TL;DR:
- Gemini and Uphold are top cryptocurrencies and digital assets platforms. Gemini excels in security and compliance, while Uphold offers versatility in assets and automation.
- Uphold outshines Gemini with more assets, faster processing, top-notch security, and lower fees for a superior trading experience.
Gemini and Uphold are two major cryptocurrency exchanges currently available for most developed countries. Each offers different services, but the basic functionality allows users to buy Bitcoin and trade digital assets.
Gemini is primarily a US-based cryptocurrency exchange with a strong emphasis on security. It operates in over 70 countries, allowing over 1.8+ million users to trade cryptocurrencies while offering robust coverage for digital assets.
In comparison, Uphold is a versatile cloud-based financial platform and a popular cryptocurrency exchange founded in 2013. It operates in over 184 countries and supports cryptocurrencies, fiat currencies, precious metals, and traditional equities. Uphold has 10+ million users, and it gained popularity slowly but surely.
This guide will compare Uphold and Gemini to determine the main platform features, fee structure, number of cryptocurrencies, security, and other important elements.
Main Platform Features
| Attributes | Gemini Exchange | Uphold Exchange |
|---|---|---|
| Main Platform Features | Gemini provides a simple and protected platform for building a crypto portfolio. | Uphold allows users to trade directly between different asset classes in one step. |
| Fees | Deposits are free. Fixed fee for trades under $200 or 1.49% for trades over $200. 3.49% fee for debit or credit card purchases. Transferring cryptocurrencies from Gemini Exchange to Gemini Custody is typically free. However, transferring crypto from Gemini Custody to Gemini Exchange costs $125 per withdrawal. | Variable spreads up to an average of 0.8 to 1.2% for trading. The spread for fiat currencies is usually 0.2%. It has a fixed fee of $0.99 for trades under $500, and the withdrawal fee is $0.99. |
| Number of Cryptocurrencies Supported | 70+ | 250+ |
| Security Features | Two-Step Verification, FDIC insurance for USD balances up to $250,000. Gemini Wallet digital insurance. U2F security with a hardware key and cold storage. | Two-Factor Authentication (2FA). Bug Bounty program. Platform insurance against theft and cold storage. |
| Types of Transactions Supported | Buying, selling, trading, depositing, and withdrawing cryptocurrencies. | Buying, selling, trading, holding, and Limit Orders. |
| Maximum Transfer Amount | ACH Bank Transfer: $100,000 per day for US customers. Debit Card Purchase: $1,000 per day. PayPal Purchase or Deposit: $1,000 per day for US customers. Wire Transfers: Unlimited. Cryptocurrency Withdrawals: Unlimited. | Debit Card Deposit: $2,500 per day, $15,000 per week, $50,000 per month. Debit Card Withdrawal: $2,500 per day. Bank (ACH Plaid) Deposit: $2,500 per day, $10,000 per week, $25,000 per month. Bank (ACH Plaid) Withdrawal: $10,000 per day. Bank (Wire Transfer): Unlimited. Crypto Network Withdrawal: Unlimited. |
| Pros | Allows trading between different asset classes. Zero-commission trading, no deposit or withdrawal fees. Fully compliant with regulatory requirements. Supports multiple countries globally. No hidden fees. | Trade across asset classes. It has advanced order types. It has a user-friendly web app. |
| Cons | Limited access to services and assets in certain jurisdictions. Not available to all US residents. No live chat or phone-based customer support. | Security concerns with multiple users reporting account hacks. It has high spreads on lower-volume digital assets. It has a lackluster mobile app. |
Which should you choose?
Both Uphold and Gemini have positives and negatives. To begin with, Uphold might be a better option if you’re looking for an exchange that offers lower fees and supports a wider range of currencies. Meanwhile, Gemini, on the other hand, stands out as an ideal choice for those who particularly value simplicity and security.
Uphold vs. Gemini: Features
Both cryptocurrency exchanges offer distinct features to cater to diverse users.
Gemini provides users with a digital hot wallet, while Uphold offers Brave browser users incentives and uses an Application Programming Interface (API) for seamless custom integrations.
Here is how the two platforms stack up.
- Trade Non-Crypto Assets: Uphold users can trade not only cryptocurrencies but also four precious metals and 27 national currencies. Gemini’s offerings are more limited, although it offers its stablecoin.
