eToro vs Uphold: Which crypto exchange is better?

Relative newcomer Uphold goes head-to-head with investment heavyweight eToro.

With 20m users, eToro is undoubtedly a more established and larger operation than Uphold, which has closer to 2m users. So what is Uphold’s David trying that could upset eToro’s Goliath?

Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply.

Round 1: Vital statistics

eToro UK Cryptoasset InvestingUphold Digital Money Platform
Overall rating★★★★★★★★★★
Costs rating★★★★★★★★★★
FCA-registered
Exchange locationUKUS
Offers a debit card
Earn returns on crypto
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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

eToro UK Cryptoasset InvestingUphold Digital Money Platform
Number of tradeable crypto assets73143
CryptoassetsBTC, ETH, XRP, BCH, EOS, FET, LTC, ADA, XLM, MIOTA, NEO, DASH, ETC, BNB, ZEC, ZRX, MKR, DOGE, BAT, LRC, KNC, BNT, LINK, MANA, THETA, STORJ, ENJ, REN, AMP, DOT, ATOM, IMX, UNI, XTZ, FTT, FTM, CRO, MATIC, ALGO, QNT, LPT, HBAR, SNX, TRON, COMP, OGN, CTSI, SOL, BAL, UMA, YFI, SRM, CRV, AVAX, SUSHI, SAND, FIL, AAVE, AXS, GRT, 1INCH, CELO, API3, ALICE, GALA, DYDX, ENS, BICO, SHIBxM, FLR, APE, LUNC, $CHZBTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, TRX, NEO, DASH, XEM, VET, ICX, QTUM, OMG, ZIL, LSK, BTG, ONT, NANO, ZRX, DCR, MKR, DOGE, DGB, BAT, LRC, KNC, BNT, LINK, POWR, MANA, REQ, THETA, STORJ, ENJ, BLZ, TRAC, REN, DNT, STX, AMP, NMR, DOT, ATOM, IMX, UNI, XTZ, XYO, FTM, ANKR, CRO, CELR, TFUEL, ALGO, ONE, CHR, QNT, LPT, HBAR, SNX, IOTA, COMP, BAND, OXT, KAVA, XDC, RSR, KSM, COTI, SOL, TRB, NU, UPT, AR, BAL, UMA, YFI, SRM, CRV, AVAX, HNT, SUSHI, SAND, RUNE, ORN, EGLD, FIL, AAVE, CAKE, INJ, NEAR, AUDIO, KP3R, AXS, ACH, SKL, GRT, 1INCH, CELO, GHST, API3, BADGER, FLOW, POLS, AUCTION, FXS, SUKU, PERP, ALCX, ROOK, XCH, CSPR, UPBTC, SHIB, MINA, CVX, ILV, RAY, ASM, GALA, LDO, YGG, SPELL, DYDX, MOVR, AGLD1, SGB, GODS, BICO, MATIC1, GLMR, HOP, WBTC1, APE, ALPHA1, ANKR1, AUCTION3, BLZ1, WHOLE, WRIST, AZERO
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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

eToro UK Cryptoasset InvestingUphold Digital Money Platform
Number of supported fiat currencies1927
Supported fiat currenciesGBP, AUD, EUR, CAD, NZD, USD, HKD, HUF, JPY, CHF, MXN, ZAR, NOK, PLN, RUB, SGD, SEK, TRY, CNHGBP, ARS, AUD, EUR, INR, BRL, CAD, CNY, NZD, HRK, CZK, DKK, USD, HKD, HUF, ILS, JPY, KES, CHF, MXN, NOK, PHP, PLN, RON, SGD, SEK, AED
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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

eToro UK Cryptoasset InvestingUphold Digital Money Platform
Minimum deposits$10£10
Deposit Fees0.5% conversion fee for non-USD deposits£0
Trading Fee1% plus spreadSpreads from 0.95-1.25%
Withdrawal Fees$5 (min. withdrawal $30)Cryptocurrencies: $2.99 + coin fees
FIAT currencies: £0
Deposit methodsDebit card, Neteller, PayPal, Wire transfer, Online bankingBank transfer (ACH), Debit card
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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 one or two areas where Uphold is winning out vs. eToro. Its fees are broadly comparable, but it does support GBP balances. However, when it comes to user reviews and range of features, eToro has a track record that Uphold is finding hard to beat. Notably, eToro’s Copy Tranding 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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