Sometimes, the world of cryptocurrencies and digital finances can be extremely overwhelming. Yet, at the same time, the rewards of these new investment opportunities can be promising. Trusted platforms for buying and selling digital currencies can help individuals who are curious about making virtual investments easily navigate these murky waters of the cryptocurrency world, but with so many players on the cryptocurrency exchange market today, how is one to choose which platform is best for them?
Two reputable cryptocurrency exchange platforms on the market today are Uphold and Binance. Uphold is a transparent and future-focused multi-asset platform favored on the market today. Binance is one of the largest cryptocurrency exchange platforms leading the industry with low transaction fees.
Let’s have a closer look…
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Main Differences between Uphold vs Binance summarized:
| Uphold | Binance | |
| Features & Capabilities | Secure and transparent tradingExclusive limit ordersZero fees and low spreadsScheduled automated tradingRewards opportunitiesSecure digital walletOver 130 cryptocurrency typesOver 184 countries“Anything-to-Anything” tradingOver $4 billion USD in transactions Mobile app | Secure and transparent tradingOver 600 cryptocurrencies listed BNB: Native assetBinance ChainTrust WalletResearch capabilitiesEducational resourcesEntrepreneurial labs and launchpadCharityMobile app24/7 support |
| Transaction fee | 0.8% – 1.8% | Less than 0.10% |
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Uphold vs Binance – Features & Capabilities:
Uphold
- Founded in 2015, Uphold is a multi-asset cryptocurrency exchange platform offering over 130 currency types in over 184 countries, providing best-in-class and accessible financial services to a global market of over 10 million users
- Amongst cryptocurrencies, the platform also provides access to investment opportunities in environmental assets and precious metals
- It has an “Anything-to-Anything” trading capability which allows customers to trade directly between the different classes of assets with embedded payments
- The platform offers zero fees and low spreads, exclusive limit orders, rewards opportunities, and allows individuals to automate scheduled trading to minimize the impact of volatility in prices
- With more than $4 billion USD transactions taking place on this platform, Uphold is a trusted financial platform, enabling people and businesses from across the world to make transactions that are safe, transparent, and affordable
Binance
- Founded in China, but currently based in Malta, Binance is one of the largest and fastest cryptocurrency exchange platforms out there today, with over 150 different currencies to be traded on the platform traded at an average volume of 2 billion per day
- The platform has a native asset called BNB that can be traded on the exchange as well as Binance Chain, their own blockchain software to help facilitate these transactions
- Assets can be stored, received, and sent from the Trust Wallet, a decentralized digital wallet
- There are a number of educational and supportive resources available on the platform including an open-access learning hub and entrepreneurial lab and launchpad features to help incubate ideas and enable entrepreneurs to launch their cryptocurrency endeavors
- The platform also has a research space providing institutional-grade research reports, data-driven insights, and thorough analysis for investors, and also practices in philanthropic efforts through its not-for-profit foundation which provides blockchain empowered charity towards global sustainability
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Uphold vs Binance – Pricing
| Uphold Transaction Fees | |
| US Equities | 1% |
| Precious Metals | 3% |
| Fiat Currencies | 0.2% |
| Binance Transaction Fees | |
| Cryptocurrency | Less than 0.10% |
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Reasons to choose Uphold over Binance
A key feature of Uphold that appeals to many is the availability of multiple assets on the platform, more specifically environmental assets and precious metals, such as gold. For investors looking to maintain a diverse portfolio with a number of assets, while still keeping their investments collected on a single platform, this is extremely useful. If you are an investor looking for a singular platform to establish a diverse portfolio of assets, Uphold may be the right choice for you.
Reasons to choose Binance over Uphold
What is notable about Binance is that it has some of the lowest cryptocurrency transaction fees on the market and since they have an exclusive focus on cryptocurrencies, they are able to provide over 600 different cryptocurrencies listed on their site. Additionally, it provides an exceptional user-experience. This is extremely desirable for people who are interested in keeping fees associated with trading to a minimum but are also interested in exploring a number of different cryptocurrencies. If low fees and a vast collection of cryptocurrencies to choose from is in your interest, Binance may be the best option for you.
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Similarities between Uphold and Binance
Both Uphold and Binance are similar platforms because they allow investors to purchase cryptocurrency using credit or debit cards or directly through one’s bank account. They also both provide secure and transparent trading, they deal with large volumes of transactions everyday, and they provide a wide variety of cryptocurrencies on their platforms. The platforms themselves are both relatively intuitive and easy to use and, overall, provide a seamless experience with day-to-day trading.
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Uphold and Binance Alternatives
The last decade has seen cryptocurrency take the world by storm and, as a result, there are a number of cryptocurrency exchange platforms competing for the top spot today. Some of the best cryptocurrency exchange platforms of 2022 include Gemini, the easy to use cryptocurrency exchange, Crypto.com, a platform unique to its number of rewards available, and Coinbase, the currency exchange that is more accessible and friendly to beginners who are starting to trade.
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Uphold vs Binance – Final Verdict
While both Uphold and Binance are trusted, secure, and transparent currency exchange platforms with a wide variety of options available to investors, they ultimately both cater to different needs. Uphold does not exclusively act as an exchange for cryptocurrency as it is a multi-asset exchange platform that includes environmental assets and precious metals. If you’re looking to diversify your portfolio with gold or other like minded assets, Uphold may be the choice for you. While Binance focuses more exclusively on cryptocurrency, it allows them to provide a wider variety of currencies available on the market. The platform also comes with some of the lowest transaction fees out there, so if these low fees on cryptocurrency trading are desirable to you, Binance may be your best choice.
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Frequently Asked Questions
What is cryptocurrency and how does it work?
Cryptocurrency includes all forms of currency that exist in the digital realm and use a decentralized system for all transactions. It relies on the concept of cryptography or the technology of blockchain, which essentially involves the techniques of secure communication that allows the sender and intended recipient to be the exclusive viewers of the virtual content, with no middle party necessary. Unlike physical cash, the value of cryptocurrency is based on demand and can fluctuate.
Is cryptocurrency reliable?
As with many forms of investments, there is always risk involved. Since the value of each cryptocurrency tends to fluctuate based on demand, there is always going to be a bit more volatility as an investment. However, with the use of blockchain technology backing cryptocurrency transactions, there is a heightened level of security when using it on the exchange platforms.
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References & Links
- https://uphold.com
- https://www.binance.com/en
- https://www.forbes.com/advisor/investing/cryptocurrency/best-crypto-exchanges/
- https://viraltalky.com/uphold-vs-binance-comparison/
- https://www.daytrading.com/uphold-vs-binance