Trading different asset classes can be a difficult thing to do. These days, it isn’t easy to have a platform that allows you to trade different assets all in one place. For instance, if you want to trade gold, silver, stocks, or other precious metals, you need to fund a brokerage account. If you want to trade cryptocurrencies, you need a cryptocurrency exchange platform to fund your account. If you want to trade fiat funds, you need to create an account through a third-party provider. Looking at these, you will agree that the whole system is incongruent.
Nonetheless, Uphold aims to solve this problem by being a platform that allows traders to trade multiple assets all in one place. In this Uphold review, we will take a good look at what Uphold is, and we will also reveal if it’s a fantastic platform to use or not.
What is Uphold?
Uphold is one of the latest trading platforms taking the world by storm due to its unique and powerful features. This trading platform, formally known as Bitreserve, allows trading or holding cryptoassets and other asset classes like gold. It is also a cloud-based crypto-trading platform that was created in 2014. It is essential to know that Uphold’s headquarters are in San Francisco, United States of America. It is licensed in the U.S. and Europe, making it a suitable platform for trading and holding different cryptoassets. Because it is licensed, there is no substantial risk of trading on this platform.
Uphold’s CEO is J.P. Theriot. His company, Uphold, raised about $15.5 million through Series B. One essential feature of this trading platform is that it allows users to convert assets such as cryptos, tech-related stocks, and many more. For instance, you can trade your Ether (ETH) for gold or Tesla stock for euros.
Since its launch, Uphold has become a robust platform. The platform has over 1.5 million users and is available in 182 countries worldwide. Users can trade more than 50 cryptocurrencies and utility tokens, 20 stocks, 50 U.S. stocks, and four precious metals on Uphold.
The most exciting feature of this platform is the automatic currency conversion. Additionally, users can use Uphold as a digital crypto wallet and exchange different fiat currencies for cryptocurrencies.
Uphold also subsidizes users’ assets in a one-to-one ratio from its reserve funds, and this feature made the platform the first platform to publicly share its reserve holdings in real-time.
This trading platform is available in English and Spanish. However, languages like Russian and Chinese have not been added yet, and hopefully, will be added soon. Users can use Uphold on both desktops and Android and iOS devices. This platform is also great for beginners and experts.
How Uphold works
Even though Uphold allows users to trade different asset classes in one place, the platform also functions like other trading platforms. It matches cryptocurrency buyers and sellers against trading fees and spreads. The crypto-exchange platform reduces transaction costs when trading cryptocurrency and other assets.
Uphold has a wide range of features. We have discussed some of them earlier in this review, but let’s take a detailed look at them.
Faster accessibility and sign up process
Signing up on Uphold is very simple and hassle-free, even if a user has never had a brokerage account before. To sign up or create an account, all you need to do is fill out the registration form with your email address, choose your location, and set a strong password. After verifying your account through the confirmation email sent to you by the Uphold team, your Uphold account will be ready in a few minutes.
Another great feature Uphold has is its instant transfer feature. Uphold users can send money to their friends and family within a few seconds, which can be done by linking to another email or account. Also, the instant transfer feature permits users to send any currency they want. They can even send cryptocurrencies this way, and it is fascinating that these transfers come at no cost, whether users are transacting in U.S. dollars or Bitcoins.
The new autopilot feature
The autopilot feature allows users to purchase their favorite cryptocurrencies daily, weekly, or monthly basis by scheduling recurring transactions. For instance, users can set up a protocol to buy $200 worth of Bitcoin every month to coincide with their paycheck.
Customizable tile desktop
After opening an account on this platform, you will receive the tile platform customized to fit your needs by simply clicking on an asset to select the preferred trading option.
Uphold users are eligible to own a debit card. It is essential to know that this feature is only available to U.S. users alone. This debit card is a Mastercard debit card that allows Uphold users to spend asset classes. This card is accepted at over 50 million merchants and almost all ATMs around the globe. Even though Uphold converts an asset into cash, the transaction is instant. You won’t have to wait when swiping your cart at the checkout. Note that ACH deposits take up to three business days to settle.
