What are the differences between Gemini and Uphold? You can choose one from the many crypto exchanges that are available out there for your crypto trading needs.
However, choosing the one that is most suitable for you is quite difficult if you do not know the different features and functionalities of each.
In addition to that, you will also need to know about the fees, coin support and the pros and cons of each before you make your final choice.
Now, for that you will need to research on each of these crypto trading platforms individually. This, however, is not only immensely time-consuming but is also a lot of hassle.
Alternatively, you can look for articles like this that will cover all these aspects and help you to compare two specific crypto trading platforms, Gemini and Uphold, in this case.
Though both these platforms are good, the differences between them lie in their regulation and licensing, the services offered to their respective users, accessibility to these services as well as the fees charged for using them.
This article will help you to know all about those and eventually enable you to choose and stick to the platform that is more effective and efficient to meet all your crypto trading needs.
8 Differences Between Gemini and Uphold
If you go through the review of Uphold, you will come to know that it is a regulated crypto exchange that also provides wallet service, both of which are good for the crypto traders and investors.
As far as Gemini is concerned, though the fees charged by this platform are a bit higher, it is also good in coin support and other features that will help the users in a great way to go ahead with their crypto ventures.
However, to make a proper and precise comparison between Gemini and Uphold, you will need to know the major differences in features, functionalities as well as other important aspects, all of which are mentioned hereunder.
1. Company Formation
Uphold was launched in 2015 and this platform has provided a variety of crypto services to users residing in more than a hundred countries all over the world.
The platform supports different types of currencies and is registered and regulated by FinCEN. It is registered as an MSB in The United States and as a CSSF to operate in Europe.
This makes it one of the most reliable crypto platforms and one of the most favored crypto platforms by the users who want to work with regulated websites.
On the other hand, Gemini is registered as Gemini Trust Company, LLC. It is regulated by NYSDFS or The New York State Department of Financial Services.
The platform is best known for its exchange services provided since 2015. A CNBC report says that this platform became the first licensed Ether exchange in the world in 2016.
It was created by the Winklevoss twins. It is managed by experienced people who have a lot of knowledge in cryptocurrency and the potential to multiply the value of the platform.
2. Account Creation and Verification Process
The account verification process of the users of Uphold involves a few specific steps such as:
- The first step involves providing your active email address, the country you reside in and the type of account you want.
- The next step involves providing the personal details as asked by the platform which includes your name, username for the new account created, your state of domicile, and your date of birth.
- After you provide all these details in the two steps mentioned above, the platform will send you an email to the email address you provided in step 1 for confirmation. They may also send you a code to your mobile phone.
After all these three steps are over, your account creation process is completed. At this stage, it is recommended that you activate the Two-Factor Authentication or 2FA for an extra layer of security on and protection to your account.
In order to upgrade your account to become a verified member of Uphold to enjoy some additional benefits such as an increase in the transaction limits, you will simply need to click on the ‘Verify now, button after you log into your account.
You will then be redirected to a new page wherein you will need to furnish the required details as asked by the platform.
As for Gemini, for creating an account with them, all you have to do is follow these steps.
- The first step is to click on the ‘Register’ button on the homepage of the website which is located in the upper right-hand corner.
- Next, you will have to write your name, and your email address along with a password you will use to log in to your account.
- The next part involves receiving and entering the confirmation code on the website.
This will take you to the account verification process and it involves four steps that you will have to go through which are as follows:
- First, it involves Two-Factor Authentication. Here you will need to provide your active phone number.
- Second, you will need to provide your bank account number. Remember, the bank account should be within the operating countries of the platform.
- Third, you will need to submit a photo for ID verification. This proof of identity can be anything that is issued by the government and contains a photo of yours.
- Lastly, you will need to provide some other valid and authentic documents that will prove your identity.
If you stay in a place that is beyond the peripheries of the current operation of this platform, you can still create your account using the sandbox trading platform. In this case, all you will need to have is an active telephone number.
The website of Uphold platform performs just like a virtual wallet. It does not only support crypto coins but fiat money as well.
This is probably one of the best features of this platform that makes it a different platform from the other crypto exchanges that you will find in the market today.
This specific feature allows the users to use their service both as an online wallet as well as to exchange different types of fiat currencies such as BTC, LTC, BCH, ETH, and DASH.
The process is also quite simple and can be completed with the help of a few clicks only. The platform also allows its users to keep their different cards.
