Uphold is a well-established crypto exchange that has been around since 2013. The company provides a unique trading experience allowing clients to access a wide range of financial instruments across multiple asset classes. In addition to buying cryptocurrencies, clients can buy stocks and precious metals worldwide, including the United States. Moreover, the crypto exchange offers debit cards with a cashback facility for payments using assets held on the site, i-e, fiat or crypto assets. Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) are among the more than 70 cryptocurrencies supported by the platform. This guide covers the exchange’s safety standards, regulations, and reputation in detail. We’ll discuss how to buy cryptocurrencies on Uphold. Besides mentioning Uphold fees and commissions for trading Bitcoin and other supported cryptocurrencies, we’ll explain how to open an account. In the last, we’ll be sharing some online reviews, and the level of customer support offered at Uphold.
While the crypto exchange has several pros of using it, you might also wish to know the cons. Let’s enlist and explain a few of them below.
Uphold is regulated by the U.S. Treasury Department’s FinCEN and works with licensed banking affiliates and partners across the United States. The platform also adheres to global AML standards.
Uphold serves more than 180 countries through its regional offices located in London (U.K.), Braga (Portugal), Shanghai (P.R. China), Northern Californian and New York (United States).
While the exchange accepts customers from all across the globe, clients based in listed countries can directly use their banks for deposits and withdrawals. Residents of other countries may need to look for other options available at Uphold.
|Slovenia||the United Kingdom||the United States|
Uphold currently supports 70+ cryptocurrencies while looking forward to adding more coins to its list of offerings. The supported crypto coins include;
Uphold support the following fiat currencies besides the U.S. Dollar;
Besides hosting a transparent fee structure, Uphold keeps trading costs pretty competitive. Uphold employs a variable spread between 0.8% to 1.2% on Bitcoin (BTC) and Ethereum (ETH) for clients in Europe and the United States. However, the company keeps its spread around 1.8% on major crypto assets in other parts of the world. Notably, the crypto exchange may charge a higher spread on less-liquid digital currencies such as XRP, DOGE, ZIL, etc. Whether you wish to buy Stocks, trade ETFs, or exchange cryptocurrencies, you don’t have to pay any commission.
There is nothing like hidden costs on Uphold. You pay exactly what you see while previewing your order. Although customers can open accounts and hold their assets with Uphold free of cost, the exchange applies variable fees across different classes of assets purchased via ACH or bank transfers. Uphold adds a slight spread to the preview price, plus the exchange charge depends upon the asset you’re converting.
Some traders believe that Uphold spreads are substantially higher and fluctuate wildly. Still, the trading cost at Uphold seems to be falling well in line with the average industry standards.
A CFD is a financial derivative that serves as a contract between a trader and a brokerage. Traders profit via price speculation instead of buying the underlying asset. Successful predictions pay off while traders bear the loss if mistaken. The profit is calculated by multiplying the asset’s value change with the quantity, besides a tiny fraction going to the broker as a service fee. Clients can also employ leverage while trading crypto CFDs. While leverage allows traders to trade large positions with limited capital investment, maximizing their profit-earning potential, it also magnifies the risk of loss.
In addition to the broker’s easy web-based trading platform, customers may explore different trading options from their computers. The firm also offers a mobile trading app for users on the go.
Uphold offers a simple trading interface where clients can see asset prices one by one instead of a sortable list that they could have filtered out to see fees, relative spreads, and market capitalization. The platform also lacks sophisticated charting, stop orders, and margin trading, which might not affect newbies but could limit the potential of skilled professionals.
However, the exchange takes pride in offering a seamless signup process coupled with instant funding options. Usually, crypto exchanges require users to place 2-step orders, such as funding their accounts through bank transfers or credit cards first and then converting their cash into the asset or cryptocurrency they intend to hold.
However, the company makes the process pretty easy. Customers may buy a variety of crypto & fiat currencies in addition to purchasing precious metals without having to wait for their cash to clear. Ordering on Uphold is simple, with over 1,000 crypto transfer pairings available.
On the “Crypto” page, users may view the supported cryptos list to pick one and trade. Clients only need to deposit funds into Uphold through a linked bank account to get started. Moreover, the option of paying via wire transfer or ACH transfer is also available. You can also deposit listed cryptos into your Uphold wallet and swap them for other assets such as equities and precious metals.
Uphold also allows customers to set up recurring transactions, allowing them to acquire crypto on a schedule (i-e, weekly/monthly). Clients can also withdraw their digital assets by transferring them to a connected digital wallet, but network costs apply.
To create an Uphold account, you’ll need an email ID and a password. The platform will then verify your email address. After that, Uphold will ask for your details, including name, address, social security number, etc. Then you may deposit fiat or crypto and trade. Not to mention, you also need to verify your account before you can start buying anything on Uphold. Let’s go through a quick step-by-step guide to make it simpler.
Note: Please note that the platform asks you to verify your account before allowing you to buy or trade anything on Uphold. Although you can skip it for a while, still account verification is mandatory in any case.
