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Uphold vs. Bitvo: What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

WonderFi and Bitbuy, its parent company, took over all Bitvo client accounts in 2023. This means Bitvo is now part of Bitbuy and isn't taking new sign-ups. If you're interested, sign up at Bitbuy instead. By using our referral link to sign up and depositing $250 in your account, you can receive a bonus of $50. Please note that the comparison provided below is now outdated and is preserved solely for educational and historical reference.

In this article, we delve into a comprehensive comparison between two leading cryptocurrency exchanges, Uphold and Bitvo, in the context of the Canadian market in 2024. The contrast between Uphold’s global outreach and Bitvo’s focus on the Canadian market sparks several differences in terms of functionality, user experience, and regulatory compliance.

Description

Uphold is a multi-asset platform that allows you to trade more than 66 cryptocurrencies, 50 US stocks and four precious metals. You can trade crypto for stocks or stocks for crypto, instantly.

Bitvo is a cryptocurrency exchange that offers simple trading for Canadians. It's fully compliant in Canada and also has a crypto cash card that can be used for everyday purchases.

Coins

70+

You can purchase Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin and more.

Fees

  • 1.8% spread on crypto for Canadians
  • 3% spread for precious metals
  • 1% spread for US equities
  • 3.99% credit card fee
  • $3.99 withdrawal fee to US/EU/UK banks
  • Free deposits from US/EU/UK banks
  • Free debit card purchases

The only fee you will pay is a 1% withdrawal fee

Pros

  • Wide range of cryptocurrencies
  • Trade stocks and precious metals 
  • Swap crypto for stocks or metal in seconds
  • Recurring buy/sell orders
  • 50 simultaneous Limit orders allowed
  • Free debit card purchases
  • No deposit fees
  • No trading fees
  • Low withdrawal fee
  • Beginner and advanced trading available
  • Bitvo Cash Card available
  • 24/7 customer support (including phone support)

Cons

  • High spreads
  • Uphold debit card not available to Canadians
  • Bank deposits/withdrawals not available for Canadians 
  • 3.99% credit card processing fee
  • Lack of search filters for equities
  • 1% CAD withdrawal fee
  • Limited number of coins available
  • Only for Canadians
  • High spreads

Account Limits

Low

A few withdrawal limits & deposit limit that could be found here

App

Methods to buy

Debit card

  • Interac® e-Transfer
  • Wire
  • Canada Post Load

Security

  •  It holds 95% of assets in cold storage
  • 5% in hot storage
  • A multi-layered firewall infrastructure to protect the exchange

Mobile and Desktop Trading

Both Uphold and Bitvo provide accessible and user-friendly platforms on both mobile and desktop. However, their mobile apps garner mixed reviews, with Uphold scoring 4.6/5 from about 41,000 ratings on the App Store and 4.7/5 from roughly 44,000 ratings on Google Play. Bitvo's app gets a 3-star rating from 25 reviews on the App Store and a no rating on Google Play. Although the apps of both platforms provide a seamless trading experience, some users recommend their desktop counterparts for better functionality.

Uphold

Uphold’s app has a 3.5-star rating from 5,000 reviews on the Apple App store and a 3.2-star rating from 18,000 reviews on Google Play. Some reviewers have said the app is slow and buggy, with the verification process being particularly slow.

Uphold is easy to use for beginners. There is a quick trade option called “Anything to Anything”. All you need to do is enter the asset you want to trade, the amount, and the asset you wish to swap it for. You can trade crypto to stocks, stocks to metal etc. in just a few clicks. 

Uphold desktop trading app screenshot

Uphold desktop app

Uphold mobile app screenshot

Uphold mobile app while trading

Reviewing Uphold crypto exchange app and asset types for trading

Uphold main screen app

Bitvo

Bitvo’s mobile app does not have many ratings. Its iOS app has a three-star rating with 21 reviews and its Android app has a 3.1-star rating with 19 reviews. Some of the reviewers claim the apps are buggy and that the experience on their desktop exchange is better.

Bitvo desktop app main screen

Bitvo desktop app main screen

Bitvo desktop (trading view)

Bitvo desktop (trading view)

Bitvo mobile app

Bitvo mobile app

Bitvo app main screen

Bitvo app (main screen)

Security Compliance

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

Uphold trading platform utilizes cold storage for your safety.

It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.

Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.

Security-wise, both Uphold and Bitvo give paramount importance to safeguarding users' funds. While Uphold maintains a broad array of cybersecurity measures, they do not provide explicit information about the use of cold storage. On the other hand, Bitvo clearly states that it stores between 95% and 100% of its assets in third-party cold storage, offering a higher level of security.

Regulatory Compliance

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.

Bitvo is registered with FINTRAC and is compliant with Canadian regulations.

Both exchanges adhere to regulatory standards. Uphold is regulated by the FINTRAC. Bitvo, also complies with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulations, indicating strong adherence to Canadian regulatory standards.

Customer support

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. 

Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.

Uphold provides customer support through an online ticketing system, while Bitvo takes client service a step further by offering 24/7 support via live chat, email, and even phone support, which is a rare feature among cryptocurrency exchanges.

Conclusion

While both Uphold and Bitvo have their strengths and cater to the specific needs of their clientele, Uphold edges ahead due to its global presence, diverse crypto offerings, and innovative trading functionalities. However, Bitvo's dedicated focus on the Canadian market and emphasis on customer service make it a worthy contender.

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

If you find that neither Uphold nor Bitvo 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.

Author

Oleg Galeev

Cryptocurrency Specialist

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen. 

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