Uphold vs eToro | Which Exchange Is Best For Beginners?
Jack Moreau
Mar 2024
7 min read
Fact checked
Are you wondering which is the better exchange between Uphold vs eToro? In this comparison, we take a close look at both exchanges in regards to their unique features, trading fees, supported cryptocurrencies, user experience and more so that you can decide which exchange is best for you!
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.
Uphold and eToro are two of the most popular cryptocurrency trading platforms on the market today. Both platforms offer a decent range of features making them a good starting point for new cryptocurrencies investors and traders.
Uphold is a London-based platform that was founded in 2013 by Halsey Minor. The platform has over 300 employees and is available in 184 countries.
While Uphold is restricted in some countries like Argentina, Austria, and Australia, it is licensed by FinCEN and FCA.
Uphold exchange
Uphold boasts an impressive 10 million users, 5 million downloads, and a staggering 4.7-star rating based on 40,000 reviews. The platform offers its users access to a solid range of over 300 cryptocurrencies.
Uphold app
On the other hand, eToro was founded in 2007 by Yoni & Ronen Assia. The company is available in over 140 supported countries and has it's main office in Tel Aviv, Israel, and legal entities in the US, UK, EU and Australia.
eToro has secured licenses CySEC, FCA, FINRA, and SEC and is restricted in a few markets like Canada, China, India, Indonesia, New Zealand, Russia, and South Africa.
eToro exchange
eToro offers its users access to 80 cryptocurrencies in addition to stocks, ETFs and currencies making it a popular choice for investors who want to trade a diverse range of digital assets.
The platform has over 30 million users and 10 million downloads and a 4-star rating based on over 100,000 reviews.
eToro app
Uphold vs eToro: Signup & KYC
Uphold and eToro are two popular options for beginners but what is their signup process and KYC requirements like? Let's take a closer look!
Uphold is a straightforward platform to sign up for. All you need to do is enter your email, password, country of residence, and citizenship.
KYC is required on Uphold, so be prepared to provide the necessary information. The verification process is quick, taking only a few hours to process but can take up to 24 hours.
Uphold signup process
eToro is also requires all of it's users to complete KYC in order to trade with real money. Signing up for eToro takes a few minutes of your time to complete as you need to enter your username, email, and confirm the email verification.
eToro KYC
The verification process takes a few more minutes to complete as you need to upload an ID. Etoro's verification process can take several days to complete, but no longer than one week.
Uphold or eToro: Products & Services
Uphold and eToro are two popular trading platforms that offer a variety of features and services for those looking to invest in cryptocurrencies and other assets.
Uphold is a great option for beginners as it offers a simple interface that is easy to navigate and where users can safely invest in over 300 cryptocurrencies.
Uphold cryptocurrencies
The exchange allows users to trade cryptocurrencies, metals, and stake up to 32 cryptocurrencies such as ATOM, Solana, ADA and many others.
Uphold Staking
Uphold also offers repeat purchases for who who simply want to but periodically irrespective of market conditions.
Uphold interface
For those that have some stablecoins to park, Uphold is a good place to do so with support for 15 stablecoins such as USDC, USDT, DAI and other.
One of Uphold's standout features is its proof of reserves, providing users with the peace of mind that their funds are safe.
Uphold 100% Reserves
eToro has established itself as an all-encompassing trading platform that satisfies the needs of both novice and seasoned traders with over 3,000 financial assets.
Among these, eToro showcases over 3,200 renowned stocks from household names like Microsoft, Tesla, Amazon, Google and Apple.
eToro Stocks
eToro also extends opportunities to trade in a spectrum of 50 global currencies, explore over 30 distinct commodities, and engage with more than 20 key stock indices. Indices, currencies and commodities are however not available to users in the United States.
eToro Indices
For those intrigued by the crypto universe, eToro is a gateway to over 70 cryptocurrencies including giants like Bitcoin and emerging stars like Solana and Cosmos.
eToro Crypto Offering
Additionally, individuals looking to invest in ETFs have an expansive selection of over 400 options at their fingertips, featuring prominent ones like Ark Innovation.
eToro ETFs
One of eToro's latest offerings is its interest-earning feature where users depending on their balance can earn annual interest rates that vary between 1.5% and 5.3%.
eToro Earn
This product is at the time of writing only accessible to users in Sweden, Norway, Denmark, Finland and the Netherlands.
