Our take
Did you know that between 2012 and May 2020, Bitcoin saw value gains of 193,639.36 percent? Or that Bitcoin outperformed a variety of other assets including gold? Currently the price of gold sits at $1,723.76 per ounce versus $9.648.22 for Bitcoin.
When it's all said and done, Bitcoin boasts 68.7 percent of the whole crypto market or a total of $117 billion. In other words, Bitcoin's market cap proves higher than all other cryptos combined.
Of course, these stats mean nothing to you if you don't start investing in cryptos. To do this, you must find a reputable and secure exchange to handle your transactions.
One option is Uphold Exchange, a unique desktop and mobile trading platform that claims to be the first transparent reserve available worldwide. But is Uphold really all it's cracked up to be? Keep reading for our complete crypto exchange review.
What Is Uphold Exchange?
Uphold Exchanges is known for its "Anything to Anything" trading experience. What does this mean for users? You don't have to perform multiple transfers to purchase cryptos, stocks, and metals.
This unique desktop and mobile trading platform permits customers to trade assets directly using a cryptocurrency network, bank account, debit card, or credit card.
And get this. You'll pay zero percent on trade-in commissions.
The platform also permits consumers to trade between assets in different classes in one easy step. For example, you can trade Bitcoin to Tesla in one simple trade. You can also swap between Tesla and Facebook stock in one easy move.
Most interesting of all, there's no intermediate conversion into US dollars. This fact separates Uphold from the competition. After all, other trading platforms force you to rely on US dollars as a transition currency on their exchanges.
For these reasons, many customer find Uphold incredibly easy to use and cost effective. You can also send assets and money to friends or family members in the blink of an eye with Uphold. And you won't incur any additional fees as a result.
Overall, Uphold represents a user-friendly option. But it's one that some customers feel could be better organized. They also argue that it could have a more robust educational section, which we'll discuss in greater detail later in this review.
Who Should Use Uphold?
This exchange is well-suited for cryptocurrency investors interested in a legitimate crypto exchange that offers major and emerging coins. All told, Uphold exchange covers 36 different coins. For this reason, you should have some experience with crypto currency trading before using this platform.
If you're looking for a super-easy and fast crypto exchange interface, Uphold may be a fantastic solution for you. It's also a compelling platform for individuals looking for a better way to invest in precious metals.
If you meet this description, then you may wish to give Uphold a try.
USD Margin Lending- Return rates optimized daily
- Secure, stable investment growth
- No minimum
- No lock-up period, withdraw anytime
What Distinguishes Uphold from the Rest?
Despite the complaints lodged against Uphold by some disgruntled customers online, many customers remain loyal fans. Uphold users enjoy a range of advantages over other forex, stock, and crypto platforms.
Uphold is known for its cost-effectiveness. Customers enjoy zero percent deposit fees, zero percent trading commissions, and zero percent withdrawal fees. It doesn't get better than that!
The platform also boasts all-inclusive pricing. You'll pay the spread of just 80 to 120 bps when using Uphold. At other platforms such as Revolut and Coinbase Retail, they'll pay 160 to 250 bps.
That said, you must remember that US stock trading is not available in the United States, United Kingdom, and some other territories.
What You Need to Know About Uphold Fees, Commissions, Margins Rates, and More
One of the strengths of Uphold remains a zero-dollar-commission model for buying and selling stocks, cryptos, ETFs, and more. After you preview your trade or order, Uphold won't offer an extra undisclosed spread. In other words, pricing is highly transparent.
Don't make the mistake, however, in thinking that Uphold is entirely free to use. The exchange adds a small spread to the final price tag. You'll see this listed in the preview stage.
What exchange fee will you pay? It will vary depending upon the asset you're converting. For stocks and ETFs, you'll pay 1.00 percent.
Cryptocurrency transaction will cost between 0.80 to 1.20 percent. Metals come with a fee of 1.05 to 3.95 percent, and forex currencies come in at 0.20 to 0.85 percent.
How User-Friendly Is Uphold?
Uphold's platform is one of the only crypto exchanges that permits consumers to purchase and sell stocks, currencies, and commodities. Consumers also find it very easy to get started with Uphold. This makes it great for users who haven't had a crypto or trading account in the past.