Yes, this platform also offers a virtual MasterCard that supports all currencies online. The users can use this card to spend their funds at online stores to make a transaction even if they have a pure crypto account.
In comparison, Gemini offers the users a ‘Sandbox’ account that they can use as a practice account. This feature will help the users to know more about the website of this platform.
This account is also quite secure just like its main trading account because it comes with the 2FA feature activated.
While trading with Uphold, the users can convert their fiat money into crypto very easily since the website acts just like a simple exchange platform.
The process needs just a single click. This can be done by both the verified as well as the non-verified account holders.
The platform has more flexibility in comparison to other online markets that are available as of now due to the fact that the users can use their accounts as digital wallets and use the exchange platform more frequently.
On the other hand, trading with Gemini is also easy but involves a few steps. The users need to click on the Buy or Sell option tabs located on the upper left-hand side of this exchange platform.
When the Buy tab is clicked, users can see the screenshot preview and place their buy orders with their chosen currency pair such as BTC/USD.
Then they have to select the type of order, the price of each BTC, the quantity of BTC required in the particular order, and the total USD value will then be calculated.
The side panel on the right side will display the present value of the user account and under it, it will show the USD, BTC, and ETH balance.
As for the fees, Uphold does not charge fees for deposits. In terms of trading fees, Uphold charges 0.65% for it, and when it comes to withdrawals made by the users they will have to pay a fee of $2.99.
As for the exchange fees charged by this platform, it is true that these are quite high in comparison to most of the other exchanges but then this platform also provides wallet service.
Add to that, the users here can exchange their fiat money for crypto and at the same time store them on the exchange for future use.
As of now, the exchange fees for BTC on this platform are fixed at 1.05% against fiat currencies and for a few other currencies including ETH, the platform charges an exchange fee of 1.4% for each exchange.
And, for fiat currency exchange such as USD, GBP, and EUR the fee charged is 0.65% for each transaction.
On the other hand, there is no deposit fee charged by Gemini. However, the fee for trading on this platform is 0.25% but, on the flip side, there is no withdrawal fee charged by Gemini from the users.
However, the exchange fees of this particular platform depend on the volume of trading done by the users.
6. Customer Service
The customer service of Uphold is in no way exceptional. This is because they offer it only through a ticket system.
This can be quite frustrating at the time when you need such support the most because, in a ticket system, you may get an answer to your queries pretty soon within a couple of minutes or it may even take as many as five days to get back to you with a proper answer.
Phone support would have been much better which could have resolved the issues quickly in one call, but, sadly, the platform does not offer such support to the users as of now.
On the other hand, the customer support of Gemini is not exceptional either but is a bit better than that of Uphold since it provides email support.
Ideally, an email support system can also take days to get an issue resolved and more often than not results in losing customers.
However, in the case of Gemini, users can get easy access, thanks to the Zendesk email system of Gemini. It provides solutions pretty fast, though not lightning fast.
7. Advantages and Disadvantages
The users of the respective platform will be able to enjoy different benefits. As for the Uphold users, the unique benefits that they enjoy include a reliable exchange and a safe wallet service.
The virtual wallet is linked with MasterCard, and most importantly, the users get an added assurance of safety since this platform is regulated.
However, if you want to use this platform, you should keep in mind that this platform is quite expensive due to the high fees.
Also, you should be okay with the fact that this platform is a bit on the lower side in maintaining the anonymity of the users while making a transaction.
On the other hand, the users of the Gemini platform get to use a sandbox account and an intuitive website that is easy to use to help them in their crypto trading and investing endeavors.
One of the most significant advantages of using the Gemini platform is that it does not charge any deposit or withdrawal fees from its users.
However, this platform comes with its share of downsides as well. The creation of an account seems to be a bit complicated with limited countries accepted by the platform.
The platform also needs some more coverage in terms of the countries it is accepted in and the trading fees are quite on the higher side in comparison to other crypto exchanges available out there.
8. Few Other Differences
Both these US-based crypto trading platforms also have some seemingly insignificant differences that are also worthy to note and consider while choosing between the two.
As for the safety and security of funds, Gemini is a much better choice than Uphold since it stores the major portion of the funds held in offline cold storage.
If you consider the licensing and regulation aspect of the two platforms, Gemini is licensed under NYSDFS, and Uphold, on the other hand, is regulated by FinCEN.
