Uphold Review
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Uphold is a unique financial services provider that offers a range of investment assets including U.S stocks, precious metals, fiat, and cryptocurrencies that can be bought and sold on a single trading platform. The platform is a popular crypto exchange in the US and across Europe for its selection of markets, ease of use, and one-step trading. In this review, we take a deep dive to explore the Uphold platform and assess its features, payment methods, fees, limits, and security.
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Disclaimer: Asset availability is subject to region. All investments and trading are risky, and may result in the loss of capital. Cryptoassets are largely unregulated in most regions.
Our Uphold Review - Quick Verdict
Uphold is a multi-asset trading platform that is best suited for beginner and novice investors who value choice in how they want to develop their portfolios. Its key strengths lie in its offering of multiple investment assets outside of cryptocurrencies where astute investors can diversify their portfolios. In addition to the choice that is available, users can build their portfolios in an economical fashion due to their low spreads.
- Outstanding range of multiple investment assets to choose from and buy
- No deposit, withdrawal, or trading fees (spread only)
- A cashback debit card
- Low deposit minimums to get started
- Several commonly used fiat currencies supported
- Not the biggest range of altcoins
- High spreads for low volume coins and tokens
Uphold At A Glance
| Exchange Name | Uphold |
|---|---|
| Fiat Currency | 27 |
| Cryptocurrency | 241 (includes utility tokens) |
| Stock | 50 US Companies |
| Commodity | 4 (gold, silver, platinum and palladium) |
| Payment Type | Credit/debit cards, bank transfer, international wires, Apple/Google Pay, SEPA |
| Trading Fee | Spread only |
| Deposit Fee | None |
| Withdrawal Fee | None |
| Mobile App | Yes |
What is Uphold?
Uphold is a multi-asset and digital currency exchange that was founded in 2015 and operates in more than 150 countries worldwide. The company has offices in Northern California, London, Braga, Shanghai and New York. Since 2015, Uphold has facilitated more than US$4+ billion in cryptocurrency transactions.
In addition to offering the ability for users to trade fiat and digital currencies, Uphold is widely used due to its support for US stocks and commodity trading. The variety of tradable assets is just the beginning of their “Anything to Anything” mantra. Uphold offers a crypto debit card where users can pay for purchases using the asset of their choice (crypto, fiat, or commodities). Users can buy US stocks for major companies such as Tesla, Netflix, and Facebook using the Uphold app.
Some of the most notable features that we found are:
- Global fiat-to-crypto exchange with a variety of fiat and digital currencies, commodities, and US stocks
- Trade directly between any assets in 1 click e.g. BTC to ETC, or USD to U.S. Stocks
- 0% deposit fees, 0% withdrawal fees, and 0% trading commission fees
- Desktop and mobile app are easy to use and recommended for beginners
Review of the Top Features & Services
Beginner-Friendly
Uphold has been designed with a visually appealing, convenient and easy-to-use platform to seamlessly invest or trade between asset classes. Customers can get started immediately with the app and begin to explore the variety of products offered using an intuitive app for iOS or desktop versions. The process of depositing funds, buying, exchanging, viewing portfolios, selling and withdrawing cash is incredibly simple and suitable for all types of investors regardless of their age, knowledge and experience.
0% Trading Commissions
Getting started with Bitcoin or other cryptocurrencies could not get any cheaper with Uphold. There are 0% trading commissions, zero deposit fees using a bank transfer, and no withdrawal fees to cash out. All shown prices for the supported assets are locked-in pre-trade which includes a spread fee. There are no hidden fees, the amount paid for is what will be received and is one of the best ways to buy crypto without fees.
Multiple Assets Offered
Coinbase supports a modest range of 241 cryptocurrencies, 27 fiat currencies, 50 US stocks and 4 precious metals which can be bought, sold and traded between each other. Astute investors have a lot of choices when it comes to diversifying their cryptocurrency portfolio with a variety of traditional finance products that can be monitored using the mobile app. In comparison to one of its largest rivals, Coinbase offers 237 cryptocurrencies and 7 fiat currencies which indicates the strength of Uphold's offerings. There is a slightly different selection of coins for residents located in the UK and Europe.
