Introduction
Uphold is a cryptocurrency platform that offers a comprehensive range of financial products and services. It allows users to purchase, sell, or trade cryptocurrencies as well as other assets.
Uphold is transparent about its fees. Its fee structure is slightly different from those of many other crypto exchanges. There are no commissions, deposit fees, or maker-taker fees. Instead, there are spread fees, which are basically small premiums you'll pay over the true market price (and are how Uphold makes money). With these spread fees, you might end up paying a higher price than what you might see from competitors. Overall, it could be a good choice for those looking to invest across different asset classes under one platform.
Company Overview
Founded in 2015, Uphold is an established crypto exchange that serves users in 180 countries.
Uphold offers a unique financial experience that sets it apart from other crypto exchanges. In addition to giving users the option to buy cryptocurrency, users can also purchase precious metals. The platform also allows you to trade across currencies, without taking the extra step of converting your assets back to cash.
In addition to a unique trading experience, Uphold offers a cash-back debit card that allows customers to make payments with assets they hold on the platform. For instance, a user might choose to pay with crypto or fiat currency.
Uphold supports close to 250 cryptocurrencies, including Litecoin, Bitcoin, and Stellar Lumens. The company, headquartered in New York, currently has over 10 million users and over $1.5 billion in its current financial reserve.
Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corporation (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.
Pros Explained
- Ability to buy and trade across asset classes: Users can purchase cryptocurrency and precious metals on Uphold.
- Transparent fee structure: Uphold offers a transparent fee structure, so users won’t get caught off guard by unexpected costs.
Cons Explained
- Limited number of cryptocurrencies: While Uphold supports more than 250 cryptocurrencies. Other leading exchanges offer more supported assets.
- No advanced trading features: Uphold lacks advanced charting and other features aimed at professional and active traders, which some exchanges provide.
On Jan. 18, 2023, Uphold warned its users of a possible data breach in a compromised email address incident at a third-party firm, Customer.io. The firm also introduced a new Uphold card to the U.K. market. Following allegations by crypto lender Cred LLC that several protocols, including Uphold, owed its liquidation trust over $784 million, Uphold has since denied the accusations, filing a motion to dismiss Cred LLC's suit.
Cryptocurrencies Available on Uphold
Currently, Uphold offers over 250 currencies for users to buy, sell, and trade on its platform. Available cryptocurrencies include:
- Bitcoin(BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Chainlink (LINK)
- Stellar Lumens (XLM)
- Iota (MIOTA)
Trade Experience
Uphold offers a user-friendly trading experience, and customers can make trades via its desktop platform or mobile apps, which are available on both Android and iOS. The user interface is intuitive for those who are new to making trades, which could make it a good option for those just getting started with crypto.
Unlike many competitors, Uphold offers the ability to trade within asset classes, making its platform stand out. Users may also set up recurring purchases using Uphold’s AutoPilot option, which uses dollar-cost averaging to help mitigate some of the volatility of trading in the cryptocurrency market. However, this platform only offers one order type: limit orders. Those looking for additional or more advanced order types will want to look elsewhere. Furthermore, the platform doesn't have advanced charting and other features that some traders often desire.
Fees
Though Uphold offers 0% trading commissions, it charges spread fees for cryptocurrency purchases and sales that customers make on the platform. These spread fees are relatively high. They can range from 1.5% to 1.8% for popular cryptocurrencies and even go beyond this range for lower-liquidity cryptocurrencies. Uphold also indicates that spread fees may increase during times of market volatility.
There are no withdrawal or deposit fees for personal accounts. However, crypto network fees might apply when withdrawing to an external wallet the same as they would with any provider.
Though they of course can change with market conditions, Uphold charges the following spread fees for other asset classes:
| Action | Fee |
|---|---|
| Fiat currencies | 0.2% spread fee |
| Metals | 2% spread fee |
Security
Uphold offers industry-standard security measures, including KYC verification and two-factor authentication. The majority of user funds are held offline in cold storage, which is generally more secure than storing funds online in hot wallets. This company also provides users with basic guidance on security best practices and how to recognize and avoid scams.
In addition, Uphold employs a bug bounty program through Intigriti, a third-party security company. Through this program, users can report bugs they’ve encountered when using Uphold.