Note: Credit card and debit card deposits instantly become available to use. The company doesn’t accept credit cards in the UK. Therefore, clients need to use their debit cards instead. Since the platform’s merchant is Non-US, clients may incur conversional charges on foreign transactions.
The Uphold mobile app has the same UI as the desktop version. Clients can download the respective version of the app from Google Play or Apple Store for their iOS and Android-based smartphones. Let’s explore some of the Uphold mobile app features.
Uphold mobile trading app allows users to place an order instantly. Users need only click the “transact” page, pick their funding method (i-e, bank accounts, crypto networks, or credit cards), and place their orders.
A user can withdraw funds from their bank account or credit card and deposit them directly into an asset. The single-screen funding and trading make Uphold mobile app an extremely convenient trading platform.
Uphold provides consumers with ‘up-to-date’ market data on anything from cryptocurrency to precious metals. The exchange usually computes values up to the fifth decimal for the most precise estimates.
Traders may also manage their account portfolio and send money to relatives or friends without compromising the need for mobility.
Step-by-step instructions for signing up with Uphold using the mobile app are listed below.
Note: All users must verify their account before buying anything on Uphold.
Below are the supported payment methods clients can use to fund their accounts on Uphold.
Uphold doesn’t charge any deposit fees when you finance your account via a bank account, bitcoin, or through another Uphold wallet. However, clients making payments with debit or credit cards may incur a charge of 3.99% on each transaction.
Similarly, the price for withdrawing or transferring funds off-platform via a crypto network is $2.99; clients may incur $3.99 off-platform charges for funds withdrawals using bank accounts. Third-party fees, such as bank transfer fees or blockchain network fees, may also apply. For more details on fees, please visit the link here.
Uphold has a few unique resources available for those who want to learn more about a specific asset before purchasing it. If you’re just getting started in the realm of investing in crypto, you might wish to brush up on your knowledge of currencies, slang, and the differences between cryptos. Like any specialized subject, Cryptocurrencies have a distinct vocabulary that you can learn with the help of Cryptionary at Uphold. The crypto exchange also features blogs covering cryptocurrency news, commentary, and features worldwide. However, the platform could have added more resources under its education section.
Uphold offers customers services exclusively via email and social media. Although the company features a comprehensive FAQ section on its website, it doesn’t provide phone assistance or live chat support.
Customers seeking help can submit a request form via email. Uphold also maintains a blog but lacks well-structured content and instruction. However, the platform provides a Cryptionary, a glossary of cryptocurrency words for beginning users.
Uphold claims its customer services fall well with average industry standards. However, people register numerous complaints about frozen accounts, difficulties in completing identification verification, and trouble transferring payments on third-party reviewers’ website Trust Pilot.
While exploring information about Uphold on Reddit, we came across multiple threads where some people were praising the platform while others seemed offended. A member shared his experience that he too became terrified after signing up with Uphold amid many negative reviews on Reddit. However, he added that the platform looked fine, and he had no issue while depositing funds or requesting withdrawals. According to him, although the platform doesn’t look super transparent, it seems pretty safe, at least for conducting smaller transactions.
On the other hand, people who disliked the crypto exchange were frustrated due to poor customer service and lag in payments. People also complained concerning the delay in account verification and closure of accounts without any reason. Overall, the Reddit community seems to have distinct opinions about the platform’s legitimacy.
Unlike Reddit, there were more positive reviews on the exchanges than negative ones. People believe it’s a legit exchange providing excellent crypto services to clients inside and outside the USA. According to a member, Uphold offers a wide range of tradable financial instruments, and its price plans are very reasonable. Moreover, the crypto exchange has excellent user feedback. He explained further that you couldn’t blame the platform for unexpected delays like verification or payment procedures. Of course, there could be different scenarios like the provision of blur documents or payment network issues.
Uphold takes customer finances and data security very seriously. The company employs advanced encryption and multi-layered protections to protect clients’ data and funds.
The exchange holds registration with FinCEN as Money Services Business and Electronic Money Issuer authorized by the Financial Conduct Authority (FCA) in the UK.
The platform complies with all legal and regulatory obligations in Europe, the US, and other countries where it operates.
The exchange uses customized security measures, such as a cold storage space for 90% of crypto funds, and holds an insurance policy in case of a security breach. Additionally, when you submit your data into Uphold’s system, the crypto platform applies strict security protocols to keep it safe from unwanted access. The crypto exchange also ensures that skilled cyber security specialists regularly audit their security checks to fix any security lags.
Both Uphold and eToro are remarkable platforms for buying cryptocurrencies. However, they differ in terms of the services and features offered. This eToro VS Uphold comparison compares the two exchanges so you can find out who has the best fees, most cryptocurrencies, security precautions they take, and any other notable characteristics.