Automatic currency conversion
Uphold automatic currency conversion allows users to send money to anyone they wish to, in their preferred currency. They can send in whatever currency they conveniently use, and the recipient will receive it. Again, a user can give a Q.R. code associated with their bank account (like a USD sub-account). For instance, if a user sends bitcoins, they will be automatically converted into USD before reaching the recipient’s wallet.
Uphold offers other innovative products such as Universal Gold (UPXAU) tokens that make crypto investing more manageable and accessible to everyone. However, the Universal Gold (UPXAU) tokens reduce people’s problems while investing in precious metals like gold. Such problems include low spending, large liquidation spreads, and substantial storage costs. UPXAU Tokens are equivalent to 1 troy ounce of pure physical gold held at the Perth Mint in Western Australia and yet can be spent on a debit card. In the process, the token holders will incur zero custody fees. The tokens can be instantly liquidated into 27 national currencies, which is the most interesting part of the UPXAU token.
Uphold Pros and Cons
|Highly customizable and user-friendly interface||High spreads on lower volume assets.|
|Facilitates direct cross-asset trading||Limited asset selection|
|Very low minimum deposits for traders|
|Commission-free trading on all assets|
|Accepts debit cards and helps traders earn cryptocurrencies as cashback|
How to open an account on Uphold
Uphold is one of the few crypto-exchange platforms that allow trading and holding of cryptoassets, commodities, and stocks on a single platform. However, opening an account on the platform is relatively easy. For newbies, there is minimal risk when you use your money buying, selling, holding, cryptocurrencies, or other asset classes on this platform. So, to open an account as a newbie, you need to go to the official Uphold website to create an account.
The signup process is simple, and it takes only a few minutes to complete. Once individuals land on the account creation page of the platform, they will be asked to choose if they want to create an individual account or a business account. However, business account creation may take longer as users need additional verification documents. Users need to go through the verification process and become verified members on the platform when the cumulative value of their lifetime transactions exceeds $1000.
Again, the platform will ask you as a new user to submit important documents such as your date of birth, email, and phone number. You will also be asked for a residential address (any utility will do), a government-issued I.D. (passport, national I.D. card, or driver’s license), and a clear photo of you holding any of these documents in hand. Residents in China will be asked to submit an issued I.D. number. Once all of these are done, you will be asked to click on the activation link to verify and activate your account on Uphold.
Uphold mobile app
Uphold’s app is simple and intuitive, making it easy for users to create an account through their mobile phones. The platform’s mobile app offers these features:
Users can place an order on Uphold’s mobile app like the web-based platform. Click on the tab labeled “transact,” choose your funding method (from linked bank accounts, crypto networks, and credit cards) and place your transactions. Users can also execute a trade in less than 30 seconds – even if they have never traded an asset before.
Comprehensive market data
Uphold also offers users up-to-the-minute market data for every asset class. Most times, price data is calculated to the 5th decimal, which allows you to make the most accurate calculations.
Full desktop functionality
You can also monitor your portfolio through the mobile app. In addition to this, you can send money to friends or family members and more from your Uphold app, no matter where you are.
From and to interface
The app also allows you to remove money from your bank or card and straight into the asset you want to buy. The proximity of funding and trading from one screen makes this app a joy to use.
How to withdraw and deposit on Uphold
To add funds to your Uphold account, you need to click the “Add Funds” tab in the upper right corner of the page. Once that is done, you need to choose a top-up method on the Uphold system and then click on the “Add Funds” tab again to finally deposit money into the Uphold wallet. Uphold allows you to add funds to your wallet with cryptocurrency. For this, users need to select a cryptocurrency and then generate a wallet address to send funds to anywhere in the world.