What makes Uphold so user-friendly? A variety of features and products, including:
Fast and easy signups
Customizable and intuitive tile desktops platform
A new AutoPilot feature
Intuitive account purchase and funding options
Instant transfers
One-step ordering
Automatic currency conversion
Innovative products designed to make investing more accessible and easier
The Uphold Card
Let's take a closer look at these innovations and options and what customer love about them.
Fast and Easy Signups
This streamlined experience begins with fast and easy signups. Opening an Uphold account is a breeze whether you're new to brokerage accounts or have had them before. Start by entering your email and choosing a password.
From there, you'll need to answer a few questions about your location. You'll also receive a prompt to verify your email address. When it's all said and done, you can create an Uphold account and enter all of your needed personal information in less than three minutes.
Customizable and Intuitive Tile Desktop Platforms
Customers also appreciate how intuitive and customizable Uphold's tile desktop platform proves. Once you've opened an account, you'll get your own tile desktop platform. You can customize this setup to fit your unique needs.
Just click on an asset to access the next menu to select your preferred trading option.
Uphold's New AutoPilot Feature
Uphold also boasts a new AutoPilot feature designed to make it easier for you to purchase your favorite cryptos on a daily, weekly, or monthly basis. This AutoPilot feature permits you to schedule recurring transactions.
For example, you could set up a protocol to purchase $100 in Bitcoin every month to coincide with your paycheck.
Intuitive Account Purchase and Funding Options
You can fund your account and begin trading from your custom desktops. Click on the tile you'd like to trade. Then, fund each currency or asset directly from your credit card or bank account.
You can also fund your account with a currency not used as a base currency. What does this mean for users?
Imagine you wish to mainly fund your accounts using an EU bank account to purchase USD. You won't have to go through the process of converting EUR to USD after you make the transfer. In other words, Uphold lets you transfer dollars directly into euros from you European bank account.
This approach makes it more cost effective and easy to buy cryptos, precious metals, and foreign currencies. And you won't be responsible for paying a conversion fee at each step of the game.
Instant transfers
Instant transfer represent another convenient and compelling feature that people love. If you need to send money to a family member or friend, Uphold permits you to complete the transaction in a handful of seconds.
How? By linking another account or via email. The instant transfers feature also permits you to select the currency you'd like to use.
If you prefer, you can even send cryptos this way. But what do we love most about this feature? It's 100 percent free, whether your'e transacting in dollars or Bitcoins.
One-Step Ordering
When you use most precious metal or crypto markets, you must place two-step orders. You must also fund your account with a credit card purchase or a bank account transfer. Then, you'll convert funds into the up-to-date equivalent value of the asset or currency you with to purchase.
Remember that Uphold allows you to buy from a wide variety of cryptocurrencies, precious metals, and foreign currencies. And you don't have to wait for funds to clear into your account before getting started.
How extensive is Uphold's cryptocurrency selection? The exchange offers more than 1,000 transfer pairs.
Automatic Currency Conversion
You can send money to someone else using Uphold with automatic currency conversion. How does this work?
Select what you'd like to send (e.g., Bitcoin), and your recipient will receive it in the currency they prefer. For example, this might be euros or dollars.
Similarly, you can use the QR code associated by Uphold Exchange. For example, if you're got a US Dollar sub-account, another individual can send you Bitcoin. When they send it, it will be automatically converted into USD.
Innovative Products Designed to Make Investing More Accessible and Easier
Uphold also provides a variety of innovative products created to make investing on the platform easy and hassle-free. For example, Universal Gold (UPXAU) circumvents all the drawbacks we typically think of when it comes to investing in gold.
These include issues such as spend ability, high storage costs, and large liquidation spreads. After all, UPXAU Tokens are equivalent to one Troy ounce of pure physical gold. This is held at the Perth Mint in Western Australia yet it can be spent on a debit card.
In the process, you'll incur zero custody fees. These can be liquidated into 27 national currencies without missing a beat.
Tokens prove easily transportable, and the underlying gold is physically deliverable in Australia and the United States.
The Uphold Card
Customers also enjoy the convenience of using the Uphold Card. This Mastercard debit card permits you to spend anything from cash to Bitcoin and even gold.The card is accepted at more than 50 million merchants and nearly as many ATMs around the globe.
What You Need to Know About Uphold Education
Are you new to the world of crypto investing? If so, you can benefit from Uphold's educational resources. These resources address everything from currencies to terminology and the differences between cryptos.
