Kucoin vs Uphold: What Works Better For Canadians in 2024

Security Compliance

Kucoin provides world-class security meaning your coins are in relatively safe hands. It has two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, $275 million worth of crypto was stolen from Kucoin by North Korean hackers in 2020. Later, $200 million of the stolen funds was recovered. Still, it doesn’t bode well for Kucoin. If you have funds on the exchange, it’s best to move them to a private crypto wallet. 

To secure your Uphold account, you can enable two-factor authentication.

Uphold trading platform utilizes cold storage for your safety.

Kucoin has in place extensive security measures, including multiple layers of encryption, dynamic multifactor authentication, and anti-phishing safety phrases. It has a standard transfer encryption protocol for data transfer layers, making sure that all user information is stored safely.

Uphold is registered as a Money Services Business in the United States and complies with certain financial regulations. It offers two-factor authentication for added security, but there isn’t detailed information on their website about specific technological security measures or insurance coverage.

Regulatory Compliance

In June, 2021, the Ontario Securities Commission stated that Kucoin was illegally offering its residents securities and derivatives trading, but Kucoin did not respond to this. As a result, Kucoin is still available in Ontario as well as the rest of Canada. You can use Kucoin at full capacity whether it’s a simple buy order at market price or a more advanced order type. Bear in mind, Kucoin does not allow Interac e-Transfer to deposit Canadian dollars to your account. Instead, you will have to use a debit or credit card or a SWIFT transfer with USD.

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.

KuCoin has faced regulatory action in Ontario, Canada, where it has been banned and fined by the Ontario Securities Commission (OSC) for not complying with its regulations. Despite being prohibited, KuCoin is still accessed by many users in Canada, though this is risky and could have legal implications for the users. 

Uphold is a registered by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).

Customer support

Kucoin offers helpful FAQs and online ticketing service for their customers as well as 24/7 support and a live chat option.

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. 

Boasting 24/7 customer support, Kucoin is accessible via live chat and email, reflecting a dedicated approach to customer service. Despite this, some users have expressed concerns about occasional delays in responses.

Uphold provides customer assistance through an online ticketing system, where users can submit their queries or issues. The overall sentiment towards Uphold's support team has been favorable, with customers appreciating their responsiveness and efficiency.

Conclusion

Both exchanges are good choices for trading crypto, but Kucoin takes the edge due to its enhanced security measures, wider selection of cryptocurrencies, and advanced trading features. Uphold, on the other hand, offers a unique proposition of allowing users to trade between different types of assets, which could be attractive to certain investors.

When comparing Kucoin to Uphold, KuCoin stands out for its enhanced transparency through the Proof of Reserves (PoR) system, which verifies that the platform can fully cover all user assets, reinforcing trust in its financial stability. Additionally, KuCoin has stepped up its game in customer service by offering 24/7 support, making it easier for users to get timely assistance compared to many other exchanges. This level of transparency and customer care makes KuCoin a strong contender among its competitors.

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 Kucoin over Uphold for your cryptocurrency trading needs. By opting for Kucoin through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Kucoin 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.