You need to click on the “withdraw funds” tap from the menu bar to withdraw funds. Once that is done, you need to choose the preferred payment option to withdraw your funds. Such preferred methods include Uphold card, crypto wallet, bank account, etc.
If you want to use the crypto wallet, you need to choose the cryptocurrency you want to withdraw, enter the wallet address, preferred amount, message (optional), etc. The funds will be sent to the specific wallet address provided by you.
According to Uphold, there is no charge for every trade or withdrawal users make. Again, the Uphold exchange does not charge any trading commissions from its clients on trades, withdrawals, or deposits. But users need to know that there are small charges on residents of a few countries when they withdraw funds to private wallets on various crypto networks or to banks through payment services like the Swift network.
The trading fee to transfer fiat funds (off-platform) by bank transfer is charged at a flat rate of $3.99, and third-party costs may apply in some cases, like bank wire costs in some geographical locations as blockchain network fees.
Furthermore, withdrawals to banks in Europe through payment services like SEPA and U.S. banks through ACH are entirely free. In addition to this, trading fees for fiat currencies and other asset classes vary. The lowest fee is 0.65% for USD, GBP, and EUR, while the highest fee is 3.95% for Platinum (XPT). Besides that, Uphold adds a small spread in the price of any crypto asset bought by the customers.
According to different online reviews on Uphold, these are the following card usage fees found on the Uphold exchange:
- Deposits and withdrawals using banks and debit cards are free of charge.
- Deposits using credit cards cost a spread of 3.99%.
- Domestic purchase is free of charge.
- Foreign exchange is also free of charge.
Trade limits on Uphold
- The maximum spend is fixed at $10,000 per day.
- Cash withdrawal is fixed at $1,500 per day.
- Cash withdrawal per transaction is fixed at $500.
Supported countries and currencies
Uphold exchange currently supports about 27 countries, which is one of the big advantages of the site over others. Most major fiat currency exchanges don’t support other currencies besides EUR, USD, GBP, and CNY. In addition to this, Uphold also supports the trading of 4 precious metals- Gold (XAU), Silver (XAG)., Platinum (XPT) and Palladium (XPD).
Furthermore, this trading platform allows users to trade about 70 leading cryptocurrencies like BTC, ETH, LTC, BAT, DASH, BCH, BTG, LBA, and XRP and supports over 1,000 crypto trading pairs. Uphold is available globally except for Cuba, the Central African Republic, Iran, Libya, Somalia, North Korea, Sudan, and Syria.
How safe is your money on Uphold?
Security is one of the topmost priorities of the Uphold team. The platform uses powerful encryption mechanisms and layered defenses to protect clients’ data and funds against potential cyber-attacks. Again, the team behind Uphold also confirms that their products and services go through constant security audits by experienced cyber security specialists to eliminate loopholes, if any.
Furthermore, these security operations occur 24/7 to monitor threats and hacks constantly. Uphold also offers bounty programs and incentivizes anyone reporting any security problem on the program. This platform also uses a 2FA (2-Factor authentication) and private key encryption employed on the platform to provide an extra layer of security to protect users’ funds.
Uphold customer support center
Uphold has distinct customer service for its clients. However, its customer support services come in the following ways:
For any queries and inquiries, you might have, you can email Uphold customer support at ‘support@Uphold.com’. If users want to introduce themselves to the Uphold team or for non-urgent simple questions about the customer service team, they can contact them at ‘hello@Uphold.com’.a
You can also get in touch with the Uphold team via Twitter by sending a message to @AskUphold. Besides these, Uphold also offers an in-app help section that allows traders to quickly browse the platform’s FAQ section and get quick answers to their problems.
Comparison with other cryptocurrency exchanges
There is no doubt that the growth of the crypto market and the number of exchanges make it difficult to know which platform is ideal for everyday needs. Nonetheless, Uphold compares to BlockFi and Gemini, which are two popular cryptocurrency exchanges.
