Reading this Kraken vs. Uphold comparison will make it easier for you to choose the best option.
So, if you intend to invest in cryptocurrency and looking for a reliable exchange, this comparison is for you.
Which is Better, Uphold or Kraken?
Traditional equities are being bypassed by an increasing number of investors in favor of cryptocurrencies like Ethereum, Bitcoin, etc.
Several cryptocurrency exchanges have sprung up as a result of bitcoin’s surge in popularity over the last decade.
When it comes to cryptocurrency trading platforms, Kraken and Uphold are both excellent options.
So, are you curious about which bitcoin exchanges are the most trustworthy? Looking at Uphold and Kraken, you may wonder what the difference is.
Or are you looking for the most options? Let us take care of that for you. We’ll take a closer look at Kraken vs. Uphold and help you decide which is ideal for you.
Uphold vs. Kraken – What Exactly Are They?
“Kraken” and “Uphold” are excellent options in terms of cryptocurrency exchanges. The purpose of this article is to explain the features, differences, and similarities between these two platforms.
Also, this full Binance vs. Uphold comparison is composed to give you a better idea about those platforms for cryptocurrency users to trade with confidence.
Kraken is a cryptocurrency bank & exchange established in the United States. This platform allows customers to trade fiat money for cryptocurrencies.
There are over 176 countries where it may be used, and a total of 72 coins can be traded. Fiat currency can be added in a number of ways to this specific platform.
Kraken Pro, the premium version, is available for a fee. Also, it has more functionality not available in the free Kraken.
All the information you need to make informed decisions about your investments is included in this tool. Ocean, Ether, Bitcoin, Waves, Bitcoin Cash, Uniswap, and more are all supported.
Besides, here is the comprehensive Uphold vs. Coinbase comparison for your reference.
Cross-asset trading is made possible through the use of Uphold. Using it, you can trade fiat currency for cryptocurrencies and stocks. Gold and Bitcoin can be traded for XRP, for instance.
Investing in pre-selected digital assets is possible thanks to its comprehensive, fully automated trading.
It’s easy to send funds to loved ones using any of Uphold’s approved assets. Alternatively, you can transfer your money to banks, private wallets, or even to other crypto exchanges for free.
Kraken vs. Uphold: Signing Up
Now, in this Kraken vs. Uphold comparison, let’s take a look at the signing-up process.
To register for an Uphold account, go to the company’s official website. Creating an account is a straightforward process for individuals, and it just takes a few minutes.
You can also create a business profile if you prefer. It may take a little longer to open business accounts due to the additional paperwork required.
Create a Kraken profile by going to the company’s website. To open a Kraken profile, you must be over 18. Also, you must live in a territory where Kraken is supported.
Let’s compare Kraken vs. Uphold in terms of security. It is a standard procedure with Uphold to use encryption.
They use it on both the bank accounts and websites that are linked to Uphold. Deposits with Uphold, on the other hand, are not covered by SIPC or FIDC.
Kraken, contrary to Uphold, gives its users a choice of different security levels, and that’s impressive.
Trading and funding processes are protected by Google 2FA (two-factor authentication). So, in terms of security, both Uphold and Kraken are safe options.
Here is the part of the comparison of fees in Uphold vs. Kraken.
A typical spread for BTC and Ethereum is 0.8 to 1.2 percent. When it comes to the US and Europe, it is 1.8 percent.
Spreads might be substantially bigger for low-liquidity cryptos, according to the warning. In addition to these backed assets, it offers the standard spread.
Deposits and withdrawals to and from a bank account are free with Uphold exchange.
The 3.99 percent fee is still levied whether payments are deposited via credit or debit card. It costs 9.95 USD to activate the Uphold debit card, and each withdrawal costs 2.50 USD.
Kraken has a fee structure based on the maker & taker strategy.
Withdrawals and deposits are subject to a variety of fees, which vary according to the method you choose. Reduced prices are associated with an increase in the 30-day volume of your business.
In the table below, you can see a comparison between Uphold vs. Kraken in terms of fees.
|Bank Account||Free of charge||It can vary from 4 USD to $35 USD|
|Wallet||2.99 USD||3.75 percent + €0.25|
|Credit Cards and Debit Cards|
|ACH Transfer||Fee||1.7% + 0.10 USD|
|Wire Transfers||$30 if you deposit less than $5000. If you deposit over $5000, fees will be waived.||Up to $10 for deposits and up to $35 for withdrawals.|
|Cryptocurrency Conversion||Free of charge||$5 for each conversion|
|Trades||In some cases, it may reach even 4%.||Up to 0.05% (depending on the volume)|
Uphold, and Kraken has excellent user experiences. Users who want to start trading fast may find Kraken’s additional security procedures difficult to deal with.
Uphold’s website, on the other hand, is a breeze to use. With the advent of stocks, the more advanced transactions kinds become even more difficult.
Despite this, it allows users to exchange one cryptocurrency for another in a single step.
Both platforms come with excellent features in terms of security. As mentioned before, “Uphold” offers encryption as a standard option.
Those security options are applied on the website and bank account.
However, you should remember that the deposits you do through Uphold aren’t covered by FIDC or SIPC.
Trading and funding on Kraken are protected through Google 2FA. You may keep that in mind if you are looking for a safety factor.
1. Is Kraken better than Uphold? It depends on your requirements. If you value a diverse range of cryptocurrencies and lower fees for high-volume trading, Kraken might be the better choice. If you want a broader range of asset classes and a more user-friendly interface, Uphold could be your pick.
2. Is Kraken safe to use? Yes, Kraken is considered one of the safest cryptocurrency exchanges, providing advanced security measures to protect user assets.
3. Is Uphold safe to use? Yes, Uphold also prioritizes user security. It provides two-factor authentication and uses encryption to protect user data.
4. Can I buy stocks on Kraken? No, Kraken only supports cryptocurrencies, not stocks or other asset classes.
5. Can I buy stocks on Uphold? Yes, Uphold allows you to buy and sell equities along with other asset classes like cryptocurrencies and precious metals.
Conclusion on Uphold vs. Kraken Comparison
In our Kraken vs. Uphold comparison, we explained several important factors.
As you can see, both options are good as they offer excellent user-friendliness and security measures.
However, the transaction fees (charges) are different from each other, so that can be a decisive factor.