Coinsquare vs Uphold | All The Reasons Why We Favor Uphold
Jack Moreau
Feb 2024
9 min read
Fact checked
Coinsquare vs Uphold: Choosing the right exchange can be tough, but we're here to help! We've compared Coinsquare and Uphold across a range of factors including KYC requirements, product offerings, trading fees and deposit methods. Read on to find the best exchange for your trading needs!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Coinsquare and Uphold are two cryptocurrency exchanges that cater to different markets. Coinsquare is a Canadian-based exchange that only operates within Canada, while Uphold is a global platform that serves users in over 180 countries.
Coinsquare was established in 2014 and has quickly become a popular exchange for Canadians looking to buy and sell cryptocurrencies such as Bitcoin and Ethereum.
The platform offers a simple user interface, is beginner-friendly but overall quite limited in it's offering.
Coinsquare exchange
Coinsquare only supports a limited range of over 40 cryptocurrencies including BTC, ETH, XRP, ADA, ALGO, ATOM and a few others. T
he exchange is regulated in Canada where it has grown to over 500,000 registered users. Coinsquare is also available on both Android and IOS for those that prefer mobile, and has been downloaded by over 50,000 Canadians.
Coinsquare app
Uphold on the other hand was founded in 2013 and is registered and based in London. It is a versatile digital money platform that enables users to trade various financial instruments, including 300 cryptocurrencies, precious metals and fiat currencies.
Uphold exchange
Uphold has gained popularity for its user-friendly interface, diverse range of assets, and commitment to transparency.
Uphold's unique "Anything-to-Anything" trading feature allows users to seamlessly convert between different asset classes in a single transaction.
Uphold has over 10 million users across 180 countries and is available on both Android and IOS where it has received over 5 million downloads with a fantastic 4.7 rating based on 40,000 reviews.
Uphold app
As such, Coinsquare is the more limited exchange available only to Canadians while Uphold is the more versatile platform both in terms of financial products but also by catering to a global audience.
Coinsquare vs Uphold Signup & KYC
Coinsquare and Uphold are both cryptocurrency exchanges that require KYC verification before users can start trading on their platform.
Coinsquare, which is only available to Canadian residents, has an obligatory KYC process. The signup process requires users to enter their email and phone number before completing KYC verification.
Coinsquare KYC
The verification process involves providing personal information such as full name, address, a valid government ID and a selfie. Once the documents have been uploaded, Coinsquare will typically verify users within 1-2 business days.
Uphold is available globally and similar to Coinsquare also requires KYC verification. The signup process is quick and straightforward, with users only needing to provide an email, password and select their country of residence.
Uphold signup
Once the account has been created, users must complete KYC verification which involves providing Uphold with information such as personal information and a government ID. Uphold's verification process can be done as quickly as in a few hours but can take up to 24 hours to process.
Uphold KYC
In summary, Coinsquare is only available to Canadian residents and requires obligatory KYC verification, while Uphold is available globally and also requires KYC verification. Both exchanges have a quick and easy signup process, but Coinsquare's verification process can take slightly longer than Uphold's.
Coinsquare vs Uphold Products & Services
Coinsquare is a smaller local exchange that offers limited products and services. They allow users to buy and sell 40 cryptocurrencies via their spot exchange called Coinsquare Pro or through their swap services. The user experience on Coinsquare is average, but it is easy to use for total beginners.
Coinsquare markets and cryptocurrencies
Uphold, on the other hand, offers users the ability to buy and sell over 300 cryptocurrencies, in addition to metals trading like gold and silver and national currencies like USD and GBP.
They also provide support for 15 stablecoins, including popular options like BUSD, DAI, FRAX, GUSD, USDC, and USDT.
Uphold cryptocurrencies
Uphold has a clean and simpler interface which is perfect for beginners. They offer staking with over 30 different cryptocurrencies, allowing users to earn staking rewards. Uphold also supports repeat purchases, allowing users to automate their investments.
When it comes to trading fees, Coinsquare and Uphold have some notable differences.
Coinsquare charges a higher spot fee of 0.5% for both makers and takers on their Pro platform, which is on the higher end compared to most exchanges.
Coinsquare pro trading fees
However, they do offer rebates for traders who exceed $10,000 in trading volume during a 30-day period. However, Coinsquare's instant buy, swap, or recurring buy fees are higher with a fee of 1%.
On the other hand, Uphold charges a $0.99 USD fee for cryptocurrency transactions under $100, and a spread of 0.9-1.8% for trades above that.
While the spread is higher than some other exchanges, it is notably lower in the US, EU, and UK, where it ranges from 0.9%-1.2%.
When it comes to fiat deposits, Coinsquare and Uphold have different options available for their users. Coinsquare only supports deposits with AUD while Uphold offers deposits for USD, EUR, and GBP.
Coinsquare users can deposit AUD via Poli, PayID and Direct Deposits which are all free of charge to use.
There are also other options available but with fees, such as depositing via BPAY (0.9% fee), cash (2.5% fee), and credit/debit card (2.58% fee).
On the other hand, Uphold users can deposit their fiat currencies via Debit/Credit Card, Bank Transfer for USD (ACH/Wire), SEPA for EUR, and Faster Payments (FSP) for GBP.
All fiat bank transfers are free of charge while Uphold charges a 3.99% deposit fee with credit cards and a 2.49% deposit fee with debit cards.
While Coinsquare only offers deposits with AUD and limited deposit methods, Uphold provides more options for their users with support for multiple fiat currencies and free bank transfers.
In terms of withdrawal methods, Coinsquare allows users to withdraw their USD or CAD funds from the exchange with a few different options.
For USD, Wire transfer is the only option and for CAD, that can be withdrawn via Interac e-Transfer (free), Bank withdrawal (1.5% fee) or Wire transfer (1.5% fee).
Certain cryptocurrencies (but not all) can also be withdrawn from Coinsquare with different fees depending on the blockchain being used.
On the other hand, Uphold offers fiat withdrawal methods that include Bank transfers (ACH/Wire), SEPA and Faster Payments (FSP). One of the advantages of Uphold is that fiat withdrawals are free on their platform for USD, EUR and GBP.
Coinsquare and Uphold are two cryptocurrency exchanges that cater to different markets.
Coinsquare is a Canadian-based exchange that only operates within Canada, while Uphold is a global platform that serves users in over 180 countries.
Coinsquare offers a clean and intuitive user interface that is beginner-friendly but only supports a limited range of over 40 cryptocurrencies including BTC, ETH, XRP, ADA, ALGO, ATOM and a few others.
Uphold, on the other hand, is a versatile digital money platform that enables users to trade various financial instruments, including cryptocurrencies, precious metals, and fiat currencies.
Uphold has gained popularity for its user-friendly interface, diverse range of assets, and commitment to transparency.
Uphold supports an impressive range of over 300 cryptocurrencies and altcoins. Coinsquare and Uphold are both cryptocurrency exchanges that require KYC verification before users can start trading on their platform.
Coinsquare is only available to Canadian residents and requires obligatory KYC verification, while Uphold is available globally and also requires KYC verification.
Both exchanges have a quick and easy signup process, but Coinsquare's verification process can take slightly longer than Uphold's.
When it comes to trading fees, Coinsquare charges a higher spot fee of 0.5% for both makers and takers on their Pro platform, while Uphold charges a $0.99 USD fee for cryptocurrency transactions under $100, and a spread of 0.9-1.8% for trades above that.
So for those looking to buy and sell a more wide range of cryptocurrencies and other financial products, Uphold has much more to offer than Coinsquare.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