Uphold vs. BlockFi
Both Uphold and BlockFi offer a suitable platform for both experts and newbies. However, there are some distinct features between the two exchanges.
#1: Uphold offers about 70 cryptocurrencies available for trade, while BlockFi supports just 13 cryptocurrencies.
#2: BlockFi allows verified and qualified borrowers to take out loans backed by their crypto holdings, while Uphold doesn’t offer this option.
#3: Uphold offers crypto-reward debit cards for users. BlockFioffers a cryptocurrency rewards credit card.
#4: Uphold also allows users to buy, sell, and trade across asset classes, while BlockFi does not.
Uphold vs. Gemini
Gemini offers access to Bitcoin and other popular cryptocurrencies and built-in digital wallets – same as Uphold, too. Both crypto exchanges offer a rewards credit card, charge high fees for trading crypto, and have a limited selection of crypto compared to other large exchanges. Here are some distinct features between the two exchanges:
#1: While Uphold is available in 180+ countries, Gemini is only in 60 countries.
#2: While Uphold allows users to swap between assets, such as trading stocks for crypto, Gemini doesn’t.
#3: Gemini offers insurance on assets held in its hot wallet, while Uphold only insures against theft of cold storage assets.
Overall, Uphold receives poor marks from customers and has an average 2.3 out of 5-star rating across over 6,000 reviews on Trustpilot. Many of these complaints on Trustpilot are based on communication and account lockouts and delays in authenticating profiles.
Even though there is a large amount of negative feedback, there are still positive reviews on Uphold. Users who praise this exchange mention that they appreciate its product offerings, the overall simplicity of the platform, and the ability to earn rewards in cryptocurrencies.
Uphold offers a way for new traders to get started in crypto-trading while making it easy to deposit funds and buy crypto right away. The platform also caters to investors that want to trade other asset classes, such as precious metals and individual stocks. Uphold is unique among exchanges in that it allows users to directly trade across asset classes without having to convert to cash first.
Uphold receives poor customer reviews despite its wide selection of cryptocurrencies, asset classes, and advanced security features. Problems with customer service and account lockouts make it challenging for some users.
That said, unique features like multi-asset trading and the ability to earn crypto rewards via the Uphold Card may make it an attractive platform to certain users. Nonetheless, it is a good idea to research different cryptocurrency exchanges and compare options before you sign up.
Uphold offers cryptocurrency investing within the EU/UK (Uphold Europe Limited) and USA (Uphold HQ Inc.). Asset availability is subject to region. Trading assets are risky as their value can go up or down. Your crypto assets are not subject to protection. You should carefully consider whether using all your money to buy crypto assets is suitable for you in light of your financial condition.
FAQs about Uphold
Is Uphold a secure platform?
Uphold is a secure exchange offering a good selection of cryptocurrencies and features useful to traders, such as Uphold’s AutoPilot and Earn program. In its entire history, the exchange has never been hacked. This is huge for security reasons with your money, coins, and information. They are truly a trustworthy exchange to operate and trust with your assets.
Is Uphold regulated?
Uphold is regulated by the U.S. Department of Treasury and the FinCEN (U.S. Treasury Department for Financial Crimes). Uphold collaborates with the Authorized Payments Institute in Europe, which reports to the U.S. Financial Regulatory Authority.
Is Uphold FCA approved?
As a FinCEN Registered Money Services Business (MSB) in the United States and as an EMD Agent of an Electronic Money Issuer regulated by the FCA in the United Kingdom, Uphold is committed to compliance.
Does Uphold offer a wallet?
Yes, Uphold offers a safe and convenient wallet that allows users to store their Bitcoin holdings and seamlessly trade between crypto coins, local currencies, and precious metals. The Uphold wallet is available on iOS and Android platforms and the web.
Is Uphold free?
No, Uphold is not a free platform- it charges a spread every time a trade is executed on the platform.