Uphold is a global financial services platform that supports many digital currencies. The crypto exchange allows clients to trade between asset types directly with integrated payments. The company holds regulations from the United States Treasury Department (FinCEN) and has been serving for almost a decade.
Based in Israel, eToro is a multi-asset platform that offers forex and crypto trading services all across the globe. The platform is well-known for its excellent social trading platform. Clients can replicate trades of other professional traders and start generating passive income. The brokerage firm holds multiple regulations in different jurisdictions around the world.
Uphold supports over 80 crypto assets, including Bitcoin, Ethereum, Cardano, Ripple, Cosmos, Dash, Solana, Dogecoin, Polkadot, etc. It also facilitates clients to trade stable coins. Unlike most crypto exchanges, where clients buy coins in two steps (i-e, converting from fiat to crypto and then crypto to crypto), Uphold allows you to buy your favorite crypto coins using a single transaction. However, the exchange doesn’t offer CFD trading.
eToro lists fewer cryptocurrencies than Uphold, but it has several most popular coins available under its product portfolio. Today, eToro allows you to trade over 20 cryptocurrencies, including but not limited to Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Uniswap (UNI), Stellar Lumen (XLM), Litecoin (LTC), Bitcoin Cash (BCH), Cardano (ADA), etc. Not to mention, eToro also allows clients to trade crypto CFDs. However, trading crypto derivatives isn’t available for all users. For instance, UK-based clients can trade crypto CFDs amid FCA restrictions.
In terms of costs, Uphold beats eToro, while expert traders may trade for less with eToro. Platforms’ cryptocurrency fees are not always transparent. For instance, a platform might not charge any fees on deposits yet charge a lot for withdrawals, and it’s not always clear how much each transaction will cost. The fee also varies by location and method of deposit/withdrawal.
Uphold claims no deposit fees, withdrawal fees, and trading commissions, but it applies a spread charge on each transaction. Not to mention, Individual crypto networks may impose a withdrawal fee. However, Uphold does not profit from this.
Also, deposits via bank transfers or debit cards are free, while spreads on popular coins range between 0.8% to 1.2%. The gap widens for low liquid cryptos.
eToro also doesn’t charge any fees on deposits. There is no commission on eToro, but costs for a variable spread can range from 0.5% to 5% depending upon the selected crypto asset and the market. eToro also charges an inactivity fee of $10 on dormant accounts that have been inactive for 12 months and a $5 withdrawal cost for overseas customers. Unlike other crypto exchanges, eToro employs a spread charge only when traders buy an asset and doesn’t charge anything when they sell it.
Both Uphold and eToro offer clients a custodian wallet to store their cryptocurrencies for free. The platform doesn’t pass on keys to users for a custodial wallet; some investors believe that their assets always remain at stake. Therefore, clients might prefer to hold their digital assets in a non-custodial wallet. However, the issue with a non-custodial wallet is that if you ever forget your keys, there is no way for retrieving your crypto assets.
Uphold offers a unique AutoPilot function that allows users to buy their preferred cryptocurrencies daily, weekly, or monthly. For example, clients can schedule a monthly protocol to acquire $100 worth of Bitcoin, Ethereum or any other digital asset.
Uphold also offers chip-enabled Debit Cards for its clients based in the United States. Holders can use their debit cards on half a million retailers and ATMs worldwide. Although the debit card is currently available in the US, Uphold anticipates to offers the service in the UK before the end of the year.
Uphold also hosts staking services where clients can stake their crypto assets for a fixed period to earn rewards at regular intervals and on maturity. Clients can join the staking waitlist and create a staking account with a minimum deposit of $25. The company processes payouts into stake accounts every Saturday.
Uphold is a secure crypto platform that allows traders to access a wide array of cryptocurrencies, as well as equities and precious metals. The platforms’ anything-to-anything service takes users’ trading experience to the next level. With a transparent pricing structure and speedy transfers, the company is a competitive choice for retail and institutional clients. However, It needs to upgrade the level of its customer services. Overall, Uphold is a legitimate crypto exchange to buy and trade digital currencies.
Yes, Uphold is a licensed financial services provider by the US Department of Treasury and FinCEN. In Europe, the company collaborates with authorized payments Institutions regulated by the US Financial Regulatory Authority.
The company’s risk systems immediately lock your account upon detecting unauthorized access. However, the platform restores your account once they are sure it’s you.
Uphold provides a secure wallet where users can keep their digital currencies and trade them for fiat currencies and precious metals. Clients can access the wallet on iOS, Android, and the web.
Yes, the broker accepts clients from the United States. However, the company does not offer its services to residents in certain jurisdictions in compliance with U.S. Laws.
Unlike other crypto exchanges, opening an account with Uphold is pretty fast. Account verification doesn’t take more than a few hours either. Once your account is verified, you can immediately start buying your favorite cryptocurrencies on Uphold.
Generally, a photocopy of your ID Card/Driver’s license/Passport is needed. However, the crypto exchange may also require you to submit a copy of your bank statement and utility bill for address verification.