Security Compliance
Bitget uses two-factor authentication for security and emails you about logins or withdrawals. They offer an anti-phishing code for genuine emails and have a $300 million insurance for lost assets, which you can claim if not at fault.
To secure your Uphold account, you can enable two-factor authentication.
Uphold trading platform utilizes cold storage for your safety.
Safety is paramount in the crypto space. Bitget has bolstered its platform's security with features like two-factor authentication, anti-phishing codes, and an emergency insurance coverage of $300 million. Uphold, meanwhile, emphasizes its compliance with various regulations but is relatively less vocal about specific technological security measures. While both platforms have taken steps towards security, Bitget seems to offer a more comprehensive security net, particularly with its substantial insurance coverage.
Regulatory Compliance
Not regulated by Canadian financial institutions.
Uphold is fully regulated in the USA. They are compliant with the Office of Foreign Assets Control (OFAC) and record keeping regulations with the Bank Secrecy Act (BSA). It's Canadian-friendly as well.
Ensuring compliance with Canadian federal regulations is crucial for crypto exchanges operating in the country. While the exact details of Bitget's compliance within Canada are not explicitly mentioned in the provided data, Uphold is known to be compliant with the Office of Foreign Assets Control (OFAC) and maintains records in line with the Bank Secrecy Act (BSA). It's crucial for potential users to check with Canadian federal organizations monitoring crypto compliance to ascertain the exact standing of each platform.
Customer support
Reviewers say customer support is unhelpful but most of them are beginners. Bitget is not a crypto exchange for beginners and if you do not know how copy trading or futures trading works, then it is not a good idea to use them, as this customer points out.
Uphold has good reviews about their customer service teams. They offer help centres on their website and within the app.
You can contact Uphold’s customer support via their online ticketing system on their website.
Customer support often plays a pivotal role in shaping user experiences. Bitget's customer support seems to have garnered mixed reviews, with a 2.2-star rating on Trustpilot. While some complaints revolve around their copy trading feature, others praise the platform. Uphold's customer service appears to fare better in comparison, with many users finding their support team helpful and responsive, primarily through their online ticketing system.
Conclusion
Both Bitget and Uphold present strong cases as top-tier crypto exchanges for Canadians. Uphold's diverse asset offerings and integrated trading platform are undoubtedly impressive. However, when weighing the advanced tools, comprehensive security measures, and the positive migration trend following other platforms' exit from Canada, Bitget emerges as the winner in this comparison, especially for skilled traders.
Bitget has recently launched the Bitget Card, enabling users to spend cryptocurrency globally, enhancing accessibility and convenience. Furthermore, the platform now features zero transaction fees for USDC/USDT spot trading, positioning itself as a cost-effective option for Canadian users aiming to optimize their trading strategies. These updates further distinguish Bitget from Uphold, offering both advanced features and financial advantages that are especially beneficial for traders focused on minimizing costs while maximizing efficiency.
Uphold sets itself apart by offering an international debit card with cashback rewards and no foreign transaction fees, which is a big advantage for global traders. However, for Canadians, it's important to note that direct bank deposits and withdrawals aren't currently supported. Instead, Canadians can use credit or debit cards for trading, though credit card transactions come with a 3.99% fee. This limitation may make other exchanges more appealing for users who prefer traditional banking methods.
We recommend choosing Bitget over Uphold for your cryptocurrency trading needs. By opting for Bitget through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitget nor Uphold meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.
