Uphold vs BitMEX
Traders from US accepted
Traders from US not accepted
|Trading in the Uphold environment offers a one-stop-shop for all your crypto requirements.||BitMEX offer the largest market liquidity of any cryptocurrency exchange. The platform also offers low trading costs and minimum deposit requirements.|
|Fee reduction for BMEX token holders|
|Cryptos, Precious Metals, US Stocks, Environmental Assets||Crypto|
|$1||Varies upon the crypto traded and amount of leverage|
|FCA, FinCEN||Republic of Seychelles|
|AI / Machine Learning|
|Negative Balance Protection|
|iOS & Android||iOS & Android|
|Yes||BitMEX Market Maker, BotVS, and via API|
|Uphold offers trading on more than 100 crypto assets including via crypto-only pairs and crypto-fiat cross pairs.||BitMEX offer the largest liquidity crypto trading environment anywhere. Contracts from $1. Compliant with global AML guidance, the platform offers cutting-edge crypto exchange and hedging.|
|0.5% to 1% average||-0.01% maker, 0.075% taker|
|Auto Market Maker|
|Uphold vs||BitMEX vs|
How To Compare Uphold Vs BitMEX
Uphold and BitMEX are established cryptocurrency exchanges. Both brands offer an extensive range of crypto investing services, including proprietary trading terminals, mobile apps and token wallet solutions. Our Uphold vs BitMEX 2022 overview will cover the pros and cons of each brand, explain how are they different and decide which is best for beginners. We also outline the history of the crypto trading brokers, associated fees, investing products, the range of tokens, and more. Find out which is best – Uphold or BitMEX.
Uphold was founded in 2015, and operates on a global scale via three entities. Today, it is a popular multi-asset exchange with a presence in 184+ countries and over two million registered customers worldwide. The exchange is also available in the US. Uphold has processed over $4 billion in transaction values since its launch.
BitMEX was established in 2014 and is now one of the most widely recognized Bitcoin trading platforms in the world. It is owned and operated by HDR Global Trading Limited, with group headquarters in the Seychelles. In 2016, the exchange launched perpetual leveraged swap contracts permitting investors to trade Bitcoin futures with up to 100x leverage and no expiry date. This innovation has helped BitMEX to become one of the highest volume Bitcoin exchanges in the world. On average, the platform processes $3 billion in volumes per day. Note, that BitMEX does not accept US customers.
When it comes to signing up with Uphold vs BitMEX, neither platform has a minimum deposit requirement.
There is no minimum trade size with Uphold, however, there is a requirement at BitMEX. For XBT/USD, for example, it is $1 USD * 1% (Initial Margin) = $0.01. But with such a low starting trade size, both crypto brokers are good options for beginners looking to keep prices down.
Tokens & Coins
When we compare Uphold vs BitMEX across the number of crypto tokens available, Uphold is best. Investors can trade 100+ digital currency assets and trading pairs including altcoins, emerging tokens and stablecoins. Additionally, day traders can invest in precious metals, US equities and environmental assets, making it a one-stop broker for multi-asset trading.
BitMEX, on the other hand, deals almost entirely in cryptocurrencies, with up to 30 tokens available to buy, sell and store. Crypto futures and index compilations including the S&P 500 are also available via BitMEX.
Overall then, Uphold is a better option for traders seeking a full-service brokerage with investment opportunities beyond cryptocurrencies.
Both exchanges offer crypto wallets for holding popular tokens. These are available via mobile or desktop devices. BitMEX stores all Bitcoin in a cold multi-signature Wallet. Uphold also provides a secure, cloud-based cold wallet solution.
A key difference between Uphold vs BitMEX is the brand-specific Visa debit card available to Uphold customers in the US. This is not something that BitMEX currently offers. Users can benefit from cashback rewards and no foreign transaction fees. Both brands also offer crypto staking opportunities.
Educational resources and content can be found on the websites of both crypto exchanges, although content from Uphold is more user-friendly, and the best for beginners. The dedicated resources and insights include an email subscription newsletter service, cryptionary (keyword glossary) and a blog with pro opinions and price prediction information. Topics also include cryptocurrency arbitrage, liquidation triggers and open interest. Investors can integrate third-party software into existing trading profiles including trading bots, signals and indicators.
Platforms & Tools
Both brands offer a proprietary trading platform. Uphold’s terminal is the most intuitive and more suitable for beginners vs BitMEX. The multi-currency platform allows one-step trading, a customizable portfolio view, plus simple shorts vs longs graphs and charts.
In comparison, the BitMEX derivatives terminal is cluttered and a little outdated, making it better for experienced traders with a solid understanding of the crypto market. Users can place short and long positions via perpetual contracts, and have access to spot trading and staking. Charting is provided via TradingView, ensuring extensive market data. The terminal is a better fit for seasoned traders looking to conduct detailed performance analysis.
The Uphold platform only offers one order type; limit order. This is a drawback vs BitMEX which provides a range of different order types including iceberg orders, fill or kill, cancel and post-only orders.
It is good to see both Uphold and BitMEX offer mobile trading and a desktop download solution.