The Uphold Debit Card
The Uphold debit card works like a normal debit card where payments for goods and services are made using funds from a bank account. Except, in this case, a user can complete payments using the asset of their choice (crypto, fiat currencies, or precious metals) that are stored in the Uphold exchange. Users can benefit and earn 1% cashback and 2% crypto rewards on purchases and these are one of the most rewarding debit cards in the market. Note: Available for US customers only.
Available Countries
Uphold operates as a multi-asset and cryptocurrency exchange in 150 countries across the globe including the United States, United Kingdom, Canada, Europe, Australia, New Zealand, Singapore, the United Arab Emirates (UAE), and South Africa. On 30 June 2021, Uphold advised that they were unable to offer new accounts at 42 locations such as Cuba, Iran, North Korea, Sudan and Syria due to strict US laws.
Is Uphold Safe?
Uphold is one of the safest places to buy and store digital assets using their online wallet that features 'bank-like' security measures. 2 Factor Authentication, layered encryption, a Security Operations Centre (SOC) to monitor systems 24/7 and routine audits and penetration testing for example. These state-of-the-art security measures help to ensure customer funds and personal information are kept safe at all times.
Based on our research, there have been no reported hacks or compromises of the security systems and web wallets resulting in any loss of funds due to criminal activity. Uphold also complies with strict Know Your Customer and Anti-Money Laundering (KYC/AML) laws that are enforced in many countries around the world.
Uphold Compared
| Exchange | Crypto Assets | Trading Fees | Rating | Promotion | Website | Review |
|---|---|---|---|---|---|---|
 Binance | 600+ | 0% to 0.1% | Rating | Up to $100 welcome bonus | Visit Binance | Binance Review |
 Coinbase | 250+ | 0.4% (maker), 0.6% (taker) | Rating | $5 BTC bonus (USA only) | Visit Coinbase | Coinbase Review |
 eToro | 79 | 1% | Rating | None available at this time | Visit eToro eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, "Virtual currencies are highly volatile. Your capital is at risk." | eToro Review |
Funding & Limits
The two main ways to fund a new Uphold account to use its services are by depositing cryptocurrency or traditional fiat (USD, CAD, EUR, GBP). The fastest and easiest way to buy crypto is using a credit or debit card which is supported in all countries that accept MasterCard and VISA. The fees are slightly higher but the funds arrive near-instantly to lock in a buy price during volatility.
| Payment Type | Deposit Limit | Withdrawal Limit |
|---|---|---|
| Credit/debit card | Min: $10, €10, £10; Max: $1500 per week | N/A |
| Bank Transfer (ACH) | Bank Transfer (ACH) | Min: $5; Max: $10,000 per day |
| US Wire Transfer | Unlimited | N/A |
| Bank Transfer (SEPA) | Unlimited | Min: €10; Max: €50,000 per day |
| Faster Payments | Unlimited | Min: £10; Max: £25,000 |
| SWIFT | Unlimited | Min: $15; Max: $15,000 |
The best method to deposit fiat to Uphold is using a bank transfer which is supported in the United States, Canada, the United Kingdom and Europe. US investors can use ACH to transfer USD $10 - $2,500 per day, or unlimited amounts using a wire transfer. Customers located outside these countries can only deposit funds using a credit and debit card. This is a major limitation when compared to other exchanges such as Gemini and Kraken that allow bank transfers in multiple countries worldwide.