That way, you can gain valuable working knowledge as you expand your financial knowledge. Although some customers have complained that Uphold doesn't provide enough educational resources for customers, a cursory review reveals many fantastic tools and resources.
What do some of these tools look like? They include the following features:
Cryptonary
Uphold blog
OPen API
Uphold Unboxed
Let's take a closer look at each of these educational features and how they an help you enhance your investment activities.
Cryptonary
What’s a token versus a coin? What does Chainlink do? How does Chainlink vary from other cryptos like Basic Attention Token?
If you’ve ever been confounded by the lingo of cryptocurrency investors and traders, you're far from alone. Although these terms may confuse you, you must understand and know how to use them in the midst of making trades.
Thats why Uphold has created “Cryptonary.” Cryptonary represents the ultimate dictionary of cryptocurrency terms. From slang terms like “FUD” to specific coin offerings, Cryptonary provides quick, accessible definitions in one easy-to-find locations.
By gaining a better handle on these terms, you can enhance your understanding of stock trading.
Uphold Blog
Are you interested in learning more about the cryptocurrencies you can buy and sell on Uphold? But perhaps you don't have much time to devote to classes or long white papers? Then, bookmark the Uphold blog and visit it often.
This blog is an excellent place to begin. The Uphold blog provides a series of introductory explainers about the cryptocurrencies they've added to the exchange. As a result, they have articles discussing:
Digibyte
Chainlink
And more
By regularly checking out Uphold's blog, you'll gain the knowledge you need to succeed and make money buying and trading cryptos.
Open API
Do you have experience coding? If so, you might wish to enhance your investing skills with Uphold’s open API.
Uphold’s open API framework offers customers all of the documentation necessary to design applications and services powered via the Uphold platform.
Some customers even connect their Github projects to Uphold. That way, they can transfer already finished work to the platform.
Uphold also provides customers with sandbox functionality to test ideas. Uphold’s open API system boasts one of the most customizable means for using your investing and trading account.
Uphold Unboxed
Last but not least, Uphold puts out a daily newsletter that covers the latest market happenings. The newsletter examines how major and emerging cryptos are performing.
Not only will this publication keep you up-to-date, but it's an excellent resource for discovering lesser-known coins.
Uphold's Customer Experience
Another area where Uphold needs to consider future improvements is customer service. Currently, there are two primary ways to contact the company's customer service team.
If you'd like to contact them by email, the company will respond to general inquiries. You can send messages to support@uphold.com. If you have less urgent questions or would like to introduce yourself to the company, you may contact them at hello@uphold.com.
You can also contact Uphold via social media. To do so, got to Twitter and send a private message or text to @AskUphold. Of course, to take advantage of this issue, you'll need have a Twitter account and be logged in.
Uphold Mobile App
One of the features that customers rave about most it eh Uphold mobile app. This intuitive and streamlined mobile app mirrors the desktop version of the platform, making "Anything to Anything" transfers a cinch.
What features will you gain access to when using the Uphold mobile app? They include:
Two-click exchanges
Comprehensive market data
From and to interface
Full desk functionality
Here's what you need to know about using these features for your transactions.
Two-Click Exchanges
The Uphold mobile app allows you to quickly place an order just like the web-based platform. How do you get started?
Click the tab labeled “Transact” and then choose your funding method choice. Options include crypto networks, linked bank accounts, and credit cards. After you've selected the payment method, you can place your transactions.
In as little as thirty minutes, you can complete a trade in as little as 30 seconds. This proves true even if you’ve never sold or bought a currency or investment asset before.
Comprehensive Market Data
Uphold also offers customers up-to-the-minute market data. This data covers everything from precious metals to cryptocurrencies. In many cases, price data gets calculated to the fifth decimal.
What does this resource facilitate? Making the most accurate calculations.
From and To Interface
What does the from and to interface allow you to do? It lets you pull money from your bank or card. Then, you can use this asset to make purchases. Being able to manage all of these transactions in one spot makes using Uphold highly useful.
Full Desk Functionality
What else can you do on the app besides investing? You can monitor your portfolio, send money to friends or family members, and much more. No matter where you happen to be, you've got the full range of financial tools at your fingertips with Uphold.
What are Uphold's fees?