Charges & Fees Explained
When we compare Uphold vs BitMEX in terms of costs, both offer a transparent fee structure. BitMEX follows a simple market maker and taker fee configuration. Spot trading fees for makers and takers are set at 0.1%. For derivates, the maker rebate is 0.01% and the taker fee is 0.075%. High-volume investors can benefit from a cost reduction and staking discounts based on daily average trading sizes. You can also use a cost and profit calculator before you trade.
Uphold operates differently, with a commission-free pricing model. Live prices include a small spread, typically around 0.5% to 1% for cryptocurrency purchases. For example, a customer from the UK incurs a fee of 0.85% to purchase BTC and a 1% fee for selling.
Uphold does not offer margin trading opportunities.
BitMEX, on the other hand, offers up to 100x leverage. This can be set up after account KYC verification is complete. An easy leverage slider tool is available within the trading page, so you can amend and update when required. The broker offers two methods of margin trading because of strategy differences; cross margin and isolated margin.
Deposits & Withdrawals
When we compare Uphold vs BitMEX for account funding options, Uphold is better. BitMEX does not accept fiat currency deposits such as USD or EUR. The exchange only accepts Bitcoin (BTC), Tether (UST), Ethereum (ETH), Polygon (MATIC) and APEcoin (APE). The minimum amount to trade on BitMEX varies between products, depending on the initial margin. This can be as little as $0.01 which is ideal for beginners.
As well as crypto deposit options, Uphold provides various fiat funding methods including credit/debit cards, plus US ACH and bank wire transfers. Processing times vary between methods. Same-day settlement is possible, although cryptocurrency transactions are subject to the relevant network confirmation requirements.
Both Uphold and BitMEX offer free deposit and withdrawal solutions, however crypto network charges may apply. Withdrawal fees and limits apply for both brands, but they are fairly standard.
When we review Uphold vs BitMEX for mobile trading, Uphold comes out on top. With that said, both crypto exchanges offer a mobile app that can be downloaded to iOS and Android devices.
BitMEX offers a fully functioning application, however, features are limited vs the desktop terminal. You can view your account balance, token prices, order book volume, historical data, plus deposit and withdraw funds.
The Uphold mobile app is best for beginners, with an intuitive and user-friendly design. Key functions include a ‘from and to’ interface to pull money directly into an asset to buy, live market data and fully customizable navigation tiles. The app also features ‘anything to anything’ trading, meaning investors can convert one asset to another in one single step (for example BTC to XRP).
Uphold is regulated by more global authorities. Uphold Europe Limited is regulated by the Financial Conduct Authority (FCA) under the Temporary Registration Regime. Additionally, the entity is registered as an Electronic Money Issuer and EMD Agent. The USA affiliate is authorized by the United States Treasury Department regulator, FinCEN. Uphold Lithuania (EEA residents) is not currently authorized by any global regulatory body, although this is not uncommon for cryptocurrency brokers. The firm also adheres to the Bank Secrecy Act (BSA) for compliance with protected record-keeping.
BitMEX is regulated by the Republic of Seychelles. Although we are confident the broker is not a scam, offshore authorizations do not typically provide the same level of client protection as top-tier agencies, such as the UK’s FCA.
Our Uphold vs BitMEX guide shows that although both brands offer a secure and safe investment environment, BitMEX provides more security features.
Uphold uses bespoke technology and ensures the company adheres to local and international laws to protect Personally Identifiable Information (PII). But BitMEX’s security maintenance is more advanced. Features include Amazon Web Services for server protection and two-factor authentication, a multi-signature deposit and withdrawal scheme and deep cold storage used for the bulk of funds. The trading engine was written using KDB+. This is a database and toolset used by major banks in high-frequency trading applications. The broker also has an insurance fund to avoid Auto-Deleveraging in traders’ positions, which Uphold does not.
Despite the above, BitMEX customers have faced some security breaches. In 2022, several customers were caught up in the Mailchimp hack. There were also reports of a $100 million lawsuit with the US Commodities Futures Trading Commission and Financial Crimes Enforcement Network due to alleged violations of anti-money laundering laws and illegal crypto platform activities. The CEO and co-founders avoided imprisonment.
Both crypto exchanges tend to highlight their educational materials and platform services rather than offering financial incentives. Nonetheless, BitMEX customers can occasionally benefit from discount bonuses on fees.
Affiliate rewards and referral programs are live with both brands, meaning you can benefit from recommending new clients.
Our Uphold vs BitMEX day trading review was pleased to see both brands offer free demo account services. BitMEX users can access a ‘sandbox’ version of the trading terminal via TestNet. A separate online registration form is required. Similarly, Uphold customers can open a separate profile to explore the broker’s products and tools.
When we compare Uphold vs BitMEX across their customer support services, BitMEX is the best. the crypto broker offers help via email, plus an online ticket system. The exchange also provides live news updates and platform status information on social media channels such as Twitter.
Uphold customers only have access to an email contact form, and, there are numerous negative reviews indicating unresponsive customer service teams.
Uphold Vs BitMEX – Which Is Better?
Both brands are well established in the crypto trading market. For investors looking for an exchange that facilitates crypto trading on leverage, BitMEX is the better solution. However, the broker’s lack of top-tier regulatory oversight and history of criminal charges in the US may deter new investors.
Uphold provides an intuitive platform, with access to multi-asset trading. The brand possesses qualities more suited to beginners getting started with cryptocurrency investing, such as comprehensive educational resources and trusted security measures.