Supported Assets
Uphold users can invest and trade between 5 different asset classes such as the world's most popular and liquid assets. The benefit of having multiple markets in a single trading account means users do not need to sign up with different exchanges. The supported assets that can be bought, traded and sold without trading commissions include:
- 27 fiat currencies (e.g. USD, EUR, GBP and CAD)
- 241 cryptocurrencies (e.g. Bitcoin, Ethereum and XRP)
- 4 precious metals (e.g. gold and silver)
- 50 U.S stocks (e.g. Apple, Google & Facebook)
Stock investing with Uphold starts from as little as $1 with fractional equities and a share of dividends paid out in cash. Any precious Metals purchased with Uphold are the actual physical asset with no storage costs giving customers a cost-effective way to invest in physical gold, silver, platinum and palladium. Some exchanges that offer physical metals like BitPanda charge a weekly holding fee which can be expensive over time.
Buying & Selling Assets
Uphold is a multi-currency platform that is designed to allow users to buy and sell stocks, commodities, foreign currencies and crypto. Getting started with Uphold is incredibly easy and takes only a few minutes to create an account and complete ID verification. The exchange is perfect for individuals that have never invested in crypto or traded before. The user interface is simple, elegant and streamlined from start to finish.
Once an Uphold account is verified and linked to a supported payment method, the user can select the crypto asset, choose their preferred payment method, enter the amount to buy or sell, and confirm the transaction after reviewing the details. The displayed market rate is the actual price that will be executed on the order is fulfilled and is inclusive of the spread (around 0.8% - 1.2% for BTC and ETH). Purchased assets are shown on the dashboard and the performance over time can be monitored visually using the line graph.
Users are also able to record notes when completing a transaction by using the notes features. This simple feature is particularly useful when it comes to recording specific information about the transaction for future reference. However, traders will not find a candlestick chart to view the historical prices and will use a 3rd party software package such as TradingView.
For beginners, a great feature that is offered on Uphold is AutoPilot. This enables individuals to automatically purchase cryptos or other assets on the platform with recurring orders. Users can configure the tool to schedule purchases on a daily, weekly, or monthly basis. For example, setting up an order to buy $100 worth of Bitcoin to Dollar-Cost-Average over time. The exchange rate for recurring orders is calculated at execution.
Overall, the trading experience on Uphold is simple and easy to use with its minimalistic design and elegant visual appearance on the desktop and mobile app. The rapid verification, multiple methods to link a payment method and one-step ordering process are great features and recommended exchange for beginners.
Uphold App
Uphold offers a fast and responsive mobile app that mirrors the simplicity and visual ingenuity of the desktop version. The app is ideal for beginners and intermediate investors that want to quickly and safely buy or sell assets while on the move. The Uphold move app is available for iOS and Android smart devices with a 4.2/5 and 3.1/5 star rating on the respective platforms. Overall, the feedback from its customers is positive citing excellent features, simple and easy to use.
Trading Fees
For retail traders and investors located within the US and Europe, Uphold trading fees for BTC and ETH are calculated based on a spread cost between 0.8 and 1.2%. In other parts of the world, the spread is typically around 1.8% for the major cryptocurrencies. The spread on more exotic coins is naturally higher due to less trading volume and recommend finding an exchange with the highest liquidity for that particular asset.
| Retail Investors | Trading Fees |
|---|---|
| Trading Crypto | US and Europe: 0.8 to 1.2% spread (for BTC and ETH) Other Regions: Approx. 1.8% spread |
| Deposit | None |
| Withdraw | None |
Similar to other brokerage platforms like eToro, Uphold charges a spread for each trade which is the difference between the buy price and sell price and can fluctuate during periods of high volatility. There are no additional trading fees and the displayed price on the preview page is held and locked in. This means the amount of crypto received will not change during the buying process, unlike some other exchanges.
Uphold uses a traditional percentage-based fee of 1.05% to buy and sell Bitcoin for corporate and institutional traders. The fee is based on the transaction value and varies between fiat currencies, commodities, cryptocurrencies and tokens. For example, to trade Bitcoin, the fee is 1.05%. The reduced rates are only available to Uphold Business accounts.