Uphold does not charge any commission on trades, but the users have to pay a service fee, depicted as spread by Uphold. Apart from the spread, a user also has to shell out money for funding their Uphold account via Debit/Credit Card or China Union Pay, along with exchange fees, which is usually less than 0.75%. Uphold also charges its users for withdrawing funds.
For crypto withdrawals, a user will have to pay $2.99 as a fee and for bank withdrawals, Uphold charges a $3.99 fee.
Are there any fees on Uphold debit cards?
There is a one-off issuance fee of $9.95. As for usage charges, there is a $2.50 withdrawal fee per transaction and $3.50 per international withdrawal transaction. Uphold cardholders do not have to pay any charges for domestic purchases and foreign exchange as it is free for them.
Is Uphold secure?
Security of user funds and data is a number one priority for Uphold. They have put in sophisticated encryption and layered defenses to protect against any potential attacks. They also make sure that their products go through security audits by experienced security professionals to single out loopholes, if any, in their systems.
There is 24/7 monitoring by the Uphold Security Operations Centre to keep an eye on threats and respond to them immediately. Uphold also has a bug bounty program and rewards anyone who reports security vulnerability.
Frequently Asked Questions About Uphold
You may still have questions after reading the rest of this review. We’ll do our best to answer the most common questions people have about Uphold below.What Trading Assets Does Uphold Support?
Does Uphold Mastercard debit card offer cash back?
What is the spread for trading on Uphold?
The spread on BTC and ETH fluctuates between 0.8% to 1.2% in the United States and Europe. On the other hand, the spread on BTC and ETH is typically around 1.8% in other parts of the world.
The spread on cryptocurrencies with low liquidity on Uphold is likely to be significantly higher than the spread on BTC & ETH. It includes cryptocurrencies, such as DOGE, XRP, ZIL, among others.
For currencies like the USD, EUR, and GBP, the spread is around 0.2%. As for precious metals, the spread is around 3% of the bid price asked by the supplier. On the other hand, if you are trading US equities, the spread will be 1.0%.
Are there any deposit and withdrawal limits on Uphold?
Yes, Uphold has capped the minimum and maximum amounts a user can deposit and withdraw. It varies by the type of deposit and withdrawal method that a user opts for.
For debit/credit cards, the minimum deposit is $10, and the maximum amount is $1500 per week. When it comes to ACH bank transfers, the minimum amount for funding is $10, whereas the maximum amount is $2500 a day. For withdrawals via bank transfers and ACH, the minimum amount is $5, and the maximum amount is $10,000.
There are no capped limits on US wire transfers, Euro SEPA, British Pound FPS transfers, and supported cryptocurrencies for funding Uphold accounts. But for withdrawals, Uphold has set a minimum and maximum amount for these individual methods, and it varies by the type of method the user opts for. For instance, the minimum withdrawal amount for Euro SEPA transfers is €10, and the maximum amount for withdrawal is €50000 per day.
Pros & Cons of Uphold
- The anything-for-anything trading model of Uphold makes it easy to trade any supported asset for another supported asset on Uphold.
- Uphold offers a user-friendly way of trading multiple assets via desktop and mobile applications.
- There are no hidden fees on Uphold as they have inclusive pricing and are upfront about the spread.
- Users don't have to pay any commission for trading on Uphold.
- Uphold is available for use in 184+ countries.
- Slow response from Uphold customer service team.
- Compared to some of the leading cryptocurrency exchanges, the spread charged by Uphold is on the higher side.
- There have been instances of Uphold locking users out of their accounts.
- Users have complained about being unable to login into their Uphold accounts because of issues related to authentication codes.
- Uphold has placed a weekly cap on funding user accounts via debit/card.
- Users withdrawing BTC, ETH & ERC20 tokens from Uphold will have to pay a fixed fee along with the network fee.
Uphold Exchange: The Takeaway
What's the takeaway when it comes to Uphold? The exchange’s “Anything to Anything” transactions are attractive to many investors. But the platform offers much more than just easy investing to consumers.
You'll also appreciate Uphold’s low fees and easy, quick transactions. If you need to send money out of the country on a regular basis, you'll also appreciate eUphold's capabilities.
What's more, Uphold’s mobile platform has compiled every trading tool that you need in one spot. As you can see, Uphold is a fantastic choice for everyone. But it’s not without some problems, especially when it comes to customer experience.
Are you interested in learning more about other crypto exchanges and how they compare? Check out our comprehensive list of digital currency platforms now.