- AutoPilot: Users can automate trading strategies by setting up recurring buy or sell orders on both platforms.
- Multi-Asset Debit Card: Both exchanges offer bank cards that allow payments using cryptocurrencies, gold, or fiat currencies. However, the actual features of the card vary, as discussed later.
- Earning Programs: Gemini offers customers in all 50 states the opportunity to earn interest on their cryptocurrency holdings, with varying annual percentage yields (APYs) for different coins. Notably, the Gemini Dollar earns the highest APY at 8.05%. Uphold also has a staking program, with returns being better for most currencies on Uphold.
- Third-Party Integrations: Gemini provides public API keys, facilitating unified integration with other software tools, making it a preferred choice for more web 3.0-focused clientele. On the other hand, Uphold tries to cater to businesses and organizations with crypto-specific needs.
- Gemini Pay: Gemini has partnered with over 30,000 retailers, enabling users to purchase using their Gemini accounts and stored cryptocurrencies.
Uphold vs. Gemini: Currencies
Uphold has over 250 currencies, including many stablecoins and small-cap altcoins. With over 80 fiat currencies supported, Uphold operates in over 180 countries.
Gemini only supports more than 70 currencies. However, all the major coins are present, including stablecoins and larger altcoins. Gemini only supports a handful of fiat currencies and can be accessed in 60+ countries.
Here are some supported tokens on both exchanges:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- USD Coin (USDC)
- Dogecoin (DOGE)
- Polygon (MATIC)
- Shiba Inu (SHIB)
- Ethereum Classic (ETC)
- Avalanche (AVAX)
- Uniswap (UNI)
- Solana (SOL)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Stellar Lumens (XLM)
Uphold is the better overall cryptocurrency exchange when compared to Gemini because it offers more crypto assets, lower fees, and a better crypto staking experience.
Uphold vs. Gemini: Security
Both Gemini and Uphold are some of the most popular crypto exchanges that have robust enough security measures. For example, both offer two-factor authentication (2FA) and cold storage of digital assets.
However, they also differ in certain ways. Uphold makes use of advanced encryption to protect its data. Apart from that, Uphold prioritizes transparency through further independent audits.
Gemini also places a strong emphasis on security.
Just like Uphold, it has regular security audits. On top of this, users have access to additional features, such as the use of physical security keys (that add a layer of protection). Furthermore, all critical data, such as private keys, is stored in secure locations outside Gemini’s offices.
Uphold vs. Gemini: Fees
The exchanges offer many services, but the fee structure differs for both. Overall, Uphold has a more forgiving fee structure. Here is an overview of the fees for both.
Uphold offers fee-free ACH withdrawals or bank account deposits. While it advertises 0% deposit and withdrawal fees, users should be aware of spreads on each trade before they execute.
Spreads on these purchases can vary, with BTC and ETH at 1.5% for U.S., U.K., and European users and higher for altcoins and metals.
Compared to that, Gemini has a nuanced fee structure, particularly for smaller trades, which incur flat, minimal fees. Trades exceeding $200 are subject to a 1.49% fee.
Credit card purchases on Gemini come with a 3.49% fee. Users can access lower fees through the Gemini ActiveTrader plan, which employs a maker-taker model and offers reduced fees compared to Uphold’s standard fee schedule.
Uphold vs. Gemini: Credit Cards
More details
Uphold partnership with Mastercard allows users to use the card for online and in-store purchases. Uphold offers a highly secured payment process, an excellent user interface and experience, and good cashback payment rewards. The significant drawbacks to this card are its geographical limitation to U.S. and U.K. and the poor customer support.
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Supports over 250 assets.
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They are accepted almost everywhere in the world.
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Transparent fee structure.
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Easy user interface and excellent user experience.
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Cashback rewards on every payment.
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High spread fees.
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Relative new product.
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Poor customer service.
Uphold Card offers several trading and spending features. Firstly, it allows you to earn up to £100 (4%) in monthly cashback, paid in XRP.
On the other hand, the Gemini card offers 3% back on dining expenses, 2% on grocery purchases, and 1% on all other transactions paid in 40+ cryptocurrencies.
More details
The Gemini Credit Card simplifies earning cryptocurrency rewards from everyday purchases, covering over 40+ currencies. While quite attractive, its rewards rates lack competitiveness, and credit card rewards have downsides compared to other options. Explore our detailed review for more insights.
