Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.
eToro vs Uphold: Which crypto exchange is better?
Relative newcomer Uphold goes head-to-head with investment heavyweight eToro.
Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 mins to learn more.
Estimated reading time: 2 min
Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.
What are the key risks?
1. You could lose all the money you invest
- The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoassets.
- The cryptoasset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.
2. You should not expect to be protected if something goes wrong
- The Financial Services Compensation Scheme (FSCS) doesn't protect this type of investment because it's not a 'specified investment' under the UK regulatory regime – in other words, this type of investment isn't recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker.
- The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm or Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
3. You may not be able to sell your investment when you want to
- There is no guarantee that investments in cryptoassets can be easily sold at any given time. The ability to sell a cryptoasset depends on various factors, including the supply and demand in the market at that time.
- Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your cryptoassets at the time you want.
4. Cryptoasset investments can be complex
- Investments in cryptoassets can be complex, making it difficult to understand the risks associated with the investment.
- You should do your own research before investing. If something sounds too good to be true, it probably is.
5. Don't put all your eggs in one basket
- Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.
- A good rule of thumb is not to invest more than 10% of your money in high-risk investments.
If you are interested in learning more about how to protect yourself, visit the FCA's website here.
For further information about cryptoassets, visit the FCA's website here.
Round 1: Vital statistics
 |  | |
| Overall rating | ★★★★★ | ★★★★★ |
| Costs rating | ★★★★★ | ★★★★★ |
| FCA-registered | ||
| Exchange location | UK | UK/US |
| Offers a debit card | ||
| Earn returns on crypto | ||
| call to action | Go to site More Info | Go to site More Info |
Both platforms have applied for, and been granted, “registered cryptoasset firm” status by the UK finance watchdog, the Financial Conduct Authority (FCA) – which will offer some prospective users reassurance. It doesn’t mean you can use the Financial Ombudsman Service or that your funds are protected by the Financial Services Compensation Scheme (FSCS), but it does mean the company has passed checks for complying with rules on money laundering and counter-terrorism.
Round 2: Supported coins
| | |
| Number of tradeable crypto assets | 76 | 214 |
| call to action | Go to site More Info | Go to site More Info |
Uphold might have a slight edge on altcoin support (although eToroX can offer access to further assets), but both platforms are in a similar ballpark – mid-way between the entry-level platforms like Ziglu that offer a very select handful of coins, and big-hitters like Crypto.com which can support several hundred. Unless you’re a fan of obscure altcoins, you’ll probably find what you’re looking for with either platform.
Round 3: Supported fiat currencies
| | |
| Number of supported fiat currencies | 21 | 27 |
| call to action | Go to site More Info | Go to site More Info |
It’s worth noting that eToro does everything in dollars, so when you deposit GBP, that immediately gets converted to USD. You’ll incur a small FX fee of 0.4% along the way.
Round 4: Costs
| | |
| Minimum deposits | $10 | £10 |
| Deposit Fees | None | £0 |
| Trading Fee | 1% plus spread | US$1 flat fee on trades Spreads also apply |
| Withdrawal Fees | $5 (min. withdrawal $30) | Crypto: $2.99 + coin fees Fiat: £0 Google Pay: £0 |
| Deposit methods | Bank transfer, Credit card, Debit card, Neteller, PayPal, Skrill, eToro Money | Bank transfer (ACH), Debit card, Apple Pay, Google Pay |
| call to action | Go to site More Info | Go to site More Info |
Uphold’s buy/sell spread fees range from 0.95% to 1.25% for popular, high-liquidity coins like Bitcoin and Ethereum, but can be higher when trading lower liquidity cryptoassets. eToro charges a fixed 1% fee plus a competitive spread on top.
The verdict
There are 1 or 2 areas where Uphold is winning out against eToro. Its fees are broadly comparable, but it does support GBP balances. However, in terms of user reviews and range of features, eToro has a track record that Uphold is finding hard to beat. Notably, eToro’s Copy Trading feature lets you replicate the trades of other eToro users who’ve demonstrated success previously.
*Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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