Security Compliance
To secure your Uphold account, you can enable two-factor authentication.
Uphold trading platform utilizes cold storage for your safety.
Both Coinsmart and Uphold take security seriously and have measures in place to protect user funds. Coinsmart employs several security measures such as two-factor authentication (2FA), SSL encryption, and storing most funds in cold storage. On the other hand, Uphold also offers two-factor authentication (2FA) and adheres to various regulatory requirements such as the Bank Secrecy Act (BSA) and the Office of Foreign Assets Control (OFAC). However, specific information about cryptocurrencies held in cold storage and insurance coverage is not available on Uphold's website.
Regulatory Compliance
Coinsmart is fully compliant in Canada. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission (OSC).
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.
Coinsmart is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) since it is based in Canada, while Uphold adheres to regulatory requirements in the United States.
Both exchanges have measures in place to prevent money laundering and comply with Know Your Customer (KYC) requirements.
Customer support
CoinSmart states that it has a 97% customer satisfaction rate and this claim is backed up by the 70% excellent customer reviews on Trustpilot. CoinSmart offers 24/7 support via email and online ticketing.
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.
Coinsmart and Uphold both provide email support and have an extensive FAQ section available on their websites to address common issues. However, Coinsmart goes the extra mile by providing support via chat, which is a more convenient option for users seeking immediate assistance.
In terms of reviews, Coinsmart has a 3.9-star rating on Trustpilot with users praising their excellent customer service and fast response times. They also have a dedicated Twitter account for customer support, which can be useful for users who prefer to use social media to reach out to companies.
Uphold, on the other hand, has mixed reviews when it comes to customer support. While some users praise their helpful and responsive customer service, others complain about slow response times and unhelpful support staff. Uphold's customer support is mainly done through their online ticketing system, which can be a bit slow and frustrating for users who need immediate assistance.
Overall, while both Coinsmart and Uphold offer solid customer support options, Coinsmart seems to have the edge when it comes to responsiveness and availability of support channels.
Conclusion
Overall, both Coinsmart and Uphold are good options for Canadian users looking to trade cryptocurrencies. Coinsmart's stronger mobile app ratings and focus on cold storage for funds may give it a slight edge in terms of security. Additionally, Coinsmart's regulatory compliance with FINTRAC in Canada may give it an advantage for users who prioritize regulatory compliance. Therefore, Coinsmart is the winner of this comparison.
We recommend choosing Coinsmart over Uphold for your cryptocurrency trading needs. By opting for Coinsmart through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
CoinSmart is now part of WonderFi and the platform is not accepting new signups. If you're looking for the best crypto experience in Canada, we recommend signing up to Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi. With Bitbuy, you will get access to an improved experience on web and mobile, staking rewards, Private Wealth services, and an advanced trading interface. Sign up using our referral link and get free $50 when depositing $250 on your account!
If you find that neither Coinsmart 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.