Beyond being a trading platform, eToro acts as a communal hub bringing together a sprawling network of over 30 million traders from around the globe. To foster the growth of this community, eToro Academy steps in with a rich reservoir of learning materials.
eToro Academy
In terms of trading tools, eToro is armed with advanced charts from TradingView, ensuring that traders are equipped with detailed, timely data. Traders can also benefit from features that assist in defining profit targets and capping potential downsides.
eToro Trading Tools
eToro further amplifies the trading experience by offering leverage on trades with up to 30X leverage on cryptocurrencies and 5X leverage on stocks.
For individuals who want a sandbox to test their trading strategies, eToro's demo mode is a perfect fit. Here traders can experiment and learn using a virtual amount of $100,000.
eToro Demo Trading
A noteworthy feature of eToro is the CopyTrader system which grants users the chance to mimic the actions of experienced traders with proven track records.
eToro Copy Trading (Past performances are not an indication of future results)
Rounding off eToro's diverse offerings is its foray into the realm of NFTs via the Delta platform. This platform demystifies the NFT landscape, making the buying, selling, and management of NFTs on Ethereum easy.
Trading fees are an important consideration for anyone looking to invest in cryptocurrencies and other assets. When it comes to trading fees, Uphold and eToro have different fee structures for their users.
The spread in the US, EU and UK is closer to 0.9%-1.2%, making it a competitive option for those trading in these regions.
The spread is the difference between the buy and sell price of an asset and is a standard way for trading platforms to earn revenue. The spread can vary based on the asset being traded and the market conditions at the time of the trade.
eToro charges a 1% fee for buying and selling cryptocurrencies which is obviously lower than Uphold's fees.
eToro Crypto Fees
eToro offers 0% commission for those who wish to invest in stocks, making it a great option for those who are interested in trading traditional assets as well.
eToro Stock Fees
In addition to trading fees, it's important to consider other costs that may be associated with trading, such as deposit and withdrawal fees. Uphold and eToro have different deposit and withdrawal fees, so let's check on those now.
When it comes to buying and depositing cryptocurrencies, both Uphold and eToro offer a range of options to their users.
However, there are some key differences between the two platforms that users should be aware of.
Uphold supports three fiat currencies in USD, EUR, and GBP. The platform charges deposit fees for credit card purchases, with fees ranging up to 3.99%.
All bank transfers are free of charge. For those looking to deposit fiat currency, Uphold's options may be more limited compared to eToro.
eToro, on the other hand, supports four fiat currencies in USD, EUR, GBP, and AUD. The platform charges a 1% fee for all cryptocurrency transactions, but all fiat deposits are free of charge.
In addition to bank transfers, eToro also offers diverse deposit options like PayPal, Skrill, Neteller, and debit cards. Conversion fee may however be applied as deposits are conducted in $.
Uphold provides users with a range of withdrawal methods for both fiat and cryptocurrencies. In terms of fiat currencies, users can withdraw USD, EUR and GBP via bank transfers via ACH/Wire, SEPA, and Faster Payments (FSP).
For those that want to withdraw funds from Uphold, there is a steep fee of $2.99 for cryptocurrency withdrawals (excluding any blockchain fees) and a $3.99 fee for withdrawals via bank.
In contrast, eToro allows users to withdraw fiat via bank account or debit card, but charges a $5 withdrawal fee for USD withdrawals, with conversion fees for non-USD currencies. For crypto withdrawals, eToro charges a flat fee of $5.
While both exchanges offer a range of withdrawal options for fiat and cryptocurrencies, the withdrawal fees charged by both eToro and Uphold are on the higher end compared to most exchanges in the market.
When comparing Uphold and eToro, Uphold has the edge with its more comprehensive range of cryptocurrencies, simple user interface, and faster verification process.
On the other hand, eToro has a wider range of trading options beyond just cryptocurrencies, such as stocks, indices, as well as diverse deposit options and no deposit fees.
When comparing their trading fees, Uphold and eToro do not differ too much when it comes to cryptocurrency trading. eToro does the upper hand for those that want to trade stocks as that comes with 0% commission.
Besides that, Uphold has the upper hand when it comes to being available in more countries than eToro. Both companies are however well regulated by well known licensing agencies such as FinCEN and the FCA.
We use and recommend both platforms as they have a complementary offering and are a perfect starting points for beginners.
Disclaimer
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured.
Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance.
luckyaltcoin.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.
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.
Signup to eToro and Get $10 Bonus (US Only) when you deposit $100! eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