Deposit, Transfer & Withdrawal Fees
Uphold does not charge a fee to deposit or withdraw funds from the app to a bank account for regular investors. Customers that use a credit card or debit card will be charged a 3.99% fee on the total amount. This is quite expensive compared to other apps such as Crypto.com which have 0% credit card fees. Uphold does not charge any fees to transfer funds between users on the platform, however, a standard blockchain network fee is passed on at cost to customers that transfer crypto to an external wallet.
For business accounts, there is a minor fee of $2.99 to withdraw crypto and an additional $3.99 to deposit funds via bank transfer (not including third-party costs such as bank wire costs and blockchain network fees).
Security Measures
Using an exchange that is trusted, safe and secure is an important consideration as there have been many incidents of crypto exchange hacks in the past. Uphold features several security initiatives to ensure the 100% safety of customer funds within the wallet. The security protocols include robust data encryption, regular auditing, compliance with AML/CTF controls, 2 Factor Authentication (2FA) and employee security screening. Approximately 90% of customer funds are held in cold storage according to the website.
Overall, the multiple layers of protection are a good indication that Uphold prioritizes security to become a trustworthy and secure exchange. This is quite evident as the Uphold wallet or mobile app has never been compromised or hacked since its launch in 2015. Customers should always remove their crypto from the exchange to a reputable hardware wallet for safekeeping. This is more important as Uphold does not offer insurance.
Customer Support
General customer support and queries can be submitted using a ticket system. Uphold offer a selection of commonly queried topics and users can also describe the issue and attach any supporting information such as screenshots to the submission. We submitted a query relating to the debit card and received a response within two business days which in our experience is reasonable for a large crypto exchange.
There is no live chatbot available to assist users with immediate queries and should be implemented to provide real-time customer service to its users. Queries regarding prospective business, API development, media and compliance have dedicated email addresses.
Frequently Asked Questions
To unlock all the features on Uphold, individuals over the age of 18 years must verify their identity by uploading a scan of a Government-backed ID and taking a selfie photo. Unlike other exchanges where verification can take up to a couple of hours to approve, the Uphold KYC process takes approximately 3 minutes to be verified.
Uphold is a legitimate provider of financial products and services within several jurisdictions around the world. Its compliance with regulations ensures the exchange operates under strict requirements and local laws. In the United States, Uphold is a Money Services Business (MSB) that is registered with the Financial Crimes Enforcement Network, also known as FinCEN. Uphold is also regulated by the FCA (Financial Conduct Authority) to operate as a cryptocurrency exchange in the United Kingdom and Seychelles by the FSA (Financial Services Authority).
Uphold was founded in 2014 and is a registered business within the United States. The company has offices all around the world including Northern California and is led by CEO, J.P Thieriot.
Final Verdict
The multitude and flexibility of Uphold’s offered services will be appealing to many. However, in our opinion, Uphold is better suited for novice traders or beginner investors that are looking to start their investment journey or diversify with traditional assets. Uphold is one of the easiest platforms to use which is a major benefit in addition to other perks such as 0% trading fees and a cryptocurrency debit card with generous cashback rewards for crypto holders.
Visit UpholdFor experienced and skilled cryptocurrency traders, charting on Uphold can be a little difficult, particularly on the mobile app. We recommend traders consider using one of the larger spot crypto trading platforms such as Coinbase Pro, Kraken or KuCoin for trading altcoins. These platforms are designed for speculating on the price of digital assets and include advanced cryptocurrency charts and tools that are required to analyze the price charts.
Uphold Disclaimer: Cryptocurrency investing within the EU/UK by Uphold Europe Limited and USA by Uphold HQ Inc.
You should be aware that the risk of loss in trading or holding crypto assets can be very high. As with any asset, the value of crypto assets can go up or down and there can be a substantial risk that you lose all your money buying, selling, holding or investing in crypto assets. Your crypto assets are not subject to protection. You should carefully consider whether trading or holding crypto assets is suitable for you in light of your financial condition.
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