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Worldwide spending flexibility.
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Diverse cryptocurrency support.
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Customizable card limits.
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1-3% crypto cashback rewards.
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Rewards in more than 60 crypto.
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No welcome bonus.
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No intro APR.
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Lack of benefits.
Unlike some cards, Gemini and Uphold rewards instantly transfer into your wallets. Plus, both cards don’t charge foreign transaction fees on card purchases worldwide.
Overall, the Uphold Card is a better choice for crypto investors for its 4% cashback, while Gemini ranks better for earning rewards in multiple tokens.
Uphold vs. Gemini: Regulatory Situation
Let’s compare Gemini and Uphold based on their current regulatory situations. Even though both exchanges were largely unregulated at their inception, they have come a long way since then.
Uphold operates as a regulated financial service provider and adheres to rigorous regulatory requirements in multiple regions. In the United States, Uphold is overseen by FinCEN and state regulatory bodies.
It falls under the Financial Conduct Authority’s (FCA) jurisdiction in the United Kingdom. On the other hand, Gemini is a fairly popular cryptocurrency exchange that has been around since 2014 and has adopted a proactive approach to collaborate with regulatory stakeholders and lawmakers worldwide.
It is currently regulated by the New York State Department of Financial Services (NYSDFS) and the Monetary Authority of Singapore (MAS) in Singapore.
Uphold vs. Gemini: Customer Support
Just like other exchanges, both of these platforms provide multiple support options.
Uphold provides customer support via live chat and email. However, user reviews suggest its service lacks slow response times, less effective dispute resolution, and prolonged identity verification processes.
In contrast, Gemini has a superior support system. Users can expect quick responses to their live chat and email inquiries. Like many other crypto exchanges, Gemini does not offer phone support.
Uphold vs. Gemini: Final Rating
Here are the final ratings for Uphold and Gemini:
Uphold Rating:
- Uphold has an average rating of 3.4 out of 5 on Trustpilot.
- Forbes Advisor gives Uphold a rating of 3.7 out of 5.
- MoneyWise gives Uphold a rating of 10.2%, but it’s unclear what this percentage represents.
Gemini Rating:
- NerdWallet gives Gemini a rating of 4.2 out of 55.
- Investopedia gives Gemini a rating of 4.6 out of 5.
Final Words
After thoroughly reviewing these two exchanges, we lean more toward Uphold as the right pick.
If you’re a beginner, both exchanges come highly recommended. Uphold is faster, more cost-effective, and supports over 250 tokens, making it preferable.
Conversely, Gemini has higher transaction fees, supports only 100+ cryptocurrencies, and is available in a limited number of countries.
Even for experienced traders, Uphold remains a superior option, with its crypto-staking rewards reaching up to 13% and investment features compared to Gemini.
More details
Uphold is a secure, transparent digital asset exchange, ideal for no-hassle transactions. With no-fee transactions for assets over $100, it sets itself apart. Furthermore, its debit card facilitates instant cryptocurrency conversions, adding user convenience. However, it's important to note that equity trading isn't available on Uphold in the US and Europe.
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Cross-asset trading in one platform.
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Good educational content.
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Transparent fee structure.
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Easy user interface.
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No advanced trading features.
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Weak security as it has been hacked.
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A less appealing mobile app.
Yes, Uphold keeps the majority of funds in cold storage. All reserves are transparently displayed so that anyone can check whether their crypto obligations are backed.
Uphold offers industry-standard security measures, including KYC verification and two-factor authentication. So, yes, it can be trusted.
Both exchanges have their pros and cons. Uphold offers faster transactions, low fees intuitive interface, and significantly more assets, while Gemini falls short. All in all, Uphold offers superior trading experience.
As a US citizen, your transactions on Uphold or other platforms are subject to income and capital gains tax. You must report any earnings to the IRS if you bought, sold, or traded cryptocurrency during the year.
Suchet Salvesen
Suchet is a Norwegian economist, entrepreneur, and investor, serving as the CFO and COO of Brainfund. With over a decade of experience in global expansion, venture capital, and emerging technologies, he earned his MBA from the NMBU School of Business & Economics. He held dual bachelor's degrees from the University of South-Eastern Norway. His career spans roles at NextToMe, Get, and Conax before joining Everipedia, now Brainfund, in 2017.