There is also a difference in the number, and not the types, of tradable crypto coins supported by these two platforms. While Uphold supports BTC, BCH, DASH, ETH, and LTC, Gemini supports mainly BTC and ETH.
Which is Better – Gemini or Uphold?
It is your trading needs and your preference that will determine which among the two platforms, Gemini and Uphold, will be better for you to go with. It will be unwise to say that one is better than the other since both are different in features, operational ways and performance.
Gemini is a regulated cryptocurrency exchange, wallet, and a custodian that makes it simple and secure for the users to buy Bitcoin, Ether, and other cryptocurrencies.
The company is growing internationally and now provides its services in several countries in Europe and Asia.
Gemini is the platform to go for if you are especially looking for a simple crypto exchange that also offers the users a few useful and fully functional tools to help them in their trades.
It is also quite convenient to use by the US customers because it accepts USD bank transfers as a mode of payment.
The most unique and useful feature of the Gemini platform is that it supports a more precise type of trading called auctions.
Uphold, on the other hand, makes it easy for the users to buy and sell digital currencies of any major type.
You can use this platform for transferring, investing, sending or receiving a number of different types of crypto coins, more than 20 traditional currencies, about fifty American equities and four precious metals.
This is a cloud-based crypto platform that comes with a lot of functionalities that are useful for the users.
The digital wallet offered by this platform is also cloud-based which enables the users to access it from anywhere and via any device.
One good aspect about Uphold is its instant verification feature which allows faster transfer of funds.
In comparison, a withdrawal or deposit process on Gemini may take anywhere from 1 business day to 5 business days to complete, depending on the coin and payment method chosen.
There are also a few other good things about Uphold that may make it a better platform to go with for a few specific users. For example, the platform supports quite a lot of traditional fiat currencies such as USD, EUR, CNY, JPY, GBP, and more.
This means that the investors will find it more convenient to purchase Bitcoin and other crypto coins by using local currencies.
Apart from that, the platform also supports fiat to fiat exchange, as and when required by the investors.
Uphold also supports a number of Altcoins that the users can buy, sell, convert or hold.
Some of the most popular ones that are included in the list are Ripple, DASH, Bitcoin Gold, Bitcoin Cash, BAT, and more.
The most significant aspect that users find good in Uphold is that it supports multiple deposit and withdrawal methods.
You can transfer money most conveniently via bank transfers including SEPA, credit card, and China Union Pay.
However, if you choose to go with Uphold you should keep in mind that if you want to increase the transaction limits you will need to get your account verified as well as prove your identity by using any photo ID issued by the government.
If you make your choice based on the deposit, withdrawal, and fees, the features of Uphold offer its users a great ability to send funds to another member of this platform.
The primary reason behind this is that this platform allows the users to transfer fiat money or crypto coins from one account to the other without any limitations and there are no fees charged for it as well.
When it comes to making direct deposits with personal BTC wallets of banks, the platform does not charge any fees.
However, if you use any third-party payment option such as China Union Pay Card, you will have to pay a fee of 1.8% for the deposit.
In the case of withdrawals, if these are made through wire transfers, the platform charges a fee of $3.99 which is a dollar more than the fee charged for crypto withdrawal, as mentioned earlier.
Please note that all these are plain fees and do not include the third-party costs which are to be borne by the account holders as well.
On the other hand, as for Gemini, the platform allows making free deposits and withdrawals, though the bank charges will need to be paid by you. This is good for the users given the fact that they charge high maker and taker fees.
Therefore, in a concise manner it can be said that, you can go with Uphold if you want a regulated crypto exchange and a reliable wallet service.
People from all over the world typically choose this platform for these two specific benefits even though the fees charged by it are higher in comparison to other crypto exchanges out there.
The simple reason is that they get to use the wallet service for free.
It is also a good platform to go for if you want to use an innovative website that is also easy to understand.
However, this is not your website if you want to have an anonymous account. The platform follows a stringent ID review process for the new account holders.
And, as for Gemini, it can be said that this is also a good platform to use that comes with an intuitive website and interface as well.
Though the fees, once again, may be a bit of a concern for the users, but, over time, this platform will surely be the next big thing for crypto traders and investors.
After going through this article and knowing all the different aspects of Gemini and Uphold, it will now be easy to compare the two and choose the one that will be most suitable for you and your crypto trading needs.