Uphold lets you automatically withdraw money from your card without having to deposit it every time.

Staking

Uphold lets users earn rewards automatically every week based on how much you stake. The more you stake, the higher the APY you may earn, which currently ranges between 4% and 19.5%. There are currently 8 assets available for staking (KSM, KAVA, ADA, DOT, ATOM, SOL, ETH, XTZ).

App Integrations

Uphold lets you to connect your wallet and account to third-party apps for more functionality. For example, you can connect with CoinTracker, Koinly, BlockReward, and other services. There is at least a dozen "Uphold approved" integrations which can be added in a few clicks.

Uphold Debit Card (not available in Canada)

The Uphold card allows you to use crypto, gold, and other assets as payment methods. You can earn 1% cashback and 2% crypto rewards. The debit card is also integrated with Google and Apple Pay. Unfortunately, this product is not available in Canada. 

Customer Support

You can reach Uphold by email or live chat. They also have a pretty comprehensive FAQ section that covers most topics. Unfortunately, we didn't test their customer support so we can't give them a review.

Opening An Account

Uphold has a seamless registration process. In less than a minute, you can open an account. Then, verification will take another few minutes. In under 10 minutes, you can start trading crypto and other assets right away. Trading on Uphold requires you to provide your ID and complete KYC.

Requirements

Application Time

Under 10 minutes

KYC

Mandatory

Instant Verification

Yes

Who Is Eligible?

  • Canadian residents including Ontario
  • 150+ countries

Sign Up Requirements

  • Email address
  • Legal name
  • Date of Birth
  • Address
  • Income and Occupation questions
  • Phone number
  • Selfie
  • Government-issued ID

Fees & Spread

*Total BTC Purchase Fee

0.45% (not including deposit fee which can only be USD, GBP or EUR)

*Total BTC Selling Fee

2.91% (not including withdrawal fee which can only be USD, GBP or EUR)

Trading Fee

Free

Recurring Buys

Free

Staking Fee

15% (already included in the APYs)

CAD Deposits

Not Supported

CAD Withdrawals

Not Supported

BTC Withdrawals

$2.99 + 0.0003 BTC

Spreads

This is what Uphold claims are their spreads on their website:

  • 1.80% for BTC and ETH, significantly higher for other coins
  • 3.00% for precious metals
  • 0.20% for major fiat currencies like EUR, USD, and GBP

However, in our test, Bitcoin had a 3.46% spread, nearly twice as much. The results are below:

Price Test & Spread

Price Test (Apr 16, 2022)

Prices

BTC Spread

3.46%

BTC Buy Price

$41,446 USD

BTC Sell Price

$40,061 USD

Ref. Price Difference

Buy: 0.45%

Sell: -2.91%

Reference Price (Google)

$41,261 USD

Deposit & Withdrawals

Funding With Canadian Dollars

Uphold supports CAD but it does not allow CAD deposits or withdrawals. Canadians can only fund their Uphold account with USD, GBP or EUR. So it's not a good fiat on-ramp or off-ramp unless you have a bank account with these currencies.

You have the option to buy with debit/credit in USD, however my bank blocked the purchase:

Funding With Crypto

The other way to fund your Uphold account is with crypto. To do that, you'll need a local crypto exchange like Newton that makes it easy to convert CAD to crypto. However, at this point it's not worth the hassle to use Uphold if you're funding with crypto. It would be better to use Binance or KuCoin since they have more features, lower spreads, and hundreds of more altcoins.

Crypto Withdrawal Fees

Type

Fee

Minimum Withdrawal

Bitcoin

$2.99 + 0.0003 BTC

0.00001 BTC

Ethereum

$2.99 + Gas Fees (dynamic)

0.001 ETH

USDC

$2.99 + Gas Fees (dynamic)

?

Security

Company Security Features

  • Uphold is fully reserved and all asset balances are public
  • Fully compliant and licensed in the USA, UK, and multiple jurisdictions
  • Founded in 2013 and great track record
  • All employees pass a background check
  • 24/7 monitoring of suspicious activity in your account
  • Transparent team
  • View Uphold's security page

User Security Features

  • 2 Factor Authentication

Is Uphold Safe?

Yes, Uphold is a safe and secure platform. They have never been hacked (founded in 2013) and are regulated in multiple countries. They also have full reserves and are very transparent about their holdings. Their assets and balances are publicly available and can be viewed in real time.

⚠️ Although Uphold is safe, 44% of platforms we tested have had a hack or incident in the past. We strongly recommend storing and protecting your crypto on a hardware wallet or any wallet where you own the private keys.

Compared

A summary of Canada's major cryptocurrency exchanges and brokers. Over the last 3 years, we put every Canadian platform to the test across 60+ features each. Visit our free comparison tool here or see this year's Best Canadian Exchanges.

Name

Our Top 10

Coins

CAD Wallet?

Total BTC Purchase Fee

Spread (BTC)

Trading Fee

Website (+Bonus)

NDAX

NDAX(#1 overall)

1/10 🏆

35+

Yes

0.49%

0.35%

0.20%

2/10

240+

Yes

0.60%

0.05%

0.16%-0.26%

3/10

600+

No

?

0.00%

0.10%

4/10

500+

No

?

?

0.10%-0.30%

5/10

75+

Yes

0.69%

1.34%

0%

6/10

2000+

No

N/A

0.00%

0%

7/10

2

Yes

1.03%

2.26%

0%

8/10

400+

No

?

?

0.10%

9/10

350+

Yes

1.68%

3.11%

0%

10/10

70

Yes

0.66%

1.11%

0%

-

35+

Yes

1.24%

1.67%

0.50%

-

1

Yes

?

?

0%

-

60+

Yes

2.94%

3.17%

1.50%

-

45

Yes

1.99%

0.41%

2.00%

-

200+

No

4.54%

3.07%

0%

-

2

N/A

?

?

0.60%

-

40

Yes

1.23

2.63%

0%-0.50%

-

100+

No

?

?

0.20%/0.40%

The Bottom Line

Uphold has zero trading fees, 130+ cryptocurrencies, and a variety of assets you can trade. However, it has high spreads and it's hard for Canadians to use since you can't deposit/withdraw Canadian Dollars. Overall, we found that there are other better platforms for Canadian investors.

The best fiat on-ramp and off-ramp is Newton. The best altcoin exchange is Binance or if you live in Ontario, it's KuCoin. You can also compare crypto exchanges in Canada to find the best choice for you.

Reasons To Use Uphold:

  • Beginner friendly and easy to use
  • Variety of cryptocurrencies (130+)
  • Trade precious metals and dozens of fiat currencies

Reasons Not To Use Uphold:

  • Can't deposit/withdraw Canadian Dollars
  • Uphold has high spreads and cheaper platforms are available
  • High crypto withdrawal fees
  • No advanced trading
Uphold

Trade 130+ cryptocurrencies!


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NDAX

Lowest Fees

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Author

Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency. He has been investing in Bitcoin and cryptocurrencies since 2017.