For a retail trader, choosing an exchange to deposit and trade funds is one of the most important steps to success. This is why specific criteria should be considered before making a decision. Some notable points to contemplate would be: which assets are available? Are there KYC requirements and how do I pass them? On which devices can you access the exchange? What are the transaction fees? Is there a native token and how can I earn it? 

These questions will be answered in this article for 3 reputable multi-currency exchanges: Uphold, Revix, and WazirX. We are looking at versatile exchange platforms that allow a retail trader to perform most trading activities including crypto to fiat exchange, provide a variety of deposits and withdrawals options, and have a support team available to assist if any questions arise.

Uphold

Uphold, formerly known as Bitreserve, was founded in San Francisco, CA over 7 years ago. It is a trading platform known among users for the “anything-to-anything” trading experience. The exchange provides a convenient way to trade not only crypto assets but also fiat, stocks, and bonds.

Uphold CEO J.P Thieriot said that the service is gaining around 2 thousand users per day amounting to 1.5 million traders in 182 countries. Deciding to not limit traders with only one type of assets has made Uphold exchange one of the most versatile cryptographic services.

Available assets

There are 150+ assets on Uphold that users can trade or transfer. There are 65 crypto and 27 traditional currencies, 4 precious metals and 50 U.S. equities. Automatic currencie conversion makes it easy to exchange all of these different types of assets. 

KYC

Upon signing up for an account on Uphold, users are required to provide their legal name, date of birth, and phone number. The KYC verification is required in order to withdraw or send funds but can be completed at any point before that. 

To pass KYC on Uphold, users need to provide: 

1. Current residential address
2. A valid government identification i.e. ID card, driver’s license, or passport.
3. Identity verification via “live selfie” meaning a clear face picture taken with your device 

Application

Uphold can be accessed via Web, iOS, and Android. It’s important to note that for security purposes, you can only add up to 4 devices per account lifetime. This means that even if you unlink your account, it will still count to the total of the connected devices. 

Fees

Uphold fees are straightforward: they promise users 0% deposit fees, 0% trading commissions, and 0% withdrawal fees. 

Transactions fees depend on the type of asset is converted: for stocks and ETFs - 1.00%, cryptocurrencies - 0.80% to 1.20%, metals - 1.05% to 3.95%, and Forex currencies - 0.20% to 0.85%.

They also guarantee small spreads with the help of their sophisticated trading engine: spreads for crypto are usually 50-100bps (0.5-1.0%) and may be as low as 40bps (0.4%)

Native token

Uphold’s utility token is Universal Protocol Alliance (UPT). It is a “mega utility token” used to power an ecosystem of over 10 million users. UP Alliance members also include Blockchain at Berkeley, CertiK, and OmiseGO. Users can also trade proxy tokens such as the Universal Dollar (UPUSD), the Universal Euro (UPEUR), and Universal Bitcoin (UPBTC).

Revix

Revix is a trading exchange aimed mostly at cryptocurrency trading. Revix is based in Cape Town, South Africa, and has been backed by Johannesburg Stock Exchange (JSE)-listed Sabvest. Founder and CEO Sean Andrew Sanders has previously worked as a portfolio manager at Sabvest. He also founded a trading firm Sataya and co-founded cryptocurrency investment firm BlockTree Capital.

With the help of a strong team and industry-leading advisors, Revix has developed crypto bundles similar to S&P 500. They allow new and experienced crypto traders to invest in the Revix Top 10 bundle or two theme-based bundles that get rebalanced on a monthly basis.

Available assets

Revix allows users to invest in most major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Uniswap (UNI), Polkadot (DOT). Since assets come in bundles, Revix will always have the top 10 crypto assets present on the platform. For deposits, Revix currently accepts South African Rands (ZAR), BTC, ETH, Bitcoin Cash (BCH), Litecoin (LTC), and USD Coin (USDC). Withdrawals can be made in ZAR and BTC. 

KYC

KYC completion is required before making any withdrawals. To complete KYC on Revix, users are asked to provide:

1. Passport, government ID, or driver’s license
2. Proof of address
3. A well-lit selfie

Application

Revix doesn’t yet have a mobile application. However, the web version is built for both mobile and desktop use.

Fees

Revix fees are as follows:

• No deposit or withdrawal fee
• 1.00% transactions fee
• 2.04% annualized crypto bundle rebalancing fee

More on the fee structure can be found on the Revix website in the Fees section.

WazirX

WazirX is one of the largest trading platforms based in India. According to CoinMarketCap, it currently has over 400,000 users. Founded in 2018, WazirX focuses on P2P exchange using the world’s first auto-matching system. This exchange is a part of the Binance ecosystem and is aiming at a global audience as well as making crypto accessible for the Indian population.

Available assets

There are over 120 crypto assets and over 300 trading pairs available on WazirX. Deposits can be made in crypto and for fiat deposits, traders can use NEFT/ RTGS/ IMPS, Mobiwik, Net Banking or Bank Transfer. Bank card deposits are not currently accepted.

KYC

KYC requirements on WazirX are:

1. Government-approved ID cards such as PAN & Aadhar
2. Bank account number which will be used for the future withdrawals
3. A selfie

Application

WazirX app is available for Web, macOS, Windows, iOS, and Android devices.

Fees

WazirX fees are as follows:

• Trading fees: 0.20% Taker Fee, 0.20% Maker Fee
• The withdrawal fee is fixed at 0.0006 BTC
• There are no fees on P2P exchange

Native token

WRX is WazirX’s utility token with a total supply of 1 billion tokens. A 50% discount on trading fees is offered to traders that use WRX coins for payment. The value of WRX is halved every consecutive year.

Conclusion

We have reviewed three different trading platforms that offer various services that will suit a retail trader. All of these exchanges have responsive support teams, thousands of satisfied clients, and security measures in place to protect user funds. 

You might just need a simple swap without any of the extra steps that come with using one of these exchanges, such as registration and verification. For these purposes, another reputable exchange ChangeNOW offers instant swaps and allows users to access the liquidity of DEX exchanges Uniswap and Pancakeswap.

Choosing the right fit will depend on the main priorities besides the information provided in this article. Other things to consider would be: What are the legislations on trading in your region? What kind of indicators do you use when trading? How easy is the exchange’s user interface to navigate? You can find answers to these and other questions that may arise on the official exchange websites or by contacting their support teams.