MEXC vs Uphold | Ideal Exchange for Newbies & Professionals?
Jack Moreau
Feb 2024
8 min read
Fact checked
Mexc vs Uphold: In this comprehensive comparison, we delve into the key aspects of both exchanges to assist you in making an informed choice. Our analysis encompasses factors such as KYC requirements, country availability, product offerings, trading fees, deposit methods, and much more!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
MEXC and Uphold are both prominent cryptocurrency exchanges that offer a wide range of services to their users.
MEXC was founded in 2018 by John Chen and has quickly grown to become a major player in the cryptocurrency market.
MEXC exchange
With over 5 million users in more than 170 countries, MEXC has established itself as a trusted exchange. It is present in four countries, including Canada, Australia, Estonia, and the United States, where it has obtained key licenses.
MEXC offers support for over 1600 cryptocurrencies and 2000 trading pairs, making it one of the most comprehensive offerings in the market. For investors that are looking for hard to find altcoins, MEXC is definitely the place to visit.
MEXC app
For those that prefer to use MEXC on mobile, their app have been downloaded over 1 million times and have an average rating of 4.1 based on 25,000 reviews.
Uphold on the other hand was founded in 2013 by Halsey Minor and focuses on providing a versatile digital money platform.
Uphold enables users to trade various financial instruments, including cryptocurrencies, precious metals, and fiat currencies.
Uphold exchange
Uphold has gained popularity for its user-friendly interface, diverse range of assets, and commitment to transparency.
The platform supports over 300 cryptocurrencies and altcoins, making it a comprehensive option for users looking to diversify their portfolios.
Uphold has over 10 million users across more than 180 countries and has been downloaded over 5 million times on its Android app, with an impressive rating of 4.7 based on 40,000 reviews.
Uphold app
MEXC vs Uphold KYC Requirements
When it comes to signing up for an exchange and going through the verification process, each platform has its own requirements and procedures. Let's take a look at the signup process and KYC requirements of MEXC and Uphold.
Starting with MEXC, the signup process on this platform is incredibly fast and straightforward. All you need to do is enter your email, create a password, and then copy and paste the email verification code that is sent to you.
KYC on MEXC
Once you've completed this simple process, you can immediately start depositing cryptocurrencies and trading.
The best part is that KYC is not mandatory on MEXC, so you can enjoy these services without having to go through the verification process.
However, if you're interested in buying crypto with fiat currencies or accessing higher withdrawal limits of up to 80 BTC, you will need to complete primary KYC on MEXC. This involves providing personal information such as your full name and address.
To further increase your withdrawal limit to 200 BTC per day, you can opt for advanced KYC, which requires additional information and facial recognition.
Moving on to Uphold, the signup process on this platform is quick and straightforward as well. All you need to do is provide your email, create a password, and select your country of residence.
Uphold KYC verification
Once you've completed these steps, your account will be opened, but you won't be able to access all the services until you've completed the KYC process.
KYC is mandatory on Uphold, and it is an essential requirement to access any of the services provided by the platform.
After creating your account, you will need to complete the KYC process, which involves providing Uphold with additional information such as personal details and a government ID.
The verification process on Uphold can take as little as a few hours, but in some cases, it may take up to 24 hours to process.
So while MEXC allows users to use their services without mandatory KYC, Uphold requires all users to complete the verification process to access their services.
MEXC vs Uphold Crypto Products
MEXC stands out in the cryptocurrency exchange world with its unique selling point not being the quantity of products it offers, but the quality and variety within its more limited range.
The exchange is particularly strong in its spot trading services. It offers a huge choice of over 1,700 cryptocurrencies for trading.
MEXC Spot Trading
This selection includes popular big names like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), but also a wide array of less known altcoins that are hard to find on other exchanges.
MEXC Spot Markets
This makes MEXC a great place for traders looking to buy and sell not just the well-known coins, but also the more obscure ones. Adding to its appeal, MEXC keeps its selection fresh and interesting by adding new altcoins every week.
MEXC also has a strong offering in futures trading. It allows trading in over 300 different markets where traders can use either USDT or various other cryptocurrencies to trade.
MEXC Perpetual Trading
A standout feature here is the option to use up to 200X leverage. This means traders can multiply their potential gains (or losses) by up to 200 times, which is higher than what most other exchanges offer.
MEXC Futures
Such high leverage is particularly attractive to experienced traders who are comfortable with higher risks. For those new to futures trading, MEXC offers a risk-free way to learn through demo trading. This feature lets users practice trading with virtual money before they start using real funds.
The exchange's trading volumes are also impressive. MEXC handles over $1 billion in spot trading and over $3 billion in futures trading every 24 hours. These numbers show that MEXC is in the top 10 when it comes to trading liquidity for both spot and futures trading.
MEXC Futures Volume
For users interested in earning interest on their crypto holdings, MEXC offers savings products. These come in two types: locked (where you commit your crypto for a set period) and flexible (where you can withdraw your crypto anytime).
MEXC Earn Products
The interest rates vary depending on how much you save but note that there are more profitable options available with other cryptocurrency exchanges.
A recent addition to MEXC's services is its launchpad which gives MX token holders early access to new token launches. As of now, there are no new launches announced.
MEXC Launchpad
To sum it up, MEXC's strengths lie in its wide range of altcoins and the high leverage options in its futures trading.
The platform is user-friendly for both seasoned traders and newcomers to the crypto world, especially those looking to explore a wider range of cryptocurrencies or engage in high-leverage trading.