Uphold staff members are also required to undergo background checks and participate in routine privacy training to help promote platform security.
Opening an Uphold Account
Signing up for an Uphold account is simple. To start, click on the Sign Up button in the upper right-hand corner of the Uphold website. From there, you’ll provide the following information during the initial sign-up process: email address, password, country of residence, and nationality. After that, further information is required to verify your identity, including uploading a government ID.
When you’ve submitted your information and read Uphold’s terms of service, you’ll receive a verification email. After you’ve verified your email address, you can begin using your account.
Customer Service
Uphold doesn’t offer many options for customer service. Users can access a live chat function via the Uphold app. In addition, users can request help via a form on the Uphold website or reach out to the company through its X (formerly Twitter) account.
Customer Satisfaction
Overall, Uphold receives poor marks from customers. Multiple users mention issues related to communication and account lockouts as well as delays in authenticating profiles.
Despite a large amount of negative feedback, some reviews of Uphold are positive. Users who praise this exchange mention that they appreciate its product offerings and the overall simplicity of the platform.
Account Management
Uphold users can access their accounts via the company's website or its mobile apps. When logged in, you can use the online dashboard or mobile app to buy, sell, and trade assets, review your portfolio, and more.However, given that Uphold offers few options for customer support, users will likely be mostly on their own when it comes to managing their accounts.
Final Verdict
Despite its wide selection of cryptocurrencies and advanced security features, Uphold receives poor reviews from customers. Problems with customer service and account lockouts make it a challenging platform for some users.
That said, Uphold’s unique features, such as multi-asset trading, may make it an attractive platform to certain users. However, it’s a good idea to research different crypto exchanges and compare options before you sign up.
Methodology
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Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including its review process and weighted data points, is available for review.
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I'm a cryptocurrency enthusiast with extensive knowledge in the field, having closely followed developments and trends in the crypto space. My expertise spans various aspects, including cryptocurrency platforms, trading experiences, security measures, and industry-related news. Now, let's delve into the concepts mentioned in the article about Uphold.
Uphold Overview: Uphold is a cryptocurrency platform founded in 2015, providing financial products and services in 180 countries. It distinguishes itself by allowing users to buy, sell, or trade not only cryptocurrencies but also precious metals. The platform is transparent about its fee structure, primarily relying on spread fees rather than traditional commissions, deposit fees, or maker-taker fees.
Fee Structure: Uphold's fee structure is highlighted as transparent, with no hidden costs. Instead of traditional fees, users pay spread fees, which are small premiums over the true market price. While this ensures transparency, users may end up paying a higher price compared to competitors.
Cryptocurrencies Supported: Uphold supports close to 250 cryptocurrencies, including popular ones like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Chainlink (LINK), Stellar Lumens (XLM), and Iota (MIOTA).
Trade Experience: Uphold offers a user-friendly trading experience through desktop and mobile platforms. It stands out by enabling trading within asset classes, allowing users to set up recurring purchases with the AutoPilot option. However, the platform lacks advanced trading features, offering only limit orders and missing advanced charting options.
Fees (Continued): While Uphold offers 0% trading commissions, it charges spread fees ranging from 1.5% to 1.8% for popular cryptocurrencies. Additionally, spread fees may increase during market volatility. There are no withdrawal or deposit fees for personal accounts, but crypto network fees may apply.
Security Measures: Uphold employs industry-standard security measures, including KYC verification, two-factor authentication, and holding the majority of user funds offline in cold storage. The platform also has a bug bounty program through a third-party security company, encouraging users to report encountered bugs.
Account Opening: Opening an Uphold account is a straightforward process that involves providing basic information such as email address, password, country of residence, and nationality. Identity verification is required, including uploading a government ID.
Customer Service and Satisfaction: Uphold's customer service options are limited, with live chat through the app and a form on the website. Customer satisfaction reviews are mixed, with some praising the platform's simplicity and product offerings, while others highlight issues with communication, account lockouts, and authentication delays.
Final Verdict: Despite its wide range of cryptocurrencies and advanced security features, Uphold receives mixed reviews. Customer service issues and account lockouts have been reported, making it challenging for some users. However, unique features like multi-asset trading might appeal to specific users, and thorough research of different crypto exchanges is recommended before choosing Uphold.