Plus, users can access these services without the need for complicated KYC (Know Your Customer) procedures, adding a layer of ease and accessibility.
Uphold on the other hand is a cryptocurrency exchange that allows users to buy and sell a more limited 300 cryptocurrencies, as well as trade metals like gold and silver, and national currencies like USD and GBP.
Uphold cryptocurrencies
The platform also offers staking services for more than 30 different cryptocurrencies and supports repeat purchases to automate investments. Additionally, Uphold provides support for 15 stablecoins, including popular options like BUSD, DAI, USDC, and USDT.
Uphold staking
In terms of user experience, Uphold has a clean and simple interface that is perfect for beginners. The exchange focuses on ease of use and provides clear explanations of its products and their benefits.
Unlike MEXC, Uphold does not offer futures trading or provides any type of leverage for trading.
MEXC provides additional discounts if you trade with their native MX token or if you exceed certain trading volume thresholds. So, if you're a frequent trader and use the MX token, you can enjoy even lower fees than their standard rate.
At the time of writing however, MEXC have temporarily reduced their spot fees to 0% which is a great opportunity to save on trading fees.
Moving on to futures trading, MEXC's maker fees are a hard to compete against 0%. As for takers, the futures trading fee on MEXC is only 0.01%, which is extremely reasonable compared to other platforms.
However, for trades above that threshold, Uphold employs a spread fee ranging from 0.9% to 1.8%. The spread fee varies depending on the region, with rates in the US, EU, and UK closer to the lower end of the spectrum at 0.9% to 1.2%.
It's worth noting that Uphold doesn't offer any rebates for higher trading volumes. While Uphold provides convenience and accessibility for smaller transactions, rhe spread fees can add up and significantly impact your overall profits.
When comparing MEXC and Uphold, it's clear that MEXC offers a more competitive fee structure.
MEXC and Uphold are two cryptocurrency exchanges that offer different options for depositing funds.
If we begin with MEXC, it does not support the deposit of fiat currencies on its platform. Instead, users have the option to deposit cryptocurrencies or buy crypto using their fiat currencies through card or third party providers.
Buy crypto on MEXC
This means that if you want to deposit funds in a traditional currency like USD, EUR, or GBP, you won't be able to do so on MEXC.
When it comes to crypto deposit fees, MEXC does not charge any fees for depositing cryptocurrencies. If you want to buy crypto using your fiat currency through card or third party providers, there are transactions associated with those services.
On the other hand, Uphold supports the deposit of three fiat currencies: USD, EUR, and GBP. To deposit funds on Uphold, you have several options available.
You can use a debit or credit card, make a bank transfer for USD (ACH/Wire), SEPA for EUR, or Faster Payments (FSP) for GBP. It's worth noting that all fiat bank transfers on Uphold are free of charge, which is a great advantage for users.
If you deposit funds using a credit card, Uphold will apply a 3.99% fee. For debit card deposits, the fee is slightly lower at 2.49%. It's important to consider these fees when deciding on the most cost-effective deposit method on Uphold.
So in short, while MEXC does not support the deposit of fiat currencies, Uphold does and allows users to deposit USD, EUR, and GBP with different deposit methods.
MEXC allows solely for cryptocurrency withdrawals on it's platform as fiat currencies are not supported. However, users can withdraw various cryptocurrencies with different fees depending on the blockchain.
For instance, withdrawing Bitcoin incurs a fee of 0.0003 BTC, Ethereum withdrawals come with a fee of 0.0001 ETH, and if you wish to withdraw Solana, there is an associated fee of 0.01 SOL.
Additionally, if you want to withdraw ERC-20 USDT, MEXC charges a flat fee of $4 USDT.
On the other hand, Uphold offers a range of fiat withdrawal methods, including bank transfers (ACH/Wire), SEPA, and Faster Payments (FSP).
The good news is that fiat withdrawals are completely free on Uphold, providing convenience for users who want to convert their digital assets into traditional currency. Whether you prefer ACH, Wire, or SEPA, Uphold has you covered.
When it comes to cryptocurrency withdrawals, Uphold doesn't charge any fees for withdrawing certain cryptocurrencies such as Litecoin, XRP, and Stellar. Other cryptocurrencies like Bitcoin and Ethereum are however subject to withdrawal fees.
In conclusion, MEXC and Uphold are both reputable cryptocurrency exchanges that offer extensive services to their users.
MEXC provides a much more versatile exchange as compared to Uphold with more cryptocurrencies (1600 vs 300) and many more products and services.
These services includes futures and perps, leveraged ETFs, up to 200X leverage, NFTs and many other products that can't be found on Uphold.
Uphold on the other hand has created a very beginner platform that is dead simple for beginners to use.
On Uphold users can buy and sell various financial instruments, including cryptocurrencies, precious metals, and fiat currencies. Uphold has over 10 million users and offers support for over 300 cryptocurrencies and altcoins.
In terms of trading fees, MEXC has much lower spot trading fees than Uphold who users have to pay a higher feed for the increased convenience. Uphold however offers low cost fiat deposits and withdrawals that are not available on MEXC.
So which exchange is the winner? Well it depends. MEXC is objectively the most comprehensive exchange with more cryptocurrencies, products and lower trading fees.
On the other hand, Uphold does offer a solid range of 300 cryptocurrencies, is licensed in the US and Europe as is dead simple to use.
So it depends on what type of user you are. If you are looking for simplicity and convenience, Uphold is the better exchange. If you are looking for diversity and lower fees, MEXC is the winner.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
